Alef boosts retail tranche on strong demand

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WHAT WE’RE TRACKING TODAY

THIS MORNING: Fuel prices slashed for the first time in five months + RTA unveils AED 16.8 bn land transport strategy

Good morning, wonderful people. We have a relatively compact issue for you to start out the week, with the major news of the day being Opec’s agreement to extend oil cuts into 3Q 2024 — and boost the UAE’s production capacity — and Alef increasing the size of the retail tranche in its IPO.

PUBLIC SERVICE ANNOUNCEMENTS-

#1- WEATHER- Brace yourself for a hot week ahead. Abu Dhabi’s skies will be sunny today with a daytime high of 40 °C and a low of 26 °C. The heat will gradually rise over the next three days, peaking at 44 °C on Thursday, with overnight lows ranging between 24-23 °C. Mercury will hit 42 °C in Dubai today, with an overnight low of 29 °C. The heat will rise to 45°C on Thursday, with overnight lows gradually cooling from 26°C on Tuesday to 23°C on Thursday, the National Center of Meteorology forecasts.

#2- Fuel will cost less this month: The Fuel Price Follow-up Committee approved a 6% fuel price cut for June, following four consecutive months of price hikes that had boosted prices to a seven-month high, the Emirates General Petroleum Company (Emarat) said on X.

The breakdown: Super 98 is now AED 3.14 per liter, Special 95 is now AED 3.02 per liter, and E-Plus now costs AED 2.95 per liter. Diesel prices also decreased, now costing AED 2.88 per liter, down from AED 3.07 in May.

#3- It’s that time of the year again — outdoor work will be limited: Outdoor workers will receive a midday break starting from 15 June to 15 September, the Human Resources and Emiratisation Ministry said in a statement. The directive prohibits outdoor work between 12:30 pm and 3:00 pm, with exceptions for essential sectors such as water, electricity, traffic management, and road work. Employers violating this rule will face fines starting at AED 5k for each worker, and up to AED 50k for multiple violations. Companies are also required to provide shaded areas and water to workers during the midday breaks.

SPORTS-

Shabab Al Ahli set a new record for the biggest victory in the Emirates Pro League after scoring 10 goals against a goalless Hatta yesterday, breaking Bani Yas’ record which was set in 2014 with a 7-0 victory against Fujairah.

WATCH THIS SPACE-

#1- Adnoc to keep M&A ball rolling: Abu Dhabi National Oil Company (Adnoc) has a “healthy” M&A pipeline, Adnoc’s chief investment officer and former Morgan Stanley banker Klaus Froehlich, who leads Adnoc’s international expansion plans, told Bloomberg in an interview, responding to speculations that Adnoc has halted its M&A activities. Adnoc withdrew its offer to acquire a USD 2.1 bn stake in Brazilian petrochemicals company Braskem last month and put a USD 2 bn takeover bid for NewMed on hold in March.

All is on track, Forehlich says: “Adnoc is executing on its plan and creating a portfolio of businesses across key verticals in gas, LNG, chemicals as well as renewables and little by little, the puzzle is now coming together,” Froehlich explained. “We are a big believer in gas and its future as a transition fuel. In order to optimize our LNG business today and to be a reliable supplier to our customers, we need to have positions globally,” according to Froehlich.

REMEMBER- The oil giant has been making acquisitions to expand its LNG business and diversify operations. Last month, Adnoc marked its first US acquisition, securing a minority stake in NextDecade’s LNG export project in Texas, along with a 20-year supply agreement. It also acquired a 10% stake in a natural gas project in Mozambique, and is mulling a stake acquisition in AmeriGas, the propane distribution unit of US utility holding company UGI Corp, as part of plans to diversify away from oil as well as a USD 800 mn transaction to acquire Shell’s downstream assets in South Africa.

No news on Covestro or Borouge: Covestro is “a great platform with a fantastic management team,” Froehlich said, declining to comment on the status of the stalled takeover discussions with the German chemicals company and the potential merger of their plastic unit Borouge with Austrian Borealis.

#2- RTA unveils AED 16.8 bn land transport strategy: Dubai’s Roads and Transport Authority (RTA) has unveiled a new roadmap that looks to boost the land transport and logistics sector’s contribution to Dubai’s economy to AED 16.8 bn, increase technology adoption by 75%, cut carbon emissions by 30%, and improve operational efficiency by 10%, according to a statement. The authority has identified 17 projects in its pipeline that include digitization, a heavy freight services platform, construction equipment rental services, road freight data centers, and updates to trucking fleets.

#3- Dubai Islamic Ins. Company (Aman) is set to offload its individual life ins. portfolio in 3Q 2024 as part of its plan to address its accumulated losses, which topped AED 149 mn as of 1Q of this year, the insurer said in a DFM disclosure (pdf). Pending approval from the CBUAE, Aman will then proceed to exit its remaining ins. portfolio and transition into an investment company.

Background: Aman’s board greenlit the plan (pdf) to sell its life ins. portfolio to Abu Dhabi National Takaful Company (ADNTC) in a transaction valued at AED 37.5 mn in June of last year.

#4- Boeing will take years to recover from its ongoing crisis, Emirates President Tim Clark told Bloomberg (watch, runtime: 18:35). “For me, this will be a five-year hiatus starting from now,” he said. He expressed doubt about Boeing’s ability to fully regain their production capacity across all aircraft models. The Boeing 777-9 model, of which Emirates has more than 100 orders, is running approximately five years behind schedule, and the airline has yet to receive a clear revised timeline from Boeing.

Boeing’s delays mean higher costs for Emirates: This delay has prompted Emirates to expand the retrofitting of its Boeing 777 fleet, resulting in a cost increase from USD 2 bn to USD 3.5 bn.

Emirates is cautious about ordering more Airbus A350s due to engine performance concerns, he added. “It’s a great plane,” he said regarding the A350 model. “But you’ve got to get it somewhere where you can put your hand on your heart,” he said.

Clark warns of rising airfare costs as aviation hubs grapple with surging demand for air travel, which is projected to potentially double in certain regions over the next decade, in an interview with CNBC. Clark expressed concerns about the persistent gap between available capacity and growing demand, anticipating a rise in ticket prices due to this imbalance in the near future.

HAPPENING THIS WEEK-

#1- Dubai Chamber to head to Senegal, Morocco: The Dubai International Chamber will kick off a trade mission to Senegal and Morocco from 3 to 7 June as part of its African roadshow aimed at promoting and expanding Dubai-based companies’ foothold in the continent, according to a statement. The trade mission’s agenda will include holding meetings between Dubai-based companies and their counterparts in Senegal and Morocco, with a focus on exploring collaboration, expansion strategies, and forging new partnerships and trade agreements.

#2- S&P Global will publish PMI figures for May next Wednesday. The non-oil sector continued to expand in April, though at a slightly slower pace due to the impacts of the storm.

#3- The World Air Transport Summit and International Air Transport Association (IATA) is holding its annual general meeting and the World Air Transport Summit until tomorrow. The event, hosted by Emirate Airlines, is being held in the UAE for the first time and brings together some 1.5k participants including industry leaders, government officials and media to discuss challenges facing the international aviation sector.

THE BIG STORY ABROAD-

It’s an unusually busy Monday morning, with a handful of stories fighting for a spot on the front pages.

IPO WATCH- Fast-fashion retailer Shein will soon file a prospectus with the UK’s Financial Conduct Authority ahead of its anticipated London IPO, which could value the company at over USD 64 bn. This is Shein’s second attempt at going public after it tried to make its debut in New York but faced regulatory hurdles due to its ties to Beijing. (FT | Reuters)

ELECTION SEASON is in full swing: Mexico could welcome its first female president. Mexicans headed to the polls yesterday to cast their ballots in a historic presidential race, with two female candidates in the lead — leftist former head of government of Mexico City Claudia Sheinbaum and conservative Xochitl Gálvez. Results should be announced shortly. (Reuters | CNN | AP)

ALSO- South Africa’s African National Congress is scrambling to conclude coalition talks and has a few “very difficult” days ahead, one political analyst told Sky News. As we noted yesterday, the ANC lost its parliamentary majority for the first time since the fall of white rule. President Cyril Ramaphosa called yesterday for unity and said he would not step down despite the loss at the polls, Politico reports.

AND- The US presidential elections are fast approaching and a Reuters poll breaks down where each of the leading candidates — Joe Biden and Donald Trump — stand among voters in comparison to this time four years ago, when they went head- to-head for the first time.

All this election talk got you overwhelmed? We have everything you need to know about the upcoming elections this year in an Enterprise Explains published late last year.

IN LOGISTICS- The economic fallout of ships diverting away from the Red Sea to avoid Houthi attacks is still receiving coverage, with Bloomberg’s daily supply chains newsletter — Supply Lines — dedicating yesterday’s issue to the topic.

Alef Education boosts retail offering in IPO

Abu Dhabi-based edtech firm Alef Education raised the number of shares offered to retail investors in its IPO to 140 mn, representing 10% of the offering — up from the initial 8% — on the back of strong investor demand, the company said in a statement (pdf). Alef narrowed the size of its institutional tranche to 90%, down from 92%, to accommodate the change.

About the offering: Alef shareholders Tech Nova Investment and Kryptonite Investments are selling a total of 1.4 bn shares — equivalent to 20% of its total share capital — on the ADX in Abu Dhabi’s first IPO of the year and the UAE’s third. The edtech firm set the price range between AED 1.30-1.35 per share, valuing the retail tranche between AED 182-189 mn, and putting it on course to raise as much as AED 1.89 bn.

No changes in the timeline: The book-building process began last Tuesday, 28 May, with the subscription period for retail investors set to conclude tomorrow. Institutional investors’ subscription period will wrap a day later on Wednesday. Shares are expected to begin trading on 12 June.

Advisors: FAB and EFG Hermes are acting as joint lead managers and joint bookrunners. FAB is also the listing advisor and lead receiving bank of the IPO, with Abu Dhabi Islamic Bank, Abu Dhabi Commercial Bank, and Al Maryah Community Bank acting as receiving banks.

More on Alef: Founded in Abu Dhabi in 2016, Alef’s flagship learning platform provides curated study plans for students using AI and machine learning tech, spanning several international markets, including the UAE, the US, Morocco and Indonesia.

REMEMBER- We have more IPOs in the pipeline: Etihad Airways and supermarket chain LuLu group have each tapped banks to advise on their planned IPOs on the ADX, while over on the DFM, construction firm Alec tapped advisors, and shisha producer Advanced Inhalation Rituals was said to be eyeing an IPO in 1H 2024. Amanat Holdings is looking to list either its education or healthcare unit, with reports that its healthcare unit could raise some USD 200 mn as soon as this year.

Opec+ extends supply cuts, granting the UAE a higher production quota for 2025

Opec+ cuts are here to stay for a while longer before unwinding: Opec+ decided to extend most of their crude oil production cuts well into 3Q 2024, according to a press release. The alliance will keep in place current production cuts of 3.66 mn barrels per day (bbl / d) until the end of this September, before beginning to “phase out the cuts of 2.2 mn bbl / d over the course of a year from October 2024 to September 2025,” Reuters reports. The group is scheduled to meet again on Sunday, 1 December 2024.

In context- Members of the group are currently slashing oil output by some 5.9 mn barrels per day, Reuters reports, in an effort to balance global oil markets and prop up prices against a backdrop of waning demand from China, and higher US shale production.

The UAE has also been granted a higher production quota of 3.5 mn barrels per day in 2025, up from the current 2.9 mn. This came despite the group pushing the deadline for an independent assessment of its members’ production capacities to November 2025 from this June, with the figures to be used as guidance for 2026 reference production levels.

REMEMBER- The UAE has been hoping to increase its capacity, and is on track to hit its 5 mn barrels per day (bbl / d) oil capacity target — originally set for 2027 — by the end of 2025 or early 2026.

Adnoc has ramped up drilling operations recently, drilling new wells in oil fields and connecting production sites to existing processing stations to squeeze out more deposits, the sources said. The oil giant raised its crude oil production capacity to 4.85 mn bbl / d from 4.65 mn bbl / d earlier this month. It also recently announced resumed operations at its Ras Al Sadr field in Abu Dhabi, and set up a JV to unlock “unconventional” energy resources in the emirate. Adnoc Gas also earmarked USD 13 bn over the next five years to expand in domestic and international markets, with plans to double its LNG production capacity by 2028.

This is aligned with what pundits had penciled in: Analysts speaking with Reuters and the New York Times had expected some or all of the cuts to be extended.

FAB and Yapi Kredi terminate takeover talks

FAB’s Yapi Kredi takeover hits a dead end: First Abu Dhabi Bank (FAB) will no longer be acquiring a stake in Turkey’s fourth-biggest private bank, Yapi Kredi, after Turkish industrial conglomerate Koc Holding terminated takeover discussions with the Emirati lender, stating that they “have not resulted in a conclusion,” Koc Holding said in a disclosure without mentioning FAB as the bidder. The talks reportedly fell through on the back of disagreements over pricing, Bloomberg reported earlier.

Background: FAB was thought to be on the verge of finalizing the talks to take a 61.2% stake in Yapi Kredi. Koc was reportedly seeking a higher price than what FAB was willing to offer, preventing the UAE’s biggest lender — which had been eyeing the stake since April — from conducting due diligence on the stake, according to Bloomberg.

FAB has been trying for a couple of years now to make a big move outside the UAE: The bank was weighing an offer of USD 35 bn for Standard Chartered last year and was trying to buy Egypt’s EFG Hermes in 2022. Both transactions fell through.

Market reax: Following the announcement, Yapi Kredi’s shares fell 5.6% to TRY 32.3 at Friday’s close, their lowest level since May 15, Bloomberg said.

SaaS platform Growdash raises AED 6.8 mn in seed funding round

Dubai-based SaaS platform Growdash secures AED 6.8 mn in a seed funding round, according to a press release. The funding was led by Oryx Fund, Hambro Perks’ Mena-focused VC, and Oraseya Capital, part of Dubai Integrated Economic Zones Authority. Abu Dhabi-based Hub71 also participated in the round, along with existing investors TPN Investments, and GCC Angels, and industry angels like AngelSpark, Mohamed Zourob, and Abdullah Mohamad.

Where the money’s going: “With our seed financing, we will accelerate our product roadmap, doubling-down on machine learning and building new, innovative features that align with our product methodology,” Growdash’s chief experience officer Enver Sorkun said.

Looking ahead: The company intends to launch its technology in restaurants in Saudi Arabia later in 2024 and to become a “first mover” in central eastern Europe.

About Growdash: Founded in 2022 by former Talabat employees Sean Trevaskis (LinkedIn) and Enver Sorkun (LinkedIn), the company has become a leading provider of restaurant analytics and business intelligence in the region, serving over 300 restaurant brands across 4k locations in the UAE, Kuwait, and Qatar.

The UAE has its eyes on becoming a “year-round” destination

Another quiet day in the foreign press: The only coverage of UAE in the foreign press worth noting is a Bloomberg piece on Dubai’s efforts to lure more visitors as it pivots from serving as a transfer hub to a “year-round destination,” as it launches a new tourist visa and spends “heavily” on the expansion of Al Maktoum International Airport, which will include a USD 35 bn new passenger terminal.

Adnoc awards minority stake in an Abu Dhabi concession to Azerbaijan’s Socar

ENERGY-

#1- Adnoc awards 3% stake in Abu Dhabi concession to Socar: The Abu Dhabi National Oil Company (Adnoc) awarded the State Oil Company of Azerbaijan Republic (Socar) a 3% participating stake in Adnoc’s Sarb and Umm Lulu concession for an undisclosed sum, according to a press release. This transaction marks Socar’s first upstream international investment. Following the acquisition, Adnoc now holds a 57% stake in the concession, while Austrian OMV and TotalEnergies each hold a 20% stake.

Adnoc and Socar are no strangers: Last year, Socar sold Adnoc a 30% stake in Absheron gas field in Azerbaijan. The two energy firms also signed an agreement to explore advancing blue hydrogen, carbon management, and geothermal tech that can accelerate the decarbonization of energy systems in the UAE, Azerbaijan, and other markets.

#2- Renewables giant Masdar has broken ground on its 250 MW Nur Bukhara solar plant with a 63 MW battery energy storage system (BESS) in Uzbekistan, the company stated on Friday. The project is the first of its kind in the Commonwealth of Independent States (CIS) — a regional intergovernmental organization in Eurasia — and is set to start commercial operations by the end of the year, according to Masdar’s website. Masdar secured USD 171 mn in financing for the project in May.

About the project: The project — which will stand as Central Asia’s first renewable power facility with a utility-scale battery storage system — plans to offset around 327k metric tons of CO2, generate around 585 GWh of energy annually, and power 75k houses.

MANUFACTURING-

#1- Emirates Global Aluminium (EGA) has inked a framework agreement with Aluminium Corporation of China (Chinalco) to jointly develop an alumina refinery in Guinea, according to a press release. Signed on the sidelines of the UAE-China Business & Investment Forum in Beijing, the agreement will see the two firms build the facility through a joint investment. EGA subsidiary Guinea Alumina Company (GAC) Director-General Youssef Sylla had revealed in February plans to set up a refinery with an annual capacity of 1 mn tonnes.

Not EGA’s first Guinea investment: EGA owns Guinea Alumina Corporation, a bauxite mine and export facility operator in Guinea.

#2- Acino to expand Dubai operations: ADQ-owned pharma firm Acino plans to expand its production capacity at its 1.3k sqm Dubai Science Park facility as well as its export footprint to GCC markets, Interim Head of Region, Middle East, Turkey, and Africa Mansoor Meenai told Gulf Business, highlighting that the pharma market is “experiencing continuous growth, ample investment, and a strong interest in local manufacturing.”

Acino has increased its annual production capacity to over 250 mn tablets and 87 mn capsules, aiming to secure a “continuous sustainability in terms of volume increases in manufacturing that is critical to a site here,” Meenai said.

REFRESHER- Acino was among the three ADQ-owned healthcare assets consolidated under Arcera, the sovereign wealth fund’s new Abu Dhabi-based life sciences holding company. Arcera plans to double its revenues over the next five years through strategic acquisitions and global partnerships.

SPACE-

AzurX + MBRIF to launch space startup accelerator: The Mohammed Bin Rashid Innovation Fund (MBRIF) has partnered with Dubai-based satellite services firm AzurX to attract global space startups to the UAE through a tailored six-month acceleration program, Wam reports. The program will support startups at various stages of development by helping them secure funding and facilitating networking with various UAE-based stakeholders.

TECH-

India’s Bajaj launches DIFC tech services hub: Bajaj Finserv Direct, a subsidiary of Indian financial services conglomerate Bajaj Finserv, has inaugurated its technology services center in the Dubai International Financial Centre (DIFC), as part of it expansion plan into the Middle East, according to a press release. The hub is set to offer scalable solutions, including enterprise applications, data engineering and analytics, gen-AI, and cloud services to key sectors such as financial services, retail, e-commerce, and government enterprises.

EVS-

Lucid expands into UAE: Saudi-backed EV maker Lucid Group has opened a new retail location in Dubai’s City Walk, its first in the UAE and second in the Middle East, and will soon inaugurate a service center in Dubai Investment Park, according to a press release.

LOGISTICS-

#1- Adani lands in African waters: UAE-based East Africa Gateway, a subsidiary of Indian port operator Adani Ports and Special Economic Zone (APSEZ), has signed a share purchase agreement to acquire 95% of Tanzania International Container Terminal Services for USD 39.5 mn from Hutchison Port Holdings and Harbors Investments, according to a statement on Friday. The acquisition is part of a 30-year concession agreement between Adani International Ports Holdings and Tanzania Port Authority to manage and operate Container Terminal 2 at Tanzania’s Dar es Salaam Port, the press release adds.

This marks Adani’s first container terminal in Africa, and the third international port acquisition, including Israel’s Haifa Port — which it purchased from the Israeli government in a USD 1.15 bn transaction last year — and a terminal currently being developed at Sri Lanka’s Colombo Port.

#2- DP World debuts “cars in containers” on Mexico-US route: DP World has designed a 53-foot intermodal container with racking systems to transport cars via rail from Mexico to the United States and Canada, according to a press release. The containers — which can take up to six vehicles — should enhance efficiency and reduce costs for original equipment manufacturers (OEMs) in Mexico.

The mechanisms: The service will load finished vehicles into containers directly at Mexican factories or specialized stuffing yards that are close to manufacturing hubs. The containers will then be transported into intermodal rail ramps and moved by rail to destinations including Los Angeles, Chicago, Detroit, and Toronto.

FOOD-

ADAFSA + FAO launch biosecurity index: The Abu Dhabi Agriculture and Food Safety Authority (ADAFSA) and the Food and Agriculture Organisation (FAO) have launched the Integrated Biosecurity Index (IBI), a tool that measures global food security and biosecurity, Wam reports. The IBI, which measures plant and animal health, food safety, and environmental protection, aims to improve biosecurity risk assessment for investors as well as foster international cooperation and knowledge sharing in biosecurity.

Aramco secondary offering sells out within hours

Aramco’s blockbuster secondary share sale was fully covered just “hours” after kicking off yesterday, Bloomberg reports, citing a document it saw. The oil giant’s offering met with sharp investor appetite and will see the transaction fully covered “within the price range,” Reuters reports, citing one of the banks working on the offering. Aramco had set a price range of SAR 26.70-29.00.

Remember: The oil giant is taking an additional 0.64% stake to market, or 1.5 bn ordinary shares, guiding on a price range of SAR 26.70-29.00 a piece, it said in a statement on Thursday. Institutional book-building continues until this Thursday, 6 June, according to a separate statement (pdf). The three-day subscription period for retail investors starts today and wraps this Wednesday for a minimum of 10 shares each with no upper limit.

What’s next: The final allocation of shares and the offering’s final price will both be announced on Friday, 7 June, and trading on the newly sold shares will begin next Sunday, 9 June. Excess subscription amounts will be returned on Tuesday, 11 June.

Advisors: SNB Capital is lead manager. HSBC, BofA, Citi, Goldman Sachs, JP Morgan, Morgan Stanley, Meryll Lynch, and SNB Capital will act as joint global coordinators, bookrunners and financial advisors. EFG Hermes KSA, Al Rajhi Capital, Riyad Capital, and Saudi Fransi Capital will act as domestic bookrunners. Meanwhile, M. Klein and Company and Moelis will act as independent financial advisors. Meryll Lynch will act as the stabilizing manager. White & Case will act as Aramco’s legal advisor. Pwc will act as auditor.

MARKETS THIS MORNING-

Asian markets are solidly in the green in early trading this morning. Of the major benchmarks we follow, only the Shanghai Composite is flat. US and European stock futures were up slightly overnight as western markets look forward to the first trading day in June. (Anybody else wondering where the first five months of the year went?)

ADX	8,863	+1.3% (YTD: -7.5%)
DFM	3,978	+0.2% (YTD: -2.0%)
Nasdaq Dubai UAE20	3345	+0.5% (YTD: -12.9%)
USD : AED CBUAE	Buy 3.67	Sell 3.67
EIBOR	5.1% o/n	5.4% 1 yr
Tadawul	11,625	+1.1% (YTD: -2.9%)
EGX30	26,870	-0.2% (YTD: +7.9%)
S&P 500	5,278	+0.8% (YTD: +10.6%)
FTSE 100	8,275	+0.5% (YTD: +8.8%)
Euro Stoxx 50	4,984	0.0% (YTD: +10.2%)
Brent crude	USD 81.11	-0.9%
Natural gas (Nymex)	USD 2.59	+0.6%
Gold	USD 2,346	-0.9%
BTC	USD 67,798	+0.1% (YTD: +60.3%)

THE CLOSING BELL-

The DFM rose 0.2% yesterday on turnover of AED 641.4 mn. The index is down 2% YTD.

In the green: Manazel (+12.9%), Eshraq (+6.0%) and EasyLease (+5.7%).

In the red: Abu Dhabi National Co. for Building Materials (-9.8%), Rapco Investment (-9.4%) and Ghitha Holdings (-3.3%).

Over on the ADX, the index rose 1.3% on turnover of AED 2.15 bn. Meanwhile, Nasdaq Dubai rose 0.5%.

CORPORATE ACTIONS-

Al Ansari Financial Services tapped Al Ramz Capital as a liquidity provider for its shares on DFM, Al Ramz said in a disclosure (pdf). Al Ansari and BHM Capital had agreed not to renew BHM’s contract as Al Ansar’s liquidity provider for another term past 28 June of this year.

UAE, China agree to boost defense and renewables cooperation

UAE + China to boost defense, energy cooperation: The UAE and China are set to bolster their cooperation in defense and security, focusing on enhancing the capabilities of their military personnel and security institutions, according to a joint statement. The two countries also plan to cooperate on crude oil reserves and encourage Emirati and Chinese companies to coordinate in the fields of renewable energy, oil, natural gas, petrochemicals, oil storage, hydrogen, and ammonia.

The two countries also agreed to explore joint nuclear energy projects, including the construction of nuclear power stations and advancement of nuclear research and development.

Enec signs nuclear energy MoU with China: The Emirates Nuclear Energy Corporation (Enec) and the Chinese National Nuclear Energy Corporation signed an MoU to cooperate on the “peaceful uses” of nuclear energy, building on previous initiatives between the two institutions, including a 2023 MoU signed during COP28. The collaboration should see developments in nuclear energy technology, promising research on fourth-generation reactors, hydrogen production technology, and the use of nuclear energy in water desalination.

ALSO- Etihad Airways and Beijing Daxing International Airport signed an agreement to increase cargo trips between the UAE and China as well as cooperate on technology initiatives to boost operational efficiency, Wam reported separately.

The two sides also agreed to set up a committee to boost investments between the countries, Wam said.

ICYMI- UAE and China inked several MoUs during President Sheikh Mohamed bin Zayed Al Nahyan’s two-day visit to Beijing to attend the Ministerial Meeting of the China-Arab States Cooperation Forum last week. The agreements spanned infrastructure and cooperation on the belt and road initiative, media, nuclear energy, maritime certifications, science and technology, intellectual property, tourism, investment, green development, cultural exchange, health, education, language education, and statistical cooperation.

Foreign Minister Sheikh Abdullah bin Zayed Al Nahyan met with his Singaporean counterpart Vivian Balakrishnan to discuss the strengthening of bilateral relations and comprehensive partnerships in economic, trade, investment, tourism, and education sectors, Wam reports. They also addressed regional and international issues, including the ongoing regional tensions and humanitarian efforts in Gaza.

OTHER DIPLOMACY NEWS-

Qatari Emir visits the UAE to discuss regional developments: Sheikh Tamim bin Hamad Al Thani met with President Sheikh Mohamed bin Zayed Al Nahyan in Abu Dhabi on Sunday, to review a number of regional and international issues, including the importance of ramping up efforts toward a ceasefire in Gaza. (Wam)
Foreign Minister Abdullah bin Zayed Al Nahyan chaired the inaugural BRICS Steering Committee meeting, held virtually. Al Nahyan reviewed the UAE’s role within the bloc and proposed strategies to bolster its participation, aiming to enhance coordination among all member states. (Wam)
The Foreign Minister praised US President Joe Biden’s proposals to end the War in Gaza during a call with US Secretary of State Antony Blinken. (Wam)

CALENDAR

MAY

28 May-4 June (Tuesday-Tuesday): Subscription period for retail investors for Alef Education’s IPO.

28 May-5 June (Tuesday-Wednesday): Subscription period for institutional investors for Alef Education’s IPO.

JUNE

1 June (Saturday): Deadline for TiE Women MENA Programme 2024 applications.

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.

5 June (Wednesday): Deadline for Sidara to resubmit or withdraw its takeover bid to John Wood Group.

3-7 June (Monday-Friday): Dubai International Chamber’s trade mission to Senegal and Morocco.

10 June (Monday) Alpha Dhabi holds shareholder vote on the sale of a 49% stake in Alpha Dhabi Construction to ADQ.

12 June (Wednesday): Alef Education shares begin trading.

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.

AUGUST

3 August (Saturday): UFC Fight Night, Etihad arena, Abu Dhabi.

21-22 August (Wednesday-Thursday): Dubai Business Forum in Beijing, China.

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

24-27 October (Thursday-Sunday): International Sports Medicine Conference, Dubai.

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 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.

Signposted to happen sometime in 2028:

Abu Dhabi to host the 47th Chess Olympiad

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