Adnoc Gas sees strong gas demand growth over the next decade

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WHAT WE’RE TRACKING TODAY

THIS MORNING: AD Ports close to finalizing Izmir Port acquisition? + Gov’t launches 3Q clean energy certificated auction

Good morning, friends. We have a brisk issue for you this morning, with plenty of earnings and M&A updates to sift through.

There’s no single big story dominating the news today, but news of Dubai-based contractor Rowad Capital Commercial potentially acquiring a 60% stake in Ugandan telecom operator UTel, and Adnoc Gas’ 2Q 2024 earnings — along with its projection of strong gas demand until 2040 — are important reads. Plus: New labor law amendments will subject employers to fines of up to AED 1 mn for violations. We have more in the news well, below.

WEATHER- Temperatures are rising again in Dubai, with the mercury hitting 43°C, before cooling to an overnight low of 36°C. Over in Abu Dhabi, the mercury peaks at 39°C, with an overnight low of 34°C.

MSCI added Adnoc Drilling to its MSCI Emerging Markets Index, making it one of the largest companies by market capitalization joining the index in its quarterly review, according to a statement (pdf). The company will be added to the index — which is the biggest global index for large cap emerging market stocks — as of 30 August.

REMEMBER- Adnoc Drilling sold a 5.5% stake in a secondary sale for USD 935 mn last May, increasing its freefloat in a bid to qualify for MSCI indices.

PUBLIC SERVICE ANNOUNCEMENT-

UAE embassy in Athens alerts citizens on forest fires: The UAE Embassy Athens advised UAE citizens in Greece to exercise caution and adhere to local safety directives due to ongoing forest fires in northeastern Attica and nearby areas, in a statement posted on X.

WATCH THIS SPACE-

#1- AD Ports, Turkey push to finalize Izmir Port acquisition: AD Ports is continuing negotiations with Turkey to establish a joint venture for the operation of Izmir Port after approximately eight months of delay, Reuters reports, citing people familiar with the matter. AD Ports has been in talks to acquire a stake in the key Turkish port of Izmir in a USD 500 mn transaction since December.

What was causing the delays? Turkey was exploring other buyers, but has decided to advance with AD Ports, one of the sources says. Conditions on capacity and competition delayed the final agreement, the source added.

What we know: The agreement will see AD Ports shell out investments in an entity established by Turkey’s sovereign wealth fund, the Turkish Wealth Fund (TWF), to operate the facility. Details of the arrangement are yet to be finalized.

#2- Mediahuis, Saatchi expected to exit The Telegraph bidding race: European media group Mediahuis and British advertising executive Lord Maurice Saatchi are unlikely to make it to the second round of bidding for acquiring The Telegraph newspaper as Abu Dhabi-backed RedBird IMI narrows down its shortlist of potential buyers, the Financial Times reported citing people it says are familiar with the matter.

Remember- RedBird IMI — a JV between Deputy Prime Minister Sheikh Mansour bin Zayed Al Nahyan's International Media Investments and US’ RedBird Capital Partners — is targeting a valuation of GBP 510 mn for The Telegraph, as it seeks to recoup most of the GBP 600 mn investment it made last year. RedBird IMI became the ipso facto owner of the newspaper when it paid off a debt for its then-owner the Barclay family, before the UK government blocked the acquisition.

Who’s still in? UK digital multimedia firm National World and British hedge fund manager Paul Marshall are reportedly still vying for the Telegraph, alongside at least two other international investors. Concurrently, Marshall is in separate negotiations with RedBird to purchase The Spectator, potentially for more than GBP 100 mn, the salmon-colored paper reported, citing people it says are in the know. The sale process is expected to extend into September.

#3- Gov’t launches 3Q clean energy certificates auction: Emirates Water and Electricity Company (Ewec) opened registration for its 3Q 2024 clean energy certificates (CECs) yesterday, according to a statement from Ewec. Interested companies will have until 13 September to purchase the certificates.

ICYMI- Ewec introduced the UAE’s first wind CECs earlier this month, issuing certificates for the landmark 103.5 MW wind project operated by state-run renewables giant Masdar.

REMEMBER- CECs are the only accredited instruments in Abu Dhabi that prove the ownership of environmental and economic benefits of consuming clean energy. The certificates were introduced by the Abu Dhabi Department of Energy to help ensure that the emirate meets its clean energy and net zero goals.

SIGN OF THE TIMES- An AI real estate consultant is outperforming traditional brokers in Dubai: Dubai-based Realiste’s AI real estate consultant, dubbed Jucica Brown, has already closed a whopping USD 30 mn in property transactions within only three weeks on Telegram, Realiste senior executives told Arabian Business.

The AI property consultant — said to be the world’s first on social media — offers “detailed, data-driven insights that surpass the capabilities of even the most seasoned brokers,” including forecasting real estate prices up to five years in advance and comparing project ROIs, rental yields, and capital growth potentials across various properties, Alex Galt, founder of Realiste AI, said.

DATA POINT-

Dubai Multi Commodities Centre accounted for 15% of the total foreign direct investments in Dubai in 1H 2024, up from 11% in 1H 2023, Wam reports. The freezone currently represents 7% of the emirate’s GDP, having registered over 1k new companies during the first six months of 2024, bringing the total to about 25k companies. The entrants included 226 new companies in the tech sector, 159 in the energy industry, and 140 financial services firms.

THE BIG STORY ABROAD-

The rising imminence of Iran attacking Israel — potentially triggering a regional war — is largely leading the conversation in the international press this morning. Washington is bracing itself for what its intelligence suggests “could be a significant set of attacks” on Israel by Iran “and / or its proxies,” White House Press Secretary John Kirby said last night, according to a press readout.

The US has ramped up its “force posture and capabilities in the region even in just the last few days” in anticipation of a potential outbreak of violence, Kirby said. US Secretary of Defense Lloyd Austin had ordered yesterday a strike group to speed up its deployment to the region, following a call with his Israeli counterpart Yoav Galant.

This comes as Israel pushes ahead with its attacks on Palestine, killing more than 20 people in its latest strikes in Khan Younis, Gaza City, and Rafah yesterday. (Reuters | Bloomberg | Financial Times | CNBC)

ALSO WORTH NOTING- Elon Musk hosted Donald Trump for a live streamed interview and X crashed due to technical glitches — which Musk blamed on a cyberattack. (CNBC | Wall Street Journal | Politico)

MARKET WATCH-

Opec+ has trimmed its outlook for growth in global oil demand in 2024 and 2025 on the back of softer demand from China, according to the group’s monthly report (pdf). The oil cartel now sees oil demand rising by a “healthy” 2.1 mn barrels per day (bbl / d) this year to 104.3 mn bbl / d, down from its previous forecast of a 2.25 mn bpd increase.

The 2025 forecast: Opec+ has also revised down next year’s demand growth for crude oil, penciling in a 1.78 mn bbl / d increase, down from 1.85 mn bbl / d.

MEANWHILE- Are you planning to be in Egypt on 24 September? You may be interested in attending our 2024 Enterprise Finance Forum. Seating is strictly limited at our flagship, invitation-only forum for C-suite executives and other senior leaders.

Why attend? We’re in the early days of a generational realignment of power in our industry — in our region and beyond — and on the cusp of the biggest intergenerational transfer of wealth the world has ever seen. With that as the backdrop, we’re going to take stock of where we stand six months after the float of the EGP and ask what’s next for finance in Egypt and the wider region. Among the questions we’ll be asking:

What roles will Egypt, Saudi and the UAE play in the regional industry going forward?
What are foreign investors looking for right now?
Is real estate the only asset class in Egypt?
What does the next generation of leaders think as they take over established family businesses?

Do you want to request an invitation? Tap or click the image below.

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CIRCLE YOUR CALENDAR-

The World ESG Summit is scheduled to take place on 20-21 August at Dusit Thani in Dubai. The two-day business conference will gather public and private sector players from key sectors like energy, utilities finance, and manufacturing to explore ESG integration across all industries.

The Dubai Business Forum in Beijing, China is set to take place between 21-22 August. Hosted by Dubai Chambers, the event will gather over 50 Dubai-based companies and 350 Chinese firms to explore potential investments in sectors like green tech, AI, healthcare, and renewable energy, president and CEO of Dubai Chambers Mohammad Ali Rashed Lootah told the National.

Rex Fuels will host the Global Bitumen, Petrochemicals & Petroproducts Conference at the JW Marriott Marquis Hotel in Dubai on 21-22 August 2024. The conference will bring together bitumen and petroleum producers, suppliers, and traders, to network and discuss trends and challenges in the industry.

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

Rowad Capital Commercial mulls majority stake in Ugandan telecom operator

Dubai-based engineering and construction contractor Rowad CapitalCommercial (RCC) is set to acquire a 60% stake of Uganda’s state telecom operator UTel, with an initial investment of USD 225 mn, Bloomberg reports citing permanent secretary at Uganda’s Information Technology Ministry, Aminah Zawedde. The details of the agreement, including whether the initial investment covers the purchase of the majority stake, are still being discussed.

Background: RCC and UTel agreed to form a JV back in December 2023 to boost Uganda’s telecom sector, the Uganda Media Center wrote last year.

UTel is expected to list on Uganda’s exchange: UTel has until January 2026 to list at least 20% of its shares on Uganda’s stock exchange, according to government rules that require telecom operators in the country to list within two years of receiving a national operator license, which it got in January of this year. The timing of the listing will depend on meeting regulatory requirements, according to director of corporate affairs at the Uganda Communications Commission Fred Otunnu.

More on UTel: UTel was established in April 2021 to take over the assets of Uganda Telecom, which had gone into receivership due to debt and mismanagement, according to the company’s website. The government-owned UTel now serves as Uganda’s national provider for fixed-line, mobile, and internet services, with the Finance Ministry holding a 60% stake and the ICT Ministry holding 40%.

Adnoc Gas reports strong growth in 2Q 2024, expects robust demand for gas until 2040

Adnoc gas posted a solid 2Q: Adnoc Gas saw its net income grow 21% y-o-y to USD 1.19 bn in 2Q 2024, according to its financials (pdf). The gas supplier booked USD 6.08 bn in revenues, climbing 13% y-o-y, driven by a favorable pricing environment, the company said in its earnings report (pdf). The robust earnings mark Adnoc’s “third quarter in a row” where revenues have surpassed USD 6 bn,” Adnoc Gas CFO Peter Van Driel said in a virtual media roundtable attended by EnterpriseAM UAE.

More exports drove growth: The company’s EBITDA from exports and traded liquids — which account for “two thirds of [Adnoc’s] revenues coming from exports,” according to Van Driel — rose to USD 1.09 bn in 2Q, up 13% y-o-y, on the back of an 8.8% increase in exports to 507 tn British thermal units (TBtu).

On a six-month basis, Adnoc Gas’ bottom line rose 21% y-o-y to USD 2.38 bn in 1H 2024. The company’s revenues amounted to USD 12.09 bn, up 14% y-o-y during the six-month period.

Looking ahead, Adnoc expects to post strong earnings in 3Q 2024, along with higher processing volumes, Van Driel said. However, as the company's facilities are set to undergo maintenance in 4Q, with expected softer pricing and lower demand due to seasonality, Adnoc’s sales volumes are anticipated to be impacted in the last quarter.

Adnoc’s confidence in demand growth is high: Adnoc expects global gas demand to rise 14% by 2040, as new industries such as data centers, coupled with population growth, will drive demand for the transition fuel. “There are many markets that are upcoming and really start to convert to [liquified natural gas] import markets,” the CFO told Bloomberg (watch, runtime, 4:40). To meet growing demand, Adnoc gas plans to add 9.6 mn tons of LNG to its export portfolio from the Ruwais plant.

Strong projected growth was a big factor in the energy giant’s decision to build Ruwais, Van Driel said. “When [Adnoc] took the decision to build Ruwais, we were confident about three things. One, you need to have enough gas. Two, you need to understand how much it costs to build a facility, [and three,] you need to know that you can also sell all the LNG. If one of the three is not met, you would not have confidence in such a large project,” Van Driel said.

Dividends: Adnoc Gas will distribute USD 1.7 bn in dividends for its 2Q earnings in September, with the dividends for the full year set to total USD 3.41 bn.

WATCH THIS SPACE- Adnoc is currently working on a number of projects within the UAE, Van Driel said, without disclosing the details of the projects. “[These projects] will make sure that if there is more raw gas, we will be able to process it,” he added.

REMEMBER- Adnoc Gas plans to develop projects worth USD 13 bn over the next five years in both domestic and international markets to expand its processing capacity by 20%, Adnoc Gas’ COO Mohamed Al Hashemi said in an interview with Sky News Arabia Business (watch, runtime, 1:18).

Waha Capital secures USD 400 mn revolving credit facility

ADX-listed investment management company Waha Capital secured a USD 400 mn revolving credit line from Abu Dhabi Commercial Bank, Emirates Islamic Bank, Commercial Bank of Dubai, and Gulf International Bank, according to a press release (pdf).

The details: The new facility has a three-year term, can be increased up to USD 500 mn, and includes an option to extend the maturity by up to two years, according to the statement.

Where the funds will go: The new facility will allow Waha Capital to invest in emerging avenues of growth over the next few years, Waha Capital Managing Director Mohamed Hussain Al Nowais said.

REMEMBER- Waha Capital incurred AED 11.7 mn in losses in 2Q 2024, falling from a net income of AED 170 mn during the same period last year. The company’s revenues from the sale of goods and services rose 8% y-o-y to AED 38.7 mn. In 1H 2024, the company posted AED 269.4 mn in net income, down 18% y-o-y, while its revenue from sales rose 8% y-o-y to AED 77.8 mn.

Labor law amendments subject employers to up to AED 1 mn fines for Emiratization fraud, other violations

Employers violating employment regulations will now be subject to fines ranging from AED 100k to AED 1 mn, after the government amended provisions of the UAE Labor Law earlier this week, Wam reports. The fines will affect employers who employ workers without a permit, misuse work permits, shut down a business without settling employees’ rights, hire minors, or fake the employment of Emiratis to comply with Emiratization quotas, with the penalty multiplied according to the number of workers involved.

Employers making false Emiratization claims can also be subject to criminal proceedings authorized by Human Resources and Emiratisation Minister Saqr Ghobash.

Labour disputes will be handled by the Court of First Instance, with claims invalid after two years from employment termination. The decree allows the Ministry to resolve cases at the employer's request before a court ruling, if the employer pays at least 50% of the minimum fine and reimburses the government for all financial incentives given to fictitious employees.

Fresh batch of earnings

PARKIN-

Car parking space manager Parkin saw its net income rise 7% y-o-y to AED 95 mn in 2Q 2024, according to an earnings release (pdf). Parkin booked AED 205.5 mn in revenues, up 12% y-o-y on the back of increased earnings from public and developer parking, seasonal permits, and fines. Total average revenues from parking per day hit record levels, CEO Mohamed Al Ali said.

On a 1H basis, Parkin saw its net income rise 6% y-o-y to AED 198.8 mn in 1H 2024. The company’s revenues reached AED 421 mn, up 10% y-o-y during the same period. The April floods reduced revenue by AED 4 mn due to lower parking use.

Dividends: The company will pay semi-annual dividends for 1H 2024 in October, covering either 100% of net income or cashflow to equity, whichever is larger.

REFRESHER- Dubai’s public parking operator listed on the DFM in March, marking the bourse’s first public offering in 2024 and raising some AED 1.57 bn.

AIR ARABIA-

Budget carrier Air Arabia saw its bottom line after tax fall 15% y-o-y to AED 390.2 mn in 2Q 2024, according to its financial statements (pdf). Air Arabia attributed the fall to slower yield growth and rising costs in the aviation industry, driven by economic and geopolitical uncertainties, currency fluctuations, fuel price volatility, and supply chain disruptions in 2Q, it said in a separate earnings release (pdf). The airline’s top line rose 19% y-o-y during the period to AED 1.66 bn.

On a six-month basis, Air Arabia’s net income fell 21% y-o-y to AED 631.3 mn in 1H 2024. The company’s revenues rose 13% y-o-y to 3.2 bn, driven by strong passenger demand, with over 8.9 mn passengers traveling with Air Arabia in 1H, marking a 16% y-o-y increase.

RESPONSE PLUS HOLDING-

Response Plus Holding's bottom line climbed 2% y-o-y to AED 27.2 mn in 1H 2024, according to the company’s financial statements (pdf). Response Plus attributed growth to its “commitment towards cost optimization,” as well as increased efficiency and productivity across the organization, according to a separate earnings release (pdf). The Abu Dhabi-based healthcare service provider recorded revenue of AED 209.2 mn during the period, up 24% y-o-y.

Looking ahead: “We are confident of strong growth in the second half of 2024,” RPH CEO Rohil Raghavan said. The company is eyeing expansion across different business verticals in pre-hospital and emergency care, as well as strategic partnerships in existing and new markets.

Dividends:The company’s board approved interim dividends of AED 15 mn for 1H 2024.

E7-

Printing company E7’s net income after tax rose 105% y-o-y to AED 64.5 mn in 2Q 2024, according to the company’s financial statements (pdf). The company’s revenues rose 10% y-o-y to AED 174.8 mn, driven by growth across its security, printing and packaging segments, as well as the execution of new contracts in the UAE and abroad, according to its earnings release (pdf).

On a six-month basis, E7 saw its net income after tax rise 75% y-o-y to AED 91.1 mn in 1H 2024. E7 saw its revenues climb 5% y-o-y to AED 300.8 mn during the period, driven by new contract wins in the first half of the year with a combined value of AED 285.3 mn.

Looking ahead:E7 expects single-digit revenue and net income before tax growth for FY 2024, the release said. The group plans to invest AED 182 mn in its security solutions business segment to increase passport manufacturing capacity fivefold and establish its presence in the digital tax stamps segment.

GULF CEMENT-

Gulf Cement’s net losses deepened 55% y-o-y to AED 14.9 mn in 2Q 2024, compared to a net loss of AED 9.6 mn during the same period last year, according to the company’s financial statements (pdf). The company saw its revenues fall 16% y-o-y to AED 103.5 mn during the quarter.

The company’s losses narrowed on a six-month basis to AED 22.5 mn net loss in 1H 2024, compared to a net loss of 23.7 mn in 1H 2023, on the back of relatively stable revenues of AED 217.5 mn (down 4% y-o-y) due to higher sales volumes. The company attributed losses to high fuel and energy costs, and continued challenges in the markets, according to a separate company statement (pdf).

Ciel Tower gets an MD + Adnoc Distribution in the market for CIO

The First Group Hospitality tapped Nick Patmore (LinkedIn) as Ciel Tower’s managing director, according to a press release. Patmore has 25 years of experience in hospitality, holding leadership positions at JW Marriott Marquis and Atlantis, and The Palm. The Ciel Tower, located in Dubai Marina, is set to become the world’s tallest hotel upon completion.

Adnoc’s retail arm, Adnoc Distribution, is in the market for a new chief investment officer (CIO), after its previous CIO, Tanveer Rahman (LinkedIn), left the company in February, Bloomberg reports, citing an emailed response to questions from the newswire. Adnoc Distribution’s CFO, Wayne Beifus (LinkedIn), is temporarily fulfilling the CIO duties.

The position: The role involves leading Adnoc Distribution’s global expansion strategy, focusing on entering new markets in Africa and Asia through the company’s retail service-station chains.

Israel Aerospace Industries to convert Emirates aircraft into freighters in Abu Dhabi

AVIATION-

Israel Aerospace Industries’ aviation arm to set up shop in Abu Dhabi: Israel Aerospace Industries (IAI)’s aviation arm will reconfigure 10 Boeing 777s from Emirates' fleet into cargo freighters at two hangars starting in October, marking its entry into Abu Dhabi, Bloomberg cites IAI’s Executive Vice President, Shmuel Kuzi, as saying in an interview. The move adds to IAI’s conversion sites in South Korea, the US, and the Etihad Airways Engineering facility in Abu Dhabi.

Not IAI’s first time converting aircraft for Emirates: The two sides previously inked an agreement in 2021, which saw IAI convert four aircraft for Emirates.

FUEL-

Cafu debuts in Ras Al Khaimah: On-demand car fuel platform Cafu has launched its services in Ras Al Khaimah, with fuel delivery services offered as a start, according to a statement picked up by Zawya. Residents will be able to order fuel directly to their vehicles’ location via Cafu’s app.

About Cafu: Cafu currently operates in Dubai, Abu Dhabi, Sharjah, Ajman, and Umm Al Quwain, offering fuel delivery, car wash, oil change, tire change, battery change, and towing services.

TECH-

Open-source intelligence firm IScann Group has launched a new regional office in Dubai, which will oversee the company’s operations in the Middle East, according to a statement from the company. IScann — which has offices in Singapore, the UK, and Japan — plans to leverage the UAE’s favorable crypto and blockchain regulatory environment to provide clients with open-source intelligence and data analytics services.

AUTOMOTIVE-

Elite Group to bring Soueast’s vehicles to the UAE: Local conglomerate Elite Group Holding has partnered with Chinese automaker Soueast Motor to introduce its vehicles in the UAE market, according to a statement picked up by Zawya.

Soueast has ambitious plans ahead: Soueast announced earlier this year it plans to launch 13 new models over the next five years, including plug-in hybrid electric vehicles (PHEVs) and battery electric vehicles (BEVs) offered in SUV and sedan designs.

DEBT-

Warba Bank lists USD 500 mn sukuk on Nasdaq Dubai: Kuwait’s Warba Bank listed USD 500 mn sustainability sukuk on Nasdaq Dubai on Monday, the first of its kind to be issued in Kuwait, according to the Dubai Media Office. The five-year issuance, which was 3.6x oversubscribed, is part of Warba’s USD 2 bn trust certificate issuance program. This is the third sukuk listing of Warba on Nasdaq Dubai, with a total of USD 1.25 bn listed.

The listing brings Nasdaq Dubai’s total outstanding value of debt to USD 134 bn, and its ESG listings to USD 30 bn. ESG Sukuk currently accounts for USD 18 bn, according to the statement.

ENVIRONMENT-

Abu Dhabi’s digital environmental inspection system gets intellectual property stamp: Abu Dhabi’s Environment Agency received intellectual property protection from the Economy Ministry for its digital environmental inspection system Eltezam, according to the Abu Dhabi Media Office. Launched in January 2023, Eltezam allows inspectors to assess the environmental compliance of industrial and commercial facilities, as well as development projects.

E-COMMERCE-

Amazon to facilitate access to its platform for Sharjah Publishing Freezone members: Amazon UAE has signed an MoU with Sharjah Publishing City Freezone to facilitate access to its online retail platform and digital tools for publishers and SMEs in the zone, according to a statement picked up by Zawya. Amazon will also provide on-site training and workshops for potential sellers to guide them on the know-how of online selling on Amazon.

AI-

Samsung to ramp up AI learning among UAE youth: The AI, Digital Economy, and Remote Work Applications Office and Samsung Gulf Electronics inked an agreement to integrate Samsung's Innovation Campus (SIC) into the UAE AI Camp 2024, which features training, workshops, and expert-led talks on AI and more, according to a press release. SIC will offer Emirati youth a curriculum covering AI fundamentals, machine learning, data analysis, and IoT, as well as hands-on training and mentorship.

Competition for the world’s uber-wealthy is heating up as European parties clamp down on tax benefits

Across Europe, rising populism is swinging the pendulum against the tax benefits given to wealthy foreigners. In France, the surprise victory of the left-wing bloc in the country’s recent snap elections has added to fears that a new government might instate the wealth tax scrapped in 2018 by outgoing president Emmanuel Macron. In the UK, the new Labour government has announced that it will dismantle its long-standing non-domiciled tax regime, which allows foreigners who reside in the UK but are considered domiciled in other countries to not pay taxes on their foreign earnings and capital gains for up to ten years. And last week, Giorgia Meloni’s right-wing government in Italy doubled the flat tax it requires foreigners to pay on their income to EUR 200k.

The world’s elite are watching — and getting their moving boxes ready. According to wealth managers, interstate competition over the super-rich is at an all-time high. A record 128k mn'aires are forecast to relocate this year, up from 120k in 2023, global migration advisory Henley & Partners tells the Financial Times. The UK is set to see a 17% decline in mn'aires by 2028, the largest decrease across the world, according to UBS data cited by the FT. While this is in part the product of changing tax laws, it’s also the result of a broader menu of low-tax jurisdictions. Areas like Singapore and Dubai are increasingly competing with the more established money havens of London and Switzerland to lure multimn'aires.

The shift indexes changes in the structure of international wealth that have been ongoing over the last decade. For one, the decline of banking secrecy has made it significantly more difficult to reside in one’s home country while squirreling wealth away in another. The deep indebtedness of North Atlantic states, particularly following the mass stimulus that followed the Covid-19 pandemic, has made some multimn'aires concerned that governments will soon target their assets to pay down their debts. Sanctions on wealthy Russians and redistributive policies in China are also pushing the hyper-rich to consider greener pastures. At the same time, individuals and families are more mobile than they’ve ever been, with economic and political stability key factors in relocation decisions.

Despite rising competition and a serious economic downside, European governments are becoming increasingly leery of the optics of offering generous tax breaks to rich foreigners. Such policies have been blamed for soaring real estate prices in low-tax jurisdictions like Milan and London — one of a number of economic distortions that negatively impact local residents. Despite the wealth and spending that elites bring, tax incentives are difficult to justify “because at the end of the day you’re giving a favor to rich people,” one tax advisor told the salmon-colored paper.

MARKETS THIS MORNING-

Asian markets are mostly in the green this morning, with the Nikkei leading the gainers on its first day back after the long weekend — the benchmark is up 2.4%. The Hang Seng is up 0.3%, while the Kospi is bucking the trend, dipping 0.1%.

MEANWHILE- US stock futures remained more or less flat as investors sit tight awaiting key inflation data due tomorrow.

ADX	9,215	-1.0% (YTD: -3.8%)
DFM	4,201	+0.2% (YTD: +3.5%)
Nasdaq Dubai UAE20	3691	+0.3% (YTD: -3.9%)
USD : AED CBUAE	Buy 3.67	Sell 3.67
EIBOR	5.1% o/n	4.6% 1 yr
TASI	11,741	-0.3% (YTD: -1.9%)
EGX30	29,707	+0.6% (YTD: +19.3%)
S&P 500	5,345	0.0% (YTD: +12.1%)
FTSE 100	8,210	+0.5% (YTD: +6.2%)
Euro Stoxx 50	4,672	-0.1% (YTD: +3.3%)
Brent crude	USD 81.88	+2.8%
Natural gas (Nymex)	USD 2.17	+1.4%
Gold	USD 2,512	+1.6%
BTC	USD 59,204	+0.3% (YTD: +40.2%)

THE CLOSING BELL-

The ADX fell 1% yesterday on turnover of AED 1.03 bn. The index is down 3.8% YTD.

In the green: Easy Lease Motorcycle Rental (+4.6%), National Bank of Umm Al Qaiwain (+4.3%) and Al Dar Properties (+3.8%).

In the red: Fujairah Building Industries (-8.8%), Abu Dhabi National Takaful Co.(-6.5%) and Aram Group (-6.3%).

Over on the DFM, rose 0.2% on turnover of 171.2 mn. Meanwhile, Nasdaq Dubai rose 0.3%.

CORPORATE ACTIONS-

Americana Restaurants repurchased 1.25 mn of its own shares from the open market, at an average purchase price of AED 2.685 per share, an ADX filing (pdf) reads. The company plans to buy back another 23.75 mn of its shares.

Background: At the start of the month, Americana Restaurants International secured ADX approval to repurchase 25 mn of its own shares from the open market. These shares will be allocated to eligible employees under the company’s long-term incentive program.

CALENDAR

AUGUST

14 August (Wednesday): UAE to participate in ceasefire talks co-mediated by the US and KSA between the warring factions in Sudan.

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 on telemarketing calls will go into effect

SEPTEMBER

4-5 September (Wednesday-Thursday): 2024 International Government Communication Forum, Expo Centre Sharjah, Sharjah.

5 September (Thursday): Deadline to apply for the sixth edition of Access Sharjah Challenge.

5 September (Thursday): Deadline to apply for Dubai Future Academy’s FEEL: A Disruptive Futures Program.

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.

15-19 September (Sunday-Thursday): Loop Beyond Borders, 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.

30 September (Monday): Dubai Podfest, World Trade Center, Dubai.

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.

8-9 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), Abu Dhabi.

13-18 (Sunday-Friday): Gitex Global, Dubai World Trade Centre and Dubai Harbour.

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 October (Saturday): UFC 308: TOPURIA vs HOLLOWAY, Etihad Arena, Abu Dhabi.

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.

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.

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.

11-13 December (Friday-Sunday): European-Arab Medical Congress, Abu Dhabi.

Signposted to happen sometime in December:

UAE-China Summit, Abu Dhabi.

JANUARY 2025

1 January (Wednesday): ADGM to slash licensing fees for retail and non-financial firms, and hike fees for finance firms.

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.

MAY 2025

26-28 May (Monday-Wednesday): Arab Media Summit, World Trade Centre, 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 the fall of 2025:

2025 Games of the Future, Dubai.

Signposted to happen sometime in 2026:

The UAE to host the Arab Competition Forum

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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