Adnoc Gas acquires Ruwais LNG from Adnoc, while Fertiglobe snaps up Adnoc’s ammonia projects

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WHAT WE’RE TRACKING TODAY

THIS MORNING: M42 eyes acquisitions in Europe, Latin America and Asia + Former Investcorp co-CEO’s fund lands in ADGM

Good morning, friends. The theme of today’s issue: things coming together — with Adnoc Gas acquiring Adnoc’s stake in Ruwais, and Fertiglobe taking control of Adnoc’s low-carbon ammonia projects. Plus: Mubadala and Apollo are extending their partnership,

WEATHER- It’s another sunny day in Dubai, with a high of 29°C and a low of 24°C, according to our favorite weather app. Meanwhile, a sunny Abu Dhabi will also see a high of 29°C and an overnight low of 26°C today.

Alef joins MSCI’s UAE Small Cap index: Alef Education was the only company added to the MSCI’s UAE Small Cap Index in the latest review, bringing with it an expected inflow of AED 18.3 mn, according to a report (pdf) from IHC’s research firm International Securities. Meanwhile, Abu Dhabi Aviation, Sharjah Islamic Bank (SIB), and Tabreed will be removed from the index effective 26 November. Abu Dhabi Aviation’s removal is expected to result in an outflow of AED 24.9 mn, SIB’s will see an outflow of AED 32.9 mn, and Tabreed’s will lead to an outflow of AED 25.4 mn.

WATCH THIS SPACE-

#1- M42 eyes global expansion, in talks with Indonesia, Malaysia, India, and Egypt: State-owned health-tech firm M42 is targeting acquisitions in Europe, Latin America, and Asia, CEO Hsan Jasem Al Nowais told Bloomberg. The company reviews 50 potential acquisitions monthly “to see what will really complement our strategic plans going forward,” Al Nowais said, revealing that M42 is currently in talks with firms in Indonesia, Malaysia, India, and Egypt as part of its strategy to expand its AI-powered healthcare solutions.

How will M42 fuel its expansion? M42 is backed by “two very, very big parents,” — sovereign wealth fund Mubadala and state-owned AI outfit G42. He noted that “Abu Dhabi has grown on taking risks but it has been so successful that we continue to take risks and build on that momentum.”

M42 is seeking strategic long-term gains, rather than “quick [money],” Al Nowais said. The company’s Emirati Genome Program aims to build one of the world’s largest DNA databases. The company is also developing an AI-powered drug discovery platform, a segment that is expected to drive acquisitions and partnerships for the company in the future and positions Abu Dhabi as a life sciences hub, Al Nowais said.

#2- Ben Gacem’s fund lands in Abu Dhabi: Former Investcorp Co-CEO Hazem Ben-Gacem launched BlueFive Capital fund in Abu Dhabi Global Markets (ADGM), targeting the financial services sector in the Gulf, Asia, and Latin America, The National reports, citing a company statement it saw. While the statement didn’t disclose the value of the fund, Bloomberg reported earlier this month that Ben Gacem was in talks to raise funds for BlueFive Capital, targeting USD 1 bn.

The fund will operate through two entities, namely BlueFive Financial and BlueFive Asset Management, with the latter slated to debut next year. BlueFive Financial will focus on consolidating potential investments in financial services, while BlueFive Asset Management will target private equity and infrastructure investments, with a focus on digitization and automation. In addition to the Abu Dhabi headquarters, BlueFive will establish offices in Bahrain and London, backed by 15 founding shareholders.

DATA POINT-

The UAE's diamond trade is on track to top USD 40 bn in 2024, backed by comprehensive economic partnership agreements removing barriers and opening new markets, Assistant Undersecretary for the Economy Ministry’s International Trade Affairs Juma Al Kait told state news agency Wam on the sidelines of the Dubai Diamond Conference (watch, runtime: 02:19). The country occupies the third spot globally in diamond trade, after India and the US, dominating over 15% of the global market share. Diamonds comprise 5.5% of the UAE's non-oil trade, which reached approximately USD 20 bn in 1H 2024, and nearly USD 39 bn in 2023.

HAPPENING TODAY-

#1- The UAE is participating in COP29, which kicked off yesterday in Baku, Azerbaijan, and runs until 22 November, Wam reports. The event aims to limit global warming to 1.5°C and boost climate finance. As the host of last year’s COP, the UAE will present a national pavilion and over 60 side sessions on topics such as climate finance, decarbonization, renewables, and AI-powered food and water solutions.

#2- Meta Cinema Forum is on its second and final day at Le Méridien Dubai Hotel & Conference Center. The cinema convention brings together industry leaders to explore the future of cinema in emerging markets across the Middle East, Africa, and Asia.

#3- Dubai Arbitration Week is underway at the Waldorf Astoria in the Dubai International Financial Center and wraps on 15 November. The event features a series of panel discussions, workshops, and presentations focused on the latest developments and challenges in international commercial arbitration.

#4- The International Federation for Equestrian Sports (FEI) General Assembly is on its second day at the Conrad Hotel, Etihad Towers, gathering heads from 137 national equestrian sports federations, Wam reports. The assembly, running through to tomorrow, coincides with the start of FEI regional group meetings at Emirates Palace, Abu Dhabi.

#5- The inaugural Audit, Anti-Fraud and IT Congress is underway in Dubai, running through to tomorrow. The event brings together over 1k global professionals in internal auditing, anti-fraud, cybersecurity, and IT to discuss the latest trends in the sectors. Pre-congress workshops and internal discussions are underway, with the main congress set to begin tomorrow, state news agency Wam reports.

#6- The ICOM 2024 International Symposium kicks off today at the Etihad Museum. The symposium will feature three themes — Intangible Heritage, Youth Power, and New Technologies — and will explore how museums can adapt to global changes and facilitate dialogue on enhancing their role in evolving cultural landscapes.

HAPPENING THIS WEEK-

The Sharjah Chamber of Commerce and Industry’s trade mission to Kenya and Uganda kicked off yesterday, aiming to boost UAE-East Africa trade ties in oil, gas, infrastructure, logistics, food, and automotive sectors. The Sharjah Exports Development Centre is representing the chamber.

The agenda: Starting in Kenya with an investment forum and business meetings, the mission moves to Uganda tomorrow for another forum on Uganda's infrastructure and oil growth, plus meetings and local site visits. The mission concludes on Thursday

THE BIG STORY ABROAD-

It’s another morning where the international news cycle is broadly led by US president-elect Donald Trump as he starts working on the cabinet that will kick off his second stint at the White House.

Among the highlights: Trump tapped Florida Rep. Mike Waltz, who is a war veteran, to be his national security adviser and take on a portfolio that includes Russia’s war with Ukraine, Israel attacking multiple countries at the same time in a multi-front military campaign, and rising military buildup in China, among others, the Wall Street Journal reports. The president-elect also picked New York Congresswoman Elise Stefanik as the US’ ambassador to the UN and immigration hardliner Tom Homan as “border czar” to oversee border crossings and deportations, according to the WSJ. Meanwhile, Susie Wiles will be chief of Staff, Reuters and the New York Times report. The Associated Press and Reuters also have rundowns of who’s been selected and the other candidates Trump is currently considering.

GAZA UPDATE- Israel killed another 37 Palestinians in Gaza in the past 24 hours, including seven near Khan Younis and 20 people in Nuseirat, “including some in a tent encampment,” Reuters reports.

Meanwhile, US-mediated talks for an Israeli ceasefire in Lebanon are “making progress,” despite Qatar recently saying that separate talks for a ceasefire in Palestine have stalled. Israeli Foreign Minister Gideon Saar has pointed to Russia as a potential part of enforcing the ceasefire in Lebanon by mitigating the flow of weapons to Hezbollah through Syria. Reuters, Bloomberg, and the Guardian have the story.

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Adnoc Gas to snap up 60% of Ruwais LNG project, to pour USD 15 bn into growth by 2029

Adnoc Gas is set to acquire a 60% stake in the Ruwais LNG project from its parent group Adnoc in 2H 2028 at cost, for an estimated value of USD 5 bn, the company said in a press release (pdf). The plant’s first production unit is slated to come online in 2H 2028, with the second following in early 2029.

Ownership breakdown: Global energy giants Shell, BP, TotalEnergies, and Japan’s Mitsui own the remaining 40% stake in Ruwais, at a 10% stake each. They acquired the stakes in July.

Adnoc Gas has had its eyes on Ruwais from the start: “It has always been our intention to acquire Adnoc's 60% stake in Ruwais LNG. This investment is a central component of our ambitious international growth plans and will strengthen Adnoc Gas' position as a powerhouse in the global LNG market,” Adnoc Gas CEO Ahmed Mohamed Alebri said in the statement. We knew this was planned since earlier this year.

Adnoc Gas will dispatch the first cargo from the Ruwais facility in late 2028, Adnoc Gas CFO Peter Van Driel said in a virtual media roundtable attended by EnterpriseAM UAE. The company is currently kicking off construction works at Ruwais, Van Driel added, noting that the new plant will help serve gas demand of “countries either in Europe, the Far East, or in Asia.”

Ruwais already has offtake agreements lined up: The company has sold 75% of Ruwais’ total production capacity to international customers, Van Driel said. The sold volumes are equivalent to over 7 mn tons per annum (mtpa) of the total 9.6 mtpa of LNG.

ICYMI- The signed offtake agreements include a 15-year agreement with China's ENN Natural Gas to deliver 1 mn tons of LNG annually from Ruwais, along with another 15-year agreement with German energy giant Energie Baden-Württemberg to supply it with 0.6 mn tonnes of LNG per year. Adnoc also signed long-term LNG supply agreements to deliver 1.6 mn tonnes per year from the new plant, with 1 mn metric tonnes to Shell and 0.6 mn tons to Mitsui. Most recently, Adnoc secured a 15-year sales and purchase agreement (SPA) with Sefe Marketing & Trading Singapore for 1 mn tonnes of LNG.

We’ll soon hear of more purchase agreements from Ruwais: In the coming months, Adnoc Gas expects to reveal “many more HOAs being converted into final [offtake] agreements,” Van Driel said, without disclosing the names of the companies or a timeline for the agreements.

Adnoc Gas ramps up spending to USD 15 bn, to pour heavily in infrastructure: The company has raised its five-year capex plan to USD 15 bn, up from an earlier USD 13 bn, to fund projects “which will enable us to capture opportunities from the forecast increase in domestic and global demand for the lower carbon gasses we produce,” says Alebri. The expanded spending plan will be “very much focused on new infrastructure,” according to Van Driel.

REFRESHER- In April, Adnoc Gas revealed its plan to invest USD 13 bn over the next five years in both domestic and international markets to help the firm expand its processing capacity and reach more customers.

Demand growth is behind the move: Adnoc Gas has ramped up capex plans to meet an expected 6% annual growth in demand through 2030, up from the initial projection of 2%, as the UAE’s GDP and population continue to expand alongside rising sectors like AI data centers and key industries. This increase in spending aims to boost EBITDA by 40% by 2029, enabling Adnoc to “process more raw gas from our supplier and sell it into the UAE market or export markets,” said Van Driel.

EARNINGS WATCH-

Adnoc Gas reported a 11% y-o-y increase in its net income, reaching USD 1.2 bn in 3Q 2024, according to its financials (pdf). The robust performance came higher than analysts’ expectation of USD 1.19 bn. The Adnoc subsidiary’s revenues climbed 8% y-o-y to USD 6.3 bn in 3Q, surpassing USD 6 bn for the fourth quarter thanks to “higher sales volumes and an improved price environment for export-traded liquids,” the company said in its earnings release (pdf).

On a nine-month basis, Adnoc Gas’ bottom line increased 18% y-o-y to USD 3.6 bn in 9M 2024. The company booked USD 18.4 bn in revenues, up 12% y-o-y in 9M 2024, achieving the strong revenue growth despite the mixed pricing environment, according to its earnings report (pdf). The revenue growth was underpinned by a 6.5% increase in export and traded liquids volumes, a 4.5% rise in gas sales, and a 3.5% growth in domestic gas volumes, the company said in its earnings release.

Looking ahead, Anoc Gas will focus on three major projects due by 2029, namely the Ruwais LNG project, alongside the “the Maximization of Ethane Recovery and Monetization (MERAM) project, which will deliver up to 3.4 mtpa of ethane and NGL production capacity [and] the IGD-E2 project, which will have a [daily] gas processing capacity of 370 mn standard cubic feet.”

Dividends: Adnoc Gas will distribute USD 3.4 bn in dividends for its 2024 earnings. This includes interim dividends of USD 1.7 bn, set to be distributed in April 2025.

Fertiglobe reports first set of earnings since Adnoc acquisition, with the producer set to snap up Adnoc’s stake in Exxon’s Texas hydrogen project

Fertiglobe sees dip in net income in 3Q on the back of decline in sales: Fertiglobe — a UAE-headquartered urea and ammonia exporter and MENA’s largest producer of nitrogen fertilizers — reported USD 31.1 mn in adjusted net income attributable to shareholders, down 25% y-o-y on the back of several one-offs, according to its earnings release (pdf). The now-Adnoc subsidiary — with Adnoc’s USD 3.6 bn acquisition of the producer closed last month — saw its revenues fall 6% y-o-y to USD 496 mn in 3Q 2024.

On a 9M basis, Fertiglobe’s adjusted bottom line attributable to shareholders fell 48% y-o-y to USD 134.6 mn. The company’s revenues also slipped 13% y-o-y to USD 1.5 bn during the nine-month period.

Fertiglobe saw its own-produced sales fall 7% y-o-y in 3Q due partly to the impact of power outages in Algeria and to natural gas curtailments in Egypt due to declines in production amid hot weather at the beginning of the quarter, Fertiglobe CEO Ahmed El Hoshy said. Meanwhile, the company’s sale volumes inched down 2% to 4.2 mn tons during 9M 2024. Excluding these external factors, its own-produced volumes would have been up 2.1% y-o-y in 3Q and 5% in 9M 2024.

Behind the decline? Fertiglobe attributed part of the decline to adjustments in Algerian nitrogen fertilizer producer Sorfert’s gas pricing setup from November 2023 to September 2024, according to its earnings release (pdf). Negotiations for that are still ongoing, El Hoshy explained.

Looking ahead: Fertiglobe commissioned a boiler this month that produces steam, which they can use to generate power, and is expected to make it less reliant on the grid, El Hoshy told us. In Egypt, the Oil Ministry is also working to help restore natural gas production to meet the country’s needs, including requirements for industrial producers like Fertiglobe, El Hoshy added.

WATCH THIS SPACE- Fertiglobe plans to unveil its revised strategy in 1Q 2025, where it will clarify its strategic fit within the Adnoc platform, and further details around its plans as Adnoc’s low-carbon ammonia vehicle, while providing information on initiatives planned to enhance margins and revenues through manufacturing improvement and cost optimization programs, El Hoshy told us.

Fertiglobe expects the market to remain favorable, with short-term demand for nitrogen fertilizers staying robust, driven by tight market conditions and “record low” Chinese exports of urea. In the long term, the sector will be supported by projected growth in demand from both new and existing applications, coupled with limited supply growth.

Adnoc transfers stake in Exxon Texas hydrogen project to Fertiglobe-

Fertiglobe to hold Adnoc’s stake in Exxon’s Texas hydrogen project: Adnoc will transfer a 35% stake in the Baytown, Texas low-carbon ammonia project to Fertiglobe, along with two unspecified UAE projects, according to the statement. The stakes will be transferred at cost, ensuring that, once operational, they will contribute immediately to Fertiglobe's earnings, supporting project returns while “preserving the company’s balance sheet during the development and construction phase.”

The transferred stakes are set to more than double Fertiglobe’s total capacity to 9.0 mn tons per annum (mtpa) for urea and ammonia, with the addition of the two UAE low-carbon ammonia projects, which include a 1 mtpa project under construction and another in the pre-FEED stage, and the Texas project. The projects will together add 2.4 mtpa in capacity.

The “global” approach will mean more diverse routes and shorter distances: The US project will expand Fertiglobe's presence into the US, alongside its facilities in Egypt, Algeria, and the UAE, El Hoshy told us. This means that low-carbon products will now travel “shorter distances, where anything that was supposed to come from Texas to Korea now goes from the UAE to Korea, while Texas product goes to Europe,” avoiding long distances and reducing emissions, he added.

REFRESHER- Adnoc signed a strategic partnership agreement with US energy giant Exxon Mobil to purchase a 35% stake in Exxon’s low-carbon hydrogen project in Texas, which already has an offtake agreement with Japan’s biggest power producer, Jera, and agreements with France’s Air Liquide to build and operate air separation units for oxygen and nitrogen supply to the facility.

The Texas project will enable Fertiglobe to tap into the growing demand worldwide for ammonia, positioning the firm as a “low-carbon ammonia growth platform with global reach.” The project is pending a final investment decision, expected to be reached in 2025.

The fact that the project will be sold at cost allows the company to “warehouse the capital, and the debt involved in building these projects with Adnoc until operations,” El Hoshy told us.

Bookbuilding for Talabat to kick off next week

Delivery Hero’s IPO of a 15% stake of Middle East food delivery unit Talabat will kick off next week with the start of the bookbuilding period, with shares set to start trading on the Dubai Financial Market (DFM) on 10 December, the company said in its intention to float (pdf). The transaction is expected to exceed USD 1 bn, Reuters reported earlier, with the value of the company set to reach EUR 11.5-13.5 bn — higher than the valuation of its parent company, Bloomberg reports.

The timeline: The subscription period will open on 19 November and wrap on 27 November for retail Investors, and will end a day later for institutional investors.

Allocation breakdown: 95% of the shares offered in the IPO will be allocated to institutional investors, while 5% will be allocated to retail investors, according to the prospectus.

The Berlin-based company’s MENA activities are flourishing: Delivery Hero’s gross merchandise value, measuring the total value of all goods sold, increased by 30% across the MENA region in 3Q 2024, according to a statement. This performance came on the back of a 25% y-o-y increase in order volumes and affordability initiatives in this quarter. Talabat’s revenues grew 26.6% y-o-y in 2023 to AED 8 bn.

Post-IPO, Talabat plans to tap into verticals including healthcare, beauty, pharma, pet services and fintech, its CEO Tomaso Rodriguez told Bloomberg in an interview. “We strongly believe that every single USD we invest in expanding these areas has a much better return than a geographical expansion at this point,” Rodriguez said.

The revenue forecast is sunny: The company anticipates revenue growth of 22-23% for 2024, followed by 17-18% in 2025, and around 14% in the medium term, Rodriguez said. Talabat previously announced that it aims to distribute dividends amounting to 90% of net income post-listing, starting with a minimum payout of USD 100 mn in April.

ADVISORS- Delivery Hero appointed Emirates NBD Capital, Morgan Stanley, and JP Morgan as joint coordinators and bookrunners, with Abu Dhabi Commercial Bank (ADCB), Barclays, EFG-Hermes UAE, First Abu Dhabi Bank (FAB), Goldman Sachs, ING, and UniCredit also acting as joint bookrunners. Emirates NBD is the lead receiving bank, while ADCB, Abu Dhabi Islamic Bank, Al Maryah Community Bank, Wio, Emirates Islamic Bank, FAB, and our friends at Mashreq are also acting as receiving banks.

Adia to invest USD 1 bn in US data analytics firm Qlik, sells off 33 hotels in the UK

The Abu Dhabi Investment Authority (Adia) will invest USD 1 bn in US-based data analytics firm Qlik, acquiring the stake from a fund owned by private equity owner Thoma Bravo, Financial Times reports, citing people it says are familiar with the matter. The exact size of Adia’s acquired stake is yet to be disclosed, with an official company announcement expected this week. Qlik’s valuation is estimated at USD 10 bn.

Breakdown: Along with Adia, Thoma Bravo intends to offer up its stake to several pensions and sovereign wealth funds, and two of its own funds, for a total amount almost three times its initial USD 3 bn investment to acquire Qlik in 2016. The company secured investor approval for the fund-to-fund transaction, with Guggenheim Partners serving as its advisor.

Adia has been on a spree of takeovers in recent years, capitalizing on a slowdown in activity among private equity firms amid higher interest rates and a liquidity crunch. The Abu Dhabi-based fund joined a consortium including asset managers BlackStone and Vista two months ago to acquire software provider Smartsheet for USD 8.4 bn. It also partnered up with private equity firm Advent International in June to invest between USD 2.5-3 bn in wealth management firm Fisher Investments.

Qlik’s is on track to achieve USD 1.5 bn in sales in 2024, with bookings for its software subscriptions increasing by 30% compared to 2023. The company manages the performance data of several large firms, including Domino’s Pizza and Airbus.

IN OTHER M&A NEWS-

US investment firms KKR and Baupost Group acquired a 33-hotel portfolio in the UK from Adia for GBP 900 mn (AED 4.3 bn), CoStar reports, citing Green Street News. All hotels in the portfolio operate under Marriott International brands, including Marriott and Delta by Marriott.

Background: Adia acquired a total of 43 hotels from the Royal Bank of Scotland back in 2013. The Scottish lender seized the properties in 2017 from prior owners who paid GBP 1.2 bn.

KKR has been vying for the portfolio: KKR arranged a GBP 600 mn debt package earlier in May to help finance the acquisition, after engaging in advanced talks with Adia for the purchase, CoStar previously reported. In October, the European Commission approved the joint venture between KKR and Baupost, formed earlier that month for the transaction.

DP World acquires 100% of Australia-based Silk Logistics Holdings

DP World expands its operations in Australia: DP World Australia, a subsidiary of Dubai-based port operator DP World, is acquiring 100% of port-to-door logistics services provider Silk Logistics Holdings, according to a statement. DP World signed a binding scheme implementation deed with a cash offer set at AUD 2.14 (c. 5.16) per share, valuing the company at AUD 174.5 mn (c. AED 421.3 mn). The transaction, which is awaiting Silk Logistics shareholder approval, is expected to be completed in 1H 2025.

The game plan: DP World will uptake Silk Logistics’ major business segments in port logistics and contract logistics, which specialize in wharf cartage services between Australia’s major ports, warehousing, and multimodal distribution solutions. This includes acquiring the firm's Australian operation portfolio, including 21 logistics hubs and 25 warehousing sites across five Australian states.

About DP World Australia: The firm operates four container terminals and three container parks in Sydney, Brisbane, Melbourne and Fremantle, in addition to warehouses and inland distribution centers.

DP World is on an M&A roll: DP World fully acquired Hong Kong-based logistics firm Cargo Services Far East in September. DP World also entered into a strategic merger and formed a joint venture, DP World Evyap, with Turkey’s Evyap Group in July for the management of two major ports in Turkey’s Marmara region.

All part of a wider global expansion plan: DP World is reportedly looking to invest as much as AED 1.6 bn in ports across the Philippines. It has been eyeing potential investments for a logistics hub and an industrial park in the Philippines since earlier this year. The firm committed GBP 1 bn (c. USD 1.3 bn) in investments for the DP World-operated London Gateway port last month. It also inked an MoU with officials from Uzbekistan to develop freezones and logistics centers in the country in September. The firm also plans to shell out USD 3 bn on new port infrastructure in Africa over the next three to five years.

Mubadala and Apollo expand multi-bn-partnership for the second time

Mubadala, Apollo expand multi-bn-USD partnership: Abu Dhabi’s sovereign wealth fund Mubadala and US-based Apollo Management extended their multi-bn-USD partnership to accelerate global investment origination across asset classes, focusing on private debt and equity financing, according to a statement. The expansion aims to meet the growing corporate demand for private market financing solutions.

Background: In 2020, Mubadala partnered with Apollo to anchor the Apollo Strategic Origination Partners platform, which committed approximately USD 12 bn over three years for large-scale direct origination solutions. The platform targeted transactions worth USD 1 bn. The entities extended their partnership in February 2022 to bolster Apollo’s Capital Solutions business, expanding transaction origination across asset classes.

What we know: The expanded partnership will help Apollo achieve its target for USD 275 bn in annual origination for Apollo Capital Solutions within five years, though it’s not clear how much Mubadala is committing to the partnership.

Mubadala and Apollo have a deep partnership: In January 2023, the two formed a USD 2.5 bn joint venture to co-invest in global private credit. Mubadala and an Apollo affiliate also pooled over USD 290 mn in March into Apollo Management Global's new private credit fund — Middle Market Apollo Institutional Private Lending. The two co-invested in London-headquartered hyperscale data center developer Yondr Group in August.

UAE launches aid agency

The UAE established a UAE Aid Agency through a federal decree issued by President Sheikh Mohamed bin Zayed Al Nahyan, Wam reports. The entity is designed to support the country's global humanitarian and development assistance efforts and will operate under the International Humanitarian and Philanthropic Council.

The details: Headquartered in Abu Dhabi, the agency will collaborate with a network of partners, including federal and local government entities, NGOs, international organizations, and private sector stakeholders. The UAE Aid Agency's mandate encompasses disaster relief, early recovery programs, post-conflict stabilization, development initiatives, and capacity building.

Fast facts: The UAE has to date contributed some AED 360 bn in foreign aid, benefiting over 1 bn people, Wam said.

UnifyApps secures USD 20 mn in Series A funding

Dubai-based genAI platform UnifyApps raised USD 20 mn in a Series A funding round led by Iconiq Growth, with participation from existing investors including Elevation Capital, according to a press release from Iconiq Growth and a separate LinkedIn post from UnifyApps.

This investment increases the company’s total funding to USD 31 mn, according to a press release picked up by Zawya.

Where will the funds go? The funds will support the development of UnifyApps' unified enterprise AI agent platform, which aims to integrate AI across various departments within organizations. The startup will also use the funds to expand the company's presence in the Middle East, particularly in Dubai.

About UnifyApps: Founded in 2023, UnifyApps provides a no-code solution that enables organizations to manage data centrally and automate workflows. It allows teams to create customized AI agents for specific departmental needs.

More and more earnings

EMAAR-

Real estate developer Emaar Properties’ net income rose 12.2% y-o-y to AED 11.1 bn in 9M 2024, according to its earnings release (pdf). Meanwhile, revenues rose 30% y-o-y to AED 23.8 bn during the nine-month period, fueled by strong demand in the real estate market, steady project rollouts, and solid investor confidence amid the ongoing rise in tourism and retail sales in Dubai.

The developer saw its sales increase 60% y-o-y, reaching AED 50 bn during the first nine months of 2024. The sales bolstered Emaar’s revenue backlog from property sales to over AED 100 bn, up 45% y-o-y — set to be recognized as revenue over the next 4-5 years.

REMEMBER- In real estate, sales ≠ revenues. Off-plan sales dominate, with companies booking sales when contracts are signed but recognizing revenue only when units are delivered or reach a certain completion percentage. As a result, revenues typically come from past sales, while current sales are recognized in future periods.

How Emaar’s subsidiaries performed: Emaar Development reported AED 12.5 bn in revenues, up 69% y-o-y, with AED 48 bn in property sales (up 66% y-o-y). Its sales backlog rose to AED 83.7 bn, according to a separate earnings release (pdf ). Emaar Malls generated AED 4.2 bn in revenues, while the hospitality, leisure, and entertainment divisions increased revenues by 7% y-o-y, contributing AED 2.6 bn.

DEWA-

Dubai Electricity and Water Authority saw its net income decline 14% y-o-y to AED 2.9 bn in 3Q 2024, according to the company's consolidated financial statements (pdf). The company's revenues climbed 4.8% y-o-y to AED 9.9 bn.

On a 9M basis: Dewa reported a 10.7% decline y-o-y in net income to AED 5.5 bn. The authority booked a 6.2% y-o-y increase in its revenues to AED 23.5 bn on the back of an increase in demand for electricity, water and cooling services, according to a separate earnings release (pdf ).

AIR ARABIA-

Budget carrier Air Arabia saw its bottom line increase 8% y-o-y to AED 564 mn in 3Q 2024 on the back of expanded operating capacity and an increase in routes, according to an earnings release (pdf). The airline’s topline rose 10% y-o-y during the period to AED 1.8 bn.

On a nine-month basis, Air Arabia’s net income fell 5% y-o-y to AED 1.3 bn in 9M 2024. The company’s revenues rose 12% y-o-y to AED 5 bn, driven by strong passenger demand, with over 14 mn passengers traveling with Air Arabia during the period, marking a 13% y-o-y increase.

LULU RETAIL-

LuLu Retail’s posts financial results ahead of ADX listing: Lulu Group’s retail arm Lulu Retail’s net income in 2Q 2024 doubled y-o-y to USD 56.2 mn, while revenues increased by 3.6% y-o-y to USD 1.9 bn, according to the company’s financials. On a 1H basis, the firm’s bottom line rose by 133% y-o-y to USD 149.3 mn, and the revenue increased by 5.6% y-o-y to USD 3.9 bn.

REMEMBER- The company raised AED 6.3 bn from its IPO last week with an order book that was 25x oversubscribed, excluding cornerstone investors.

PRESIGHT-

Data analytics firm Presight saw its net income after tax fall 16.4% y-o-y to AED 109.1 mn in 3Q 2024, on the back of the introduction of the corporate tax this year and lower interest income accounting for 14.3% of the decline, according to its financials (pdf) and earnings release (pdf). The company’s revenues increased 2.4% y-o-y to AED 566.2 mn, supported by growth in in multi-year contracts, a favorable deployment mix, and “robust revenue generation from AIQ,” in which it acquired a 51% stake in June for USD 350 mn.

In 9M 2024, the company’s net income after tax increased 5.8% y-o-y to AED 285.5 mn, while revenues grew 9.6% y-o-y to AED 1.2 bn.

EMIRATES INS. COMPANY-

Emirates Ins. Company recorded a 4.4% y-o-y increase in net income to AED 29.2 mn in 3Q 2024, according to its financial statements (pdf). The company’s revenues also rose during the quarter, standing at approximately AED 351 mn, up 17.5% y-o-y.

On a nine-month basis, the company saw its net income fall 7.4% y-o-y to AED 81.6 mn, while revenues increased 13.4% y-o-y to AED 978.1 mn. A 20% y-o-y increase in investment earnings helped partially offset the negative impact of severe weather events across the country this year, including April’s storm, the company said.

Mashreq rolls out digital platform for corporates in Qatar

BANKING-

#1- Our friends at Mashreq launched Mashreq Neo Corp digital banking platform for corporate clients in Qatar, according to a LinkedIn post. The platform offers 24/7 online access to comprehensive money management and trade finance services.

ICYMI- Mashreq launched Mashreq Neo Corp in Kuwait last month, and in Bahrain earlier this year, with plans to roll out the digital banking platform across other Gulf countries in the coming months.

#2- Emirates NBD will offer a virtual card B2B payment solution to travel agencies in partnership with Mastercard, aiming to digitize and streamline their transactions, according to a press release. The Emirates NBD Wholesale Travel Solution is set to improve companies’ cashflow with extended credit lines and boost efficiency for domestic and cross-border transactions.

DEBT-

DIFC repays USD 700 mn sukuk issuance: Dubai International Financial Center (DIFC) repaid a USD 700 mn sukuk issuance in full, according to a press rel ease. The offering was issued in 2014 to repay outstanding debt and fund the center’s expansion, including real estate infrastructure and the Gate Avenue retail development.

M&A-

Japan’s Giftee to fully acquire YOUGotaGift: Dubai’s YOUGotaGift agreed to sell a 91% majority stake to Japanese e-gifting platform Giftee, with plans to transfer the remaining 9% by 2027, the company’s CEO Husain Makiya told Arabian Business. The acquisition marks Giftee’s entry into the Middle East’s expanding prepaid cards market. YOUGotaGift’s current management will stay on board, with the companies aligned on “medium- to long-term visions and growth strategies.”

Who’s selling? Shareholders including Middle East Venture Partners and HoneyBee Tech Ventures.

About YOUGotaGift: The digital card provider distributes over 5 mn HappyYOU multi-brand cards annually, covering over 1k regional and 5k international brands. Primarily focused on the B2B sector, the company serves over 2.5k GCC corporate clients, including Adnoc, Emirates Airlines, and Saudi’s Sabic. YOUGotaGift has seen a 200% increase in distribution volumes and a 30% rise in its client base “in just the last three years,” Makiya said, with an annual gross merchandise volume of USD 200 mn.

NBFS-

Dubai Chambers taps Noqodi for payment services: Fintech firm Noqodi is now Dubai Chambers’ primary payment provider, providing its payment solutions across the chambers’ services, according to the Dubai Media Office.

MARITIME-

Al Seer Marine, a subsidiary of International Holding Company, expanded its JV with Damen International beyond naval shipbuilding to include commercial shipbuilding as well, according to a press release (pdf). The JV targets manufacturing over 26 vessels in the UAE in 2025. It will use Al Seer Marine's manufacturing facilities in Abu Dhabi and Damen's shipyards in Sharjah, Fujairah, and Dubai.

INFRASTRUCTURE-

Aldar taps Combined Group to carry out infrastructure work at one of its projects: Emirati developer Aldar awarded a USD 43.2 mn contract to Kuwait-based Combined Group Contracting and its UAE subsidiary to build infrastructure facilities at Delma Industrial Area in Abu Dhabi, according to a press release. Construction is expected to wrap up in 578 days.

INDUSTRY-

The Industrial Transition Accelerator (ITA) partnered with the UAE’s and Bahrain’s governments to support industrial decarbonization across the Mena region, according to the Bahrain News Agency. The ITA is seeking to cooperate with regional governments and industry leaders to promote emerging green industries and drum up the needed capital to support decarbonization efforts.

Several UAE companies signed formal agreements with the ITA to collaborate on operational decarbonization, including Emsteel, Emirates Global Aluminium, and Arabian Gulf Steel Industries.

BTC is up 30% since Americans took to the polls

BTC has climbed above USD 88k for the first time, marking a fresh record for the cryptocurrency that has witnessed a surge of investor interest since Donald Trump was reelected to the Oval Office on 5 November. In just 12 days, BTC is up 30.5% and saw its biggest gains yesterday as Republicans continued to inch closer to an increasingly likely House majority, rising 10.1% in the previous 24 hours at the time of writing.

Options traders are forecasting BTC to hit the USD 100k mark by the end of the year, with crypto exchange Deribit recording investors lining up to price in the ambitious target. Cumberland Labs’ Chris Newhouse heralded the market entering an “undeniable bull market for the next few years” in comments to Bloomberg.

The presidential-elect’s pro-crypto agenda is driving the rally, with crypto investors looking towards Trump’s talk of solidifying the US’ position in the industry, vow to make a strategic crypto stockpile, and changing the regulatory tone around digital assets — in stark contrast to the Biden administration. BTC Inc’s David Bailey described Trump’s being elected as a chance to “advance transformational legislation” in the sector.

A historically crypto-friendly Congress is also pushing up confidence in digital assets, as a Republican majority in the Senate and likely soon the House will welcome pro-digital asset lawmakers — many of which would have received some of the USD 100 mn from the industry to support their election campaigns.

The greenback, Wall Street stocks, and what are now being called “Trump trades” have also had a strong 12 days, with the S&P 500 hitting fresh records, US stocks recording their best week of the year last week, and the USD strengthening against its peers.

But much of the optimism may be misplaced, with Citi’s Drew Pettit arguing that amid the “euphoria territory,” many are “skipping the argument that bad things may happen,” reports the Financial Times. The US economy could soon be set to see the return of rising inflation, steep deficits, warn economists, as mass deportations, tariffs, monetary policy interference, and tax cuts proposed by Trump could push the country’s economy off course — and with it the recent enthusiasm for Trump trades.

MARKETS THIS MORNING-

The post-election rally doesn’t seem to spreading to the Asian markets in early trading this morning, with the Hang Seng starting the day in the red at -0.5, followed by the Kopsi at -0.4%, while the Shanghai index is up 0.1% and the Nikkei leading the pack in the green at 0.7%.

ADX	9,436	-0.1% (YTD: -1.5%)
DFM	4,652	+0.3% (YTD: +14.6%)
Nasdaq Dubai UAE20	3,889	+0.3% (YTD: +1.2%)
USD : AED CBUAE	Buy 3.67	Sell 3.67
EIBOR	4.6% o/n	4.4% 1 yr
TASI	12,106	0.0% (YTD: +1.2%)
EGX30	31,621	+0.7% (YTD: +27.0%)
S&P 500	6,001	+0.7% (YTD: +27.0%)
FTSE 100	8,125	+0.7% (YTD: +5.1%)
Euro Stoxx 50	4,854	+1.1% (YTD: +7.4%)
Brent crude	USD 71.89	-2.7%
Natural gas (Nymex)	USD 2.94	+10.3%
Gold	USD 2,627.00	-2.5%
BTC	USD 88,008.80	+10.1% (YTD: +107.7%)

THE CLOSING BELL-

The ADX fell 0.1% yesterday on turnover of AED 1.3 bn. The index is down 1.5% YTD.

In the green: Fujairah Building Industries (+14.8%), Gulf Medical Projects Company (+12.2%) and Ras Al Khaimah National Ins. Company (+10%).

In the red: Fertiglobe (-5.2%), Foodco National Foodstuff (-4.5%) and Americana Restaurants International (-3.7%).

Over on the DFM, the index rose 0.3% on turnover of AED 262.1 mn. Meanwhile, Nasdaq Dubai closed up 0.3%.

CALENDAR

NOVEMBER

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

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

11-13 November (Monday-Wednesday): IAOM MEA Conference & Expo, Dubai World Trade Center.

11-13 November (Monday-Wednesday): Audit, Anti-Fraud and IT Congress, Dubai.

11-15 November (Monday- Friday): Dubai Arbitration Week, Waldorf Astoria, Dubai International Financial Center.

12 November (Tuesday): The Dubai Sports Retreat, The Museum of the Future, Dubai.

12 November (Tuesday): ICOM 2024 International Symposium, Etihad Museum, Dubai

12-14 November (Tuesday-Thursday): The Global Educational Supplies and Solutions, Dubai World Trade Center.

13 November (Wednesday): Registration deadline for Dubai Chamber of Digital Economy’s App Olympics.

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

14 November (Thursday): LuLu Group’s shares to commence trading on ADX.

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

16-17 November (Saturday-Sunday): Gladiator Summit, Dubai World Trade Center, Dubai.

18-19 November (Monday-Tuesday): Dubai Precious Metals Conference, JAFZA One Convention Center, Dubai

18-19 November (Monday-Tuesday): Apex Invest Abu Dhabi, The Hilton, Abu Dhabi.

19-27 November (Tuesday-Wednesday): Subscription period kicks off for the retail portion of Talabat’s IPO.

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

18-20 November (Monday-Wednesday): Middle East Organic and Natural Products Expo, Dubai World Trade Center.

18-20 November (Monday-Wednesday): The International Conference of ShenZhen Association, Dubai World Trade Center.

19-20 November (Tuesday-Wednesday): Dubai Future Forum, Museum of the Future, Dubai.

19-21 November (Tuesday-Thursday): Dubai Future Solutions – Prototypes for Humanity, Emirates Towers, 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.

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.

23-24 November (Saturday-Sunday): Forbes Middle East Medical Tourism & Wellness Summit, Jumeirah Beach Hotel, Dubai.

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

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

26-27 November (Tuesday-Wednesday): Open Source AI Summit, The St. Regis Saadiyat Island Resort, Abu Dhabi.

26-28 November (Tuesday-Thursday): Liveable Cities X, Dubai World Trade Center.

26-28 November (Tuesday-Thursday): Future FM, Dubai World Trade Center.

26-28 November (Tuesday-Thursday): Geo World, Dubai World Trade Center.

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.

27 November: Acceptance period for Adnoc’s Covestro takeover bid ends.

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.

DECEMBER

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

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

4-6 December (Wednesday-Friday): Abu Dhabi Business Week, Adnec Center, Abu Dhabi.

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

5 December (Thursday): Khalifa Fund Entrepreneurship Competition, Adnec center, Abu Dhabi.

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

13 December - 4 January (Friday-Saturday): Liwa International Festival, Al Dhafra, Abu Dhabi.

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

1- December (Tuesday): Talabat’s shares will start trading on the DFM.

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.

10-11 December (Tuesday-Wednesday): Global Trade and Infrastructure at Logimotion, Dubai World Trade Center.

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.

14-16 January (Tuesday- Thursday): Intersec, Dubai World Trade Center, Dubai.

19-24 January (Sunday-Friday): Coling 2025, Abu Dhabi.

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 Dutyfree Tennis Championships, Dubai Dutyfree 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.

7-10 April 2025 (Monday-Thursday) : EFG Hermes One on One conference, 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.

19-22 May (Monday-Thursday): Make it in the Emirates Forum 2025, Adnec, Abu Dhabi.

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

SEPTEMBER 2025

8-10 September (Monday-Wednesday): DigiHealth exhibition, World Trade Center, Dubai.

24-25 September (Wednesday-Thursday): Mohammed Bin Rashid Leadership Forum, Mohammed Bin Rashid Center for Leadership Development, 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

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