Adnoc inks 15-year LNG agreement with IndianOil

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WHAT WE’RE TRACKING TODAY

THIS MORNING: Burjeel added to FTSE indices + Chinese premier visits UAE this week

Good morning, wonderful people. We have a packed issue for you this morning, with news from Abu Dhabi Crown Prince Sheikh Khaled bin Mohamed bin Zayed Al Nahyan’s visit to India, fresh economic data from 1Q, news of a new Dubai national university, and much more.

WATCH THIS SPACE-

#1- ADX-listed healthcare provider Burjeel Holdings will be added to the FTSE Global Equity Index Series — Middle East and Africa, following its latest semi-annual review, according to a statement (pdf). This means Burjeel will be listed on the FTSE Mid Cap, All-Cap, All-World, and Total-Cap indices, which together include some 19k large-, mid-, small-, and micro-cap securities across 49 developed and emerging markets. The company will be included as of 23 September.

#2- Adia-backed consortium sweetens bid for DB Schenker, asks for fair assessment: The Abu Dhabi Investment Authority-backed consortium — which also includes CVC and Singapore’s GIC — vying for DB Schenker have reportedly sweetened the bid with the addition of a EUR 1 bn guarantee to the German government in the event of an IPO, should the government stay on as an investor, Reuters reports, citing a letter it says it has seen. The consortium requested fair assessment of its bid, the newswire added.

REMEMBER- The consortium had submitted two separate bids for Deutsche Bahn’s logistics subsidiary: one valuing it at EUR 14 bn, and another worth EUR 16 bn that would see the German government reinvest with a minority stake.

The consortium is competing against a rival bid from Danish transport firm DSV, which Reuters reported was slightly ahead in the bidding race last week.

#3- Blackstone-backed ASK sets eyes on Indians and UHNWI investors in GCC: Indian wealth management firm ASK Private Wealth wants to raise USD 100 mn for a newly launched fund of funds, domiciled in India’s GIFT City, aimed at giving non-resident Indians and ultra-high-net-worth individuals in the GCC region access to Indian capital markets, the Economic Times reported, citing a company statement.

The company wants to set up an office in Dubai, and is working on obtaining a Dubai International Financial Center license, ASK’s Senior Managing Partner Somnath Mukherjee told Zawya.

#4- ADGM seeks to update commercial permits for shisha, alcohol within the zone: The Abu Dhabi Global Market (ADGM) proposed a draft regulatory framework for issuing and renewing commercial permits for the sale of shisha and alcohol within the ADGM, the financial center said in a statement. ADGM is putting the proposal up for public discussion and feedback until 29 September. The proposal can be accessed here.

HAPPENING TODAY-

#1- The PPP MENA Forum will take place today and tomorrow at the Jumeirah Emirates Towers in Dubai. Sponsored by the Abu Dhabi Investment Office, the two-day event will bring together senior policymakers, investors, and business executives from the UAE, Saudi Arabia, Kuwait, and Oman to discuss the latest financial and regulatory developments in PPP frameworks and explore means to advance PPP initiatives in the region.

#2- Abu Dhabi Crown Prince Sheikh Khaled bin Mohamed bin Zayed Al Nahyan is in India on his first official visit, which saw him meet with Indian Prime Minister Narendra Modi to discuss strengthening cooperation, according to a media office statement.

Al Nahyan and a few other ministers are also expected to participate in a UAE-India business forum in Mumbai today, which will see participation from both Indian and Emirati businesses, according to an Indian External Affairs Ministry statement. The event will focus on cooperation within healthcare, biotechnology, renewable energy, sustainability, artificial intelligence, logistics and supply chains, and agricultural technology, state news agency Wam reports.

PLUS- Indian and Emirati officials are set to review their 2022 trade pact sometime during the visit, following concerns from Indian industry over a surge in precious metal imports from the UAE, Reuters reports, citing sources familiar with the matter. The discussions will coincide with Al Nahyan’s visit to Mumbai and New Delhi, though he’s not expected to take part.

REFRESHER- India requested a review of its trade agreement with the UAE back in August to address concerns over rules of origin and concessional rates, focusing on value add policies and customs duties. This review follows a sharp increase in Indian imports of gold and silver from the UAE under the agreement, with concerns that India could incur losses from the zero-tariff policies decided under the trade agreement.

#3- A delegation led by Director-General of the General Civil Aviation Authority Saif Al Suwaidi is participating in the Advanced Air Mobility Symposium in Montréal, Canada, which kicked off yesterday and continues through Thursday, Wam reports. The symposium focuses on advanced air mobility concepts, including eVTOLs and infrastructure integration.

HAPPENING THIS WEEK-

#1- NMDC Energy’s shares will begin trading on the ADX’s First Category starting Wednesday, 11 September, under the ticker NMDCENR, Wam reports. For the first three trading sessions, the company’s share price will not not be subject to the usual daily rise and fall limits. The final share price was set at AED 2.8.

REMEMBER- Last week, NMDC Energy raised AED 3.22 bn in its IPO, offering 23% of its shares to the market and attracting over AED 88 bn in orders. The order book was 31x oversubscribed, excluding cornerstone investors.

A glimpse into NMDC Energy’s earnings: NMDC Energy saw its net income more than double y-o-y to AED 328.5 mn in 2Q 2024, while revenues increased 130% y-o-y during the quarter to AED 3.67 bn, according to financials (pdf) it published ahead of the IPO. In 1H 2024, NMDC Energy posted a 107% y-o-y increase in net income to AED 502.4 mn, while revenues rose 88% y-o-y to AED 5.81 bn.

#2- The inaugural Dubai AI and Web3 Festival will kick off on Wednesday and run until Thursday at Madinat Jumeirah. The Dubai International Financial Centre event will host over 100 exhibitors and will welcome some 5k tech industry experts and entrepreneurs to explore and discuss investment, collaboration and innovation in the tech sector.

#3- Our friends at HSBC, together with UK Export Finance and Egyptian-British Chamber of Commerce, are hosting the Egypt-UK Investment and Opportunities Forum in London on Monday, 16 September. The conference will showcase investment opportunities in Egypt across different sectors — including renewable energy, water, automotive, food processing, IT, and AI — to potential investors from the UK. It will also facilitate matchmaking between institutions of both countries, bringing together government representatives, business leaders, and senior executives.

#4- It’s day two of the 10th EFG Hermes London Conference: EFG Hermes’s four-day annual conference in London will be entering its second day today and will “delve into the profound potential emerging in key sectors across the global economy, offering participants unparalleled insights and connections in a rapidly evolving landscape,” the company said a statement (pdf).

DIPLOMACY-HEAVY WEEK CONTINUES-

#1- Chinese Premier Li Qiang is set to visit the UAE this week, after a visit to Saudi Arabia for a Chinese-Saudi joint committee, according to a Chinese Foreign Ministry statement, which did not disclose further details on the planned visit to the UAE.

#2- Bahrain’s King Hamad bin Isa Al Khalifa arrived in Abu Dhabi yesterday for a “private visit,” and was received by President Sheikh Mohamed bin Zayed Al Nahyan, state news agency Wam reports.

PUBLIC SERVICE ANNOUNCEMENT-

Retail employees and workers working Sunday will be off next Sunday in observance of the Prophet’s birthday, the Human Resources and Emiratization Ministry said yesterday, after it was given as a day off for public sector workers. This means private sector workers on a normal Monday-Friday week will not be getting a day off.

THE BIG STORY ABROAD-

There is a relative calm in the international press today before the inevitable storm of US presidential news set to follow the Harris-Trump showdown that is fast approaching.

Pushing its way into the digital front pages is Google’s latest faceoff with the US Department of Justice that kicked off yesterday in Virginia, with prosecutors alleging that the tech giant violated antitrust law by using monopoly tactics to dominate the online ad market, increasing prices for publishers and advertisers across the board. The case, which could result in Google being forced to sell off its ad management arm, is being heard without a jury in a trial expected to take weeks.

The tech giant has been locked in an ongoing series of antitrust disputes with the DOJ, the most recent of which saw a judge rule last month that Google had monopolized the online search market. Some commentators pointed to the ruling as auguring more aggressive US antitrust enforcement of Big Tech, which has come under fire across the political spectrum in recent years.

And in news from another one of Silicon Valley’s major monopolists, the iPhone 16 has been officially revealed, with Apple set to begin taking pre-orders Friday in advance of the model’s official sell date of 20 September. Apple has set its sights on reviving flagging iPhone sales and encouraging users to upgrade by doubling down on AI features as part of its Apple Intelligence package — despite the fact that some of these offerings may not be available for months.

While over in the EU, calls for the bloc to get serious about competing with China and the US are growing, with Former Italian Prime Minister Mario Draghi making the case for an additional EUR 800 bn worth of investments in EU industry annually in order to strengthen the European bloc’s competitiveness.

Draghi’s much-anticipated, EU-commissioned report calls for what the Financial Times calls a “significant reorientation of economic policy,” with the former Italian premier calling for the bloc to relax competition laws to encourage market consolidation in telecom, integrate capital markets under a centralized regulatory apparatuses, unify defense procurement, and revise the bloc’s trade agenda to assure its economic independence. If implemented, the proposal would bring total levels of EU investment to between 4.4% and 4.7% of the EU’s annual GDP — levels not seen in the bloc since the 1970s.

The report isn’t “do or die,” but it is “do this, or it’s slow agony,” Draghi told the FT. “We have reached the point where, without action, we will have to either compromise our welfare, our environment, or our freedom.”

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CIRCLE YOUR CALENDAR-

The International Mangroves Conservation and Restoration Conference will take place from 10-12 December at the Bab Al Qasr Hotel, Abu Dhabi. Organized under the Abu Dhabi Mangrove Initiative, it will focus on integrating scientific research with practical restoration efforts. Topics on the agenda include best practices, seascape strategies, and adapting to climate change.

The Sir Bani Yas Triathlon Challenge is set to kick off 3-7 April 2025, featuring a full triathlon with a 3.8 km swim, 180 km bike ride, and 42.2 km run, alongside a half-distance race. The event aims to draw over 2.8k competitors and 1.5 visitors.

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

GDP grew 3.4% in 1Q

The economy grew 3.4% y-o-y to AED 430 bn in 1Q 2024, state news agency Wam reports, citing preliminary figures published by the Federal Competitiveness and Statistics Center. Non-oil GDP rose 4% y-o-y during the quarter amid efforts to reduce dependence on oil, promote investments, and attract fresh capital.

The biggest driver of growth in the non-oil sector was financial and ins. activities, which grew 7.9% on the back of a 6% increase in local credit to the private sector, according to the figures.

Other sectors driving growth: The country also saw a strong rebound in transport and storage activities, which grew 7.3%, driven by a 14.7% increase in airport travelers to 36.5 mn during the period, according to the figures. Construction and building followed closely with 6.2% growth — boosted by ramped-up capital expenditure to AED 4.8 bn in 1Q — while restaurant and hotel saw 4.6% growth.

Trade came out on top: Trade activities accounted for the lion’s share of non-oil GDP at 16.1%, followed by manufacturing (14.6%) and financial and ins. activities (13.4%).

REMEMBER- Abu Dhabi’s non-oil economy grew 4.7% y-o-y in 1Q, with real GDP growing 3.3%. Data out earlier in July also showed Dubai’s economy growing 3.2% y-o-y.

Adnoc to provide LNG from Ruwais to IndianOil

Abu Dhabi Crown Prince Sheikh Khaled bin Mohamed bin Zayed’s visit to India reaped several agreements on the energy front, as well as on food and agriculture, according to a statement from the Abu Dhabi Media Office.

#1- Adnoc inked a 15-year LNG heads of agreement to supply 1 mn metric tonnes of liquefied natural gas annually to state-owned IndianOil. The LNG will be sourced mainly from Adnoc’s Ruwais LNG project in Abu Dhabi, which is set to go live in 2028.

REMEMBER- Adnoc agreed to supply Japan's Osaka Gas with 0.8 mn metric tons of LNG annually in August, at which point it said it had secured off-take agreements for 70% of Ruwais LNG's capacity, including 1 mn tons per year to Shell and 0.6 mn tons to Mitsui. The oil giant also struck supply agreements with China's ENN, SEFE Marketing & Trading Singapore, and Germany’s Energie Baden-Württemberg.

#2-The Emirates Nuclear Energy Corporation and India’s Nuclear Power Corporation agreed to exchange expertise in nuclear energy development.

#3- Adnoc also agreed to extend an oil storage agreement with Indian Strategic Petroleum Reserve, according to the statement.

#4- Abu Dhabi wealth fund ADQ and the government of Gujarat also signed an MoU to establish a “major food and agriculture park” in India. The financial terms of the agreement and the timeline of the park’s construction were not disclosed.

IHC’s Finstreet secures licenses for first digital trading platform in ADGM

Finstreet receives approval for digital trading platform in Abu Dhabi's ADGM: The International Holding Company’s (IHC) recently launched finance and trading holding company Rorix Holdings’ subsidiary, Finstreet, got the green light to launch a single blockchain-powered platform encompassing a digital multilateral trading facility (MTF), central securities depository, and a private financing platform, based in Abu Dhabi’s ADGM, according to an ADX disclosure (pdf).

Rorix? Abu Dhabi’s USD 895 bn IHC set up Rorix Holdings last month, focusing on financial services, trade finance, advisory, commodities, and trade ins.

Finstreet secured eight new licenses for three of its subsidiaries from ADGM’s Financial Services Regulatory Authority (FSRA), paving the way for what it’s touting as the first fully regulated digital trading platform in the ADGM. The platform will allow users to trade both private and public securities. All the licenses are subject to final regulatory approvals.

The details: The platform aims to support trading starting with the origination and issuance of a financial asset, up until trading, settlement and custody.

About Finstreet: Founded in Oxford University’s SBS Finance Lab, Finsteet is an ADGM-based subsidiary of both Rorix Holdings through IHC and Sirius International Holding. The company’s portfolio includes three regulated financial subsidiaries — Finstreet Global Markets, Finstreet Global Clearing and Settlement, and Finstreet Capital.

Who does what? Finstreet Global Markets will serve as an MTF, offering secondary market trading for securities listed on other exchanges; while Finstreet Global Clearing and Settlement will provide digital settlement and depository services; and Finstreet Capital will operate the private financing platform.

The firm has big plans: Finstreet is eyeing expansion into more assets, including commodities, the disclosure reads.

Gulf Capital makes second exit this month with sale of Kuiper Australia

Gulf Capital sells stake in Kuiper Australia: UAE-based private equity firm Gulf Capital sold its stake in Kuiper Australia, a crew management provider in the offshore energy sector, in a management buyout sale backed by the National Bank of Australia, according to a statement (pdf).

Background: Gulf Capital previously acquired a majority stake in Dubai-based oil and gas offshore crew provider OCB Oilfield Services, which saw it later expand into Asia with the acquisition of Singapore-based Kuiper International.

What’s next for the two? Kuiper Australia will now operate as an independent entity, with Kuiper Australia CEO Mark Somic continuing to lead the company. The firm will maintain “synergies and ongoing business affiliation” with Gulf Capital, according to the statement.

The sale marks Gulf Capital’s second exit this month, following its sale of EGX-listed bottle maker Middle East Glass to Mena Glass Holdings, the company’s majority shareholder, last week.

ICYMI- We spoke with Gulf Capital CEO Karim El Solh earlier this year about the firm’s fundraising and exit plans, the markets he’s bullish on, and why dealmaking in the Gulf is booming.

Another exit to come? El Solh told us that the firm plans to complete four exits this year. It has so far knocked out a total of three out of its pipeline in 2024 — the highest it has ever completed in a single year. The company started the year in January with the strategic sale of Amcan, a leading sports and nutritional supplements distribution company,

OTHER M&A NEWS-

OCI sells methanol business to Methanex for USD 2.05 bn: Netherlands-headquartered chemicals company and Fertiglobe’s majority shareholder OCI Global has sold its entire methanol business — operating in the US and Europe — to Canadian methanol producer Methanex in a USD 2.05 bn agreement, according to a press release (pdf). The purchase is set to be completed in 1H 2025, pending regulatory and shareholder approvals.

REMEMBER- OCI Global has deep ties with Adnoc: The company sold its 50% +1 stake in Fertiglobe — its JV with Abu Dhabi National Oil Company — to Adnoc for AED 13.28 bn (USD 3.62 bn), with the acquisition expected to close later this year. The two companies are also exploring partnerships in ammonia, and were said to be eyeing a potential sale that could see Adnoc snap up its US crop nutrient unit Iowa Fertilizers for more than USD 3 bn.

The financials: Methanex will make the purchase by paying USD 1.15 bn in cash, in addition to the issuance of 9.9 mn of its shares valued at USD 450 mn, giving OCI a 13% ownership of the company to make it the second largest shareholder. The share purchase aims to help the firms improve their joint operations, as well as consider potential further investments in the methanol industry cycle.

Background: Nassef Sawiris — who owns a 38.8% stake in the firm — said he was considering overhauling OCI GlobaI in February, including potentially turning the empire into a cash-shell company pursuing acquisitions in new industries. The company sold its blue ammonia project in Texas to Woodside for USD 2.35 bn in August.

Another Chinese bank lists bonds on Nasdaq Dubai

Bank of China lists green bonds on Nasdaq Dubai: Bank of China, one of China’s four largest commercial banks, listed a USD 400 mn green bond issued by its Dubai branch on Nasdaq Dubai, according to a statement yesterday. The issuance is part of the lender’s USD 40 bn medium-term note programme.

The details: Net proceeds of the bonds, which will have a maturity of three years, will be used to finance or refinance eligible green projects, according to the statement. The fresh listing brings the bank’s listings from its Luxembourg and Dubai branches on Nasdaq Dubai to USD 1.47 bn.

The listing brings Nasdaq Dubai’s ESG-related issuances to USD 30 bn, and the total value of listed bonds to USD 41 bn, according to the statement.

REMEMBER- The Agricultural Bank of China last week listed USD 400 mn bonds on the exchange. Earlier this year, Kuwait’s Warba Bank listed its USD 500 mn green sukuk on the exchange, while Indonesia listed in July a USD 2.35 bn, three-tranche sukuk.

Dubai is getting its own national university

The government is investing an initial AED 4.5 bn into the establishment of the Dubai National University, Vice President and Dubai Ruler Sheikh Mohammed bin Rashid Al Maktoum said in a post on X.

Targeting local and global rankings: The plan is to make National University of Dubai among the top three local universities in research contributions, and to place it within the top 50 young universities’ global ranking over the next 10 years. Plans are also in place to position it among the top 200 worldwide within the next 20 years.

Organizational structure: Defense Minister Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum will be the president of the university, while its VP will be Finance Minister Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum. The university counts global economist Mohamed Erian among its advisory board members.

IN CONTEXT- The establishment of the university is part of a broader goal to make Dubai among the world’s top 10 cities in terms of education quality.

Carrefour partners with Apparel group for India reentry

Dubai-based Apparel Group has partnered with Carrefor for a franchise in India, with the expansion slated to begin in north India in 2025, Reuters reports, citing a statement from Carrefour.

Round two for Carrefour in India: Carrefour's previous attempt to enter India ended in 2014 due to market difficulties. This move is part of Carrefour’s broader strategy to expand into over 10 new countries by 2026.

What’s Apparel Group’s role? The company will work to “offer the best products at very attractive prices to all Indian customers and make Carrefour their favorite brand to shop,” Nilesh Ved, owner of Apparel Group, said.

FlapKap raises USD 34 mn in pre-series A round

Abu Dhabi-based, Egypt-born fintech platform FlapKap secured USD 34 mn in a debt and equity pre-series A funding round led by Dubai’s Beco Capital, with new investment from Pact VC, Forbes Middle East writes. The round also saw participation from existing investors A15, Nclude, and QED Investors, alongside debt financing from Channel Capital.

Where’s the money going? FlapKap will use the funding to expand its presence in the UAE and the GCC at large, deploy more capital to support SMEs, and enhance its tech infrastructure, including launching trade finance products for B2B businesses.

What FlapKap does: The company offers financing to e-commerce businesses that have been operational for at least six months and have limited access to traditional financing through banks or VCs. Merchants can get upfront financing to scale their inventory and digital marketing, which they pay back as a percentage of revenues. FlapKap also offers AI-based insights and financial data analytics.

The latest round brings FlapKap’s total funding to USD 37.6 mn. FlapKap raised USD 3.6 mn in a seed round in 2022, following an earlier USD 1.2 mn round led by A15.

Maersk, Equtativa, Knight Frank, and Rotana tap senior execs

#1- Danish shipping giant Maersk has appointed Lisa Park (LinkedIn) as its new managing director for UAE, effective 1 October, according to a statement. Park will also oversee the business and teams in Oman and Qatar, bringing over two decades of experience in the shipping and logistics industry to her new role. She most recently served as the regional head of sales for the IMEA region since March 2023. Park also served as the regional head of transformation and customer outcomes for West Central Asia.

#2- Emirates REIT’s manager Equitativa has appointed Michael Davis (Linkedin) as its new CFO, replacing Sheikh Mohammed Moeen (Linkedin) effective immediately, it said in a disclosure to Nasdaq. Davis brings over 15 years of management experience across eight countries, with previous leadership roles including managing director and head of corporate and commercial banking at HSBC, global head of wholesale banking at Abu Dhabi Islamic Bank, and most recently, group head of corporate banking at Bank ABC in Bahrain.

#3- Knight Frank MENA appointed Petri Mannila (LinkedIn) as partner and head of prime residential in the UAE, according to a press release. Mannila boasts over 20 years of experience in real estate, most recently serving as head of luxury sales at Penthouse.ae. In his new position, he will focus on expanding Knight Frank’s market position in Dubai.

#4- Abu Dhabi-based real estate developer Rotana promoted Harald Feurstein (LinkedIn) to area general manager for Abu Dhabi and Al Ain and general manager of Saadiyat Rotana Resort & Villas, effective 1 September, according to a press release. Feurstein previously served as general manager at several hotels, including Fairmont Nanjing, Conrad Beijing, and Conrad Bangkok

More attention on m’naires, Russians, and British flocking to Dubai

Market dynamics in Dubai shift as more m’naires flock to the emirate: The foreign press is focusing its attention on expats moving to Dubai — from the British, to Russians, to ultra high-net worth individuals.

#1- The Telegraph looks at British expats being priced out of Dubai, as wealthy Russians snap up property in the emirate after the outbreak of war in Ukraine, boosting prices and driving many British expats to seek out cheaper areas such as Ras Al Khaimah.

#2- The UAE’s pro-business, pro-migration sentiment, coupled with limitless supply from developers, serve as the “perfect equation” for attracting high net-worth individuals, Henley & Partners’ Philippe Amarante told Bloomberg in an interview (watch, runtime: 5:08). Some 6.7 mn m’naires are expected to move into the UAE in 2024.

Presight tapped by Jordan to digitize its healthcare sector

HEALTHCARE-

Presight tapped by Jordan to digitize its healthcare sector: Big data analytics firm Presight was awarded a multi USD-mn contract by Jordan’s Digital Economy and Entrepreneurship Ministry to support the digitalization of the country’s healthcare sector according to a press release (pdf). The exact value of the contract was not disclosed.

The details: The contract will see Presight develop a digital healthcare system plan for public sector hospitals, a health information exchange strategy, and a virtual hospital command center offering tele-ICU, teleradiology, and tele-dialysis services.

REMEMBER- Presight is aiming to increase its revenue share from international markets to 30% from the current 15%, its CEO said in July. Besides the UAE, Presight operates in about 14 countries across Central and Southeast Asia, and Africa.

FINANCE-

Dubai International Financial Centre (DIFC) plans to launch a DIFC Funds Center in 1Q 2025, offering hedge fund spinouts, fund platforms, and boutique asset management firms “flexible range of working solutions, and … peer-to-peer networking,” it said in a statement. Slots in the new DIFC center will be handed out on a first-come, first-served basis, with wealth and asset management applicants encouraged to join the waitlist now.

Some 400 wealth and asset management firms are currently based in the DIFC, including 44 hedge funds in the bn-USD club.

AVIATION-

Dnata secures EasyJet contract at Zurich Airport: UAE-based air services provider dnata landed a multi-year ground handling contract with EasyJet at Zurich Airport, expanding its services to include passenger, ramp, and baggage handling, according to a statement. Financial details of the deal were not disclosed.

Background: Dnata operates at airports in Zurich and Geneva, providing cargo and ground handling services to over 30 airlines, according to the statement.

INVESTMENT-

#1- Abu Dhabi Investment Authority (Adia) was among major institutional investors that backed Bajaj Housing Finance’s USD 782 mn IPO, one of the largest in India this year, Reuters reported. Institutional investors, including Adia, BlackRock, and the government of Singapore have funneled USD 209 mn into the IPO, which was oversubscribed twice on the first bidding day.

About the IPO: Shares were priced between INR 66-70, valuing the home loan provider at USD 7 bn.

#2- The Emirates Development Bank launched the Agrix Accelerator program, a 20-week initiative aimed at supporting farmers and agribusinesses, Wam reported. The program includes expert-led workshops, hands-on training, and personalized mentorship, focusing on technology adoption in the sector and capacity building.

ENVIRONMENT-

Blue Forest awarded mega mangrove restoration project: UAE-based mangrove conservation company Blue Forest has been awarded the operating license for one of the world’s largest mangrove restoration projects — MozBlue — located in Mozambique, according to a statement. The project is set to start in November 2024 and will cover an area twice the size of Singapore, standing at 155k hectares. MozBlue aims to plant 200 mn mangroves to restore coastlines, remove 20 mn tons of CO2, create 5k jobs, and involve local communities in its management to preserve a long-term and sustainable land tenure.

REGULATION-

Virtual asset service providers (VASPs) will be eligible to serve all emirates upon obtaining the Dubai Virtual Assets Regulatory Authority’s license as it would register them by default with the Securities and Commodities Authority (SCA), under a new agreemen between VARA and the SCA, a statement from the SCA showed. Otherwise, VASPs will have to obtain the SCA’s license to operate in any other emirate.

Both authorities signed a framework agreement on Monday to set rules and guidelines for licensing VASPs as well as joint oversight responsibilities, regulatory enforcement mechanisms, and information-sharing protocols.

ADVERTISING-

Digital advertising and marketing services company Monks is relocating its Middle East headquarters from Dubai to Riyadh, Bloomberg writes. The move comes as Saudi Arabia requires firms to establish their Middle East headquarters in the country to secure government contracts.

FINTECH-

Dubai-based fintech accounting company Sol.online launched its operations, becoming the UAE’s first outsourced online accounting firm, according to a statement from the company. The company’s services include bookkeeping, auditing, tax management, payroll, financial reporting, business incorporation, and legal support, which it offers through a subscription model.

BANKING-

Ruya customers will have access to Network’s digital payment features: Islamic, digital-only bank Ruya partnered with Network International to use its payment solutions, offering new features to customers such as instant transaction processing, customized user interactions, tokenization, card control, and fraud prevention, among other digital services, Wam reported.

REAL ESTATE-

#1- Real estate developer Saif Al Ghurair Group launched a new arm, P.O.B1 Properties, that will focus on residential and commercial development in new, fast-growing districts in Dubai, according to a press release.

#2- HMB Homes launched a AED 350 mn residential project in Arjan dubbed OneBeverly, Al Bayan reports. The French art deco-inspired development features 381 units — including studio and one- and two-bedroom apartments — with prices starting at AED 650k.

DESIGN-

Nasdaq Dubai-listed interior contractor Depa was awarded AED 350 mn fit-out contracts for two undisclosed projects in Saudi Arabia, according to a disclosure to Nasdaq.

REMEMBER: Depa secured around 950 mn worth of contracts in January to handle hospitality and tourism fit-out projects for Red Sea Global in Saudi Arabia, including the Desert Rock Hotel, Amaala Yacht Club, and two luxury hotels in the Amaala marine development. Depa also secured a AED 200 mn fit-out contract for a high-end HQ office building in Dubai from an undisclosed client.

Refresher: Saudi sovereign wealth fund Public Investment Fund (PIF) acquired a 55% stake in Dubai-based Depa for AED 150 mn in February 2022.

MANUFACTURING-

Falcon Energy Material eyes anode factory in Morocco: UAE’s Falcon Energy Materials signed a technical and strategic partnership with China’s Hensen Graphite & Carbon Corporation to develop an anode plant in Morocco, according to a statement yesterday. The preliminary economic assessment for the plant is expected in 4Q 2024, targeting an annual production of 25k tonnes of coated spherical purified graphite.

Traditional tech struggles as AI boom overshadows sector’s slump

AI boom hides broader tech struggles: While AI giants like Nvidia and Microsoft are thriving, many tech companies not focused on AI are still feeling the pinch from a slowdown that started in 2022, when the tech-centric Nasdaq Composite fell by about 30%, the Financial Times reports.

The data paints a mixed picture: The S&P 500 IT sub-index's revenue growth has slowed to 6.9% over the past year, well below its five-year average of 10%. Smaller firms, especially those in the Russell 2000, are facing even tougher conditions with falling revenue and earnings.

What’s happening? More traditional tech sectors — including companies in software, IT, consulting, and electronic equipment manufacturers — are seeing weak demand after a boom during the pandemic that prompted them to increase investments, including through hiring, overexpansion, and overstocking of inventories — especially as customers with limited budgets look towards investments in AI.

“What we’re seeing in tech is still kind of the unwinding of the over-hiring and overspending that we saw at the beginning of the pandemic,” Facebook co-founder and Asana CEO Dustin Moskovitz told analysts last week. “And then that all couples with what I think is massive uncertainty in the economic environment. And then, also, just with how AI is going to play out.”

This could change soon, with investors already showing signs of pivoting to less hyped up subsectors like financial services and industrials, and the excitement towards AI and data players subsides. Expected interest rate cuts are also expected to help, one portfolio manager said.

MARKETS THIS MORNING-

Asia-Pacific markets are rising as Wall Street stocks rebounded from their worst week so far this year, with Japan’s Nikkei up 0.52%, the Topix up 0.65%, and South Korea’s Kospi up 0.17%. Wall Street futures are little changed from the gains made yesterday.

ADX	9,355	-1.0% (YTD: -2.3%)
DFM	4,359	-0.3% (YTD: +7.4%)
Nasdaq Dubai UAE20	3,774	-1.4% (YTD: -1.4%)
USD : AED CBUAE	Buy 3.67	Sell 3.67
EIBOR	5.2% o/n	4.2% 1 yr
TASI	11,963	-0.2% (YTD: 0.0%)
EGX30	30,375	+0.3% (YTD: +20.0%)
S&P 500	5,471	+1.2% (YTD: +14.7%)
FTSE 100	8,271	+1.1% (YTD: +7.0%)
Euro Stoxx 50	4,779	+0.9% (YTD: +5.7%)
Brent crude	USD 71.84	+1.1%
Natural gas (Nymex)	USD 2.14	-1.4%
Gold	USD 2,532.70	+0.3%
BTC	USD 57,254.10	+5.3% (YTD: +35.2%)

THE CLOSING BELL-

The DFM fell 0.3% yesterday on turnover of AED 291.3 mn. The index is up 7.4% YTD.

In the green: BHM Capital Financial Services (+5.6%), Salik Company (+2.7%) and Al Firdous Holdings (+1.9%).

In the red: Dubai Refreshment Company (-9.9%), Agility (-4.6%) and Dubai National Ins. & Reins. (-4.0%).

Over on the ADX, the index fell 1% on turnover of AED 949,5 mn. Meanwhile Nasdaq Dubai closed down 1.4%.

President meets with Guinea Bissau counterpart to discuss economic cooperation + Ras Al Khaimah ruler meets up with Chinese officials

President Sheikh Mohamed bin Zayed Al Nahyan met with Guinea-Bissau’s President Umaro Sissoco Embaló in Abu Dhabi to discuss cooperation in development, economic, and investment sectors, state news agency Wam reports.

RAK Ruler talks bilateral ties with China’s VP: Ras Al Khaimah Ruler Sheikh Saud bin Saqr Al Qasimi met with China’s Vice Premier Hé Lìfēng on Sunday to discuss ramping up cultural exchange, investment, and trade, Wam reports. The RAK Ruler also discussed partnering in economic, investment, cultural, and developmental sectors with the Chinese Communist Party’s Secretary of the Fujian Provincial Committee, Zhou Zuyi, during his working visit to China, Wam reported separately.

CALENDAR

SEPTEMBER

7-13 September (Saturday-Friday): Makers’ Month, Al Quoz Creative District, Dubai.

9-12 September (Monday-Thursday): The annual EFG Hermes London Conference.

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

11 September (Wednesday): Shares of NMDC Energy start trading on the ADX on the ticker NMDCENR.

11-12 September (Wednesday-Thursday): Dubai AI & Web3 Festival, Madinat Jumeirah, Dubai.

11-12 September (Wednesday-Thursday): Gitex Digi_Health 5.0 conference, Singapore.

12-15 September (Thursday-Sunday): 2024 Special Olympics Malta.

15 September - 23 February 2025 (Sunday-Sunday): Labour Sports Tournament, Dubai.

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

16 September (Monday): HKMA–DFSA Climate Finance Conference, Hong Kong.

16-18 September (Monday-Wednesday): World Utilities Congress, Abu Dhabi.

16-20 September (Monday- Friday): Intelligent Transport Systems World Congress 2024, Dubai.

17-18 September (Tuesday-Wednesday): AI in oil and gas conference, Abu Dhabi.

18-19 September (Wednesday-Thursday): Sharjah Investment Forum, Jawaher Reception and Convention Centre, Sharjah.

19-20 September (Thursday-Friday): Healthcare Leaders Summit 2024, St. Regis Saadiyat Island Resort, Abu Dhabi.

23-25 September (Monday-Wednesday): WorldFreezonesOrganization’s Annual International Conference and Exhibition, Dubai.

24-26 September (Tuesday-Thursday): Careers UAE 2024, Dubai World Trade Centre, 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.

2-3 October (Wednesday-Thursday): MENA District Cooling Projects & MENA Cool Forum, Grand Hyatt Dubai, Dubai Healthcare City, Dubai.

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

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

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

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

13-14 October (Sunday-Monday): Abu Dhabi Wedding Show, Park Hyatt Abu Dhabi.

14-18 October (Monday-Friday): Gitex Global, Dubai World Trade Centre and Dubai Harbour.

13-16 October (Sunday-Wednesday): Expand North Star, Dubai Harbour.

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

14 October (Monday): The Smart Cities MENA Summit, Dubai.

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.

30 October (Wednesday): Connected Construction Conference, Museum of the Future, Dubai.

NOVEMBER

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

4-7 November (Monday-Thursday): Abu Dhabi International Petroleum Exhibition & Conference (ADIPEC), Abu Dhabi.

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

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

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

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

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

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

19-20 November (Tuesday-Wednesday): Dubai Future Forum.

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

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

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

23-24 November (Saturday-Sunday): Emirates Dubai Sail Grand Prix, SailGP Race Stadium.

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

26-29 November (Tuesday-Friday): Big 5 Global, Dubai World Trade Centre.

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

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

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

10-12 December (Tuesday-Thursday): The Middle East and North Africa Business Aviation Association Show, Al Maktoum International Airport, Dubai.

10-12 December (Tuesday-Thursday): TheInternational Mangroves Conservation and Restoration Conference (IMCRC), Bab Al Qasr Hotel, Abu Dhabi.

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

14-21 December (Saturday-Saturday): World Schools Festival, Abu Dhabi

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.

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

FEBRUARY 2025

2-3 February (Sunday-Monday): L’Etape Dubai cycling race, Dubai.

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

3-7 April (Thursday-Monday): Sir Bani Yas Triathlon Challenge, Abu Dhabi.

6-11 April (Sunday-Friday): Geo-Spatial Week 2025, Dubai.

7-9 April (Monday-Wednesday): AIM Investment Summit, Abu Dhabi National Exhibition 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.

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

JUNE 2025

3-4 June (Tuesday-Wednesday): Make-A-Wish International’s Global Wish summit, Abu Dhabi.

OCTOBER 2025

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

Signposted to happen sometime in 2025:

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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