Sharjah gov’t issues second sukuk this year + DIB raises USD 500 mn AT1 sukuk

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WHAT WE’RE TRACKING TODAY

THIS MORNING: Lunate eyes private credit firm HPS Partners?

Good morning, friends. We’re capping off another busy fall week with two debt issuances — one from Dubai Islamic Bank and the other from Sharjah — and more real estate investments in Dubai, as well as fresh real estate regulations in ADGM.

WEATHER- The mercury will peak at 37°C in Dubai before cooling to an overnight low of 29°C. Meanwhile, in Abu Dhabi, temperatures hit 33°C before cooling to 28°C overnight.

WATCH THIS SPACE-

#1- Abu Dhabi alternative asset manager Lunate Capital is mulling the acquisition of a stake in US-based private credit firm HPS Investment Partners, which is eyeing either an IPO or a sale, Bloomberg reports, citing people familiar with the matter. Lunate could invest USD 1 bn or more in the stake, though talks are still at early stages and many options are on the table.

Lunate is not the only one eyeing HPS: Private equity giant CVC Partners has been in talks for a potential merger with HPS, while BlackRock was also reportedly interested in an acquisition.

Background: Lunate has reportedly been looking to tap international and regional banks for a USD 5 bn subscription credit facility to back potential acquisitions, as it looks to boost its USD 105 bn assets under management. The asset manager was said to be eyeing a bigger stake in Adnoc’s gas pipeline unit, in which it bought a 40% stake from BlackRock in April. Lunate also acquired a minority stake in US healthcare firm Linden Capital Partners in May and secured a 24.5% stake in Dubai’s largest office tower ICD Brookfield Place in April.

#2- Exporters will no longer be required to provide exit certificates from freezones or similar facilities to reclaim Value Added Tax (VAT), following new a mendments to VAT regulations (pdf) by the Finance Ministry, set to take effect 15 November. Under the updated rules, exporters will only need to submit standard documentation to verify goods have left the UAE, including either:

Official evidence, such as an export certificate issued by customs;
Commercial evidence, such as documents from transport companies (i.e. air, sea, or land waybills/manifests);
A shipping certificate provided by transportation companies when commercial evidence isn’t available.

Other changes worth noting: The export of services like restaurant, hotel, and catering services; cultural, artistic, sporting educational services; real estate services; and transportation services will be subject to VAT. Meanwhile, businesses can now recover VAT input expenses for health ins. provided to employees’ spouses and up to three children; and government transfer of real estate assets will be exempt from VAT.

REFRESHER- The cabinet approved the amendments earlier this week, with one of the major changes being an exemption of investments through fund managers and the transfer and conversion of crypto from the 5% VAT.

HAPPENING TODAY-

#1- Dubai International Chamber is now on the Turkey leg of its trade mission to Serbia and Turkey that runs until today, aiming to help UAE businesses identify potential investments in Turkey. The program includes bilateral business meetings designed to foster cooperation, expansion, and the establishment of new trade and investment agreements between companies.

#2- Dubai Chambers’ Center for Responsible Business is hosting the annual DubaiChambers Sustainability Week 2024 until today. The activities of the week will focus on the intersection of technology and sustainability.

#3- The Global Rail Transport Infrastructure Exhibition and Conference is on its final day at Adnec Abu Dhabi. The event gathers leaders and specialists from the rail and transport industries from the region and beyond to discuss smart mobility, greentech, and automation.

DATA POINTS-

#1- Remittance transfers in the UAE declined as of March 2024 compared to December 2022, with a 10% decrease in sending and a 6% drop in receiving, according to the Visa Money Travels report for 2024 (pdf). Despite the decline, 73% of UAE respondents said they plan to send more or the same amount of money abroad in 2024.

Humanitarian needs were a top priority for sending money abroad, with 56% of UAE respondents emphasizing the importance of supporting individuals in crisis. Some 47% of respondents said that they send remittances for regular reasons, while 41% said they send them for unexpected reasons. Meanwhile, 30% of UAE respondents said they receive remittances for unexpected reasons, 29% said they receive them for investments or saving them in their bank accounts, and 27% said they receive them for special occasions.

Almost an equal split between digital and physical sending of remittances: Some 58% of local respondents reported sending digital remittances from physical locations, while 57% used digital apps. For receiving funds, on the other hand, 63% preferred digital apps. For both sending and receiving remittances, 56% of UAE respondents said they expect to use digital channels for transferring remittances more frequently in the future.

#2- The Securities and Commodities Authority (SCA) processed 12k requests totaling over AED 115 mn for unclaimed dividends and dormant balances dating back to before March 2015, Wam reports. The SCA launched this service last February and tapped First Abu Dhabi Bank to handle dividend payments. Detailed instructions on the claims process are available on the SCA's website.

THE BIG STORY ABROAD-

The foreign press is still focused on Israel’s ongoing campaign in Gaza and Lebanon and Israel’s potential retaliation on Iran for its attacks on Israel last week.

An imminent attack on Iran? Israel’s security cabinet met last night to discuss the retaliation against Iran, with Science Minister Gila Gamliel saying it would “make the right decision” and that it may act imminently, Bloomberg reports.

Gulf states are concerned about the potential escalation that can ensue if Israel attacks on Iran’s oil facilities, including impacts on their own oil facilities, and are lobbying the US to deter Israel from doing so, Reuters reports, citing three sources. GCC countries are not allowing Israel to fly over their airspace, the sources said. Iran had earlier warned Gulf states not to allow their airspace or military bases on their soil to be used in an attack against it, Reuters reported earlier this week.

Israel hit central Beirut once again last night, killing at least 22 people and injuring dozens through airstrikes on two residential buildings. Separate strikes on a school in central Gaza sheltering displaced people also killed at least 28. (AP | The Guardian)

Market reax: Oil prices rose 4% yesterday as concerns around escalating tensions in the Middle East and the fallout from Hurricane Milton in the US, with Brent Crude settling at USD 79.40 a barrel.

IN THE BUSINESS PRESS- Everyone is picking up news of Stellantis CEO Carlos Tavares is retiring in 2026 as part of a wider shake-up in senior management while the company looks to boost its earnings in the US. (Reuters | CNBC | Bloomberg)

PLUS- Elon Musk’s unveiling of Tesla’s long-promised “robo-taxi” is taking place as we hit “dispatch” on this morning’s issue, as investors wait to see the results of the company’s investments in AI. (Reuters | Bloomberg)

The latest Nobel Prize for literature went to South Korean writer Han Kang, who wrote The Vegetarian in 2016, as well as Human Acts.

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Sharjah gov’t issues USD 750 mn sukuk, its second sukuk issuance this year

The Sharjah government issued a USD 750 mn, 10.5-year sukuk, Wam reports. The issuance was priced at a spread of 140 basis points (bps) over US treasuries — tightened by 35 bps from initial price guidance of 175 bps on the back of strong investor demand.

The order book drew some USD 2.6 bn in bids, making it 3.5x oversubscribed, with 34% covered by investors outside the Mena region, Wam reports.

Sharjah is a frequent issuer: Sharjah issued a five-year, AED 1 bn sukuk auction earlier in July, which carried a 5.5% yield. During the same month, the Sharjah government also took EUR 500 mn, 6.5-year sustainability bonds to market, marking the second green bond issuance for the emirate this year, after closing its USD 750 mn, 12-year senior unsecured sustainable bond issuance in March.

ADVISORS- Bank of Sharjah served as joint lead manager along with other international and regional lenders.

DIB raises USD 500 mn in AT1 sukuk issuance, secures lowest reset rate for an AT1 issuance since 2009

DIB takes USD 500 mn AT1 sukuk to the market: Dubai Islamic Bank (DIB) sold USD 500 mn worth of sukuk in additional tier 1 (AT1) sukuk, with an annual yield rate of 5.25%, according to a press release (pdf). The final price was narrowed to 5.25% from an initial guidance of 5.75 % on the back of strong investor demand, with a reset spread of 133.4 bps over the US Treasury rate — the lowest for any AT1 issuance since the 2009 financial crisis.

The Sharia-compliant bonds are set to be listed on Nasdaq Dubai and Euronext Dublin, the statement said.

Typical of an AT1 issuance, the funds will boost the lender’s capital adequacy ratio, the statement added.

The issuance is DIB’s second this year: The emirate’s largest Islamic bank sold its five-year, USD 1 bn sustainable sukuk in February, receiving USD 2.5 bn worth of orders. DIB achieved its lowest credit spread on the sustainable sukuk, tightening pricing to 95 bps over US treasuries after seeing strong demand from investors. The sukuk was part of its USD 7.5 bn trust certificate issuance program.

Investors 💗local banks’ AT1 issuances: Our friends at Mashreq issued a USD 500 mn additional Tier 1 bond in June, with an annual coupon rate of 7.125%, with a 270.5+ basis point (bps) reset margin — the lowest coupon for AT1 bonds set by a bank in the UAE in the past three years.

ADVISORS- DIB appointed Al Rajhi Capital, DIB, Emirates NBD Capital, First Abu Dhabi Bank, HSBC, Sharjah Islamic Bank, and Standard Chartered Bank as joint lead managers and joint bookrunners.

Union + Aldar launch new Dubai developments totaling AED 2.91 bn

Dubai to get two mixed-use developments in Expo City + Motor City: Motor city developer Union Properties launching its AED 1.16 bn Takaya project in Motor City, while Abu Dhabi-based Aldar Properties is working on a mixed-use development worth over AED 1.75 bn in Expo City.

#1- Dubai-based real estate developer Union Properties is set to begin work on a AED 2 bn project in Motor City dubbed Takaya, it said in a DFM disclosure (pdf). The developer is investing AED 1.16 bn in the project, according to a separate bourse filing (pdf), with 60% of the payment due within three years of construction and 40% post-handover.

The details: Takaya is a mixed-use development housing 744 residential units, including studios and one-, two-, and three-bedroom apartments, across 436.2k sqft. The project also features penthouses, townhouses, and commercial spaces, including a 500 meter retail boulevard.

The project is slated for handover in 4Q 2027, after which it is expected to generate AED 200 mn in net income for Union as of 2025, according to the filing.

We knew this was coming: Last month, Union CEO Amer Khansaheb said the company would invest over AED 6 bn in three Motor City projects over the next 18 months, starting with the Takaya development.

About the other projects: The second project, also valued at AED 2 bn, includes four towers connected by a podium and 3% retail space, Khansaheb said. The third AED 2 bn project is currently in the design and planning phase.

Background: Union’s push into Motor City comes after the developer settled debt with Emirates NBD and Dubailand that it had accumulated during the 2009 property market correction in February, securing a no-objection certificate from Dubailand to repurpose Motor City land for new projects and reaching a debt settlement of AED 850 mn with Emirates NBD.

#2- Abu Dhabi real estate developer Aldar Properties is also introducing a mixed-use development to Dubai’s Expo City beside the Dubai Exhibition Center, under a new joint venture with Expo City Dubai, according to an ADX disclosure (pdf). Aldar and Expo City each have a 50% stake in the JV.

The details: The JV will develop six buildings — spanning a gross floor area of 103k sqm, and including residential, office, and retail spaces — at a total cost of over AED 1.75 bn. Aldar will be responsible for managing the project after completion, with the specific handover date not disclosed.

Expo City is slated for more development work ahead, after Vice President and Prime Minister Sheikh Mohammed bin Rashid Al Maktoum approved a new AED 10 bn master plan for developing the site earlier this month. The plan aims to have Expo City accommodate over 35k residents and 40k professionals.

This is the latest of many investments in Dubai: Aldar set aside AED 1 bn earlier this year to expand its logistics operations in Abu Dhabi and Dubai, and AED 5 bn for commercial, retail, and hospitality assets set to open between 2025 and 2027. In July, it also committed AED 1.8 bn to scale its commercial presence in key Dubai business districts.

Aldar is also ramping up efforts to diversify its portfolio: The developer committed AED 1.5 bn last month to expand and revamp its hotels in Abu Dhabi and Ras Al Khaimah. Aldar also teamed up with Mubadala on four joint ventures to develop and manage real estate in Abu Dhabi worth AED 30 bn.

MORE ON EXPO CITY- There’s a lot more coming: The city is getting five new districts that can collectively house 35k residents, along with capacity for some 40k workers, Wam reports. The plan includes over 4.5k EV charging stations, two fuel stations, and emergency service centers.

The breakdown:

Expo Fields: Features Expo Arena, a 500k square meter venue with a 30k-person capacity, plus housing for 5k residents and retail space.
Expo Hills: Accommodates 4k residents on the city’s northern edge.
Expo Downtown: Hosts 6k apartments for 20k residents, along with 130k sqm for retail and dining.
Expo Business: A 210k sqm district, which includes a conference center, art plaza, and DP World’s global headquarters.
Expo Valley: Offers 200 villas and 300 townhouses with extensive parks and recreational facilities.

ADGM revamps property regs, introduces digital platform

ADGM rolls out fresh property framework: Abu Dhabi Global Market (ADGM) updated its regulations (pdf) on real estate development and rentals within the financial center, tightening rules on short-term residential leases and introducing a new system for off-plan developments and sales, according to a statement. The new framework is being introduced in an effort to facilitate the addition of Al Reem Island to ADGM’s jurisdiction — with the regulations taking effect as of 1 January 2025.

The new regs have been in the works for a while: Back in June, ADGM proposed amendments and new rules to its real property regulatory framework in a consultation paper.

Short-term residential tenants get more protection: The new framework sets out new requirements for short-term residential leases, including a requirement to decide a rental increase rate in the lease contract and a requirement for an order of court in order to terminate a contract, unless the lessor has breached contract or mutually agreed on the termination with the owner of the property.

A separate regulatory framework (pdf) for off-plan developments and sales will require developers to register their off-plan properties on a real property register, and mandates that off-plan sales are made under a specific sales agreement that sets out construction milestones against which payments will be made. It also prevents developers from terminating sales agreements due to payment delays, unless there has been a delay on three consecutive installments or on 30% of the purchase price.

Brokers and property managers need to be registered: Property professionals — including brokers, valuers and property managers — operating within the financial center’s jurisdiction will also need to be registered, according to the ADGM statement.

A new platform to go along with the new regs: ADGM launched AccessRP, a new digital platform for real estate services including buying, selling, leasing, and mortgages. Owners can request certificates and register power of attorney on the platform, while developers can register their projects and manage them.

Background: The ADGM added Al Reem Island to its jurisdiction in November 2023 as part of its expansion to accommodate the demand for office space in the financial hub. ADGM waived registration fees for Reem Island businesses until November as part of an incentive package aiming to facilitate their transition to the hub.

Ajman gets new committee to value property, settle property disputes

Ajman’s Evaluation and Reconciliation Committee gets a regulatory makeover: Ajman Ruler Sheikh Humaid bin Rashid Al Nuaimi issued an Emiri decree to restructure the Evaluation and Reconciliation Committee’s regulations, Wam reports. The committee will now be the only authority responsible for property valuation in Ajman, issuing official certificates valid for three months.

Other duties of the committee include resolving disputes, facilitating property value reconciliation, and endorsing amicable settlement agreements. The committee can act as a settlement mediator in disputes between heirs in cases of inherited real estate. Decisions around settlements will be issued within 90 days of receiving the request, and if an amicable settlement isn’t possible, the case will be referred to the court.

So when can an owner request a revaluation of their property? Within 30 days of receiving the original valuation, according to the new regs.

The committee’s members will be selected by the Crown Prince of Ajman for a term of three years on a renewable basis, reporting to the chairman of the land and real estate regulation department.

Response Plus posts 30% top line growth

Response Plus Holding’s (RPM) net income before tax rose 15% y-o-y to AED 43.5 mn in 3Q 2024, according to its earnings release (pdf). The medical services provider saw its revenues increase 30% y-o-y to AED 323.03 mn during the quarter.

REMEMBER- Response Plus expanded to the UK, with its acquisition of UK-based Prometheus Medical for unified defense and energy health solutions last April.

Further expansion to come: “RPM has a strong pipeline of projects in the UAE and region, in collaboration with governments and private sector entities,” CEO Rohil Raghavan said.

Octa secures USD 2.25 mn in pre-seed funding

Abu Dhabi-based fintech startup Octa closed a USD 2.25 mn in pre-seed funding round co-led by US-based Quona Capital and Saudi-based Sadu Capital, according to a press release (pdf). Sukna Ventures, Plus VC, 500 Global, and angel investors — including Pawel Iwanow, chief payment Officer at Fresha, and Dom Monhardt, director of product design at Tap Payments — also participated in the round.

About Octa: Founded in early 2024 by Jon Santillan (LinkedIn), Nupur Mittal (LinkedIn), and Andrey Korchak, Octa automates the payment collection process for small and medium-sized enterprises (SMEs) and provides access to financing tools for debt recovery. The platform has recently expanded into the Saudi market and has facilitated USD 28 mn in receivables for clients, including Careem and Lean Technologies.

Strong week for the UAE education sector + Jafza named top global freezone of the year

Abu Dhabi University (ADU) now ranks 191st globally out of 2k institutions in the Times Higher Education World University Rankings 2025, after advancing 60 places in the ranking, according to a press release. ADU also ranked 13th in the International Outlook pillar, which looks at metrics for international co-authorship, international staff, international students, and studying abroad.

Alef Education received The Disruptor Award at the Bett Asia Awards for its use of technology to support learning, as well as the success of its flagship product’s success in Indonesia, where it supported the education of some 650k students across the southeast Asian country, according to a press release.

Jebel Ali Freezone (Jafza) clinched five awards at the fDi Global Free Zones of the Year 2024, including the top global freezone of the year, after topping a list of 63 contenders, according to a Dubai Media Office statement. Jafza was also recognized as industrial zone of the year and named top sustainable zone, receiving accolades in both the global and Middle East categories.

XS.com was named the best copy trading platform at the Dubai Forex Expo 2024, according to a press release.

ING names Jonathan Keyes director of sustainable finance in Dubai

German lender ING Wholesale Banking (ING) appointed Jonathan Keyes (LinkedIn) as its director of sustainable finance for the Mena region, based in Dubai, according to a Linkedin post from Keyes. He brings over six years of experience in the banking sector, previously serving as HSBC’s sustainable finance senior manager in Dubai, and has worked in consulting and sustainable development in the past.

The Community Development Ministry named Aisha Ahmed Yousuf as an undersecretary, following a federal decree issued by President Sheikh Mohamed bin Zayed Al Nahyan, Wam reports. Yousuf brings experience across multiple governmental sectors, including her stint as director of the National Youth Agenda.

Abu Dhabi-based real estate developer Rotana promoted Timur Ilgaz (LinkedIn) to area general manager of Dubai and Northern Emirates, according to a press release. In his new role, Ilgaz will oversee all of Rotana’s entire property operations in Dubai and the Northern Emirates while continuing to manage the operations of Arjaan Dubai Media City, Centro Barsha, and Damac Hills 2 Hotel under his current role as cluster general manager. Ilgaz, who joined Rotana in 2007, brings over 38 years of hospitality experience across four countries.

Adnoc L&S JV places USD 250 mn order for ammonia carriers

LOGISTICS-

#1- Adnoc L&S + Wanhua JV places USD 250 mn order for ammonia carriers: AW Shipping — a JV between Adnoc L&S and Wanhua Chemical Group — will purchase USD 250 mn very large ammonia carriers from China’s Jiangnan Shipyard, according to a press release (pdf). The carriers are considered among the largest in the world, having an individual carrying capacity of 93k meters of ammonia and are slated for delivery between 2027 and 2028.

TELECOMS-

Telecoms giant du launched two new sub-brands — du Tech and du Infra — as part of its upgraded B2B portfolio, aiming to expand the company’s offerings beyond traditional telecom services, according to a press release. The first of the new brands will provide advanced ICT solutions for government, large enterprises, and SME sectors, while the second, du Infra, targets infrastructure and services to streamline network operations.

DEBT-

Ajman Bank partnered with the Energy and Infrastructure Ministry’s Sheikh Zayed Housing Program to provide home financing solutions to the program’s members, Wam reports. The Emirati bank will offer housing loans covering residential units within the country. It will also provide personal finance, vehicle finance, and other fund-related investment services. Ajman Bank is the fifth financial institution to join the initiative, following Abu Dhabi Islamic Bank, Abu Dhabi First Bank, Dubai Islamic Bank, and Emirates NBD.

TECH-

Dutch information services company Wolters Kluwer launched a new data center in the UAE called Microsoft Azure UAE TeamMate Cloud Hosting data center, according to a press release. The new data center will allow organizations to store data locally, as the company aims to ramp up its cloud infrastructure and accommodate its growing clientele in the Middle East.

ENERGY-

Adnoc Gas developed a digital library of over 3.5k critical components that can be produced on demand using 3D printing technology, according to a press release (pdf). This initiative is expected to yield USD 50 mn in savings by 2028 under a partnership with Immensa, a UAE-based additive printing player, which will allow quick manufacturing of essential parts at Adnoc Gas’ Das Island and Habshan sites.

FINTECH-

Abu Dhabi Islamic Bank (ADIB) launched ADIB Ventures, a new initiative set to roll out pilot programs and proof-of-concept projects to test and implement advanced technologies for Islamic banking, according to a press release. ADIB aims to collaborate with emerging fintechs through the initiative, in a bid to ramp up innovation across its digital offerings.

MARITIME-

Marine fuel supplier Peninsula expanded its presence in the UAE by kicking off bunkering operations in Abu Dhabi and Jebel Ali, COO Kenny MacLean told Reuters. Peninsula already established large-scale operations in Fujairah and it is trying to build sizable volumes in those ports, after securing official bunker licenses for both of them. The company is currently preparing to boost the supply of alternative fuels, expecting a rise in marine biofuel demand in 2025.

BUSINESS-

Trends reveals global expansion: Abu Dhabi-based think tank Trends Research and Advisory is set to expand globally by opening new offices in Washington, São Paulo, Buenos Aires, Berlin, and Moscow, with all offices set to open this month, except for Washington slated for early next year, Wam reports. Each new office will focus on studying the political, economic, and social dynamics of its region, particularly their ties to the Middle East.

US inflation cools, sets stage for modest rate cut in November

US inflation sent mixed messages in September, as annual CPI fell to 2.4% from 2.5% in August, while the headline index crept up by 0.2%, according to the US Bureau of Labor Statistics. But core inflation, which excludes food and energy prices, rose to 3.3%, up from 3.2%, marking its first increase in 18 months. Analysts did not expect this and had predicted core inflation would hold steady, Bloomberg reports.

The reading indicates that inflation is “dying, but not dead,” CNN quotes Olu Sonola, Fitch Ratings head of US economic research, as saying.

While inflation is inching closer to the Fed’s 2% target, the latest reading indicates a more moderate path. “Anyone who thought the Fed would lower rates by another 0.50 basis points in November is dead wrong,” said Jamie Cox of Harris Financial Group. Instead, the Fed will likely cut rates at a slower, more “measured pace” Jamie Cox, managing partner at Harris Financial Group told Reuters.

The most probable outcome? A 25 bps rate cut in November, with December still up in the air, Sonola added.

Market reax: US futures dipped 0.35% on the news. The 10-year Treasury yield rose 2.9 bps to 4.096%, while the S&P 500 fell 0.2% during morning trading.

MARKETS THIS MORNING-

ADX	9,251	-0.3% (YTD: -3.4%)
DFM	4,438	+0.3% (YTD: +9.3%)
Nasdaq Dubai UAE20	3761	-0.1% (YTD: -2.1%)
USD : AED CBUAE	Buy 3.67	Sell 3.67
EIBOR	4.7% o/n	4.2% 1 yr
TASI	11,994	+0.6% (YTD: +0.2%)
EGX30	30,762	-1.3% (YTD: +58.5%)
S&P 500	5,780	-0.2% (YTD: +21.2%)
FTSE 100	8,238	-0.1% (YTD: +6.5%)
Euro Stoxx 50	4,970	-0.3% (YTD: +9.9%)
Brent crude	USD 79.16	-0.3%
Natural gas (Nymex)	USD 2.69	+0.6%
Gold	USD 2,649.8	+0.4%
BTC	USD 60,213	-0.3% (YTD: +42.5%)

THE CLOSING BELL-

The ADX fell 0.3% yesterday on turnover of AED 893.4 mn. The index is down 3.4% YTD.

In the green: Aram Group (+14.6%), Fujairah Building Industries (+11.4%) and Foodco National Foodstuff (+10.5%).

In the red: Umm Al Qaiwain General Investment Co. (-3.8%), National Bank of Ras Al-Khaimah (-2.2%) and Gulf Pharma Industries (-1.8%).

Over on the DFM, the index closed up 0.3% on turnover of AED 288.2 mn. Meanwhile Nasdaq Dubai closed down 0.1%.

UAE and Malaysia finalize negotiations on trade partnership

The UAE and Malaysia are steadily finalizing their economic partnership: Foreign Trade Minister Thani bin Ahmed Al Zeyoudi concluded negotiations with Malaysia’s Investment, Trade, and Industry Minister Zafrul Aziz regarding an economic partnership between the two countries, Wam reports. This agreement aims to eliminate or reduce tariffs, decrease trade barriers, and boost mutual investments.

The UAE aims to capitalize on this agreement to boost certain sectors: Malaysia offers several opportunities for UAE firms, especially in high-growth sectors such as energy, logistics, manufacturing, and financial services, Al Zeyoudi said. Malaysia currently ranks as the UAE’s 12th largest Asian trading partner, with the non-oil trade between the two nations amounting to USD 2.5 bn in 1H 2024.

My Morning Routine: Huda Al Lawati, founder and CEO of Aliph Capital

Huda Al Lawati, founder and CEO of Aliph Capital: Each week, My Morning Routine looks at how a successful member of the community starts their day — and then throws in a couple of random business questions just for fun. Speaking to us this week is Huda Al Lawati (LinkedIn), the founder and CEO of Aliph Capital. Edited excerpts from our conversation:

I'm a private equity professional from Oman with more than 22 years of experience in business. I started my career in finance at Schlumberger in Oman, but soon moved to Dubai. I later joined what was one of the early startups in the region, Zawya. I was actually responsible for the business case and pilot for creating its financials platform as project-based work. I then came across Abraaj which was an early mover and pioneer in the private equity space, and joined them, spent 12 years there, saw the industry get built up, and even coined the term for private equity in Arabic.

I then moved to Savola as chief investment officer, which was more of a corporate role, and stayed there for three years. I also sit on a lot of boards, including a couple of companies in Saudi. Then I was with Gateway Partners briefly, and three years ago, decided to venture out on my own and set up Aliph Capital.

I don't think there was any time in my life when I didn't envisage doing my own thing. I just wanted to make sure I have the right strategy and timing. Money management, unlike any widget or app you can start in your garage, involves a lot of responsibility. But what pushed me to do it is I always had an ambition to create a world-class, global level asset manager that operates out of this region.

We write a lot of tickets and capital into different funds and managers out of this region, but I don’t think we have a non-government money manager that is considered global or world-class.

I felt that there was a funding and knowledge gap when it comes to backing businesses, because governments can spend at a certain level, and they do that very well. Even though governments in the region in the last seven to 10 years have been investing a lot more inside rather than outside, it's hard to take the money down to the grassroots levels.

What I thought was really topical and timely was to launch a fund that focuses on mid-market businesses in the GCC. These businesses don't have as many pockets focused on them as large caps or as startups. And they're not the kind of businesses they could just hand over money to, they need support, business building, organizational structure, and digital transformation, which is an area we focus on at Aliph.

We are opportunistic and sector agnostic, but by virtue of the market we exist in, certain sectors are more attractive than others. In any country that has the demographics that we do, with a young population, consumer is always going to be big. Our first investment was in the pet space. We also like the baby and luxury spaces.

We like transport and logistics because it's benefiting from huge investments from GCC governments. We also like healthcare and education for similar reasons as the first, which is demographics, as well as the trends in healthcare like decentralization into clinics, and a shift from just “sick” care to wellness. Education is similar in that there’s a lot of uncharted territory for investment — we have vocational training, certifications, colleges, etc. Finally, the fifth theme is energy services.

We currently have one fund that we’re working through. The fund should close next year. But we’re actively deploying; we’ve deployed into The Pet Shop, and we’re in the process of another deployment. We have a very interesting and mixed pipeline when it comes to sectors.

What’s interesting is when I put pen to paper in October 2021, I can tell you that there was really nothing much happening in private equity. But today, you have international funds coming in and not just raising money here, but deploying and setting up offices. You had mostly VCs raising money years ago, now, you actually have people raising PE funds for the region. And I think the other thing, which I think is a very good sign for the region, is that you've started to see exits. There are a lot more buyers, and corporates are becoming more acquisitive, which is really supporting the industry.

One thing about being a founder and an entrepreneur is that nothing is routine. There was a time when I would wake up at five or six in the morning, do Pilates and then start my work day. Today, what I try to do is balance between two kinds of days. There are days which are very meeting-focused, where I have a lot of networking and I have to meet a lot of people. On those days, I usually wake up, get to the first meeting, and start from there. I always wake up early enough to be able to do my emails — at least an hour before I have to be somewhere.

Then there are days when I want to think. I try to keep one or two days a week aside where there’s slower mornings, so I’m not rushing out of the house or getting on a lot of calls. On those days, I focus more on reading, thinking about strategy, or working on solving a problem. I try to do a mix of those two days and not confuse them because it's very hard to switch gears.

We have a very good tracker at work of all our projects, so I go through that first thing in the morning. Everyday, I go through our list of investments and our portfolio and all that we're working on. The second thing is going through our list of potential investors to make sure there's nothing pending there. I have slight OCD, so I can't leave emails unread and action items pending, so I do that at the end of the day.

I don’t disconnect fully. I think that it's a function of being an early-years founder, not that I've ever been good at disconnected. But in the last year I’ve picked up an interesting hobby, which is DIY miniatures. It kind of keeps your mind occupied. Watching TV would not do it for me because my hands need to be busy as well.

My goal is to take Aliph Capital to the next level, and create a fantastic team to do that. Even now we have a small team, but they’re all such technically strong people with good personalities, and they all have great work ethic. I want Aliph to represent talent and capability, with people a lot smarter than me in the future leading it.

I like podcasts, and I have a lot of interest in life sciences. Andrew Huberman is particularly interesting to me. I also enjoy reading articles, usually the New York times or I also like the Spectator. It’s interesting because it gives you a holistic view on how people are perceiving events around you. With books, I like fiction, so murder mysteries, for example, like Agatha Christie.

The best piece of advice I got is from my dad, and he said don't worry about the limitations that people think you should set for yourself. He would tell me, if you draw a circle on tile or something with a white chalk and you put an ant in it, it won't cross that border. It's not really a barrier, but it looks like one. So my dad would say, don't let people tell you that there's a limit to what you can do. There are limits to what you can do. You have to be sensible about it, but don't let others tell you what that might be for you.

CALENDAR

OCTOBER

6-11 October (Sunday-Friday): Dubai International Chamber to head out for a trade mission to Serbia and Türkiye.

7-14 October (Sunday-Monday): ADNH Catering’s retail subscription period.

7-15 October (Sunday-Tuesday): ADNH Catering’s institutional subscription period.

7-11 October (Monday-Friday): The Annual Dubai Chambers Sustainability Week 2024, Dubai Chambers’ Centre for Responsible Business, Dubai.

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

11-13 October (Friday-Sunday): Excellence in Oncology Care 2024, Intercontinental Festival City, Dubai.

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

13-16 October (Sunday-Wednesday): DMCCxAGCC: Global AI Challenge *Sustainability Edition, Dubai.

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

13-16 October (Sunday-Wednesday): Fintech Surge, Dubai Harbour.

13-16 October (Sunday-Wednesday): Future Blockchain Summit, Dubai Harbour.

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

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

15-16 October (Tuesday-Wednesday): SuperBridge Summit 2024, Dubai World Trade Centre, Dubai.

16 October (Wednesday): ADNH Catering’s final share price to be announced.

18-19 October (Friday-Saturday): World Biohack Summit 2024, JW Marriott, Dubai Marina.

20-23 October (Sunday-Wednesday): The 63rd International Congress and Convention Association (ICCA) Congress, Abu Dhabi National Exhibition Centre, Abu Dhabi.

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.

23-26 October (Tuesday-Saturday): World Stroke Congress, Adnec Centre, Abu Dhabi.

23 October (Tuesday): ADNH Catering’s shares begin trading on ADX.

24 October (Thursday): Game Changers - Dubai Real Estate Summit, Coca-Cola Arena, 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.

27-30 October (Sunday-Wednesday): IEEE - International Conference on Image Processing, Adnec Centre, Abu Dhabi.

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

29-31 October (Tuesday-Thursday): Sharjah International Conference in Biotechnology (SICBiotech), University of Sharjah.

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.

30-31 October: Sixth edition of Binance Blockchain Week, Coca-Cola Arena, Dubai.

NOVEMBER

3-10 November (Sunday-Sunday): Dubai Premier Padel P1, Dubai Duty free 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.

5-7 November (Tuesday-Thursday): 2024 EMEA Stakeholder Conference, Dubai.

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

6-8 November (Friday-Sunday): UAE BioTech Symposium, Masdar City, Abu Dhabi.

6-17 November (Friday- Sunday) Sharjah International Book Fair, Expo Center Sharjah, Sharjah.

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

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

13-14 November (Wednesday-Thursday): Lease Conference Dubai 2024, Jumeirah Creekside Hotel, Dubai.

15 November (Friday): Tax amendments that exempt crypto and investments through fund managers from VAT to take effect.

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.

22-24 November (Friday-Sunday): Michelin Guide Food Festival, Emirates Palace Mandarin Oriental, Abu Dhabi.

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.

26-28 November (Tuesday-Thursday) Global Media Congress 2024, Abu Dhabi National Exhibition Centre (ADNEC).

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

26-27 November (Tuesday-Wednesday): Global Women’s Forum Dubai, Madinat Jumeirah, Dubai

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

28 November-1 December (Thursday-Sunday): Spartan World Championship, Al Wathba Desert, Abu Dhabi.

30 November (Saturday): Football Legends Cup, Al Maktoum Stadium Al Nasr Sports Club, Dubai.

Signposted to happen ahead of ADIPEC:

Changemakers Majlis, Abu Dhabi.

DECEMBER

2-3 December (Monday-Tuesday): National Day, public holiday.

4-5 December (Wednesday-Thursday): Sport Impact Summit, The Palm, Dubai.

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.

9-12 December (Monday-Thursday): World Conference on Desalination and Water Re-use 2024, Adnec Centre, Abu Dhabi.

9-12 December (Monday-Thursday): IEEE International Conference on Data Mining 2024, Adnec Centre, 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

16-20 December (Monday-Friday): AIMS Conference 2024, Adnec Centre, Abu Dhabi.

6 December-12 January: Dubai Shopping Festival.

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.

9-13 January (Thursday-Monday): International Renewable Energy Agency Youth Forum, Abu Dhabi.

11-13 January (Saturday-Monday): International Renewable Energy Agency Assembly, Abu Dhabi.

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

14-16 January (Tuesday- Thursday): The Light + Intelligent Building Middle East exhibition, Dubai.

20-22 January (Saturday-Monday): FESPA Middle East, Dubai World Trade Centre, Dubai.

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.

3-6 February (Monday-Thursday): Medlab Middle East, Dubai World Trade Center.

16 February-1 March: Dubai Duty Free Tennis Championships, Dubai Duty Free Tennis Stadium in Al Garhoud.

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

14-16 April (Monday-Wednesday): Dubai Woodshow’s 21st Edition, Dubai World Trade Center

14-16 April (Monday-Wednesday): IPS congress, Dubai World Trade Center.

16-18 April (Wednesday-Friday): World Future Energy Summit,Abu Dhabi National Exhibition, Abu Dhabi.

28 April-1 May (Monday-Thursday): The Arabian Travel Market 2025, Dubai World Trade 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 Center, Dubai.

OCTOBER 2025

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

Signposted to happen sometime in 2025:

The Middle East Electric Vehicle Show, Expo Center Sharjah.
e& will complete Adnoc’s private 5G network.
Executive Committee Meeting (EXCOM 2025) conference of the World Smart Sustainable Cities Organisation (WeGO)
The International Civil Aviation Organization’s Global Implementation Support Symposium, Abu Dhabi.

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
Dubai to host the Arab Actuarial Conference
United Nations Water Conference 2026, UAE

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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