Abu Dhabi’s economy grew 3.3% in 1Q

1

WHAT WE’RE TRACKING TODAY

THIS MORNING: Amanat Holdings to discuss potential IPO of education unit today

Good morning, wonderful people, and happy hump day. This week’s barrage of news has not let up since we last wrote to you, with fresh macro figures coming from Abu Dhabi, the first trickle of earnings reports, and a healthy dose of M&A and IPO news.

THE BIG STORY here at home is Abu Dhabi seeing GDP grow 3.3% in 1Q 2024 — with the non-oil economy continuing to be the star of the show.

PUBLIC SERVICE ANNOUNCEMENTS-

WEATHER- Dubai will see a high of 43°C today, with an overnight low of 35°C. Meanwhile, the mercury in Abu Dhabi is set to hit 38°C, with an overnight low of 34°C.

Citizens can now reclaim VAT paid on new home construction via Maskan, the Federal Tax Authority’s new application, Wam reports. The first phase of the rollout, already underway, allows citizens to create their accounts, input tax invoices for construction supplies, and submit refund requests. The second phase, slated to launch before the end of the month, will introduce additional features, such as a barcode scanner to upload tax invoices from registered outlets directly to accounts.

WATCH THIS SPACE-

#1- Goldman Sachs is jumping on the Middle East fund bandwagon: Goldman Sachs is reportedly hiring a “longtime JPMorgan Chase banker” to lead a new Middle East-focused investment fund it plans to launch, Bloomberg reports, citing sources it said have knowledge of the matter. Discussions are ongoing for an open-ended fund, with the final size of the fund not yet disclosed.

#2- We’re almost ready for Jaywan cards: Over 90% of point-of-sale terminals in the UAE will be able to process Jaywan card transactions by the end of August, up from 40% currently, Gulf News cites CEO of the Central Bank of the UAE’s digital payments arm Al Etihad Payments, Jan Pilbauer, as saying, adding that 95% of ATMs are now prepared to process the card. Banks will begin issuing Jaywan cards by the end of 3Q, with significant expansion expected in 4Q. The full rollout of Jaywan cards is expected to take a year or two, with over 8 mn cards to be issued.

Speaking of Jaywan: Emirati digital bank Al Maryah has finalized the digital infrastructure for the Jaywan card, and is ready to provide it to issuing banks, it said in a statement. The digital platform will allow funds to be transferred or received immediately through QR code, mobile number or email address, Wam reports.

AND- A Jaywan credit card in the future? There are no immediate plans, but it will depend on “how the market evolves around the Jaywan card services that are available at the time of launch,” Pilbauer said.

ICYMI- Jaywan cards are being rolled out in stages among local banks as policymakers plan to replace some 10 mn debit cards in circulation over the next two and a half years. The cards can be used as a standalone or co-badged with international card schemes such as Visa or Mastercard.

#3- Umm Al Quwain’s Real Estate Foundation will enforce set service fees and violation fines for the emirate’s property market, following the latest decision by Umm Al Quwain’s Ruler Sheikh Saud bin Rashid Al Mu’alla, Wam reports.

#4- Space tourism is set to launch from Abu Dhabi next year, with space tourism firm EOS-X Space announcing flights starting from AED 600k, Khaleej Times reports. The Spanish firm plans to debut its space capsules, which will travel 40k meters into the stratosphere on a five-hour trip, in Abu Dhabi and Spain by 3Q 2025.

Space tourism? The space capsules will take eight people up to the edge of the Earth’s stratosphere, where they can catch a glimpse of space, the blue halo, and Earth’s curvature.

Abu Dhabi will host the flagship capsule complex on Yas Island, featuring the shuttle, spaceport, and a hotel. The Abu Dhabi and Spain complexes will be built with a combined investment of USD 230 mn (AED 844 mn).

HAPPENING TODAY-

#1- Amanat Holdings is holding a board meeting today to discuss the potential IPO of its education unit, it said in a bourse disclosure (pdf). The company said in May that it plans to carve out its education platform into its own holding company and tap advisors to list it on a GCC stock exchange, without identifying where it would list it or the size or value of the potential stake sale.

REMEMBER- Amanat had also reportedly tapped EFG Hermes and First Abu Dhabi Bank for a listing of its healthcare unit as soon as this year that could potentially raise some USD 200 mn.

#2- The 2024 USA Basketball Showcase Games in Abu Dhabi continue today with a game between Team USA — featuring LeBron James, Stephen Curry, Jayson Tatum, Joel Embiid, and Kevin Durant — and Serbia at the Etihad Arena or Ticketmaster.

#3- The Industry and Advanced Technology Ministry is hosting the Asia-PacificAccreditation Cooperation (APAC) annual meetings in Dubai until 18 July. Held under the theme “Accreditation: Empowering Tomorrow and Shaping the Future,” the meetings bring together representatives from 65 national accreditation bodies across the Asia-Pacific region, alongside international experts in accreditation and conformity assessment, Wam reports.

DATA POINTS-

#1- The Sharjah Economic Development Department (SEDD) reported a 3% y-o-y increase in the number of business licenses issued and renewed in Sharjah to 34.7k in 1H 2024, Wam reports. Some 3.7k were newly issued licenses, while 30.9k were renewed.

#2- Property transactions in Ajman grew over 8% q-o-q in 2Q 2024, with over 3.2k transactions recorded at a total value surpassing AED 4.56 bn, according to a statement. Sales hit AED 3.1 bn from some 2.6k transactions, with the Al Jurf Industrial 2 area logging the highest sale during the quarter at AED 157 mn. Mortgages also climbed 14% q-o-q to more than AED 867 mn.

#3- Sharjah Airport received over 8.3 mn passengers in 1H 2024, up 12.4% y-o-y compared to 1H 2023, Wam reports. Flight movement rose 12% y-o-y, reaching more than 52k flights between January and June. Cargo handling operations jumped 41% y-o-y to 97.2k tons, while sea-cargo operations amounted to 7.4k tons, increasing 17.5% y-o-y from last year.

THE BIG STORY ABROAD-

Surprising absolutely no one, Donald Trump is still plastered across the foreign press’ front pages. Today, it’s a mixed bag of news around his assassination attempt around his presidential campaign. The highlights:

#1- Trump would give Jay Powell a second term, telling Bloomberg in a sweeping interview that he would allow the US Federal Reserve boss to serve out his current term, which ends in 2026. He also discussed tariffs (he loves them), Tiktok (he doesn’t want to ban it), and taxes (he wants to slash the corporate tax to 15%), among other things.

#2- A Trump presidency could spell a rise in global inflation as a result of his US-first policies like tax cuts and high tariffs, CNBC reports.

#3- The US allegedly received intelligence of an Iranian plot to assassinate Trump weeks before the shooting, which is why the Secret Service ramped up security around him, CNN reported yesterday.

#4- Trump is lining up new supporters, including former critics from the Republican party and Big Tech.

THE LATEST IN FRANCE- President Macron’s government handed in its resignation yesterday amid a wider political gridlock that has seen the newly elected NFP fail to reach a decision on the next prime minister. The move allows former cabinet members who have secured seats as lawmakers in the National Assembly to vote on the next house speaker tomorrow. (WSJ)

It’s similarly a mixed bag in the business press, with no dominant them running across front pages:

Chinese businessman Guo Wengui — a Chinese Communist party critic and Trump ally — was convicted of conducting a USD 1 bn fraud scheme on his online followers. (FT)
Elon Musk is moving Tesla and SpaceX headquarters from California to Texas, in response to a new gender identity law he’s opposing in the western state. (FT)
Turkey is proposing a bill to implement a corporate tax on large multinationals and hike pensions as the country looks to shore up its coffers and boost its economy. (Reuters)

MARKET WATCH-

Gold prices in the UAE surged yesterday, surpassing AED 295 per gram as global prices surge on the back of anticipated US Federal Reserve rate cuts and heightened demand amid political uncertainty in the US, head of risk at APM Capital Marc Pussard told Khaleej Times. By Tuesday afternoon, 24k gold was up to AED 295.5 per gram, up AED 2.75 from the morning. Globally, spot gold traded at USD 2.4k per ounce, climbing 0.46% during the day.

CIRCLE YOUR CALENDAR-

The Energy and Infrastructure Ministry is currently accepting nominations for the Research and Innovation Award, which aims to foster and recognize innovative solutions addressing challenges across key sectors such as energy, water, infrastructure, transport, and housing. Registration closes on 30 August. You can learn more about the awards and eligibility criteria here.

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

Abu Dhabi's GDP grew 3.3% in 1Q 2024, driven by 4.7% growth in the non-oil economy

Abu Dhabi’s economy grew at a 3.3% y-o-y clip in 1Q 2024, with the non-oil economy growing 4.7% y-o-y, according to preliminary data from the Statistics Centre of Abu Dhabi. The emirate’s GDP stood at AED 286 bn during the quarter, with non-oil GDP reaching AED 154.7 bn.

Non-oil activities were the stars of the show: Non-oil activities collectively accounted for over 54.1% of overall GDP — the highest contribution since 2015 — driven by improved performance in transportation, construction, financial activities, and accommodation and food activities.

REMEMBER- Abu Dhabi’s non-oil economy grew 9.1% y-o-y last year, with real GDP growing 3.1%.

Construction took the lead: Construction accounted for 8.8% of the emirate’s GDP — the highest in five years and equivalent to over AED 25 bn. Construction activities grew 9.5% y-o-y.

Manufacturing, finance and ins.: Manufacturing activities were valued at AED 24.8 bn, contributing 8.7% of GDP, while financial and ins. activities grew 9.7% y-o-y, contributing 7% to the emirate’s GDP.

Several other sectors also turned in growth: Transportation and storage grew 14.4% y-o-y, while the telecommunications sector expanded by 5.9% y-o-y. Accommodation and food registered 6.2% y-o-y growth.

ADNH taps banks for catering business IPO

ADNH Catering taps banks for IPO: Abu Dhabi National Hotels (ADNH) has reportedly tapped Citigroup and First Abu Dhabi Bank to work on a planned initial public offering for its catering business ADNH Catering, Bloomberg reports, citing anonymous people with knowledge of the matter. The exact timing and size of the IPO were not disclosed, though sources said it could raise about USD 300-400 mn.

About ADNH Catering: The owner of 12 hotels in the UAE — including the Ritz Carlton and Park Hyatt in Abu Dhabi — also manages three other hotels, its website says. The catering unit is the country’s largest provider of food services, cleaning and support services, and manpower supply, according to its website. It serves hospitals, workplaces, universities and schools.

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

Over on the DFM, both construction firm Alec and hospitality group Five Holdings tapped advisors, and shisha producer Advanced Inhalation Rituals was said to be eyeing an IPO in 1H 2024, though we’ve heard nothing since. Amanat Holdings is looking to list either its education or healthcare unit, with reports that its healthcare unit could raise some USD 200 mn as soon as this year.

Alpha Dhabi and Adnoc Drilling JV acquires majority stake in oilfield services tech firm NTS Amega

Adnoc Drilling and Alpha Dhabi’s joint venture, Enersol, will acquire a majority 51% stake in manufacturing solutions provider NTS Amega for USD 58 mn from Alpha Dhabi, according to a statement (pdf). Alpha Dhabi had acquired the stake in October 2023 for the same value.

(** Tap or click the headline above to read this story with all of the links to our background and outside sources.)

About the company: The UAE-based company provides manufacturing and repair solutions for the oil and gas sector, including tools to help make drilling more efficient. The firm operates in the UAE, Saudi Arabia, the US, Canada, Guyana, Norway, Singapore, Midland, and Lafayette.

This is Enersol’s second acquisition this year: The JV became a majority shareholder in n US Gordon Technologies after raising its stake in the oil engineering firm in a USD 270 mn transaction in June. In January, Alpha Dhabi transferred its 25% stake in Gordon Technologies, valued at around USD 180 mn, to Enersol, marking the JV’s first investment.

About Enersol: Adnoc Drilling and Alpha Dhabi Holding formed the JV committing up to USD 1.5 bn for global investments in energy technology and the enhancement of tech-enabled energy services. Adnoc Drilling holds a 51% majority share in Enersol, while Alpha Dhabi holds the remaining 49%.

More to come? Enersol was reportedly looking to acquire controlling stakes in three oilfield services technology companies specializing in the precision manufacturing, completion, and intervention segments, in 3Q 2024, Adnoc Drilling CFO Youssef Salem told EnterpriseAM UAE last month.

Muller & Phipps acquires 100% of Dubai-based Power League Gaming

Muller & Phipps takes over Power League Gaming: Dubai-based tech distributor Muller & Phipps Middle East Group and Getz Group subsidiary has fully acquired local esports and gaming firm Power League Gaming for an undisclosed sum, according to a press release.

Expansion is the name of the game: Muller & Phipps plans to ramp up investments in Power League Gaming to scale operations in Dubai and expand its foothold into Saudi Arabia by 4Q 2024, “to offer local clients the latest and most commercially sound esports and gaming strategies in the field,” according to the gaming firm’s CEO Matthew Pickering.

About Power League Gaming: Founded by John Lacey (LinkedIn) in 2013, Power League Gaming expanded its operations in 2021 with the launch of a 10k sq-ft production facility in Dubai. The firm specializes in gaming and esports, with various products and services such as creating branded and original gaming content, developing educational material, and organizing gaming events.

OTHER M&A NEWS-

Pakistani textile maker acquires UAE-incorporated firm: Pakistani textile manufacturer Sapphire Fibres inked an agreement with UAE-incorporated firms UPLHC I and UPLHC II to acquire 50% of their combined share in their wholly-owned subsidiary UCH Power, Sapphire said in a notice (pdf) to the Pakistan Stock Exchange. Sapphire Fibres’ consortium partner, inked a similar agreement to acquire the remaining half. UCH Power operates a 586 MW power plant in the Pakistani province of Balochistan.

Shuaa Capital reports 1Q earnings + National Bank of Umm Al Quwain sees net income dip in 2Q 2024

Shuaa Capital reported a net loss attributable to owners of AED 87.2 mn in 1Q 2024, compared to net income of AED 14.7 mn in the same period last year, primarily on the back of non-cash impairments related to legacy assets, it said in its earnings release (pdf). Net operating income improved sharply during the period, rising to AED 5 mn, up from the AED 14 mn loss reported in the prior quarter on the back of cost savings.

The firm’s revenues fell 49% y-o-y to AED 30 mn during the quarter, according to its financial statements (pdf). The firm’s asset management unit reported first quarter revenues of AED 25 mn, while the investment banking division lined up AED 4 mn, mainly driven by the capital markets business.

REMEMBER- Shuaa is pushing ahead with an ambitious turnaround plan. The firm has been undergoing major restructuring after substantial losses in 2023. Shuaa reached an agreement with bondholders in April to extend the payment terms for some USD 150 mn worth of bonds, and appointed a new management team and Wafik Ben Mansour as its CEO as part of its capital optimization plan. The investment bank has fully settled around AED 500 mn (USD 136 mn) in margin facilities with multiple UAE banks.

And more restructuring is in the works: The firm plans to issue a total of AED 642.5 mn of mandatory convertible bonds as part of its capital optimization plan, with the bond issuances pending regulatory approvals.

NATIONAL BANK OF UMM AL QUWAIN-

National Bank of Umm Al Quwain’s (NBQ) net income after tax fell 5.4% y-o-y to AED 109 mn in 2Q 2024, according to its quarterly financials (pdf. Net income after tax rose 11.8% y-o-y to AED 285.4 mn in 1H 2024, on the back of an “increase in operating income and effective cost optimization strategies,” according to the bank’s earnings report (pdf). The lender’s net interest income inched up by 16% y-o-y during the period to AED 337 mn.

Abu Dhabi officer joins global financial crime task force

The Financial Action Task Force (FATF), the global watchdog for anti-money laundering and terrorism financing, appointed Abu Dhabi Police’s Major Saad Ahmed Al Marzouqi (LinkedIn) as a member of its International Cooperation Review Team, the Abu Dhabi Police said in a statement. Al Marzouqi, who is the director of the international case requests branch at the criminal investigations directorate, is the first Emirati to join the intergovernmental body. In this role, he will help address deficiencies in countries’ frameworks for combating financial crimes.

First mission? Major Al Marzooqi will participate in an upcoming mission to assess the action plan of an unspecified African country.

REMEMBER- The UAE was recently removed from the FATF’s gray list in February, after the UAE successfully cracked down on anti-money laundering and counter-terrorism financing “deficiencies.”

More attention turns to the revival of Dubai’s World Islands

It’s relatively quiet for UAE in the news, save for one Financial Times feature on Ali Sajwani, the 33-year-old property scion and b’naire’s son who invested over USD 130 mn in Dubai’s World Islands. Sajwani purchased the São Paulo and Uruguay islands and developed 24 villas, all of which have been sold, in a bid to resuscitate the development’s crash after the 2008 global financial crisis.

CBUAE signs currency swap agreement with Ethiopia

TRADE-

The CBUAE inked a currency swap agreement with the National Bank of Ethiopia valued at AED 3 bn, Wam reports. The agreement will provide local currency liquidity, facilitating cross-border financial transactions.

The two banks also signed two MoUs aimed at boosting trade by agreeing on a framework for the use of local currencies in trade transactions, and integrating payment platforms and electronic switches — UAESwitch and ETHSwitch — together.

REMEMBER- The UAE has been exploring the use of local currency settlement for trade as more trading partners look to move away from the USD. India made its first INR payment for a crude oil shipment from the UAE last year.

AVIATION-

#1- Emirates SkyCargo to expand fleet with five Boeing 777s: Emirates SkyCargo has purchased five Boeing 777 freighters worth more than USD 1 bn, with delivery scheduled between 2025 and 2026, according to a statement. Coupled with its existing order of five 777 freighters, the additional jets brings the airline’s total order book to 315 wide-body aircraft. Once operational, the new aircraft will increase SkyCargo’s main deck cargo capacity by 30%.

Emirates is already converting 10 new 777-300ER aircraft into freighters to boost its freighter fleet to 17 by the end of next year.

#2- flydubai preps for network expansion: flydubai will receive seven new aircraft by the year’s end, in a bid to support network expansion with new destinations to Basel, Riga, Tallinn, and Vilnius, Wam reports. The airline also plans to onboard over 130 new pilots before the end of 2024 as part of its ongoing recruitment campaign, which has seen over 440 employees hired this year, up 6% y-o-y.

#3- Etihad Airways has expanded its network in Malaysia through a new codeshare agreement with Batik Air Malaysia, Wam reports. The partnership will allow the two airlines’ passengers to reach five additional Malaysian destinations with one single ticket: Johor Bahru, Langkawi, Penang, Kota Kinabalu, and Tawau. The network will also enable passengers to fly to Hanoi and Da Nang in Vietnam and Perth in Australia.

REAL ESTATE-

Aldar secures AED 1 bn from the sale of 660 units in Dubai: Real estate developer Aldar Properties has sold over 660 units in its debut Dubai project, Verdes by Haven, generating over AED 1 bn from the sale of the apartments within 72 hours of the project’s unveiling, according to a press release (pdf).

BANKING-

Al Maryah Community Bank (MBank) will integrate its services with First Abu Dhabi Bank’s FABePay portal, as part of a new partnership, according to a statement. The collaboration will allow retail and corporate MBank customers to access deposits at FAB’s nearly 400 ATMs across the UAE.

STARTUPS-

Khalifa Fund for Enterprise Development will offer zero-interest loans of up to AED 3 mn to Emirati startups, according to a statement. The loans will range between AED 150k and AED 3 mn, with repayment periods up to seven years and a 24-month grace period, and will be offered primarily to healthcare, education, agriculture, tourism, information and communication tech, and manufacturing startups.

The breakdown: The program will be divided into funds for startups, including microfinance loans of up to AED 500k and small loans of AED 1-5 mn; expansion funding, which can go up to AED 3 mn for manufacturing startups and AED 2 mn for others; and agritech, with loans ranging between AED 150k-400k.

MANUFACTURING-

EGA wraps design on EX: UAE-based aluminum producer Emirates Global Aluminum (EGA) completed the design phase of its new smelting technology, dubbed EX, which aims to reduce emissions from aluminum production, Wam reports. It was designed with two variants — one that maximizes production capacity, and one that minimizes greenhouse gas emissions. The productivity variant reduces emissions per ton by around 5%, while the lower energy variant cuts them down by nearly 12%.

What’s next? The company plans to construct ten pilot EX reduction cells at its aluminum smelter in Al Taweelah to test performance, targeting for EX technology to be ready for full industrialization by 2028. The pilot reduction cells are expected to be commissioned in 1Q 2025.

INFRASTRUCTURE-

#1- AD Ports Group subsidiary Kezad Group commissioned a new natural gas network in Kezad Area A of Al Ma’mourah, with a capacity of 311.2k mn British thermal units (MMBTtu) per day, according to a statement. The new network — which was developed by Kezad Utilities & Facilities Management with a capital investment of AED 300 mn — spans 30 km, and adds to the existing 82 km networks in ICAD of Kezad Musaffah and Kezad Al Ma’mourah.

#2- Dewa unveils AED 157 mn water reservoir in Lusaily: Dubai Electricity and Water Authority (Dewa) began operating a 60 mn-gallon water reservoir in the Lusaily area, integrating it into Dubai’s water network, Wam reports. Built with a total cost of AED 157.4 mn, the reservoir is part of Dewa’s plans to increase the emirate’s water storage capacity to 1121.3 mn gallons by 2025, Dewa CEO Saeed Mohammed Al Tayer said.

AGRICULTURE-

Spinneys to help slash Abu Dhabi’s food waste: The Abu Dhabi Agriculture and Food Safety Authority (ADAFSA) has extended its partnership with Spinneys to further cut food waste in the emirate, according to a statement. After a successful six-month trial that reduced food waste by 54% in select branches, the extended partnership will now redirect food waste from all Abu Dhabi branches to waste management plant Circa Biotech ’s feed production facility. There, the waste will be converted into animal feed, organic fertilizers, and sustainable biofuel.

HEALTHCARE-

Burjeel Holdings launched its 24/7 airport clinic at Zayed International Airport, offering various medical services including occupational and preventive care, health screenings, electrocardiogram (ECG) tests, and vaccination assistance, Wam reports.

BUSINESS-

Trends sets up shop in Cape Town: Abu Dhabi-based think tank Trends Research and Advisory opened a new office in Cape Town, South Africa, to serve as a gateway to Sub-Saharan Africa, and ramp up knowledge exchange and cooperation between African and Middle Eastern think tanks, Wam reports. The move comes as Trends kicks off the South African leg of its global African tour, which aims to promote dialogue and research collaboration.

INVESTMENT-

Abu Dhabi + Hong Kong to boost mutual investment: The Abu Dhabi Chamber of Commerce and Industry inked an MoU with Hong Kong’s FDI department InvestHK to promote bilateral investment between Hong Kong and Abu Dhabi, according to a press release. The agreement aims to draw investments to both cities and facilitate exchanging best practices between the two business offices.

ICYMI- The Abu Dhabi Chamber plans to ink 100 partnerships with other chambers of commerce and business offices across MENA, Asia, Europe, Australia, Africa, and Latin America by the end of 2024.

HOUSING-

DFF + MBRHE team up to drive housing innovation in Dubai: Dubai Future Foundation (DFF) inked an MoU with the Mohammed Bin Rashid Housing Establishment (MBRHE) to advance innovative research in the housing sector, according to a statement. The partnership will see the DFF devise a standard framework for sustainable housing development proposals, and the two sides launch a cohort program for startups and tech firms, geared towards accelerating the development and adoption of innovative housing solutions across Dubai.

Everything you need to know about the IMF’s latest World Economic Outlook update

IMF holds global growth forecast steady: The International Monetary Fund maintained its 2024 global growth outlook at 3.2% in its updated World Economic Outlook (pdf) and slightly upgraded its 2025 outlook to 3.3%.

The regional outlook: The Fund slashed Saudi Arabia’s growth outlook for the year by 0.9 percentage points to 1.7% and next year’s by 1.3 percentage points to 4.7%, mainly due to the extension of oil production cuts. This downgrade dragged the regional outlook for 2024 to 2.4%, down 0.4 percentage points from April’s forecast.

Where do major economies stand? Both the US and Japan saw their outlook slashed — the US saw its 2024 forecast trimmed 0.1 percentage points to 2.6% thanks to “a sharper-than-expected slowdown in growth reflected moderating consumption and a negative contribution from net trade.” Meanwhile, the Fund sees the Japanese economy growing at a 0.7% clip this year, down 0.2 percentage points from April’s forecast due to “temporary supply disruptions linked to the shutdown of a major automobile plant in the first quarter.”

It’s a different story for the Eurozone, which saw its 2024 growth revised upwards 0.1 percentage points to 0.9%, mainly driven by a more optimistic growth outlook for France and Spain.

Also revised upwards, was growth in India and China — which accounted for close to half of global growth. The Fund sees the Chinese economy growing 5.0% in 2024 — a 0.4 percentage points upgrade from its April forecast — and India growing 7.0% after a 0.2 percentage points upwards revision,

Words of wisdom for EMs: “In emerging markets and developing economies, recent policy divergences highlight the need to manage the risks of currency and capital flow volatility. Given that economic fundamentals remain the main factor in USD appreciation, the appropriate response is to allow the exchange rate to adjust, while using monetary policy to keep inflation close to target,” the report read.

The inflation outlook: “We project global inflation will slow to 5.9% this year from 6.7% last year, broadly on track for a soft landing. But in some advanced economies, especially the United States, progress on disinflation has slowed, and risks are to the upside,” IMF chief economist Pierre-Olivier Gourinchas said in a blogpost.

MARKETS THIS MORNING-

Asian markets are mixed in early trading this morning, with the ASX 200 up, the Nikkei and Hang Seng flat, and both the Kospi and Shanghai Composite in the red. Futures for major US and European equities benchmarks were largely unchanged overnight.

ADX	9,156	+0.1% (YTD: -4.4%)
DFM	4,110	-0.1% (YTD: +1.2%)
Nasdaq Dubai UAE20	3,559	+0.4% (YTD: -7.4%)
USD : AED CBUAE	Buy 3.67	Sell 3.67
EIBOR	5.0% o/n	5.1% 1 yr
TASI	12,080	+1.1% (YTD: +0.9%)
EGX30	27,829	-0.4% (YTD: +11.8%)
S&P 500	5,667	+0.6% (YTD: +18.8%)
FTSE 100	8,165	-0.2% (YTD: +5.6%)
Euro Stoxx 50	4,948	-0.7% (YTD: +9.4%)
Brent crude	USD 83.73	-1.3%
Natural gas (Nymex)	USD 2.18	-0.2%
Gold	USD 2,473	+0.2%
BTC	USD 64,700	+1.4% (YTD: +53.1%)

THE CLOSING BELL-

The ADX rose 0.1% yesterday on turnover of AED 1.4 bn. The index is down 4.4% YTD.

In the green: Commercial Bank International (+9.3%), Agility Global (+8.8%) and Aram Group (+7.3%).

In the red: Oman and Emirates Investment Holding (-4.8%), Rak Co. for White Cement and Construction Materials (-3.5%) and Gulf Cement (-3.5%).

Over on the DFM, the index fell 0.1% on turnover of AED 369.7 mn. Meanwhile Nasdaq Dubai closed up 0.4%.

UAE mediates another Russia-Ukraine prisoner swap agreement -Bloomberg

The UAE facilitated a prisoner exchange agreement that will see Russia and Ukraine swap 180 prisoners, in what would be the sixth such agreement mediated by the country this year, Bloomberg reports, citing people familiar with the matter. The latest agreement came at the end of June. This would bring the total number of prisoners exchanged this year to 1.4k.

CALENDAR

JULY

16 July (Tuesday): Courtside Conversations with USA Basketball, Etihad Arena, Abu Dhabi.

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

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

AUGUST

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

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 around telemarketing calls will go into effect

SEPTEMBER

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

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

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

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

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.

OCTOBER

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

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

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

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

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

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

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

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

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

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

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

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

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

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

NOVEMBER

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

4-7 November (Monday-Thursday): ADIPEC, Abu Dhabi.

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

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

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

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

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

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

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

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

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

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

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

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

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

Signposted to happen ahead of ADIPEC:

Changemakers Majlis, Abu Dhabi.

DECEMBER

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

5-8 December (Thursday-Sunday): Formula 1 Etihad Airways Abu Dhabi Grand Prix, Yas Marina Circuit.

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

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

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

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

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

JANUARY 2025

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

FEBRUARY 2025

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

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

APRIL 2025

16-17 April: Global Ports Forum, Dubai.

OCTOBER 2025

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

Signposted to happen sometime before the end of the year:

Spinneys inaugurates three more stores in KSA

Signposted to happen in 2025:

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

Signposted to happen sometime in 2028:

Abu Dhabi to host the 47th Chess Olympiad.

Signposted to happen sometime in 2029:

Dubai to host the International Conference on Computer Vision.

Sections

About

Privacy & Support

Get EnterpriseAM daily