Adnoc Gas awards AED 2 bn contracts for gas pipeline expansion project

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WHAT WE’RE TRACKING TODAY

THIS MORNING: Travel ban on Nigeria lifted + Indonesian president is in town

Good morning, friends. We have a busy issue for you today, packed with startup and investment news — plus some activity in the oil and gas sector.

THE BIG STORY here at home is Adnoc Gas’ AED 2 bn EPC contracts for its gas pipeline expansion project, Estidama. We also have news of a dip in activity in our construction sector.

BUT FIRST- Remember the Chevron oil tanker seized by Iran over a year ago? It’s now anchored near the UAE’s Khor Fakkan port, a week after its release, Reuters reports, citing ship tracking data. The vessel, Advantage Sweet, was seized by the Iranian navy in April 2023 following an alleged collision with an Iranian boat in the Gulf of Oman.

PUBLIC SERVICE ANNOUNCEMENTS-

#1- WEATHER- Brace yourselves for a sweltering day: The mercury will hit 45°C in Dubai, with an overnight low of 35°C. Things will be a little cooler in Abu Dhabi, where temperatures will hit 36°C before cooling to 34°C overnight.

#2- Nigerians can now obtain visas to the UAE after a 21-month-long travel ban was lifted, Nigerian Information Minister Mohammed Idriss said on X yesterday. The move comes following talks between Emirati and Nigerian authorities, which culminated in “updated controls and conditions” to allow Nigerians to obtain UAE visas.

Background: The ban, implemented in 2022, came due to issues like an inability to repatriate funds from Nigeria, with airlines from both countries later halting flights. Emirates had already said it would resume flights to Lagos in May.

HAPPENING TODAY-

#1- Indonesian president is in town: Indonesian President Joko Widodo arrives in the UAE today for a two-day visit, during which he will meet with President Sheikh Mohamed bin Zayed Al Nahyan to discuss the economic partnership inked between the two countries in 2022 and enhancing bilateral cooperation across various sectors, Wam reports.

#2- A meet-and-greet event with US basketball legends Steve Smith and Alonzo Mourning will kick off today at the Etihad Arena in Abu Dhabi, according to an Abu Dhabi Media Office statement. The event, which takes place on the sidelines of the 2024 USA Basketball Showcase Games in Abu Dhabi being held from July 15-17, will also feature panel discussions, and will be attended by senior executives, exclusive players and coaches. Tickets can be purchased from Etihad Arena or Ticketmaster.

The Australian Boomers lost 98-92 to Team USA in the USA Basketball Showcase Abu Dhabi yesterday. The American team features top NBA players such as LeBron James, Stephen Curry, Jayson Tatum, Joel Embiid, and Kevin Durant. Team USA is set to compete against Serbia tomorrow.

WATCH THIS SPACE-

#1- The UAE raised some USD 1.3 bn from three IPOs in 1H 2024, accounting for 37% of total IPO proceeds in the GCC, the Kuwait Financial Center (Markaz) said in a report (pdf). This marks a decline of 67% y-o-y in terms of value. On the upside, the three IPOs — Parkin and Spinneys on the DFM and Alef Education on the ADX — were among the biggest five listings in the region.

GCC IPOs’ proceeds also fell 32% y-o-y to USD 3.6 bn, with Saudi Arabia accounting for the biggest number of listings with 19 offerings, according to the report. Healthcare IPOs accounted for some 22% of IPOs, while tech accounted for 14%.

REMEMBER- We have a healthy pipeline for the rest of the year: Etihad Airways and supermarket chain LuLu group have each tapped banks to advise on their planned IPOs on the ADX, while Alpha Dhabi is mulling a USD 200 mn IPO as soon as this year. Alpha Dhabi Holding’s CEO also pointed to plans to list some of the firm’s subsidiaries this year.

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. 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.

#2- UAE banks’ revenues are expected to have fallen 7% y-o-y in 2Q 2024 to AED 14.8 bn, driven by a surge in interest payments on deposits that might fail to offset the increased returns received from surging lending portfolios, according to analyst forecasts picked up by CNBC Arabia (watch, runtime: 4:23). UAE lenders’ net income is also expected to be dented by the introduction of the corporate tax and the upcoming interest rate cuts by the US Federal Reserve.

Emirates NBD is expected to record the highest bottomline among the UAE’s top five lenders in 2Q 2024, with a net income of AED 5.3 bn, down 14% y-o-y, followed by First Abu Dhabi Bank with AED 4 bn in net income, down 5% y-o-y.

Abu Dhabi Commercial Bank (ADCB) is anticipated to see the only increase in net income during the quarter, reaching AED 2.1 bn, posting a 7% y-o-y growth. CNBC attributed this growth to an increase in ADCB’s client deposits.

#3- UAE ins. companies' net incomes could also fall by up to 25% in 2Q 2024, on the back of unprecedented rains in April, leading to a “massive” increase in claims related to automobiles, villas, and commercial properties, with up to 100k vehicles damaged, Khaleej Times cites Lux Actuaries and Consultants senior consulting actuary Salman Shah as saying. Ins. losses are estimated at some USD 2.4 bn, with motors' share at USD 250 mn, and property claims increasing to USD 850 mn.

Ins. companies are expected to see a drop in net income rather than outright losses, with smaller and less capitalized insurers potentially facing liquidity and solvency issues. Reins. coverage and investment income — which increased to AED 754 mn in 1Q 2024, from AED 559 mn in 1Q 2023 — will help to offset the financial impact of increased claims for the quarter.

We could see a potential spillover in 3Q, as loss amounts are revised, or companies push some losses to the next reporting period, Khaleej Times cites AM Best associate director Jessica Botelho-Young as saying.

#4- Abu Dhabi Chamber to sign 100 partnerships by year end: The Abu Dhabi Chamber of Commerce and Industry has rolled out an initiative aimed at inking 100 partnerships with other chambers of commerce and business offices across MENA, Asia, Europe, Australia, Africa, and Latin America by the end of 2024, Wam reports. Under the initiative, the chamber’s Abu Dhabi Business Connect platform will give local businesses access to over 3 mn member companies around the world, expanding their reach to international markets. The platform will also serve as a venue for startups and SMEs to showcase their products and services to global investors.

DATA POINTS-

#1- EDB pours AED 3.6 bn into financing in 1H 2024: Emirates Development Bank (EDB) has provided some AED 3.6 bn in financing in 1H 2024 to companies across the manufacturing, advanced tech, food security, healthcare, and renewable energy sectors, Wam reports.

The breakdown: Some AED 2 bn — over half of EDB’s financing — went to the manufacturing sector, while the renewables sector got AED 833 mn in total financing. Some AED 532 mn was directed to advanced tech. Micro, small, and medium enterprises received AED 980 mn of the funds.

#2- The value of Dubai International Financial Centre (DIFC) Courts’ cases increased to a record AED 1.05 bn in 1H 2024, with 480 cases filed across all divisions, it said in a statement. The Court of First Instance comprised AED 1.02 bn of total cases in 1H 2024, with 57 cases filed, while the Small Claims Tribunal logged 265 claims worth AED 27.2 mn. DIFC Courts issued 913 orders and 85 judgments during the period.

THE BIG STORY ABROAD-

Donald Trump is still in front pages everywhere — this time after formally taking the Republican nomination. He has named Ohio Senator JD Vance as his running mate — Vance was once a Trump critic and is a sharp populist — in a move that the Wall Street Journal says could be aimed at clinching victory in the Midwest battleground states.

Trump made his first public appearance since his assassination attempt — with a big bandage on his ear — at the Republican National Convention, which is still underway at dispatch time.

ALSO- A US judge dismissed a criminal case over Trump’s handling of classified documents, in the latest legal victory for the former president, the WSJ reported separately. The judge in the case is a Trump appointee who has made a series of baffling or unorthodox rulings in the case.

AND- Trump will force Ukraine-Russia peace talks if he’s elected president, says Hungary’s prime minister, Viktor Orbán.

OVER IN FRANCE- The fragile unity within the country’s New Popular Front is fraying as coalitions within the party fail to agree over a new prime minister, France24 reports. The government is set to convene on Thursday for the first time to elect a new president of the national assembly, equivalent to the speaker of the house.

IN THE BUSINESS PRESS- Apple’s shares rose to a record high after Morgan Stanley identified the stock as a “top pick,” giving it a valuation of USD 3.62 tn, attributing the choice to the iPhone manufacturer’s AI efforts, which it expects to help boost sales.

SPEAKING OF APPLE- Fellow iSheep can now download the beta version of iOS 18 (and iPad, macOS, watch OS 18, and macOS Sequoia). (The Verge)

AND IN EARNINGS NEWS- Goldman Sachs saw its net income more than double in 2Q 2024 to USD 3 bn due to a recovery in dealmaking. Morgan Stanley is set to report its earnings today.

CIRCLE YOUR CALENDAR-

The Global Aerospace Summit is set to take place from 25-26 September at the St. Regis Saadiyat Island Resort in Abu Dhabi. The summit brings together CEOs from the global aerospace supply chain in a bid to ramp up investments in innovation in the aerospace, aviation, space, and defense sectors.

The IEEE/RSJ International Conference on Intelligent Robots and Systems (IROS2024) is set to take place from 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, according to a Abu Dhabi Media Office statement.

Dubai Premier Padel P1 is set to take place at the Dubai Dutyfree Tennis Stadium from 3-10 November. The event is part of a 25-tournament season spanning 18 countries and featuring 256 male and female players competing for a prize pool of EUR 470k, according to the Dubai Media Office.

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

Adnoc awards AED bn contracts to expand gas Infrastructure

Adnoc inks AED 2 bn contracts to expand gas infrastructure: Adnoc Gas awarded two engineering, procurement & construction (EPC) contracts worth USD 550 mn (AED 2 bn) for its gas pipeline network enhancement project, Estidama, according to a state ment (pdf). A USD 254.6 mn contract for a new pipeline and its associated facilities went to NMDC Energy, formerly known as NPCC, according to a separate press release (pdf).The other contract went to Galfar Engineering & Contracting.

About the project: The USD 2.4 bn Estidama pipeline project will see Adnoc Gas extend the UAE’s pipeline network to over 3.5k km, up from 3.2k km, boosting the volume of natural gas reaching consumers in the Northern Emirates.

This is not NMDC’s first time working on the project: The firm already awarded some USD 1.3 bn in contracts to NMDC (at the time known as NPPC), Petrofac Emirates, and C.A.T International last year to construct new pipelines and a gas compression plant at Adnoc’s Habshan complex. It also awarded a contract to complete modification works on existing pipelines in 2021.

Adnoc Gas is transferring ownership of Estidama to Adnoc, allowing Adnoc Gas to operate and manage the project, while Adnoc covers the capital expenditures.

The gas giant plans to invest over USD 13 bn by 2029 to expand its processing capacity and reach more customers, Chairman Sultan Al Jaber said earlier this year. This includes contracts worth USD 4.9 bn awarded in 2023.

UAE held a 31.6% share in GCC projects markets in 2Q 2024, despite a dip in contracts

The UAE maintained its position as the second largest projects market in the GCC in 2Q 2024, accounting for 31.6% of total contracts awarded in the region, according to Kamco Invest’s GCC projects market update (pdf). The total value of projects awarded in the UAE stood at USD 16.34 bn during the quarter, down 23.6% y-o-y.

The construction sector awarded fewer projects: Project awards in the construction sector dropped by 62.9% y-o-y in 2Q 2024, with USD 4.4 bn in contracts awarded. The sector comprised 26.6% of total contracts awarded in the UAE during the quarter, down from 47.1% in 2Q 2023.

Other sectors also saw a decline: A total of six out of eight sectors experienced y-o-y declines in contract awards during the quarter, according to the report. The chemical sector logged no new project awards in 2Q 2024, compared to USD 3.6 bn last year.

Oil and gas were on the up: Project awards in the gas sector jumped over 6.5x y-o-y to USD 5.6 bn in 2Q 2024, while awards in the oil sector increased 5x y-o-y to USD 4.3 bn.

REMEMBER- Adnoc handed out USD 5.5 bn in engineering, procurement, and construction contracts in June for its Ruwais LNG project to a JV between engineering companies Technip Energies and JGC Corporation, and National Marine Dredging Company, after reaching the final investment decision for the project at an executive board committee meeting.

IN THE REGION-

Total project awards in the GCC fell 19.7% y-o-y to USD 51.7 bn in 2Q 2024, primarily due to the “unprecedented slump of project awards in Qatar coupled with steep fall in awards in the UAE,” and a volatile macroeconomic environment marked by regional instability and oil supply cuts.

Three out of six GCC countries saw y-o-y growth, with Saudi Arabia recording a 9.9% y-o-y climb in project awards on the back of an acceleration of Neom projects.

The outlook: The value of upcoming or ongoing projects in the GCC is at USD 3.5 tn as of the start of July, according to Meed Projects, with total upcoming GCC projects in the pipeline standing at USD 1.43 tn. Oil and gas projects are expected to “play a significant role in the GCC and MENA regions’ future contract awards,” with some USD 408 bn worth of planned and awarded for oil and gas projects in the MENA region.

Our pipeline: The UAE holds the second largest share of ongoing or planned GCC projects with USD 856.9 bn. The country comprises USD 291.4 bn (20.4%) of MENA projects in the pipeline, and USD 67.4 bn (16.5%) of planned and awarded MENA oil and gas projects.

Aldar Properties + DP World to develop Dubai logistics park

Real estate developer Aldar Properties inked an agreement with DP World to develop a 144k sqm Grade A logistics park at National Industries Park (NIP) in Jebel Ali, according to a press release (pdf). The project is slated for construction in 4Q 2024 and will open for tenants in 4Q 2025. No financial details have been disclosed.

The detail: The park aims to meet demand for warehousing facilities and offer flexibility for third-party logistics (3PL), e-commerce, and retail tenants. The logistics park will sit on a 220k sqm plot and will feature three buildings that can be modified to become single or multi-tenanted facilities.

The location is strategic: NIP is in close proximity to Jebel Ali Port, Al Maktoum International Airport, and major road networks including the E11 and E311.

What will Aldar do? Aldar will be responsible for the project’s full development cycle, including the concept initiation, design, execution, and management.

The project is part of Aldar’s AED 1 bn investment plan to boost its logistics infrastructure across the UAE. The developer also entered into a JV agreement in February with Dubai South to develop logistics facilities, including a Grade A logistics facility, and agreed later to develop a build-to-suit facility for Swiss-based logistics provider Kuehne+Nagel.

About NIP: NIP is a 21 sq km zone in Dubai's industrial district that hosts more than 300 businesses in the UAE, offering infrastructure-ready land plots, modern office spaces, and tailored advisory solutions.

Mubadala co-laeds USD 600 mn investment in US trailer lessor

Abu Dhabi’s sovereign wealth fund Mubadala co-led a USD 600 mn investment with Qatar Investment Authority in US trailer lessor Transportation Equipment Network (Ten), according to a press release. Ten’s parent company, I Squared Capital, will use the proceeds to support the lessor’s expansion and acquisition activities, such as the acquisition of TIP Canada.

The latest in a string of US investments: The US is a top investment target for Mubadala, with some USD 100 bn invested in the country as of last December, accounting for about 42% of its portfolio, Deputy CEO Waleed Al Muhairi told Bloomberg at the time.

About Ten: Ten is the US’ largest trailer lessor, with a combined fleet of 83k trailers across logistics hubs in the US and Canada.

Sentient Labs bags USD 85 mn in seed funding

Sentient Labs bags USD 85 mn in seed funding: UAE-based AI startup Sentient Labs raised USD 85 mn in a seed funding round co-led by bn’aire and PayPal cofounder Peter Thiel’s Founders Fund, US blockchain asset manager Pantera Capital, and Framework Ventures, Wamda reports.

Where’s the money going? The funding will be directed to the development of Sentient Labs’ open-source AI platform, recruiting AI researchers and blockchain engineers, and striking partnerships with academic institutions and industry players.

About Sentient Labs: Co-founded in 2024 by Web3 infrastructure Polygon co-founder Sandeep Nailwal (X), Pramod Viswanath, and Himanshu Tyagi (LinkedIn), the company aims to democratize AI development “through blockchain to achieve transparency and fairness,” Tyagi said. The startup’s open-source system rewards engineers for tasks such as data labeling and refining — essential for training AI models — with a goal of building a community-driven AGI platform using software from Polygon.

OTHER STARTUP NEWS-

Swyt closes funding round: UAE-based IT services platform Swyt raised an undisclosed sum in a seed round from specialized business angel investors in the new-tech sector, Gulf News reports. The platform will use the proceeds to bolster its expansion across the GCC region and accelerate platform research and development.

Swyt offers AI-powered Software as a Service solutions for businesses to streamline and secure their IT operations. The platform manages, secures and monitors all company devices, applications, and company, and facilitates employee onboarding and onboarding processes. An alum of Dubai Holding’s in5 incubator, Swyt’s current client base includes real estate marketplace Nomad Homes, retail firm Eyewa, digital banking platform Credable, and e-commerce platform The Luxury Closet.

Shorooq Partners backs Omani carbon mineralization startup

Shorooq Partners invests in Oman-based carbon mineralization startup: Omani carbon mineralization firm 44.01 raised USD 37 mn (AED 135.9 mn) in a series A funding round led by Equinor Ventures and Abu Dhabi-based venture capital firm Shorooq Partners, according to a press release. The investment marks Shorooq’s first lead investment in climate tech.

Where the money is going: 44.01 will use the funds to refine its technology, develop commercial-scale projects, and expand its global footprint.

What they said: “44.01’s mineralisation technology … offers a safe, permanent, and scalable solution to CO2 elimination. This investment aligns with our vision of fostering groundbreaking technologies that address critical global challenges and move towards a more sustainable and safer future,” said Shorooq founding partner Mahmoud Adi.

The round also saw participation from Air Liquide Venture Capital, Alumni Ventures, Amazon’s Climate Pledge Fund, Climate Investment, Innovation Development Oman, Planet A Ventures, Salica Oryx Fund, Siemens Financial Services, Sumitomo Corporation, and existing investors, including Breakthrough Energy Ventures.

About 44.01: 44.01's technology accelerates the natural CO2 mineralization process, turning CO2 into rock permanently in less than one year to contribute to decarbonization and sustainable atmospheric CO2 levels. The Omani start-up already has presence in the UAE, after Adnoc invested USD 15 bn in partnership with the Fujairah Natural Resources Corporation, renewables developer Masdar, and 44.01 to pilot technology to permanently mineralize CO2 in rock formations in Fujairah last year.

OTHER STARTUP NEWS-

Local virtual token marketplace Tokinvest has raised USD 500k in pre-seed funding from several investors, including BSO Networks CEO Michael Ourabah (LinkedIn), according to a press release. The marketplace plans to use the funds to expand its team, develop the platform’s infrastructure, and accelerate its market reach.

About Tokinvest: Headquartered in Dubai, Tokinvest streamlines investment in virtual tokens by offering tokens which represent rights to real assets. The platform’s services range from initial investment planning to trading and asset management. The platform recently received initial approval for licensing from Dubai’s Virtual Assets Regulatory Authority.

Al Khaleej Investment taps Vikram Pradhan as CEO

Ras Al Khaimah-based investor Al Khaleej Investment appointed Vikram Pradhan as CEO, according to an ADX disclosure (pdf).

The Dubai Sports Council has undergone restructuring, with Khalfan Belhoul appointed as vice chairman alongside standing chairman Sheikh Mansoor bin Rashid Al Maktoum, under a directive issued by Dubai ruler Sheikh Mohammed bin Rashid Al Maktoum, Wam reports.

Diwan Consulting opens Dubai Office

BUSINESS-

Diwan Consulting sets up shop in Dubai: Diwan Consulting established a presence in the UAE with the launch of multiple offices in Dubai, according to a press release. The consulting firm offers services like market analysis, marketing, corporate strategy, and social networking, in addition to business coaching programs, according to its website. The firm has offices in Saudi Arabia, Algeria, France, and Luxembourg.

FINANCE-

India-based asset manager 360 One mulls establishing offices in Dubai: Indian asset management firm 360 One plans to open offices in Dubai, among other cities, to attract Indian expats looking to invest in their home country, co-founder and CEO of the Bain Capital -backed company, Karan Bhagat told Bloomberg.

EMPLOYMENT-

Adnoc + Mubadala to launch training programs for their staff: Abu Dhabi sovereign wealth fund Mubadala and state oil producer Adnoc signed an agreement to launch joint initiatives and training programs to develop the talents and skills of Emirati employees at both organizations, according to a Abu Dhabi Media Office statement. The agreement will see the two parties swap knowledge and expertise to develop leadership skills, facilitate employee mobility, and support sustainable practices.

ARCHAEOLOGY-

Dubai Culture and Khalifa University to support archeological excavations, research: Khalifa University of Science and Technology will deploy remote sensing satellite technology and geophysical survey solutions it developed at the Saruq Al Hadid and Al Ashoosh excavation sites under an MoU it signed with Dubai Culture and Arts Authority, according to a statement from the Dubai Dubai Media Office. The agreement seeks to support archeological research on the findings of both sites, in addition to excavation efforts.

ENERGY-

The UAE will help Egypt add 4 GW of renewable energy to the national power grid next summer to address a surge in domestic electricity consumption amid extreme heat waves and natural gas shortages, a statement from the Egyptian Cabinet showed. The announcement was made during a Cairo meeting of Egyptian officials with Emirati Industry Minister Sultan bin Ahmed Al Jaber and CEO of renewable energy player Masdar Mohamed Jameel Al Ramahi.

TECH-

Abu Dhabi to get a council for smart, autonomous infrastructure: Abu Dhabi Crown Prince Sheikh Khaled bin Mohamed bin Zayed Al Nahyan issued a decree to establish the Smart and Autonomous Systems Council, Wam reports. The council — which will be chaired by Sheikh Hamdan bin Mohamed bin Zayed Al Nahyan — will be responsible for overseeing the development and safe use of smart and autonomous transport systems in the emirate, as well as attracting investments to the sector.

REMEMBER- Abu Dhabi launched a smart and autonomous vehicle industries (SAVI) cluster at Masdar City last year to support the development of smart and autonomous technologies in the UAE.

BANKING-

UAB to integrate new digital service for Islamic banking products: United Arab Bank joined Shariah-compliant savings and investment firm National Bonds’ sukuk trading platform Al Manassah, according to a press release. The platform — launched in 2013 — is a customizable digital investment platform designed for regional financial institutions, offering secure, user-friendly Shariah-compliant financing, personalized finance solutions, and efficient liquidity management, according to its website. The platform has facilitated trades worth AED 189 bn, with AED 27 bn in trades made in 2023 alone.

AVIATION-

dnata to provide inflight catering for British Airways flights at US airport: Air travel services provider dnata has secured a multi-year contract with British Airways to provide inflight catering for the UK carrier’s flights at the Newark Liberty International Airport in the US to London Heathrow Airport, according to a press release. The agreement will see dnata produce 150k meals annually for the airline’s twice-daily flights, expanding the partnership with British Airways to cover five US cities: Boston, Dallas, Houston, Nashville, and Newark.

RAIL-

Etihad Rail + Leibherr partner up on HVAC units: China’s Liebherr Transportation Systems has supplied heating, ventilation, and air-conditioning (HVAC) units for three high-speed trains operated by UAE’s Etihad Rail, according to a press release (pdf). The three HVAC units were installed by Chinese rolling stock manufacturer CRRC Qingdao Sifang.

Fed boss continues to (carefully) build a case for rate cuts, saying it looks like inflation is heading to the magical 2% zone

The US Federal Reserve continues to build a case for starting to cut interest rates. Fed boss Jerome Powell said yesterday 2Q 2024 US inflation readings “add somewhat to confidence" that inflation is heading towards the central bank’s 2% target, Financial Times reported. His remarks add to speculation that the Fed could start cutting interest rates as soon as September.

What he said: “Our test has been for quite some time that we want to have greater confidence that inflation was moving sustainably down towards our 2 percent target, and what increases confidence in that is more good inflation data,” Powell said at an event at the Economic Club of Washington. “And lately, we have been getting some of that.”

But Powell isn’t calling the ball: “Today I’m not going to be sending any signals one way or the other on any particular meeting,” Powell said. “Just to ruin the fun right at the beginning.”

Powell has been (cautiously) talking up the idea that inflation is cooling: He told Congress last week that he has “some confidence” that inflation is heading toward the 2% mark. He also said that the Fed doesn’t necessarily need to wait for inflation to fall to 2% before moving on interest rate cuts, adding to the speculation that the first cut could come this fall.

AND- Powell said that risks to the labor market were a key focus for the Fed along with elevated. “Now that inflation has come down and the labor market has indeed cooled off, we’re going to be looking at both mandates,” Powell said. “They’re in much better balance.” He said that “an unexpected weakening” in the labor market could stir a reaction by the central bank.

WHY THIS MATTERS- Powell’s comments were the last remarks he is scheduled to make before the Fed meets on July 30-31 at which the bank is widely seen leaving rates unchanged. The earliest most analysts expect a rate cut is at the September policy meeting.

MARKETS THIS MORNING-

Powell’s remarks yesterday were in line with market expectations and did little to move markets: Major Asian benchmarks are mixed this morning, with no big swing to in sight.

Across the pond: The Dow closed at another record high yesterday, gaining 200 points as traders shrugged off the attempted assassination of Donald Trump. Wall Street futures were up in overnight trading, while all of the major European benchmarks we track were down slightly.

ADX	9,145	0.0% (YTD: -4.5%)
DFM	4,115	+0.3% (YTD: +1.4%)
Nasdaq Dubai UAE20	3,545	+0.5% (YTD: -7.7%)
USD : AED CBUAE	Buy 3.67	Sell 3.67
EIBOR	5.1% o/n	5.1% 1 yr
TASI	11,948	+0.6% (YTD: -0.2%)
EGX30	27,952	-0.3% (YTD: +12.3%)
S&P 500	5,631	+0.3% (YTD: +18.1%)
FTSE 100	8,183	-0.9% (YTD: +5.8%)
Euro Stoxx 50	4,983	-1.2% (YTD: +10.2%)
Brent crude	84.77	-0.1%
Natural gas (Nymex)	2.16	+0.1%
Gold	USD 2,428.90	+0.3%
BTC	USD 63,612	+4.5% (YTD: +51.4%)

THE CLOSING BELL-

The DFM rose 0.3% yesterday on turnover of AED 272.1 mn. The index is up 1.4% YTD.

In the green: GFH Financial Group (+3.6%), Drake & Scull International (+3.3%) and Dubai Islamic Ins. and Reins. (+2.2%).

In the red: Gulf Navigation Holding (-4.6%), Emirates REIT (-2.0%) and Al Salam Sudan (-1.8%).

Over on the ADX, the index stayed flat on turnover of AED 1.7 bn. Meanwhile Nasdaq Dubai closed up 0.5%.

UAE ramps up aid to Khan Younis following deadly Israeli attack

The UAE inked an MoU with the Khan Younis municipality in Gaza to repair damaged water lines and conduct maintenance on water networks in the city, state news agency Wam reports. The UAE will also provide water barrels, operational materials like solar and gas, and will repair water submersibles. Damage affecting the city’s main network has reached 70%, the news agency said.

The UAE also sent three tonnes of medical aid to Gaza following the Israeli attack on Khan Younis, which has reportedly killed at least 70 people, Wam reported separately.

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.

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