Adnoc to sell 40% worth of stakes in Ruwais

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WHAT WE’RE TRACKING TODAY

THIS MORNING: Alpha Dhabi eyes IPOs for its subsidiaries this year

Good morning, lovely people, and welcome to the start of a new workweek. We have a busy issue for you this morning with tons of investment news from the likes of Adnoc, GulfNav, and GFH Partners.

Bloomberg and Reuters are both reporting that Adnoc could sell 40% worth of stakes in its USD 7 bn Ruwais liquefied natural gas (LNG) project to UK oil and gas giant Shell, French TotalEnergies, BP, and Japan’s Mitsui, as soon as next week.

PUBLIC SERVICE ANNOUNCEMENTS-

#1- You can now get Emirati passports with a shelf life of 10 years: The Federal Authority for Identity, Citizenship, Customs, and Ports Security (ICP) has begun issuing passports to citizens aged 21 and above passports with a validity of 10 years, up from five years previously, Wam reports. citing The new decision, announced earlier this year, aims to enhance bureaucracy by reducing the frequency of passport renewals for citizens to every decade.

#2- Dubai adds two new bus routes: Dubai’s Roads and Transport Authority (RTA) has launched two new bus routes — DH1, which runs between Dubai Hills and Equity Metro Station, and DA2, which runs between DAMAC Hills and Dubai Studio City — according to a statement.

Schedule: The DH1 route operates from 7:09 am at 1-hour intervals, with the last trip leaving Dubai Hills at 10:09 pm on weekdays and 12:09 am on weekends. Meanwhile, the DA2 route operates daily from 5:47 am at 2-hour intervals, with the last trip departing Damac Hills at 9:32 pm.

WATCH THIS SPACE-

#1- Alpha Dhabi Holding plans to list a handful of its subsidiaries this year, Group CEO Hamad Al Ameri told The National in an interview, without providing details. “We have so far six companies already on the ADX and this shows our commitment to IPO the companies … Our strategy today focuses on growing those assets and putting the right governance, putting the right measures to be ready for a listing.”

Alpha Dhabi is evaluating potential investments in Egypt, India and the US to expand its global range of asset classes, according to the CEO.

#2- Abu Dhabi to get a platform to facilitate petroleum products trade: Abu Dhabi’s Petroleum Products Trading Regulatory Committee plans to introduce a communication platform where discussions and exchange of technical information between producers and clients can take place to facilitate the circulation of petroleum products, Acting Director General of Regulatory Affairs at the Department of Energy Saif Al Qubaisi said, according to Wam. No timeline for the platform’s launch was disclosed, but the Department of Energy will develop requirements, procedures, and working mechanisms for the platform.

#3- A potential buyer for the Telegraph? Member of the House of Lords and co-founder of advertising company M&C Maurice Saatchi might set up a consortium with former director at The Economist Group Lynn Forester de Rothschild to buy out the Telegraph from Abu Dhabi-backed RedBird IMI, Sky News reports. Saatchi reportedly approached several potential financial backers in recent weeks alongside Rothschild.

REMEMBER- Abu Dhabi-backed RedBird IMI formally withdrew its bid to acquire British papers, the Telegraph and Spectator, following months of opposition from the UK government. RedBird is seeking first-round bids by 19 July, aiming to close the transaction in the summer. This is the second time RedBird IMI receives bids for the papers, after it launched an auction in April.

#4- The Trump Organization is seeking more real estate in the region, Donald Trump’s son Eric told the Financial Times. “This region has explosive growth, and that’s not stopping anytime soon.” Trump already operates a golf course in Dubai in partnership with real estate developer Damac, and recently agreed to develop Trump Tower in Jeddah and a luxury resort in Oman.

DATA POINTS-

Abu Dhabi National Company’s (Adnoc) flagship oil, Murban crude, posted record trading volumes in 2Q 2024, with over 1.5 mn futures contracts traded, equivalent to 1.5 bn barrels, Wam reports, citing data from the Intercontinental Exchange (Ice). This marks a 160% increase since the beginning of 2024. June alone saw record highs with an average daily volume of 31k contracts.

SOUND SMART- ICE Futures Abu Dhabi (IFAD) and the Murban futures market were launched in Abu Dhabi in March 2021, with Adnoc and nine of the world’s largest energy traders as founding partners.

HAPPENING THIS WEEK-

Progress on trade talks with the Philippines: The UAE and Philippines are starting the second round of negotiations on a trade and economic agreement today in Manila, the Manila Times reports. The countries are looking to finalize the agreement by October or November, Assistant Secretary for Industry Development and Trade Policy at the Department of Trade and Industry Allan Gepty said.

Background: The two countries agreed to initiate talks in December in a bid to boost trade and investment by facilitating the export of goods and services between the Philippines, the UAE, and the broader Gulf region.

THE BIG STORY ABROAD-

There’s no sign that politics will leave the front pages of the global business press anytime soon:

France won’t have a far-right government: The country’s centrist and left-wing parties dealt a blow to the far-right Rassemblement National as the leftist Nouveau Front Populaire took the most seats in parliament in voting yesterday. Anti-RN parties got their act together and strategically withdrew candidates so as not to split the vote. They now start a delicate dance: figuring out how to put together a government, a process that could take weeks.

The state of play at dispatch time this morning:

Nouveau Front — 180
Ensemble — 159
Rassemblement National — 143
Others — 95

Want more? Bloomberg is liveblogging what the elections mean for business and markets, the New York Times is also covering it live, and French business daily Les Echos says President Emmanuel Macron will give himself plenty of time before deciding what to do next. His party came second behind the Nouveau Front Populaire.

What’s next? Le Monde has an explainer.

In the US: More senior Democrats are calling on Joe Biden to abandon his bid for re-election.

In Iran: President-elect Masoud Pezeshkian, a reformer and heart surgeon, will be eager to end Iran’s nuclear stalemate with the west, the Financial Times notes.

Get ready for a busy week packed with more politics — and the start of 2Q earnings season:

New UK Prime Minister Keir Starmer will cross the Atlantic for a three-day meeting that starts tomorrow to mark Nato’s 75th birthday in Washington, DC;
Also tomorrow: Fed boss Jay Powell will testify before the Senate Banking Committee;
Oil market reports are due out on Wednesday (Opec) and Thursday (the IAE);
BNY Mellon, JPMorgan Chase, Citigroup, and Wells Fargo all report earnings on Friday

And so much sports: Football’s Copa America semi-final is on Wednesday (we’re hoping for Canada to make it to the finals, obviously). Wimbledon will see the women’s final on Saturday and the men’s on Sunday. And the Euro 2024 final takes place Sunday.

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Adnoc to sell 40% of Ruwais LNG project

Adnoc offloads a 40% stake in Ruwais LNG project: Abu Dhabi National Oil Company (Adnoc) agreed to sell 40% worth of stakes in its USD 7 bn Ruwais liquefied natural gas (LNG) project to UK oil and gas giant Shell, French TotalEnergies, BP, and Japan’s Mitsui, with each firm acquiring 10%, Reuters reports, citing unnamed sources. The companies could ink final agreements as soon as next week, sources told Bloomberg.

Another 5% stake could also be sold to a different partner, Reuters said, without providing further details.

The oil giant also reportedly earmarked around 2 mn metric tons per annum (mtpa) to shareholders at below-market prices but with less flexibility, according to an anonymous source.

REMEMBER- News that Shell, TotalEnergies, BP and Mitsui & Co. are vying for stakes in the Ruwais LNG project and its output came out in April, with Mitsui considering an investment of tens of bns of JPY. The plant is set to double Adnoc’s LNG production to 9.6 mn metric tons by 2028. Mitsui, BP, and TotalEnergies are already partners on the UAE’s only LNG export plant on Das Island.

ICYMI- Adnoc reached the final investment decision for the project at an executive board committee meeting in June. The company handed out USD 5.5 bn in engineering, procurement, and construction (EPC) contracts for the project to a JV between engineering companies Technip Energies and JGC Corporation, and National Marine Dredging Company.

GulfNav to complete Brooge acquisition in eight weeks

GulfNav edges closer to Brooge takeover: Maritime and shipping company GulfNav is set to close its acquisition of oil storage outfit Brooge Petroleum and Gas Investment Company from Brooge energy within the next six to eight weeks, Gulfnav said in a DFM disclosure (pdf).

GulfNav is set to get a capital boost: The announcement follows GulfNav board’s approval to issue mandatory convertible bonds and new shares, as well as inject liquidity into the firm to raise enough capital to complete the transaction, according to a separate bourse filing (pdf).

REMEMBER- Earlier this year, Gulfnav submitted a proposal for the structure of the acquisition of oil storage outfit Brooge Petroleum to the Securities and Commodities Authority, after bidding to fully acquire the company from Nasdaq-listed Brooge Energy back in October 2023. The acquisition was initially expected to close in 4Q 2023.

Following the acquisition, GulfNav’s market cap will top AED 20 bn, GulfNav board member Abdul Hadi Al Saadi told CNBC Arabia (watch, runtime, 2:23). The company is also expected to receive an upgrade on the MSCI index. Al Saadi added that investment funds are anticipated to pour between USD 400-500 mn into the company post-acquisition.

About Brooge: Founded in 2013, Brooge is a leading player in the crude oil storage sector, with the capacity to store 6.3 mn barrels of oil in Fujairah.

GFH Partners closes USD 300 mn logistics and industrial fund in the US

GFH Financial Group’s Dubai-based real estate asset management arm launched and closed a USD 300 mn logistics and industrial fund in the United States, a press release reads. The fund features 25 industrial and transportation logistics assets across seven locations, including Class A properties leased long-term to major tenants like Tesla, Teleflex, Tower Health, and UGI Energy Services, according to the statement.

The real estate asset manager entered into a strategic partnership with investment manager Transport Properties, which specializes in developing properties for trucks, buses, construction, and material storage, to help manage its newly acquired assets, the statement said.

German Mitgo earmarks USD 20 mn to develop UAE fintech arm

Mitgo to accelerate payment systems: Germany-based marketing tech firm Mitgo Group made the first investment of a USD 20 mn package into its newly launched UAE-based fintech arm Capy, formerly known as Embedded, according to a press release (pdf). The three-year investment package is aimed at upgrading Capy’s platform, enabling Mitgo to roll out accelerated payment systems for the affiliate marketing industry.

Background: In March, Mitgo acquired embedded finance platform Embedded for an undisclosed value to provide financial services to underbanked affiliate publishers in the MENA, Asia-Pacific, and Latin America regions by facilitating their earnings withdrawal and providing them with services such as access to loans and reduced transaction costs. Following the acquisition, Mitgo relaunched the platform as Capy after receiving additional financing.

What will Capy do? The upgraded platform will offer early payout services to address the gap in catering to underbanked publishers in the market. Using embedded finance tech, Capy aims to slash payment terms from the current average of 60-120 days to one day. The service is expected to launch in 3Q 2024.

The firm is looking to capitalize on the sector’s projected growth, which hit USD 14.4 bn last year and is expected to grow to over USD 15.7 bn in 2024. Mitgo plans to drive more than 7% of that transaction volume, estimated at USD 1.5 bn, the company said in a separate press release.

IN OTHER INVESTMENT NEWS-

Indian real estate developer Zoya Developments entered the UAE market with a three-year AED 2 bn (USD 540 mn) investment, Trade Arabia reports. Zoya plans to develop projects in Dubai’s Furjan area, Dubai Islands, and JVT, with the first project in Furjan slated for handover in 2026.

World Bank arbitration tribunal dismisses Emirati oil firm’s USD 62.4 mn case against Egyptian government

CITP case against Egyptian government dismissed by World Bank tribunal: The World Bank’s International Center for the Settlement of Investment Disputes (ICSID) last week dismissed claims brought against the Egyptian government by UAE-based CTIP Oil & Gas Investment, according to a statement from the State Lawsuits Authority (SLA). A second near-identical treaty claim on the same day brought forward by two CTIP investors with Canadian citizenship was also dismissed on the same day by a Paris-seated United Nations Commission on International Trade Law tribunal.

The allegation: The claimants in the two separate alleged that Egypt violated its obligations under bilateral investment treaties (BITs) between Egypt and the UAE and Canada, after a contract between CTIP subsidiary National Gas and the state-owned Egyptian General Petroleum Corporation was terminated. The 25-year contract inked in 1999 to build and operate a gas distribution network in Sharkia was terminated twenty years in during 2019, leading to accusations Egypt had broken its BITs with the UAE and Canada among other allegations, according to the Global Arbitration Review. The case has been before the international arbitration tribunals since 2019.

Good news for the public purse: The Emirati firm was looking to receive a USD 62.4 mn settlement from the government to make up for alleged damages filed by the company, according to the SLA. However, the Global Arbitration Review puts the figure much higher, reporting that the claimants were pushing for claims amounting to USD 190 mn.

What they said: “This confirms the Egyptian state’s respect for all its international treaties and agreements, which encourages investors to invest in Egypt,” said States Lawsuit Authority Vice President Sameh Sayed Mahmoud.

Legal teams: The Egyptian state was represented by government lawyers and law firm Gaillard Banifatemi Shelbaya Disputes. CTIP and the two investors were represented by Freshfields Bruckhaus Deringer and Shahid Law.

Taaleem Holdings’ net income up 38.9% in 9M ending May 2024

Education provider Taaleem Holdings’ net income rose 7.6% y-o-y to AED 86.4 mn in 3Q 2023/24, according to its financial statements (pdf). Revenues rose 15.1% to AED 245 mn.

On a 9M basis, its net income rose 38.9% y-o-y to AED 277.6 mn, on the back of “growing operational profitability” and “interest gains on cash reserves,” the company said in an earnings release (pdf). Taaleem booked AED 830.7 mn in revenues in 9M 2023/24, up 15% y-o-y due to record student enrollment.

Breakdown: With the addition of six new government partnership schools, enrollment increased 32.9% y-o-y during the nine-month period, reaching 37.9k students. Total capacity stood at

42.9k students during the period, up 27.1% y-o-y. The company’s portfolio currently comprises 32 schools.

Looking ahead: “Looking ahead to the upcoming academic year, we are poised to add approximately 2.4 thousand seats to our premium segment, with the construction [of] Dubai British School Jumeira now complete, and the expansion of Greenfield International School nearing completion,” Chairman Khalid Al Tayer said.

Emirates Group announced a wave of new appointments and promotions

Emirates Group made a slew of new appointments and promotions, including seven UAE nationals, according to the Dubai Media Office. The appointments include, effective 8 July:

Chief Procurement and Facilities Officer Ali Al Soori;
Head of Engineering and MRO Ahmed Safa;
Senior Vice President of Emirates SkyCargo Badr Abbas (LinkedIn);
Senior Vice President of Group Safety and Network Operations Mark Burtonwood (LinkedIn);
Senior Vice President of Customer Affairs and Service Audit Mostafa Karam (LinkedIn);
Senior Vice President of Group Procurement and Logistics Yousif Ali (LinkedIn);
Senior Vice President of Aeropolitical and Airline Industry Affairs David Broz (LinkedIn);
Senior Vice President of Facilities and Asset Management Devarajan Srinivasan (LinkedIn);
Senior Vice President of Material Management and Repairs Mahmood Al Khaja;
Senior Vice President of International and Government Affairs Will Lofberg (LinkedIn).

Joining the company as of 1 September will be Shahreyar Nawabi as CEO of Emirates Flight Catering and Mahmood Ameen as senior vice president of engineering projects and aircraft procurement.

Five more Dubai restaurants awarded Michelin stars

It’s a quiet day for UAE in the news, but Bloomberg has a list of 19 restaurants in Dubai with Michelin stars, after the Michelin guide added five restaurants in the UAE to its coveted rankings. This marks the third year Michelin awarded stars in Dubai.

Dubai Ruler approves 6.6 km Jebel Ali Beach masterplan

INFRASTRUCTURE-

Dubai Crown Prince greenlights 6.6 km Jebel Ali Beach Development: Dubai Crown Prince Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum approved the masterplan and architectural designs for the development of the Jebel Ali beach, set to become the city’s longest open public beach, according to a statement.

The details: The beach will stretch 6.6 km, and includes a 5 km sandy beach developed by Nakheel and a 1.6 km mangrove beach managed by the Dubai Municipality. The area will also include a 2 km swimmable beach, a 2.5 km diving zone, and a walkway with viewing platforms, and will be divided into a recreational area, an area focused on environmental conservation, and a mangrove area.

The Jebel Ali beach is not the only beach development project in the emirate: Dubai’s Higher Committee for Urban Planning and Well-Being allocated AED 355 mn for the development of 5.7 km of public beaches at Al Mamzar and Jumeirah 1 in early June. The projects, scheduled to be completed within 18 months, include Dubai’s first 24/7 night swimming beach in Deira, a 5 km pedestrian path connecting the beaches, 11 km of cycling and running tracks, and the introduction of a 200-meter-long floating bridge at Al Mamzar Beach.

INFRASTRUCTURE-

The Abu Dhabi Investment Office (ADIO) inked agreements to develop four community projects in the emirate under its Musataha program, aimed at enhancing residents’ quality of life, according to the Abu Dhabi Media Office. The establishments include a new school in Khalifa City, operated by Al Ittihad National Private School, with a capacity for 3k students; and three commercial centers in Madinat Al Riyadh, Ghiyathi, and Al Shawamekh. The financial terms of the projects were not disclosed.

About the Musataha program: Musataha agreements grant investors the right to develop and own a plot of land and operate a project and maintain it for a long-term period, with ownership transferring to the government once the agreement elapses.

BANKING-

Emaar gets virtual cards from Mashreq for B2B payments: Our friends at Mashreq have teamed up with real estate giant Emaar Properties to streamline its B2B payments via the use of Visa’s virtual card solution, according to a statement from the lender.

Virtual cards? A virtual card is a more secure, electronic alternative to a traditional physical card, whereby one-time virtual card information is generated for each transaction, masking the real account information the card is tied to.

SPACE-

MBRSC teams up with Society of Engineers to exchange expertise: Mohammed Bin Rashid Space Centre (MBRSC) and the Society of Engineers signed an MoU to facilitate knowledge exchange and support collaboration on community initiatives, research, and future projects, according to a government statement. The two sides will share experiences and research in engineering, while the Society will work on promoting the MBRSC’s initiatives, conferences, achievements, and events.

INFRASTRUCTURE-

NMDC awarded project to expand waterways at Mangrove National Park: The Jubail Island Investment Company awarded engineering and construction firm NMDC Group a AED 129.6 mn contract to widen waterways — area 2 and 3 — at Abu Dhabi’s Mangrove National Park, according to an ADX disclosure (pdf). The expansion is expected to take six months.

SUSTAINABILITY-

UAE-led mission seizes USD 32 mn worth of illegal goods in the Amazon: Global law enforcement mission Green Justice has seized USD 32 mn worth of illicit goods in the Amazon Basin, including illegal wildlife, and illegal fishing and mining equipment, in addition to arresting 25 suspects of environmental crimes, Wam reports.

About Green Justice: The law enforcement operation was conducted in June by Brazil, Peru, Colombia, and the International Initiative of Law Enforcement for Climate (I2LEC), an initiative launched last year by the UAE Interior Ministry and the United Nations Office on Drugs and Crime (UNODC).

HEALTHCARE-

Burjeel launches a new cancer treatment in Abu Dhabi: Healthcare provider Burjeel Holdings has inaugurated a cancer treatment center, Burjeel Cancer Institute, at the Burjeel Medical City in Abu Dhabi, Wam reports. The facility will provide comprehensive treatment services. The new center is the latest addition to the Burjeel cancer treatment network, which includes other facilities in Abu Dhabi, Al Ain, Al Dhafra, Sharjah, and Dubai.

MEDIA-

Dubai Media inked an MoU with US-based broadcast production company NEP Group to exchange media expertise, with the aim of expanding broadcast operations locally and globally, a press release reads.

The S&P 500 is on a tear, and a rate cut could fuel its run. Are US megacaps overvalued?

The S&P 500 remains on a tear, unbothered by drama surrounding the US elections: It has posted gains in nine of the last 11 weeks, Bloomberg notes, including 2% last week as a steady slowdown in the labor market boosted expectations the US Federal Reserve could start to cut interest rates as early as September.

By the numbers: The S&P 500 was up 0.54% on Friday to close at 5,567, while the Nasdaq Composite edged up 0.90% to 18,352.76. Both indexes ended the week at record highs after labor data released on Friday showed US unemployment up slightly at 4.1% — its highest November 2021.

Cooler US jobs data could prompt the Fed to start trimming interest rates in the fall, Reuters reported. “This report puts the Fed in a comfortable spot,” said Peter Cardillo, a chief market economist at institutional brokerage firm Spartan Capital Securities. “If this continues next month, with no increases in hourly wages, then I think we’ll see a rate cut in September and another one in December.”

Remember: A rate cut will almost-inevitably see investors allocate more capital to equities.

But it may be time to moderate your expectations for US equities in the coming decade. While valuations are admittedly bad tools to use when trying to time the market, Bloomberg still notes that that the S&P 500 is trading at 26x earnings — higher than on any single election day as far back as 1990. That suggests “the elevated state of equities may be reason to lower expectations for their performance under whoever wins the election in November,” it writes.

A decade of “Meh” in the making? “Today’s lofty valuations for US megacaps suggests significant underperformance over the coming decade, and because they make up such a dominant share, returns for the overall US market are also likely to be pretty muted,” Richard Bernstein Advisors’ deputy chief investment officer, Dan Suzuki, told the business information service.

THE MARKETS THIS MORNING-

Major Asian benchmarks are all in the red this morning, and futures point to selling pressure on Wall Street at today’s market open. Major European benchmarks, meanwhile, were in the green in overnight trading — the big exception being France, where CAC 40 futures are down slightly as the country looks forward to what some think could be weeks of horse trading to form a new government.

ADX	9,139	+0.1% (YTD: -4.6%)
DFM	4,070	+0.1% (YTD: +0.3%)
Nasdaq Dubai UAE20	3,492	+0.1% (YTD: +0.3%)
USD : AED CBUAE	Buy 3.67	Sell 3.67
EIBOR	4.9% o/n	5.3% 1 yr
TASI	11,689	+0.3% (YTD: -2.3%)
EGX30	28,602	+0.8% (YTD: +14.9%)
S&P 500	5,567	+0.5% (YTD: +16.7%)
FTSE 100	8,204	-0.5% (YTD: +6.1%)
Euro Stoxx 50	4,979	-0.2% (YTD: +10.1%)
Brent crude	USD 86.54	-1.0%
Natural gas (Nymex)	USD 2.32	-4.1%
Gold	USD 2,398	+1.2%
BTC	USD 56,729	-2.2% (YTD: +34.8%)

THE CLOSING BELL-

The DFM rose 0.1% on Friday on turnover of AED 236.2 mn. The index is up 0.3% y-o-y.

In the green: Orascom Construction (+9.9%), GFH Financial Group (+5.6%) and Dubai Islamic Ins. and Reins. (+3.6%).

In the red: Ithmaar Holding (-3.9%), Al Salam Sudan (-2.7%) and Emirates Reem Investments Company (-2.0%).

Over on the ADX, the index rose 0.1% on turnover of AED 2.52 bn. Meanwhile, Nasdaq Dubai was up 0.1%.

CORPORATE ACTIONS-

GFH offloads 5% of issued capital: Bahrain-based Islamic investment bank GFH Financial Group sold over 191 mn of its treasury shares — equivalent to 5% of the firm’s total issued capital — to Ahmad Bin Mohammad Al Qassimi, according to a disclosure (pdf). The share sale reduces the total number of treasury shares to 58.8 mn, representing 1.53% of GFH’s capital.

Japan and UAE boost energy security ties + President phones new UK PM, Kenyan president

Industry Minister Sultan Ahmed Al Jaber and Trade Minister Thani Al Zeyodui met with Japanese Prime Minister Fumio Kishida and a Japanese delegation to discuss bilateral economic ties and progress on projects under their strategic partnership, Wam reports. Al Jaber met with the CEOs of Japan Bank for International Cooperation (JBIC), Ineos, Mitsui & Co., Inpex, Jira, Itochu, Hitachi, and SoftBank Group.

Multiple MoUs were signed during the visit: Adnoc and Japan Bank for International Cooperation (JBIC) sealed a USD 3 bn green financing loan to advance Adnoc’s low-carbon ambitions. Another agreement was signed between Adnoc and Japan’s Natural Resources and Energy Agency to provide it with a strategic reserve to help it mitigate energy price fluctuations.

UAE + Kenyan presidents discuss future cooperation: President Sheikh Mohamed bin Zayed Al Nahyan spoke with Kenyan President William Ruto on the phone to discuss potential partnerships in common sectors of interest including trade, investment, renewables energy, technology, and infrastructure, Wam reported. He also spoke with Indonesian President Joko Widodo to discuss potential economic and investment partnerships and address issues of common interest, Wam reports.

The president also spoke with the UK’s newly elected prime minister, Keir Starmer, where they agreed to boost cooperation on defense, cyber security, trade, and investment, according to a statement.

UAE + Turkey talk trade ties: A UAE delegation led by Special Envoy of the Minister of Foreign Affairs Sultan bin Saeed Al Mansouri visited Turkey to enhance economic cooperation between both nations, Wam reports. Meetings focused on expanding ties in food security, infrastructure projects, and investment.

ALSO WORTH KNOWING-

The Climate Change and Environment Ministry hosted a delegation from Kazakhstan to showcase the ministry’s best practices as part of its executive leadership program for the Kazakh government. (Statement)
Foreign Minister Sheikh Abdullah bin Zayed Al Nahyan spoke with the newly-appointed UK Foreign Secretary David Lammy to extend congratulations on his new role and to discuss boosting cooperation. (Wam)
State Minister for Government Development Ohood bint Khalfan Al Roumi led a UAE delegation to Singapore, focusing on enhancing governmental efficiency and digital transformation through cooperation and experience exchange. (Wam)

CALENDAR

JULY

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.

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.

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.

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

4-7 November (Wednesday-Saturday): 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.

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.

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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