ADNH Catering sets price range for IPO as bookbuilding begins

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WHAT WE’RE TRACKING TODAY

THIS MORNING: Dubai Crown Prince heads to Kuwait + New energy safety regulations in Abu Dhabi to roll out in 4Q

Good morning, everyone. We’ve got a brisk issue for you today, with plenty of news to dig into.

The UAE Cabinet has given the green light to the Supreme Space Council, paving the way for better regulation of the space sector and boosting technological independence. Meanwhile, Dubai Crown Prince Hamdan bin Mohammed bin Rashid Al Maktoum is in Kuwait, and India and the UAE have agreed on a new food trade corridor and are in talks to boost mutual investments. And in market news, ADNH Catering has set its IPO price range, targeting up to AED 864 mn in proceeds. Let’s dive in.

⛈️WEATHER- The National Center of Meteorology forecasts cloudy weather over eastern and northern areas, with potential light to moderate rainfall. In Dubai, temperatures will peak at 39°C before dipping to 33°C overnight, while Abu Dhabi will see a high of 33°C and a low of 32°C.

Abu Dhabi-owned Manchester City claimed a partial victory in its case against the Premier League, after an arbitration panel upheld two of its complaints deeming aspects of the league’s associated party transactions (APT) — rules governing sponsorships and commercial activities — unlawful. The ruling should effectively overturn the league’s decision in 2023 to block two potential transactions with First Abu Dhabi Bank and Etihad Airways — both sponsors of City. The league, however, said in a statement that most of the club’s complaints against the league’s APT framework were dismissed, and that the ruling endorsed the overall framework. (Reuters | BBC | New York Times | FT)

BUT- This hearing is separate from the trial being held to investigate 115 charges of financial misconduct, which kicked off in September and is still ongoing.

WATCH THIS SPACE-

#1- Abu Dhabi’s Energy Department plans to issue its new safety regulations for non-Adnoc petroleum products and gas-related activities in the emirate sometime in 4Q 2024, according to the Abu Dhabi Media Office. The new changes focus on gas systems in buildings, petroleum trading, including manufacturing and packaging, buying and selling, and transportation and storage, the statement reads.

Background: The regulations were first introduced in August in a bid to set blanket safety standards for the petroleum products sector, with plans to create a mandatory register of all certified gas companies and operators.

#2- Banking experts call for time limit on banks’ compensation for financial crimes and cyberattacks: Banking experts Hassan Al Rayes and Amjad Nasr are calling for a time limit to be set on banks for offering compensation for customers who incurred losses due to cyber-attacks or financial crimes, Al Khaleej reports, citing a circular from the Central Bank of the UAE. They both claimed that compensation can take up to 90 days depending on the nature of the fraud. The CBUAE called on banks to offer timely compensation in a circular on its website, Al Khaleej said.

DATA POINT-

The country’s investments abroad are expected to see annual growth of 7-10%, former UAE International Investors Council Secretary-General Jamal bin Saif Al Jarwan told Al Bayan. The UAE’s foreign investments were estimated at USD 2.5 tn at the start of 2024, he said.

HAPPENING TODAY-

#1- Dubai Crown Prince Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum is leading a high-level delegation to Kuwait today, Wam reports. The trip aims to review ongoing joint projects and explore new prospects for cooperation between the two Gulf nations in areas of mutual interest.

#2- Dubai International Chamber kicked off a trade mission to Serbia and Turkey on Sunday that runs until 11 October, aiming to help UAE businesses identify and capitalize on potential investments in Serbia and Turkey. The program includes bilateral business meetings designed to foster cooperation, expansion, and the establishment of new trade and investment agreements between companies from the two countries.

#3- AgraME is on its second and final day at the Dubai World Trade Center. The event will bring together professionals from the Middle Eastern agricultural ecosystem to explore the latest trends in crop farming, horticulture, animal farming, aquaculture, and agri-tech.

#4- The World Air TaxiCongress takes place through Thursday at the Grand Hyatt Dubai, showcasing the latest in aerial technologies, including eVTOLs, next-generation STOLs, eCTOLs, delivery and cargo drones, and the role of autonomy and AI in aviation.

#5- Dubai Chambers’ Centre for Responsible Business will host the annual DubaiChambers Sustainability Week 2024 until Friday. The activities of the week will focus on the intersection of technology and sustainability.

#6- The Forex Expo is on its second and final day at the Dubai World Trade Center, where attendees will engage with brokers, investors, and financial institutions to explore the latest trends in foreign exchange markets.

#7- The Global Trade and Supply Chain Summitkicks off today and runs until tomorrow at the JW Marriott Hotel Marina. The event aims to address the evolving landscape of international trade and supply chains, focusing on overcoming challenges and leveraging solutions offered by new technologies.

#8- The Global Rail Transport Infrastructure Exhibition and Conference kicks off today and runs until Thursday 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.

HAPPENING THIS WEEK-

Al Jawaher Reception and Convention Centre will host The Regional Data andCommunity Development Forum on 9-10 October. Organized by the Department of Statistics and Community Development, the forum aims to bring together global experts and decision-makers to discuss the role of data in promoting sustainable social development.

**EDITOR’S NOTE- This story was amended on 13 October, 2024 to remove incorrect information.PUBLIC SERVICE ANNOUNCEMENTS-

#1- The UAE Securities and Commodities Authority (SCA) issued a warning against ZaraFX Marketing Services, saying that the company operates without a valid license from the authority, according to an SCA X post.

#2- The SCA launched an online service for the payback of unclaimed dividends dating back to before March 2015 in partnership with the First Abu Dhabi Bank, Wam reports. The service targets shareholders of locally listed public joint stock companies, who can submit and track their payback requests through the lender’s website.

THE BIG STORY ABROAD-

Israel, Hezbollah, and Hamas exchanged fire on the anniversary of the October 7 attack, with Israel launching air raids on 120 sites in southern Lebanon, and Hamas and Hezbollah both firing rockets at Israel, most of which the Israeli military said it had intercepted. Dozens of people in Lebanon were killed, including 10 firefighters, and two Israeli soldiers. Around 12 people were injured in Israel from Hamas’ and Hezbollah’s airstrikes. (Bloomberg | Reuters | The Guardian)

Oil prices rose to their highest levels since August, settling at USD 80.93 a barrel, as violence intensified and speculation over Israel’s retaliation with strikes on Iranian oil facilities continues, the Financial Times reports.

IN THE BUSINESS PRESS- Another antitrust defeat for Google is making headlines, after a US judge ruled that Google parent Alphabet open up its Play Store to its competition and distribute rival third-party app stores within its Play Store. The ruling comes following a jury decision last year that was in favor of Fortnite maker Epic Games, which had argued that Google had made it impossible for other app stores to establish themselves. (Reuters | FT | The Verge)

ALSO- It’s Nobel Prize season. The Nobel Prize in physiology or medicine was handed to Victor Ambros and Gary Ruvkun for their discovery of microRNA and the role it plays in gene regulation. Up next: The prize for physics will be handed out today, followed by chemistry tomorrow, literature on Thursday, peace on Friday, and economic sciences next Monday.

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CIRCLE YOUR CALENDAR-

Dubai Harbour will host the DMCCxAGCC: Global AI Challenge – Sustainability Edition on 13-16 October, the largest AI startup competition aiming to identify innovative AI solutions that contribute to sustainability in the GCC region.

Fintech Surge is set to take place between 13-16 October at Dubai Harbour. The event will bring together over 12k investors and 100 exhibitors, serving as a platform for fintech firms to showcase their innovations.

The Smart Cities Mena Summit is set to take place in Dubai on 14 October, gathering global policymakers, business leaders, and academics to discuss cross-sector cooperation aimed at enhancing capabilities and achieving economic goals.

Gitex Global will take place from October 14-18 at the Dubai World Trade Centre and Dubai Harbour. The event will showcase the latest innovations in technology, including AI, cybersecurity, cloud computing, and digital transformation. Leaders from large technology firms, government representatives, emerging startups, investors, and corporate buyers will participate.

The IEEE/RSJ International Conference on Intelligent Robots and Systems (IROS 2024) will take place between 14-18 October at Adnec Centre Abu Dhabi — its first time in the Middle East. Hosted by Khalifa University of Science and Technology, the annual robotics conference will be attended by researchers, academics, and global industry professionals.

SuperBridge Summit will be held on 15-16 October at One Za’abeel in Dubai. Organized by the Dubai World Trade Centre, the event will gather business leaders, investors, and policymakers from Asia, Latin America, and the Middle East to explore cooperation across key sectors, such as tech, energy, manufacturing, and commerce.

The American University of Sharjah will host the Sharjah InternationalConference on AI & Linguistics on 17-18 October, to discuss and promote the integration of AI in linguistics to preserve linguistic diversity, foster innovation in language learning, and enhance multilingual communication platforms.

JW Marriott Hotel Marina will host the World Biohack Summit 2024 on 18-19 October. The event aims to highlight innovations shaping the future of human potential, focusing on longevity, peak performance, age reversal, recovery, and mental health.

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

ADNH Catering’s IPO could raise as much as AED 864 mn

ADNH Catering sets IPO range as bookbuilding kicks off: Abu Dhabi National Hotels ’ (ADNH) catering business, ADNH Catering, has set an indicative price range of AED 0.91-0.96 per share for its IPO, valuing the company at up to AED 2.16 bn, it said in a statement (pdf) yesterday. The share sale could see ADNH Catering raise somewhere between AED 819 mn and AED 864 mn. The final share price will be announced next Wednesday, 16 October.

ICYMI- ADNH is offering up to a 40% stake (900 mn shares) in an IPO on the ADX for ADNH Catering, with up to 10% of the company’s shares offered on a preferential basis to existing shareholders who subscribe to the offering. This is set to be Abu Dhabi’s fourth IPO of the year, following the successful IPOs of NMDC Energy, which raised AED 3.22 bn, edtech firm Alef Education, which raised AED 1.89 bn, and Agility Global, which, quadrupled on its debut.

The retail subscription period kicked off yesterday, and is open until next Monday, 14 October, while the subscription period for institutional investors wraps on Tuesday, 15 October. Shares are expected to begin trading on 23 October, according to the prospectus.

REMEMBER- The company is looking to tap into the KSA market, especially the “Eastern region,” including Jeddah and Riyadh, where the company is expanding operations, CEO Clive Cowley said in the statement. ADNH Catering currently operates in the Kingdom via its JV with Compass Group, ADNH Compass, in which it bought out the remaining stake for AED 227 mn back in March.

ADVISORS- First Abu Dhabi Bank, Emirates NBD Capital, Citigroup, and Abu Dhabi Commercial Bank (ADCB) are acting as joint bookrunners, with Citigroup and FAB also acting as joint coordinators. FAB is also the listing advisor and lead receiving bank of the IPO, with Abu Dhabi Islamic Bank, ADCB, Emirates NBD, and Emirates Islamic Bank acting as receiving banks. ADNH tapped BHM Capital as price stabilization manager for the shares of ADNH Catering.

REMEMBER- There’s more in the ADX pipeline:

LuLu Group is planning to list its shares on the ADX and Riyadh’s Tadawul by the last week of October or early November;
Alpha Data could tap the bourse this year;
Etihad Airways has tapped advisors for what could be the Gulf’s first airline IPO next year.

Cabinet greenlights national council to regulate the space sector

National space council coming soon: The cabinet approved yesterday setting up a space council tasked with approving public policies and legislation, strategies, and national programs, to regulate the space sector and related activities, space news agency Wam reports. The new council will report directly to the cabinet.

The Supreme Space Council will also be responsible for defining “national priorities” for the space sector and pinpointing technological requirements to ramp up the UAE’s technological independence in space. It will manage all infrastructure, facilities, and assets in the space sector. It will also focus on regulations around space security, Wam said.

The new council will be chaired by Dubai Crown Prince Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, with the UAE Space Agency providing technical and administrative support as the General Secretariat. Members of the council will also include:

Industry and Advanced Technology Minister Sultan Ahmed Al Jaber;
Economy Minister Abdulla Bin Touq Al Marri;
UAE Space Agency Chairperson Ahmad Belhoul Al Falasi will serve as the council’s Secretary-General;
AI, Digital Economy, and Remote Work Applications Minister Omar Sultan Al Olama;
Mohammed bin Rashid Space Centre VP Yousuf Hamad Al Shaibani;
The President’s Advisor for Strategic Research and Advanced Technology Faisal bin Abdulaziz Al Bannai;
The Defence Ministry’s Assistant Undersecretary for Support and Defence Industries Mubarak bin Ghafan Al Jabri.

The Supreme Space Council will also set priorities for investments and acquisitions for both public and private space entities, bidding to develop plans for capacity building and foster partnerships at local, regional, and international levels.

ICYMI- The UAE has ambitious space and satellite-making plans ahead. Last month, defense conglomerate Edge Group launched a new cybertech firm named Fada. Abu Dhabi-based space and deeptech investor and International Holding Company-backed Marlan and US-based startup Loft Orbital also earlier set up a joint venture to mass manufacture satellites for the first time in the Middle East. Bayanat and Yahsat also plan to launch eight synthetic aperture radar (SAR) satellites over the next three years, after launching the UAE’s first low Earth orbit SAR satellite from California’s Vandenberg Space Force Base last month.

UAE + India ink pact on trans-continental food trade route

The UAE and India agreed to set up an India-UAE food corridor serving the UAE and neighboring regions by building food processing facilities and food parks in India, ANI News cites India’s Commerce and Industry Minister Piyush Goyal as saying at the India-UAE high-level task force meeting on investment in Mumbai. The UAE funneled an initial USD 2 bn commitment into the initiative.

The details: The investment will be geared towards building infrastructure — including food processing units and food parks — to support both Indian farmers and agribusinesses, and ramp up Indian agriculture exports to the UAE and the broader Middle East. The project is expected to be rolled out over two or two and a half years, with a small working group comprising Indian central and state governments, as well as UAE officials, formed to handle the project.

This has been in the works: “It has been under discussion for a very long time that UAE would like to invest in setting up food processing facilities in India to enable the availability of high-quality products suitable to the UAE taste in India using Indian farmers’ products and to be sold in the UAE,” Goyal said.

A PLAN TO RAMP UP INVESTMENTS?

The UAE to up FDI in India to USD 100 bn? India is reportedly in talks with the UAE to increase its foreign direct investments (FDI) in India to USD 100 bn, up from some USD 75 bn in commitments currently, The Hindu Times quotes Goyal as saying. This came alongside reports of India working to encourage UAE investments, the Abu Dhabi Investment Authority setting up shop in India, and more.

#1- India has made it easier for UAE investors to seek international arbitration if needed: India cut down by two years the local remedies exhaustion period for UAE investors under the countries’ bilateral investment treaty, which came into effect on 31 August, after being inked in February, Business Standard reports, citing a statement from India’s Finance Ministry. The treaty now mandates that UAE investors attempt to resolve disputes through India’s legal system for at least three years — down from the previous five-year duration — before seeking international arbitration.

India’s BIT with the UAE includes portfolio investments — stocks and bonds — as protected investments, deviating from the county’s model BIT, whose scope covers only direct investments, according to the statement.

Also covered: The treaty includes provisions for investment treatment, with an obligation for no denial of justice, no fundamental breach of due process, no targeted discrimination and no manifestly abusive or arbitrary treatment. It does not cover related to taxation, government procurement, subsidies, and fraud or corruption cases.

#2- The two also agreed to set up investment promotion offices in each other’s countries, with the UAE’s office set to be co-located with Invest India in New Delhi, ANI News said. India also plans to establish its first overseas campus of the Indian Institute of Foreign Trade in the UAE, starting with courses that will evolve into a full campus.

The Abu Dhabi Investment Authority (Adia) established a subsidiary at the Gujarat International Finance Tec-City (GIFT City), India’s tax-neutral finance hub, the sovereign wealth fund said in a statement (pdf). This came after Adia received regulatory approval from the International Financial Services Centre Authority in India.

Adia plans a gradual transfer of its Indian assets to the new arm: Adia — whose investments in India range from public and private equity to infrastructure — said it will gradually transfer some of its Indian investments to the new subsidiary.

Background- Adia first revealed its plan to launch a subsidiary in GIFT City last year. GIFT City offers 100% tax exemption for 10 consecutive years for companies establishing their operations there. The UAE is India’s largest Arab investor, with around USD 3 bn invested in the country in FY 2023-24, Reuters reports.

MORE TO COME?

The UAE and India also discussed ramping up bilateral cooperation in data centers and artificial intelligence, and co-investments in renewable energy and transmission infrastructure in India during the meeting.

The India-UAE joint committee is set to meet next week to address rising business concerns, CNBC TV18 reports, citing Goyal.

Worldpay appoints Sultan Al-Ahbabi as chair of UAE board

American payment technology company Worldpay appointed Sultan Al Ahbabi (LinkedIn) as chair of its UAE board and an independent non-executive director, Wam reports. Al Ahbabi brings over 20 years of experience in business strategy, operations, and management, previously serving as the director of operations at Sheikh Mansour Bin Zayed Engineering Office and as head of projects management and follow-up at the Presidential Court.

On the UAE’s gaming push + Abu Dhabi’s ports

Speculation is mounting over when the UAE could make the move to legalize gambling after issuing its first commercial gaming operator license to Wynn Resorts, Bloomberg said in its Mideast Money newsletter. Bloomberg Intelligence estimates that the gaming sector could contribute nearly 1.3% to the UAE’s GDP and generate approximately USD 6.6 bn.

In July, the UAE established a regulatory framework for the gaming industry, although specific regulations on gambling are still pending. Meanwhile, MGM Resorts has applied for a license to operate casinos in Abu Dhabi. Recent analysis from Morgan Stanley suggests that casinos in the UAE could yield annual gaming revenues between USD 3-5 bn depending on local gambling permissions.

ALSO- CNN (watch, runtime: 4:01) spotlighted AD Ports’ role in transforming Abu Dhabi into “an internationally recognized hub for trade and logistics.”

Plenty of crypto news, as Cointelegraph sets up shop in Dubai, BitOasis works on anti-money laundering, and Phoenix opens up a new mining site

CRYPTO-

#1- Cointelegraph to set up shop in Dubai: US-based crypto news platform Cointelegraph will open a regional office in the Dubai Multi Commodities Center under an agreement it signed with the freezone, according to the Dubai Media Office.

#2- BitOasis taps Crystal Intelligence for anti-money laundering solutions: Dubai-based and Mena’s largest crypto trading platform BitOasis partnered with Dutch blockchain analytics firm Crystal Intelligence to use its anti-money laundering and transaction monitoring solutions on its platform, according to a press release.

#3- Phoenix launches a new mining site in Canada: ADX-listed crypto miner Phoenix Gr oup launched a 20-MW mining facility in Canada’s St. Leon, projected to generate 700 PH, according to a disclosure to the ADX (pdf).

DEBT-

An unnamed UAE-based subsidiary of Boursa Kuwait-listed IFAHotels and Resorts is getting AED 630 mn in loans from undisclosed Emirati banks, according to disclosures to the DFM (here and here). The AED 600 mn, 15-year facility will be used to settle AED 581 mn in outstanding debts, while the AED 30 mn, 12-year funding will be used to expand the company’s operations.

CONSTRUCTION-

The Abu Dhabi Investment Office signed three Musataha agreements with several investors to develop commercial and industrial facilities in the emirate, according to the Abu Dhabi Media Office. The identities of the investors were not disclosed.

Here’s the rundown of the agreements:

An AED 26.6 mn agreement for a community market in Al Nahdah Al Askariah;
Another agreement for a commercial facility in Al Khatim region of Al Ain, featuring roadways, parking areas, landscaping, and a food truck park;
An AED 12 mn agreement to set up a third manufacturing facility for concrete producer Readymix Abu Dhabi in Madinat Zayed.

REAL ESTATE-

Dubai-based real estate developer Swank Development broke ground on its AED 320 mn residential project Lua Residences in Mohammed Bin Rashid City, according to a press release. The development will feature 37 villas and is slated for completion in 2Q 2026.

TOURISM-

Tourism 365, Adnec Group’s tourism arm, oversaw the launch of the first weekly charter flight connecting Uzbekistan to Al Ain, according to a press release. The flight, operated by new Uzbekistani airlines Air Samarkand, is part of an expanded partnership with Uzbekistan-based tour operator EasyBooking. Under the partnership, Tourism 365 is managing the visitor experience for Uzbekistani tourists, offering accommodation and tourism activities in Al Ain. The tour operator already organizes charter flights connecting Uzbekistan to Abu Dhabi and Dubai.

SUSTAINABILITY-

Ittihad International Investment received an ESG provisional rating of AAA from MSCI, placing the Abu Dhabi-based non-oil investment conglomerate among the top sustainable industrial conglomerates globally, according to a statement. The rating pushed the company to the fifth spot on the MSCI global index, which includes 36 major industrial groups, according to Khaleej Times.

RETAIL-

Indian firms eye DP World’s Bharat Mart: DP World has attracted interest from some 9k Indian businesses looking to establish operations in Bharat Mart, a warehousing and trading hub in Dubai designed for India’s MSMEs, CNBC TV18 reports, citing Indian Commerce and Industry Minister Piyush Goyal. The facility, located in DP World’s Jebel Ali Freezone, will span 100k square meters and include 1.4k units.

Background: The foundation stone for the project was laid earlier this year. Set to open in 2026, the marketplace aims to streamline access to global markets for Indian manufacturers and exporters.

Derivative-backed ETFs are taking off with retail investors — but high payouts come with risks

Derivative-enhanced ETFs, the next meme stocks? Derivative-backed exchange-traded funds (ETFs) are the latest financial instrument to be a day trading hit, luring amateur investors in droves with massive payouts, Bloomberg reports. These ETFs are gaining popularity in no small part thanks to “financial influencers” touting them on TikTok, Youtube, and other social media as an easy way to make big gains in a short time.

By the numbers: Derivative-backed ETFs boost returns on the stocks that they are linked to by overlaying them with options and other derivatives. Although usually sold as a defensive strategy, the options can be cashed-in, generating dividends with a 100% yield or greater. Both startup and legacy firms are piling in, with 164 derivative-based products launched in the US year-to-date. The category’s assets have also grown 6x over a five-year timeframe to some USD 300 bn, according to Bloomberg data. Their growth is contributing to a wider ETF boom, with the market now valued at USD 10 tn.

Too good to be true? Experts and regulators are growing increasingly concerned that day traders are jumping on the trend without understanding the full risks involved. Youtube tutorials and other media promoting these strategies are often sponsored and tend to gloss over the risks involved. “The most important thing the industry can do is make sure clients understand what to expect in these strategies. That’s actually what keeps me up at night,” JP Morgan asset manager Hamilton Reiner — who helped pioneer the new class of ETFs — told Bloomberg.

It’s basic arithmetic: Funds bestowing yields of 30% or more will undoubtedly erode their net-asset value, Reiner said. If investors are not careful, erosion in their holdings’ net-asset value can see their portfolio values wither away.

Regulators are also raising flags: “The number of self-directed investors has multiplied at the same time that product complexity has increased and access to an almost unlimited menu of financial products has grown,” investor advocate at the US Securities and Exchange Commission Cristina Martin Firvida told Bloomberg, referencing the explosion in the number and variety of derivative-backed ETFs and their rapid uptake by inexperienced traders. A recent review of financial influencer activity found that the vast majority of that content — both about ETFs and other financial products and strategies — did not comply with US Financial Industry Regulatory Authority regulations, Bloomberg says.

On the flipside: The new wave of ETFs is “democratizing access to finance,” Bloomberg wrote citing advocates of laissez-faire policies, with the new products allowing mainstream online traders to access financial strategies that were previously restricted. “There is a breaking down of traditional barriers because ETFs are direct-to-consumer products,” chief revenue officer at Tidal Financial Group Gavin Filmore said. “The minute I launch a product, every trader at home can buy it. It’s like a sneaker, it’s like a potato chip,” he adds.

MARKETS THIS MORNING-

Mainland China’s markets extended their rally before paring gains on the first day of trading after the country’s Golden Week holiday, as the country’s top economic planner unveils more details on the government’s planned stimulus package in a morning press conference. Other Asian markets are down in early morning trading, led by the Hang Seng Index, which tumbled 6.3%. Across the pond, it’s a sea of red for US futures, with the Dow Jones, S&P 500, and Nasdaq all down in pre-market trading.

ADX	9,147	-0.4% (YTD: -4.5%)
DFM	4,395	-0.3% (YTD: +8.3%)
Nasdaq Dubai UAE20	3697	+0.2% (YTD: -3.8%)
USD : AED CBUAE	Buy 3.67	Sell 3.67
EIBOR	4.7% o/n	4.0% 1 yr
TASI	11,914	+1.2% (YTD: -0.5%)
EGX30	31,819	+0.3% (YTD: +27.8%)
S&P 500	5,696	-1.0% (YTD: +19.4%)
FTSE 100	8,304	+0.3% (YTD: +7.4%)
Euro Stoxx 50	4,970	+0.3% (YTD: +9.9%)
Brent crude	USD 81.06	+3.9%
Natural gas (Nymex)	USD 2.75	-3.8%
Gold	USD 2,666	-0.1%
BTC	USD 63,198	+0.9% (YTD: +49.0%)

THE CLOSING BELL-

The DFM fell 0.3% yesterday on turnover of AED 329.9 mn. The index is up 8.3% YTD.

In the green: National International Holding Company (+10.5%), Orascom Construction (+10.0%) and ENBD REIT (CEIC) (+7.4%).

In the red: Shuaa Capital (-6.8%), Agility (-4.1%) and Ithmaar Holding (-3.1%).

Over on the ADX, the index closed down 0.4% on turnover of AED 1.37 bn. Meanwhile Nasdaq Dubai closed up 0.2%

CORPORATE ACTIONS-

Chimera JP Morgan Global Sukuk ETF’s share class B will distribute dividends equivalent to USD 0.0101 per unit for its unitholders on 23 October, according to an ADX disclosure (pdf).

Adnoc Logistics & Services is set to distribute USD 136.5 mn (AED 501.3 mn) in dividends to its shareholders for 1H 2024, equivalent to AED 6.78 per share, according to an ADX disclosure (pdf). Payouts will take place within 30 days from 7 October.

UAE and Norway strengthen energy ties with key agreements in Oslo

UAE-Norway energy partnerships in the pipeline: Several agreements and MoUs were signed between Emirati and Norwegian firms during Abu Dhabi Crown Prince Sheikh Khaled bin Mohamed bin Zayed Al Nahyan’s meeting with Norwegian Prime Minister Jonas Gahr Støre, Wam reports. The talks centered on enhancing economic, trade, and investment cooperation across key sectors, including energy, infrastructure, advanced technology, renewables, air transport, and scientific research.

Al Nahyan also met with Crown Prince Haakon Magnus in Oslo to discuss advancing bilateral cooperation, the state news agency reported separately.

KEY AGREEMENTS-

#1- Adnoc inked a strategic cooperation agreement with Norwegian state-owned Equinor to team up on sustainability projects, including in carbon capture and storage, low-carbon hydrogen and the marketing and trading of low-carbon intensity oil and gas.

#2- Masdar signed a slew of agreements with several firms, including a strategic framework agreement with Eqinor to strengthen collaboration on existing projects, such as the Hywind Floating Wind Farm in Scotland. The renewables giant also signed an MoU with fertilizers manufacturer Yara to explore investments along the power-to-green ammonia value chain. Masdar also signed an MoU with ICP Infrastructure to identify green energy infrastructure investments in Europe, and inked a fourth MoU with Aker Horizons, focusing on joint development and investment in the Power to Green Hydrogen value chain aimed at decarbonizing hard-to-abate sectors.

#3- Khalifa University and Arctic University of Norway inked an MoU to support academic collaboration in research areas such as AI, climate action, circular economy, and renewable energy;

#4- Civil aviation authorities: Both countries’ authorities will partner to enhance bilateral trade and tourism and increase passenger and cargo air traffic.

PLUS- The Emirati Investment Ministry promoted investment prospects to Norwegian businesses in a bid to encourage them to expand into Abu Dhabi and the UAE during the UAE-Norway Investment Forum in Oslo, according to a statement.

CALENDAR

OCTOBER

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

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

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

7-9 October (Monday-Wednesday): AccessAbilities Expo, Dubai World Trade Centre.

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

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

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

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

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

10 October (Thursday): DXBAPEX500 Summit and DIFC Workshop, Dubai International Financial Centre, Dubai.

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.

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.

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.

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.

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.

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 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.

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.

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.

26-29 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.

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.

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 Centre

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 Centre.

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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