ADQ taps debt markets with USD 2.5 bn bond issuance

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WHAT WE’RE TRACKING TODAY

THIS MORNING: Adia will buy 1 mn shares in Saudi Fakeeh Care’s IPO + Dubai saw 5k new residential units added in 1Q 2024

Good morning, friends, and happy FRIDAY. We close out the week with a relatively quick read, with important updates on ADQ’s bond issuance, Agility Global’s IPO and a share swap between Abu Dhabi Aviation and ADQ Aviation.

The highlights: ADQ has made its debut USD 2.5 bn bond issuance and listed it on the London Stock Exchange. Meanwhile, Agility Globalhit the ADX with a bang yesterday, with shares jumping more than four-fold. On the M&A front, Abu Dhabi Aviation completed an acquisition of stakes in three aviation firms from ADQ subsidiary ADQ Aviation in a transaction valued at AED 4 bn, which also saw ADQ Aviation snap up a c.60% stake in ADA.

PUBLIC SERVICE ANNOUNCEMENTS-

WEATHER- The weather looks to have stabilized, after brief spells of rainfall and thunderstorms early yesterday morning. Dubai will see temperatures hitting 35°C today, with clear skies forecasted, and an overnight low of 28°C. It’s a little cooler over in Abu Dhabi, with the mercury hitting 33°C, with an overnight low of 26°C.

Emirates canceled a number of flights yesterday due to heavy rains and floodingacross Dubai, the carrier said in a travel update. Flydubai also said in a statement picked up by Emirates247 that it delayed several flights due to the storm and advised travelers to check for updates before heading to the terminals.

Adverse weather also impacted Dubai’s Roads and Transport Authority (RTA) Intercity Bus services, which were temporarily suspended yesterday, according to an RTA Facebook post.

Dubai International Airport said all operations had returned to normal as of yesterday evening in an X post.

FACT CHECK-

Abu Dhabi-based carrier e& has denied engaging in talks to acquire Eastern European telecom provider United Group BV, it said in an ADX filing (pdf). E& regularly screens opportunities to enhance shareholder value, according to the statement. Bloomberg had reported earlier this week that the tech group is mulling a potential acquisition of the telco, which is eyeing a valuation target of around EUR 8 bn, though it noted it had yet to submit a formal bid. United Group will kick off its sales process next month.

WATCH THIS SPACE-

#1- ADIA to buy 1 mn shares in KSA’s “biggest IPO of the year”: Sovereign wealth fund Abu Dhabi Investment Authority (Adia) is set to purchase 1.04 mn shares as a cornerstone investment in Saudi hospital group Fakeeh Care’s IPO, according to a statement (pdf). Alongside Olayan Saudi Investment — the other cornerstone investor — the two funds will subscribe to 1.99 mn shares valued at SAR 173 mn.

About the offering: the hospital group plans to offer 30 mn new shares and 19.8 mn existing shares held by the Fakeeh family on KSA’ stock exchange, Tadawul’s main market, representing a 21.5% stake in the group, an offering hailed as the largest listing in the kingdom this year, according to Bloomberg. Bookbuilding for institutional investors will end on 8 May, while orders from retail investors will run from Tuesday, 21 May to Wednesday, 22 May.

#2- The Dubai Electricity and Water Authority (Dewa) has launched a tender for the development of the 6-12 MW Al Qusais landfill gas to energy project, it said in a statement (pdf). The Quais power plant will utilize landfill gas from Al Qusais landfill, with gas extraction falling under Dewa's scope. Interested bidders must email their expression of interest to Dewa by 12 pm on Wednesday, 8 May.

The details: Dewa will purchase power generated by the project through a long-term power purchase agreement. The developer will also co-own the project’s company alongside the Dubai Green Fund.

DATA POINTS-

#1- Some 5k residential units were added to Dubai’s property market in 1Q 2024, with apartments comprising 84% of new launches, according to market analysis from Savills (pdf). Apartments also accounted for 83% of total real estate transactions during the quarter, which hit a record 35.1k. Activity was concentrated in southeastern Dubai sub-markets, including Jumeirah Village Circle, Arjan, Dubai Hills Estate, Meydan One, and Damac Hills, with off-plan units making up 63% of total transactions. Some 1k transactions over AED 10 mn — for high-end luxury properties — were recorded during the period, up 41% y-o-y.

How this compares: A previous report by Dubai-based real estate broker Springfield Properties pegged the overall transactions at 37.1k transactions during the quarter, slightly higher than Savills’ analysis.

#2- Ajman saw some 400 real estate valuation transactions worth a combined AED 1.92 bn in 1Q 2024, marking a 129% y-o-y increase, according to Ajman’s Real Estate and Land Department, Wam reports. Commercial real estate transactions increased 10.3% y-o-y, exceeding AED 1.4 bn and outpacing residential and industrial sectors.

#3- Over 50% of globally issued USD-denominated sustainable ESG sukuk have been listed on Nasdaq Dubai during 1Q 2024, signaling “the increasing attraction towards sustainable investments and [establishing] Nasdaq Dubai as a favored platform for such offerings,” Wam reports, citing DFSA chief executive Ian Johnston.

THE BIG STORY ABROAD-

It’s a calm morning in the foreign press, with just a handful of stories vying for your attention.

#1- Pro-Palestine protests on US college campuses are still dominating headlines, as police continue to raid protests and encampments, with over 2k protesters now arrested. (Reuters | ABC News | NYT | AP)

#2- Turkey has halted all trade with Israel, citing the “worsening humanitarian tragedy” in Gaza. This marks an escalation of its trade restrictions earlier, which the country implemented citing claims that Israel is interfering with its aid airdrop operations. (Reuters | Bloomberg | BBC | The Guardian)

IN THE BUSINESS PRESS-

Sony and Apollo are looking to acquire Paramount Global for USD 26 bn, with the two companies filing a formal expression of interest, sources have said. Sony would be a majority shareholder, while Apollo would take a minority stake, with the offer valuing the company higher than its current USD 22 bn valuation.

The production company has been closing in on a merger with a Skydance Media consortium, which includes private equity firms RedBird Capital and KKR. The exclusivity window for Skydance’s bid ends today, but the committee deciding on the transaction could extend it to explore its options. ({CNBC})

ALSO- Apple has unveiled its largest share buyback program yet, with plans to buy back USD 110 bn worth of stock. The company saw its revenue fall 4% y-o-y to USD 90.8 bn in its fiscal second quarter. (Reuters)

MARKET WATCH-

Adnoc ups crude oil production capacity: The Abu Dhabi National Oil Company (Adnoc) has raised its crude oil production capacity to 4.85 mn barrels per day (bbl / d) from 4.65 mn bbl / d, Bloomberg reports, citing the state-owned oil giant’s website. The hike brings Adnoc closer to its target to boost its crude oil production capacity to reach 5 mn bbl / d by 2027.

REMEMBER- Opec is meeting soon: The production capacity increase comes a month ahead of the Opec+ meeting, set to take place on 1 June in Vienna, where members of the alliance will discuss oil production output cuts and quotas for the rest of 2024. The cartel is expected to prolong supply cuts through to the end of the year, with more evidence of the impact of cuts on the market needed before a change in policy, analysts tell Bloomberg.

OUR NEXT CONFERENCE IN CAIRO-

Foreign investors are falling in love with Egypt again… Foreign investors we speak with (debt, equity, and strategic alike) have growing appetite for Egypt. They’re buying into local debt, eyeing promising shares, and committing bns of USD to both new ventures here and the growth of their existing businesses. They like the Egypt story that’s taking shape after the float of the EGP, and its competitive advantages are clear to many of them: It’s a massive consumer opportunity and a regional export hub of tomorrow.

The Enterprise Optimism Forum 2024 will do exactly what it says on the tin: Spark conversations about a future that sees Saudi Arabia, Egypt, and the the UAE at the heart of a more vital Middle East economy — and provide an early, actionable roadmap for those who are “long Egypt.”

We’ll be talking with you about the agenda over the coming couple of weeks. It features speakers from Egypt and abroad who are future-proofing their businesses and angling to capture tomorrow’s opportunities — and who aren’t afraid to answer some tough questions.

*** Interested in attending? Tap or click here to let us know. Seating is limited.

CIRCLE YOUR CALENDAR-

Sharjah + Dubai trade missions heading to Asia next week: The Sharjah Chamber of Commerce and Industry is sending a trade delegation led by Chairman Abdullah Sultan Al Owais to India from this coming Sunday-Friday, 5-10 May, Wam reports. The mission will be looking to strengthen economic ties and explore potential investments. At the same time, a Dubai International Chamber trade mission will head to Indonesia and Vietnam to help local companies grow in these markets, Wam reports.

The Arab Tourism Media Awards will take place next week, from 6-9 May, at the Dubai International Convention and Exhibition Centre, state news agency Wam reports. The Arab Union of Tourist Media will present awards to 34 Arab personalities, tourism institutions, and cities that have contributed to the tourism industry in the Arab region.

The Make it in the Emirates (MIITE) Start-up Pitch Competition application deadline has been extended until 5 May for local and international tech companies in AI, 3D printing, and decarbonisation in the industrial sector, Wam reports. The competition aims to encourage technological innovation in the industrial sector, covering areas such as aviation, healthcare, automotive, electronics, energy, customized manufacturing, decarbonisation, renewable energy, artificial intelligence and digitisation, and carbon capture and storage.

The Arabian Travel Market is taking place from 6-9 May at DWTC Dubai under the theme Transforming Travel Through Entrepreneurship. The event will focus on issues relating to entrepreneurial strategies.

TheAnnual Investment Meeting (AIM) Congress is scheduled to be held on 7-9 May at the Abu Dhabi National Exhibition Centre. Gathering senior government officials and industry experts, the summit will focus on exploring means of strengthening the economy under the theme Resilient, Sustainable Economic Growth – Creating a Healthy and Prospective Investment through FDI and FPI.

The Middle East Petroleum and Gas Conference is set to take place from 20-22 May in Dubai, hosted by the Emirates National Oil Company and under the organization of S&P Global Commodity Insights. The theme of the conference is “Evolving Core Energy Markets within a Sustainable Landscape.”

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

ADQ’s maiden USD 2.5 bn bond lists on London Stock Exchange

Abu Dhabi sovereign wealth fund ADQ listed its maiden dual tranche bonds on the London Stock Exchange, pricing them at USD 2.5 bn, according to a statement. The bonds include a five-year USD 1.25 bn tranche placed at about 80 basis points (bps) above their counterpart US Treasuries, and a USD 1.25 bn 10-year tranche at 90 bps above, according to Reuters.

The order book was 4.4x oversubscribed with orders surpassing USD 11 bn. The issuance attracted broad institutional interest across Asia, the United States, the Middle East, UK and Europe, according to the statement. The proceeds will be used to expand ADQ’s investments and growth capital in key sectors.

REMEMBER- The issuance comes as ADQ is looking to diversify its funding sources for future acquisitions. It has recently been exploring various regional investments, with a USD 180 mn tech-focused fund in Oman and a landmark USD 35 bn agreement with Egypt’s government back in February. It also inked agreements in Kenya worth USD 500 mn.

Advisors: Our friends at HSBC Holdings and First Abu Dhabi Bank, alongside Citigroup, Crédit Agricole, Goldman Sachs International, and Standard Chartered were joint global coordinators and active bookrunners.

Agility Global shares jump more than four-fold on ADX debut

Agility Global shares pop on the first day of trading: Shares in Kuwaiti logistics outfit Agility subsidiary Agility Global closed up 327% on their trading debut on the ADX yesterday, according to market data. Trading under the ticker AGILITY, the company had set the reference price for its shares at AED 0.37 apiece. Agility Global’s shares closed at AED 1.58 apiece, giving it a market cap of AED 16.46 bn.

ICYMI- Agility received approval from the Abu Dhabi Securities Exchange (ADX) to move forward with a technical listing of Agility Global, its operations and assets management unit, on the Abu Dhabi bourse earlier this week. Agility’s board approved last month an in-kind dividend distribution of some KWD 800 mn (USD 2.6 bn), representing 49% of the issued share capital of Agility Global. Following the distribution, Agility — which is listed both on the DFM and the Kuwait Stock Exchange — will remain the controlling shareholder with a 51% stake in Agility Global.

Technical listing? A technical listing means the company’s shares have been made tradeable on the bourse, without an offering of equity (primary or secondary) arranged by existing shareholders prior to the listing. This simply makes it possible for shareholders pre-transaction to start offering shares for sale to other investors via the ADX.

This marks the UAE’s second listing of the year, following Parkin’s AED 1.57 bn IPO on the DFM in March. Spinneys is set to follow soon on the DFM next Thursday, after raising AED 1.38 bn in an oversubscribed book building process.

Advisors: Agility tapped BHM Capital as a liquidity provider for its shares, the company said in an ADX disclosure (pdf).

Abu Dhabi Aviation closes share swap agreement with ADQ Aviation

ADA snaps up stakes in three aviation firms in AED 4 bn share swap with ADQ Aviation: Commercial helicopter operator Abu Dhabi Aviation (ADA) has completed an acquisition of stakes in three aviation firms from ADQ subsidiary ADQ Aviation in a transaction valued at AED 4 bn, according to a statement (pdf). ADQ Aviation transferred stakes in the three companies — Etihad Airways Engineering, Advanced Military Maintenance Repair and Overhaul Centre (Ammroc), and Global Aerospace Logistics (GAL) — in exchange for shares in ADA.

The details: The transaction saw ADA acquire 100% of Etihad Airways Engineering, 100% of Ammroc, and 50% of GAL. The transaction will see ADA issue convertible notes valued at some AED 4 bn, to be converted into new ADA shares, totaling 652 mn shares. Following the issuance of the convertible instrument, ADQ Aviation will hold a 59.45% stake in ADA.

Background: ADA initially received the offer from the ADQ subsidiary in 2022, to “provide a framework to investing in the future development of an advanced aviation ecosystem that supports the sustainable transformation of Abu Dhabi and the UAE’s economy for the long term,” ADQ Managing Director Mohamed Alsuwaidi said at the time. The offer was later approved by ADA’s board in April last year (pdf).

ADA’s portfolio expansion aims to “create a competitively positioned, vertically integrated aviation group of companies with strong capabilities in maintenance, logistics, supply chain and advanced engineering.”

What they said: “The completion of this transaction makes ADA a competitive force in the aviation sector that is equipped to further strengthen Abu Dhabi’s status as a global aviation hub. By extending ADA’s value chain into the maintenance, repair and overhaul segment, we have greater scale for growth and look forward to catering to the needs of our customers with an exceptional commitment to excellence,” ADA chairman Nader Ahmed Alhammadi said.

PureHealth, Bank of Sharjah, Umm Al Qaiwain General Investments, Standard Chartered, and CBI report 1Q earnings

PUREHEALTH-

Healthcare giant PureHealth saw its bottom line increase 124% y-o-y to AED 490.6 mn in 1Q 2024, according to the company’s financial results (pdf). Revenues rose 52% y-o-y to AED 6.12 bn during the quarter, driven by growth in patient volume and bed occupancy rates, as well as acquisitions of hospital groups, the company said in a separate earnings release.

ICYMI #1- In January, PureHealth completed its USD 1.2 bn acquisition of 100% of UK-based Circle Health Group as part of its global expansion plans. The company also purchased Minnesota-based Mayo Clinic’s 25% stake in Abu Dhabi 741-bed hospital Sheikh Shakhbout Medical City for USD 150 mn (c. AED 551 mn) in the same month.

ICYMI #2- The acquisitions came after PureHealth went public on the ADX in December in what was the second-largest IPO in the UAE in 2023, raising AED 3.62 bn. The company said it would use IPO proceeds to support future expansion, including acquisitions of hospital groups and healthcare assets in the Middle East, the Americas, Europe and the Far East.

BANK OF SHARJAH-

Bank of Sharjah’s net income reached AED 80 mn in 1Q 2024, according to an earnings release (pdf). The lender noted improved net income due to higher net interest income and operating income, and reduced operating costs. Net interest income came in at AED 89 mn, according to the earnings release. The bank did not include figures for the comparative quarter last year, citing “accounting anomalies that occurred prior to the effective date of delinking of its Lebanese subsidiary on April 1, 2023.”

UMM AL QAIWAIN GENERAL INVESTMENTS COMPANY-

Umm Al Qaiwain General Investments Company net income stood at AED 11 mn in 1Q 2024, up 240% y-o-y, driven by returns from dividends on its investment portfolios and sales of shares earmarked for trading in local and Gulf portfolio, according to an earnings release (pdf). The company’s total revenue rose 151.9% y-o-y to AED 12.7 mn during the quarter, according to the company’s financial results (pdf).

COMMERCIAL BANK INTERNATIONAL-

CBI’s net income rose 7% in 1Q: Commercial Bank International (CBI) reported 7% y-o-y growth in net income to AED 36.6 mn in 1Q 2024, according to the lender’s financial statements (pdf). CBI’s net operating income fell 18% y-o-y during the quarter to AED 120 mn, while net interest income fell 19% y-o-y to AED 82.4 bn.

STANDARD CHARTERED BANK UAE-

Standard Chartered Bank UAE’s underlying net income before tax rose 4.2% y-o-y to USD 125 mn in 1Q 2024, according to its earnings release (pdf). Operating income rose 10.7% y-o-y to USD 237 mn during the quarter.

UAE organizations pledge USD 150 mn at AVPN Global Conference + Mashreq Islami, Barakah One bag awards

UAE organizations pledged over USD 150 mn at the AVPN Global Conference 2024, backing global health, poverty alleviation, species conservation, and entrepreneurship, according to the Abu Dhabi Media Office. The conference saw the largest funding commitments on record, including a USD 50 mn commitment to the Lives and Livelihoods Fund 2.0 and a USD 15 mn commitment to the Global Institute for Disease Elimination. The Khalifa Bin Zayed Al Nahyan Foundation also announced a USD 27 mn initiative to finance micro, small, and medium enterprises.

Global partnerships also got backing: Global nonprofit Clean Rivers committed USD 20 mn for a newly launched UAE-Indonesia partnership to reduce ocean plastic pollution from Indonesia’s waterways, while the the Zayed Charitable and Humanitarian Foundation signed an MoU with the Government of Kazakhstan’s Astana City to establish a rehabilitation center for people with disabilities.

Mashreq Al Islami — the Islamic banking division of our friends at Mashreq — received seven awards at the Islamic Finance New Awards this week, among them awards for syndicated finance, real estate, sovereign and multinational, hybrid, and UAE transactions, according to a {LinkedIn post}.

UAE nuclear energy plant Barakah One received an award for its AED 8.89 bnrefinancing agreement, which converted its loans into green financing loans with the support of First Abu Dhabi Bank and Abu Dhabi Commercial Bank, Wam reports.

Construction commences on DIFC’s AED 1 bn immersive tower

REAL ESTATE-

New office tower lands in DIFC: Dar Group — now known as Sidara — has broken ground on a new AED 1.1 bn tower in Dubai International Financial Centre (DIFC), conceptualized by Abu Dhabi-based architect Aedas, it said in a statement. The 37-storey development, dubbed Immersive Tower, will sit adjacent to Daman Tower, covering 115k sqm with over 58.5k sqm of office space, and 10.5k sqm of retail space. It is slated for handover in April 2027.

Abu Dhabi Real Estate Centre relocated its Real Estate Transaction Center and Customer Service Hall to its new headquarters in Al Markaziyah, aiming to improve and streamline service delivery by placing both facilities in the same building, according to a statement.

CAPITAL MARKETS-

Dubai Financial Market (DFM) has launched an upgraded iVestor App, offering financial management services to investors, the Dubai Media Office reports. The app now allows direct subscription to IPOs and complements the newly launched Arena. Some of the new features include tracking portfolios, managing dividends, and facilitating easy money transfers.

More on iVestor: The iVestor is an investor card developed in 2010 by Emirates NBD and Network International which tracks user’s assets.

BANKING-

ADIB enables buy now, pay in installments option: Abu Dhabi Islamic Bank (ADIB) integrated Visa’s real-time API-based platform Visa Installments Solution (VIS) into its services, allowing ADIB-covered cardholders in the UAE to pay back their purchases in smaller, equal installments at checkout, according to a statement (pdf) by Visa. ADIB will roll out VIS through NeoPay — the payment subsidiary of our friends at Mashreq — available at select retail stores including Sharaf DG, Jacky’s, and iStyle. ADIB is the first Shariah-compliant banking group globally to enable VIS.

Background: In October 2023, Visa announced it was working with local issuers and acquirers here at home to enable VIS for UAE customers by early 2024.

HOSPITALITY-

#1-Austrian AI customer engagement platform Chatlyn opened its new office in Dubai, a press release reads. The platform is designed to automate client communication, reduce workload, and enhance customer engagement in the hospitality sector.

#2- Sharjah-based real estate developer Arada has set up a new hospitality and entertainment unit, consolidating its lifestyle assets under it to oversee the firm’s growth across the wellness, hospitality, F&B operations and events segments, the developer said in a press release. The new division will be headed by Amit Arora, Arada’s new CEO, who enters the role with 28 years of experience in the hospitality sector.

INFRASTRUCTURE-

National Petroleum Construction Company, a subsidiary of National Marine Dredging Company, was awarded a USD 653.17 mn project contract, according to an ADX disclosure (pdf). The company stated that the engineering and construction phase would be completed within 30 months. No further details were provided.

INDUSTRIALS-

ARJ Holding will establish a composite fertilizer production plant in Baiji, Salah Al Din in Iraq, after inking an agreement with the Iraqi government, according to a statement from the Iraqi Prime Minister’s office. The plant will have an annual production capacity of 249k tons of phosphate fertilizer.

Sovereign wealth funds are eyeing Bitcoin ETFs

Bitcoin exchange traded funds — ETFs — are seeing a brief lull following a months-long bull run after their launch in January in the US. But BlackRock’s head of digital assets, Robert Mitchnick, tells {CoinDesk} the lull will soon end with a bang.

BlackRock has received plenty of interest in the ETFs from sovereign wealth funds, pension funds, and family offices, who are looking at including the ETFs in their portfolio mix.

The ETFs have seen more than USD 76 bn in investments since their launch, with some registered investment advisors beginning to offer them to their clients.

The Bitcoin ETF space became even more interesting this week when Hong Kong launched six new spot bitcoin and ether ETFs, becoming the first in Asia to do so.

The launch was a big move for Hong Kong: “There’s a bigger game at play here: The launch of these new ETFs puts Hong Kong one step ahead of Singapore and Dubai who are also trying to establish themselves as regulated hubs for digital assets,” Antoni Trenchev, co-founder of crypto exchange Nexo told CNBC. The market potential of Asian ETFs is huge — with CEO of Harvest Global Investments, one of the firms issuing ETFs, pegging it at “double the size” of their US counterparts.

THE MARKETS THIS MORNING-

Asian markets are solidly in the green as Wall Street anticipates fresh US job data. South Korea’s Kospi rose 0.60%, while the smaller-cap Kosdaq was up 0.77%, while stock markets in Japan and China were shut for public holidays.

ADX	9,024	-0.1% (YTD: -5.8%)
DFM	4,140	+0.2% (YTD: +2.0%)
Nasdaq Dubai UAE20	3,521	-0.1% (YTD: -8.4%)
USD : AED CBUAE	Buy 3.67	Sell 3.67
EIBOR	5.1% o/n	5.4% 1 yr
TASI	12,352	+0.1% (YTD: +3.2%)
EGX30	26,113	+3.3% (YTD: +4.9%)
S&P 500	5,070	+1.0% (YTD: +6.2%)
FTSE 100	8,172	+0.6% (YTD: +5.7%)
Euro Stoxx 50	4,890	-0.6% (YTD: +8.2%)
Brent crude	USD 83.70	+0.3%
Natural gas (Nymex)	USD 2.04	+5.5%
Gold	USD 2,311.80	0.0%
BTC	USD 59,275.38	+3.3% (YTD: 34%)

THE CLOSING BELL-

The ADX fell 0.1% yesterday on turnover of AED 1.2 bn. The index is down 5.8% YTD.

In the green: Agility Global (+327.0%), Union Ins. (+14.9%) and Al Dhafra Ins. (+13.7%).

In the red: Rapco Investment (-4.5%), E7 Group (-3.7%) and Emirates Stallions Group (-2.4%).

Over on the DFM, the index closed up 0.2%, on turnover of AED 289.9 mn. Meanwhile on Nasdaq Dubai, the index fell 0.1%.

UAE and Iran eye strengthening trade relations + More Arab-Central Asian cooperation ahead

The UAE and Iran held their inaugural joint economic committee meeting in Abu Dhabi to strengthen cooperation in sectors like tourism, transportation, logistics, agriculture, small and medium enterprises (SMEs), entrepreneurship, and renewable energy, Wam reports. Chaired by Economy Minister Abdullah bin Touq Al Marri and Iranian Minister of Roads and Urban Development Mehrdad Bazrpash, discussions centered on boosting trade and facilitating business between the two countries. The countries will form technical working teams to set the agenda for economic cooperation, the news agency added.

Vice President Sheikh Mansour bin Zayed Al Nahyan met with Iran's Minister of Roads and Urban Reconstruction, Mehrdad Bazarbash to discuss improving trade relations at Qasr Al Watan in Abu Dhabi, Wam reports.

More Arab-Central Asia cooperation ahead: Energy Minister Suhail Mohamed Al Mazrouei and Economy Minister Abdulla Bin Touq Al Marri emphasized their dedication to strengthening economic cooperation between Arab states, Central Asian states, and Azerbaijan during the Arab Economy and Cooperation Forum, according to a {statement}. They underscored the need for cooperation in technology, sustainable tourism, aviation, water management, and agriculture.

AND- A delegation led by Industry and Advanced Technology Minister Sultan Al Jaber reviewed GCC industrial cooperation efforts at the GCC Industrial Cooperation Committee and Ministerial Committee for Standardization Affairs, state news agency Wam reports. Delegates discussed boosting industrial cooperation, as well as reviewing reports on unified GCC standards, lists of goods under collective protection, a proposed unified strategy for industrial development, and the decision to raise customs tariffs on rebar and iron coil.

ALSO WORTH KNOWING-

Foreign Affairs Minister Sheikh Abdullah bin Zayed Al Nahyan and Israeli Opposition Leader Yair Lapid discussed the situation in Gaza, emphasizing the need to resume negotiations in order to reach peace under a two-state solution. (Ministry statement)

My Morning Routine: Ahmed Ben Chaibah, CEO and founder of Aquafun

Ahmed Ben Chaibeh, CEO and founder of Aquafun: Each week, My Morning Routine looks at how a successful member of the community starts their day — and then throws in a couple of random business questions just for fun. Speaking to us this week is Ahmed Ben Chaibah (LinkedIn), CEO and founder of Aquafun. Edited excerpts from our conversation:

I am Ahmed Ben Chaibah, CEO and founder of Aquafun, the world's largest inflatable water park. We have a Guinness record for that. I was named Entrepreneur of the year, Emirati business of the year, and CEO of the year, among other awards.

I created, produced, and currently operate Aquafun’s concept. I have a very strong team under me now that helps operate Aquafun day by day, handle all the small details, and help grow the business.

The origin story of why I founded Aquafun started with me at the beach. I overheard parents around me saying how they wish they could have something for their kids to do so they can have some peace. I asked myself, what type of activity can help kids have fun while giving the parents peace of mind? After doing some research, we began to work on several ideas to create a unique concept — and that’s how Aquafun started.

What distinguishes the park industry is the visual and emotional aspect. I realized early on that I’m in the business of creating happy memories. When we shoot content for Aquafun, it’s all based on depicting people’s emotions, having fun and enjoying themselves, not taking life too seriously.

As for the business angle, we’ve started using the water park as a billboard. We have redesigned the waterpark to spell any word, and now it can spell out up to 16 letters. We do personal gifts, marriage proposals, etc, but we also work with brands. This is the direction we are working on right now.

Our client group is very diverse. We get clients from six years old all the way to 85. We are a tourist location, so 89% of our customers are tourists and tour operators. We also get a lot of birthdays and corporate events — just people who want to have fun.

I don’t have a strict morning routine, because every day is different. Sometimes, I wake up at 9am, sometimes 10 or 11. I try to be very mindful, drink water, and relax. I don’t eat until later in the day, and I don’t drink coffee. I’m very focused and calm in the morning, and I like to start with work emails and messages, because usually when I wake up in the morning, I find more than 200 messages sent to me between my WhatsApp, emails and DMs. I usually also dive into meetings right away.

I don’t have a normal workday. Sometimes, I have 90-hour workweeks, while other times, I would have a quiet two weeks when I am traveling. If there's something to be done, it will be done, and if there’s nothing to be done, that’s fine too. I’m not scared of that. Last week, I did three or four days of 18 hours of work everyday.

Walking on the beach is my favorite thing to do everyday, as well as taking a bath [laughs]. I don’t have a constant pattern or habit that I start my day with, but I try my best every day to ground myself and walk on the beach.

Discipline is the key to staying focused. You can't be inspired all the time. I wrote to myself a motto when I was 17 at the beginning of my journey: “Train your mind harder than your body. Never accept someone's intimidations. Aim is essential. Visualize what you want all the time.” This is the framework of how I operate until now.

My professional goal for this year is to get four more Guinness records, scale up the business 700% and receive another six or eight awards.

Work-life balance is a nice thought, but in reality, it does not exist. You can have seasons of focus and seasons of balance. I can have months of focusing on work and months when I decide to take it easy and go traveling. If you want to have a work-life balance, get a normal job, but you can’t expect [an exceptional] kind of lifestyle and these accomplishments by having a normal workday where you work nine hours a day and then sit down and watch TV.

I don’t do things I don’t enjoy, so I am not stressed after work. I can have stressful days, but the key is understanding that I have no control over things that happen. I don't react with emotion anymore — I understand the problem, then I react.

Last time I read a book was over 20 years ago. I love to surround myself with intelligent people whom I can learn from every day. I sit with them and ask a lot of questions. I observe and ask a lot of questions, and that's how I learn.

The best advice of my life was given to me by my cousin. He said to me, whatever takes you a year, could take you a month; whatever takes you a month, make it a week; whatever takes you a week, make it a day; whatever takes a day, do it in an hour. This advice helped me improve my level of focus.

CALENDAR

MAY

21 April-7 May (Sunday- Tuesday): The ICC Women's T20 World Cup Global Qualifier 2024.

29 April- 5 May (Friday-Sunday): The Abu Dhabi International Book Fair, Abu Dhabi National Exhibition Centre (ADNEC).

1-5 May (Wednesday-Sunday): The Sharjah Animation Conference, Expo Centre Sharjah.

5-10 May (Sunday-Friday): Sharjah Chamber of Commerce and Industry sends trade delegation to India

5-10 May (Sunday-Friday): Dubai International Chamber sends trade mission to Indonesia and Vietnam

6-7 May (Monday-Tuesday): Dubai Fintech Summit 2024, Madinat Jumeirah.

6-9 May (Monday-Thursday): The Arabian Travel Market, Dubai World Trade Centre, Dubai.

6-9 May (Monday-Thursday): The Arab Tourism Media Awards, Dubai International Convention and Exhibition Centre.

7-9 May (Tuesday-Thursday): AIM Congress 2024, Abu Dhabi.

8-9 May (Wednesday-Thursday): Innovative Finance Expo, Jumeirah Emirates Towers.

8-12 May (Wednesday-Sunday): Schmetterling Annual Conference, Al Ain and Abu Dhabi.

9 May (Thursday): Spinneys shares begin trading.

14-15 May (Tuesday-Wednesday): Seamless Middle East, Dubai World Trade Centre.

14-16 May (Tuesday-Thursday): The Airport Show, Dubai World Trade Centre.

15 May (Wednesday): HFM Summit, DIFC.

15 May (Wednesday): UAE and Indian officials are set to meet for the first time on the India-Middle East-Europe Economic Corridor.

18-26 May (Saturday-Sunday): Abu Dhabi Comedy Week, Abu Dhabi.

19 May (Sunday): InvestopiaEurope, Milan.

19 May (Sunday): RTA’s Deadline for bids to design and build Dubai Metro's Blue Line.

20-22 May (Monday-Wednesday): Middle East Petroleum & Gas Conference, Dubai.

21-23 May (Tuesday-Thursday):International Exhibition for National Security & Resilience, ADNEC Centre Abu Dhabi.

24-25 May (Friday-Saturday): Baby Expo, Dubai World Trade Centre.

27-29 May (Monday-Wednesday): Arab Media Forum, Dubai.

30 May (Thursday):Abu Dhabi Family Office Summit, Saadiyat Rotana Resort, Abu Dhabi.

JUNE

2-4 June (Sunday-Tuesday): The World Air Transport Summit and International Air Transport Association (IATA)’s annual general meeting, Dubai.

4-6 June (Tuesday-Thursday): The Hotel Show, Dubai World Trade Centre.

4-6 June (Tuesday-Thursday): INDEX, Dubai World Trade Centre.

4-6 June (Tuesday-Thursday): WORKSPACE, Dubai World Trade Centre.

4-6 June (Tuesday-Thursday): Leisure Show, Dubai World Trade Centre.

15 June (Saturday): Arafat day, national holiday.

16-18 June (Sunday-Tuesday): Eid Al-Adha, national holiday.

Signposted to happen sometime in 1H 2024:

Spinneys inaugurates its first store in KSA

JULY

7 July (Sunday): Islamic new year, national holiday.

SEPTEMBER

9-11 September (Monday-Wednesday): World Utilities Congress, Abu Dhabi.

28-30 September (Saturday-Monday): World Association of Nuclear Operators (WANO) Biennial General Meeting, Abu Dhabi.

OCTOBER

30-1 November (Wednesday-Friday): World Cities Cultural Summit, Dubai.

NOVEMBER

11-14 November (Monday-Thursday): ADIPEC, Abu Dhabi.

11-14 November (Monday-Thursday): ADIPEC Maritime and Logistics Exhibition and Conference, Abu Dhabi.

11-14 November (Monday-Thursday): ADIPEC Decarbonisation Accelerator, Abu Dhabi.

27-28 November (Wednesday-Thursday): RAK Energy Summit, Al Hamra International Exhibition and Conference Centre, Ras Al Khaimah.

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.

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

10-12 December (Tuesday-Thursday): Middle East Business Aviation, Dubai World Central.

Signposted to happen sometime before the end of the year:

Spinneys inaugurates three more stores in KSA

Signposted to happen sometime in 2028:

Abu Dhabi to host the 47th Chess Olympiad

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