Alef Education debuts on the ADX in first Abu Dhabi IPO of the year

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WHAT WE’RE TRACKING TODAY

THIS MORNING: Alef Education debuts on the ADX in Abu Dhabi’s first IPO of the year

Good morning, friends, and happy hump day. The news is trudging along as we near the end of the week and the four-day Eid weekend, with a lot of activity on the M&A front.

THE BIG STORY here at home is Adnoc Drilling and Alpha Dhabi’s JV — Enersol — raising its stake in US oil engineering firm Gordon Technologies, with plans to make more acquisitions in 3Q 2024, EnterpriseAM UAE has learned.

PUBLIC SERVICE ANNOUNCEMENTS-

#1- Work permits and residency visas can now be processed in five days instead of 30 days, after the Human Resources and Emiratisation Ministry rolled out the second phase of its Work Bundle platform across all emirates, the authority said on X. The second phase of the initiative — which looks to streamline hiring processes for businesses and companies and facilitate work permit renewals by unifying essential employment and residency services onto a single platform — covers some 600k companies and over 7 mn workers.

#2- The Central Bank of the UAE is requiring banks to notify customers of their right to resort to its dispute resolution unit, Sanadak, Mubasher reports, citing a circular. The decision also requires ins. companies and any licensed financial institutions to inform customers in writing of their right to resort to the unit. Customers have three years to file a complaint without charge from the date of the incident.

ICYMI– The Central Bank launched Sanadak, a new ombudsman unit responsible for dispute resolution, in March. Consumers can now file claims against ins. companies and banks through Sanadak’s website or app.

#3- The deadline for submitting requests to redeem balances on e-AED cards is 30 June, the Finance Ministry said in an X post. Redeem requests can be submitted through the Ministry’s website.

#4- The Federal Tax Authority has issued a public clarification (pdf) on corporate tax registration timelines, available on its website. The clarification does not include amendments to the previous legislation effective since March, but clarifies tax registration application deadlines for taxable persons, including residents and non-residents, and registration requirements for juridical persons seeking exemption from the tax.

#5- Emirates can now apply for home loans via one entity, down from 11, after Dubai Ruler Sheikh Mohammed bin Rashid Al Maktoum approved the launch of the Manzili housing services bundle yesterday, Wam reports. The initiative — which offers 18 housing services and cuts back procedures for filing a loan request — looks to eliminate some 2k government processes and slash processing time by 50% within a year. Required approval documents for home loans have also been reduced from 10 to two documents.

PLUS- The Dubai Ruler also greenlit AED 1.68 bn in housing support under the Sheikh Zayed Housing Program, covering over 2.1k new homes for citizens, Dubai Ruler Sheikh Mohammed bin Rashid Al Maktoum said on X.

#6- The Sustainable Finance Working Group introduced new principles for sustainability-related disclosures for licensed financial institutions, covering ESG policies and procedures and transparency in reporting, according to a statement from the Securities and Commodities Authority. While SCA has signed off on the new principles, they have not yet been officially released.

WATCH THIS SPACE-

#1- e& optimistic about prospects of a PPF takeover despite EU probe: Telecoms giant e& plans to close the acquisition of Czech PPF Telecom Group’s assets in Eastern Europe this year, as it remains “fully committed to the transaction,” the telco said in a bourse filing (pdf) yesterday. e& noted that the European Commission’s probe into the takeover is merely a “procedural step,” which does not predetermine the investigation’s outcome, and that it will cooperate with the commission closely towards a conclusion for the probe.

ICYMI- The European Commission said on Monday that it had launched an investigation into e&’s bid to acquire PPF’s assets in its first anti-subsidy probe into foreign buyers. The commission claims the telecoms giant received state support — in the form of a guarantee and a loan from state banks — that impacted its position to acquire the company and hampers market competition. It will make a final decision on the takeover by 15 October.

Background: e& had agreed to acquire a 50% stake plus one share in PPF Group’s telecoms units in Bulgaria, Hungary, Serbia, and Slovakia for EUR 2.5 bn (AED 9.9 bn) last August. Bulgaria’s Competition Protection Commission greenlit e&’s acquisition of Bulgarian mobile operator Yettel Bulgaria and telecoms infrastructure provider Cetin Bulgaria from PPF Group in February as part of the transaction, with CEO Hatem Dowidar saying he expected to close the acquisition a few weeks later, following the receipt of final regulatory approvals.

#2- Germany’s Covestro is holding a supervisory board meeting today to discuss granting Adnoc due diligence, following a year of stalled negotiations, Bloomberg reports, citing people familiar with the matter. Adnoc could potentially raise its bid from the current EUR 60 per share, with Covestro angling for a EUR 1-2 bump. Due diligence would likely take place this month, with the revised bid expected to be made in July.

#3- The General Budget Committee discussed the draft general budget for 2025 within the 2022-2026 budget plan, instructing the preparation and submission of next year’s federal budget to the cabinet, Wam reports. The committee also reviewed this year’s current cashflow, financial position, and progress on the development projects completed over the past months.

DATA POINTS-

#1- The UAE ranked among the top 10 countries in sustainable construction, holding a total of 641 Leadership in Energy and Environmental Design (Leed) certified projects, according to the latest report (pdf) by project management services firm Stonehaven. Dubai took the lead in the Emirates’ sustainable construction efforts with 348 Leed-certified projects, followed by Ras Al Khaimah with 120 projects.

#2- Dubai International Airport expects to see over 3.7 mn guests pass through between 12 and 25 June, averaging daily traffic of 264k on the back of schools letting out for vacation, Wam reports. Some 287k guests are expected to flood the airport on 22 June alone.

#3- The World Bank reaffirmed its forecast for economic growth in the UAE for the next two years in its Global Economic Prospects report (pdf) that it sees the economy growing at a 3.9% clip in 2024 and 4.1% in 2025.

HAPPENING TODAY-

#1- The UAE and Azerbaijan’s Ministerial Experience Exchange Forum is on its final day today in Baku, Azerbaijan, as part of a strategic partnership inked in November 2022 to advance government knowledge exchange, Wam reports. The two-day forum will look to ramp up UAE-Azerbaijan relations in economic diversification and investment, environmental protection and green energy, education, health, social quality of life, and public service and innovation. State Minister for Government Development and Future Ohoud Al Roumi will be in attendance, alongside several other ministry officials.

#2- Alef Education’s shares will begin trading on the ADX today under the ticker AlefEdT. The IPO raised AED 1.89 bn, with over AED 74 bn in orders from local, regional and international investors.

THE BIG STORY ABROAD-

The global press’ attention is squarely focused on the ongoing courtroom drama that is US politics, with news that US President Joe Biden’s son Hunter was convicted for obtaining a gun by lying about his drug use dominating the front pages in the states and beyond. Some think the verdict could be a help, rather than a hindrance, to the Biden campaign, with the New York Times writing that the verdict undercuts a key Trump talking point — and fundraising pitch — about a rigged justice system.

MEANWHILE IN TECH NEWS- Apple’s AI collab with OpenAI already seems to be paying off, with Apple shares shooting up 7.3% on the Nasdaq by the end of trading yesterday after having fallen nearly 2% the day before.

The expected boost in iPhone sales could see Apple become the world’s largest company once again, with its market cap now sitting at USD 3.18 tn, just behind the world’s most valuable company Microsoft with USD 3.22 tn.

FROM THE FRONT LINES OF THE TRADE WAR- The US Treasury is turning up theheat on foreign financial institutions with ties to Russia with plans to expand its secondary sanctions on the country. Any foreign financial institutions involved with sanctioned Russian entities will now be treated as if it’s dealing with Russia’s military-industrial complex.

AND IN MARKET NEWS- OPEC is staying by its high demand forecast for the year despite a shaky start, pointing to an expected uptick in travel and tourism later in the year driving oil demand to 2.25 mn bbl/d this year in its latest monthly report (pdf). There remains no consensus on the outlook, with several holding contrarian views, particularly the International Energy Agency, which will release its own oil demand forecast today.

OIL WATCH-

The UAE is ramping up its oil purchases from neighboring oil exporters, after upgrading the Ruwais refinery, which has the capacity to process a wider variety of oil, Bloomberg reports. Abu Dhabi National Company (Adnoc) imported a second shipment of 1 mn Basrah heavy crude barrels from Iraq in May, which comes on the heels of its initial heavy oil delivery in April, according to Bloomberg tanker-tracking data.

The tanker Sypros also reportedly delivered oil from Saudi Arabia to the UAE in May, comprising a “rare shipment” of straight-run fuel oil that requires further processing at Adnoc’s upgraded refinery, sources familiar with the matter told Bloomberg.

Refresher- Adnoc plans to integrate new units at its Ruwais facility to process a diverse range of crudes, after completing maintenance, Bloomberg reported in April. The add-ons will allow the company to purchase cheaper barrels from other producers.

The nine OPEC members subject to supply quotas saw oil production climb to 21.6 mn barrels per day (bbl / d) in May, up from 21.5 mn bpd in the previous month, according to S&P Global. Total OPEC+ production increased to 26.75 mn bpd from 26.63 mn bpd during the period.

OPEC is staying by its high demand forecast for the year despite a shaky start, pointing to an expected uptick in travel and tourism later in the year driving oil demand to 2.25 mn bbl / d this year in its latest monthly report (pdf). There remains no consensus on the outlook, with several holding contrarian views, particularly the International Energy Agency, which will release its own oil demand forecast today.

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Adnoc Drilling, Alpha Dhabi JV to up stake in US tech firm

Enersol to buy USD 270 mn stake in Gordon: Enersol, a joint venture between Adnoc Drilling and Alpha Dhabi, is set to become a majority shareholder in US Gordon Technologies by raising its stake in the oil engineering firm in a USD 270 mn transaction, according to statement (pdf). Enersol will purchase an additional 42.2% stake, bringing the size of its stake to 67.2%.

What’s next? Enersol plans to pay about 80% of the additional stake upon closing, which will follow regulatory sign off, while the remaining 20% will be paid over the next two years, subject to meeting specific performance conditions, the companies said.

Gordon will soon launch domestic operations: Gordon has established its facility in Abu Dhabi, and is planning to kick off operations in the coming weeks. The US-based provider of measurement while drilling (MWD) technology obtained a commercial license from Abu Dhabi’s Department Of Economic Development in December last year to set up its business in the emirate.

Background: In January, Alpha Dhabi transferred its 25% stake in Gordon Technologies, valued at around USD 180 mn, to Enersol, marking the JV’s first investment.

About Enersol: Adnoc Drilling and Alpha Dhabi Holding formed the JV committing up to USD 1.5 bn for global investments in energy technology and the enhancement of tech-enabled energy services. Adnoc Drilling holds a 51% majority share in Enersol, while Alpha Dhabi holds the remaining 49%.

WATCH THIS SPACE- More Enersol acquisitions to come: Enersol is in the final stages of acquiring controlling stakes in three oilfield services technology companies specializing in the precision manufacturing, completion, and intervention segments, with the transactions expected to be finalized in 3Q 2024, Adnoc Drilling CFO Youssef Salem confirmed to EnterpriseAM UAE.

Enersol wants companies that can boost its diversification efforts: “A major driver of investment decisions will be the ability of those investments to support the UAE’s wider energy security ambitions, net zero agenda and ongoing economic diversification efforts,” the statement reads.

OTHER M&A NEWS-

Ras Al Khaimah White Cement to finalize stake sale next week: Ras Al Khaimah Co for White Cement ’s board has set a 24 June deadline for shareholders to sell their shares to Indian cement manufacturer Ultratech, in response to its bid to acquire a 31.6% stake in the company, the company said in a disclosure (pdf). Ras Al Khaimah Co for White Cement’s board of directors said it backs Ultratech’s offer and recommended it to shareholders on Monday.

Management will stay following the acquisition: Ultratech plans to maintain RAK White Cement’s current management structure, retaining “the skills and expertise of [the company’s] current senior management team on their existing terms.”

Refresher: Ultratech offered to purchase around 158 mn shares for AED 181.7 mn through its UAE-based subsidiary, UltraTech Cement Middle East Investments. UltraTech intends to expand the cement manufacturer’s operations locally and globally, and to introduce new products to Rak Cement’s production portfolio, such as wall care putty. The firm had acquired a 29.39% stake in Rak White Cement for USD 101 mn in 2022.

AND- Taqa pulls the plug on Naturgy takeover: Abu Dhabi’s Taqa will not proceed with the acquisition of Spanish gas producer and renewables player Naturgy after halting discussions with two of the utility’s largest shareholders, CVC Capital Partners and Global Infrastructure Partners (GIP), the energy firm said in a statement (pdf).

Taqa also confirmed that it has terminated talks with Criteria Caixa over a potential cooperation agreement to hold a stake in Naturgy.

ICYMI- Criteria Caixa said on Monday that talks with Taqa regarding a joint takeover have fallen through. The two companies were reportedly looking to “cooperate” on a potential acquisition. Criteria Caixa currently owns a 26.7% stake in the company.

BACKGROUND- Taqa disclosed in April that it was in discussions with the three shareholders to potentially acquire their stakes in the Spanish company. The acquisition was expected to meet resistance amid a rising wave of protectionism in the EU, which would have prompted the Spanish government to negotiate maintaining a stake.

Arada closes USD 400 mn sukuk

Sharjah’s largest developer Arada Developments closed a five-year USD 400 mn sukuk issuance, listing it on the London Stock Exchange and Nasdaq Dubai, state news agency Wam reports. The issuance was priced at par with a coupon of 8%, with a spread of 355 bps over US Treasuries — marking one of the highest price tightening from a real estate issuer in the GCC, according to the news agency. It was rated B1 by Moody’s and B+ by Fitch.

The issuance was 3.5x oversubscribed, drawing some USD 1.45 bn in orders from institutional investors, fund managers, high net worth individuals and banks in Europe, the Middle East and Asia, Wam said.

The proceeds will be used for general corporate purposes and to support its projects, as well as the management of existing bilateral funding.

This marks the developer’s second sukuk issuance, following its debut USD 359 mn issuance in 2022, and is the first under a new USD 1 bn sukuk program.

ADVISORS- Our friends at Mashreq, along with RAK Bank, Sharjah Islamic Bank, Kamco Invest, Arab Bank, and Warba Bank, acted as joint lead managers and bookrunners. Abu Dhabi Commercial Bank, Dubai Islamic Bank, Emirates NBD Capital, and Standard Chartered Bank were joint global coordinators.

Polynome Group plans to launch USD 100 mn AI startup fund

Tech company Polynome Group said it plans to set up a USD 100 mn AI startup fund on the sidelines of the Dubai Centre for AI Applications and National Program for AI’s AI Retreat, Wam reports. The company submitted an application to the Dubai Financial Services Authority, and is set to go live in 1Q 2025 once the authority has signed off on the proposed structure and investment strategy of the fund.

About the fund: The fund will target 40 tech, AI software, and robotics startups in seed, series A, and growth stages, over a five-year period. Investment tickets will range between USD 500k and USD 5 mn per company.

The fund will also offer investment advisory services and technical due diligence for startups, with a team of over 100 AI and machine learning experts, data scientists, natural language processing specialists, computer vision engineers, and mentors from leading global tech companies.

SPEAKING OF THE AI RETREAT- The inaugural event will not be a one-time thing: The AI Retreat will become an annual event, with the next iteration slated for 25 April, 2025, according to a media office statement.

**This story was amended to clarify that the company is awaiting sign-off from the DFSA before it launches in 2025.

99% of UAE companies face identity related security threats in the last year -CyberArk report

Around 99% of organizations in the UAE faced identity related security breaches at least once or twice within the last 12 months, according to CyberArk’s Threat Landscape EMEA Report 2024 (pdf). 99% faced two or more attacks during the same period, with the number one cause for cyberattacks being remote or hybrid work, according to the report. Increased use of on-premises and SaaS applications is the second most common cause of identity breaches, it said.

Phishing and vishing are the most common types of cyberattacks: Around 98% of UAE organizations have been breached due to phishing and vishing — voice phishing — attacks, with almost 51% of organizations facing negative impacts on their businesses due to breaches.

The good news: Some 81% of UAE companies have adopted cyberins. policies to mitigate risk, while 92% have automated their phishing analysis process, the report said. Some 56% plan to boost identity-related products or services by over 10% next year.

UAE workers know their way around a deepfake: Around 86% of C-level respondents in the UAE expressed confidence in their employees’ ability to identify deepfakes of their executives, compared to 74% of all other respondents in the EMEA region.

The UAE’s C-level respondents identified AI-powered malware as the top threat from AI tools in the next year, while others in the region identified AI-powered data poisoning as the primary concern.

Around 73% of respondents in the UAE suggest that up to half of all identities, including humans and machines, have access to sensitive data, highlighting the necessity to reassess their definition of “privileged users,” which provides specific users with the authority to perform security-related functions, according to the report.

Adopting cloud security services: Around 64% of organizations in the UAE currently use three or more cloud service providers, exceeding the EMEA average of 55%, with primary concerns revolving around data privacy and software vulnerabilities in cloud security, according to the report.

Emirati contech Tenderd closes USD 30 mn in funding round

Emirati contech Tenderd closes USD 30 mn in funding round: UAE-based contech startup Tenderd raised USD 30 mn in a series A funding round from both new and existing investors, according to a press release. The round was led by AP Moller Holding, and saw the participation of new investors, including Quadri Ventures and Saurya Prakash (Linkedin), and existing investors, including Aramco’s venture arm, Wa’ed Ventures, Nakhla Ventures, SOMA Capital, and Liquid 2 Ventures. Tenderd will use the funds to develop its technology and expand its global footprint.

About Tenderd: The company was founded in 2018 by Arjun Mohan (Linkedin), and offers customers AI-generated data analytics to optimize asset usage and lower emissions, specifically catering to heavy industries like construction, energy, and logistics. Tenderd’s current investors include Peter Thiel, Paul Graham, and Y Combinator.

Emirates NBD’s REIT’s net income dips in FY 2023/2024

Emirates NBD’s real estate investment trust’s (ENBD REIT) net income dipped slightly to USD 21 mn in its FY 2023-2024, which ended in March, factoring in non-cash valuation changes, according to a Nasdaq Dubai disclosure. Gross income jumped to USD 34.5 mn during the quarter, up from USD 31.3 mn last year. Its property portfolio value rose 4% to USD 384 mn during the year, driven by a 93% occupancy rate.

On the downside, net rental income fell 15% to USD 7.8 mn amid higher financing and operating costs, which offset revenue gains, the fund said.

What they said: “We expect further positive momentum in Dubai’s real estate market conditions with healthy demand for high-quality sustainable assets, despite the persistent high interest rate environment,” CEO Samir Kazi said.

The REIT is eyeing further improvements in value to shareholders within the next nine to 12 months, with the fund focusing on “enhancing the attractiveness of our properties to drive income and occupancy levels, [managing] our financing and other costs whilst improving the overall mix of the portfolio,” he added.

Dividends: The fund proposed a final dividend of USD 4 mn, bringing the total annual payout to USD 7.5 mn.

ALSO- Emirates REIT’s manager Equitativa Dubai will extend its USD 380 mn secured sukuk by one year, now maturing on 12 December 2025, according to a filing picked up by Zawya. The sukuk was originally issued in 2017 and refinanced in 2022 with a bondholder agreement.

Ithmaar Holding taps new CEO + Invest Bank CEO resigns

Ithmaar Holding appointed Maysan Almaskati (Linkedin) as its new CEO, overseeing its two wholly-owned subsidiaries, Ithmaar Bank and IB Capital, according to a DFM disclosure (pdf). Almaskati has over 24 years of investment banking experience, previously serving as Ithmaar Bank’s assistant general manager.

Invest Bank accepted the resignation of its CEO Ahmed Mohd Fawzi Abu Eideh, according to an ADX disclosure (pdf). The lender appointed an undisclosed member of its senior management to fill the position for the interim period, until it taps a new CEO.

The UAE will become a global AI heavyweight -AI minister

The UAE is poised to “become a heavyweight in AI in the years to come,” UAE AI and Digital Economy State Minister Omar Al Olama told Bloomberg (watch, runtime: 4:02). The UAE is a “preferred partner to produce semiconductors,” Al Olama said, citing its trading partnerships and safe political environment.

Al Olama also said US concerns over potential security threats that could come from moving advanced chip technology from the region to China are founded during the interview (watch, runtime: 3:12). The UAE has proven to be a “strategic partner” with the US, he added.

REMEMBER- The UAE is in line for big AI investments and exports from the US. Microsoft is investing some USD 1.5 bn in G42 to position the UAE as a “global AI hub,” and a “second phase” of the agreement could see the US tech giant exporting large-scale AI components from the US to the UAE, which will require licenses, we reported earlier. G42 has already cut ties with Chinese businesses in a bid to reportedly appease US partners, and there were suggestions it could also give up its use of Huawei telecom equipment.

Arabian Hills awards infrastructure contract for AED 22 bn project

REAL ESTATE-

#1- UAE-based Arabian Hills Real Estate Development awarded the infrastructure works contract for its AED 22 bn flagship residential project along the Dubai-Al Ain Road, Trade Arabia reports. The company inaugurated the gated community, which is set to comprise 14 phases, on Monday. The project is born out of a partnership with Ara Real Estate Development, who is tasked with managing and supervising all development activities.

#2- Dubai Asset Management partners with Emirates NBD to enable flexible payments: Dubai Asset Management (DAM), a residential leasing vertical of Dubai Holding Asset Management, partnered with Emirates NBD to facilitate flexible payment installment plans for rentals of their Dubai communities, according to a press release. The agreement will allow residents the flexibility to divide their rental payments across three, six, or 12 months with zero interest installment plans, with a credit limit ranging from AED 1k up to AED 150k.

TRANSPORT-

Bayanat and Imkan sign MoU to develop smart mobility infrastructure: Imkan properties signed an MoU with Bayanat to launch a smart mobility infrastructure project on SHA Island Emirates at AlJurf, Wam reports. The facility will be located between Abu Dhabi and Dubai, and will feature AI-enabled transportation and the SHA Wellness Clinic.

Who will do what: Imkan properties will develop the project’s physical structure, while Bayanat will provide the digital infrastructure responsible for the integration of autonomous driving, HD maps, and smart mobility solutions.

AVIATION-

Etihad Airways, EgyptAir add to codeshare agreement: Abu Dhabi carrier Etihad Airways and Egypt’s national airline EgyptAir inked an MoU to ramp up commercial and operational ties, Wam reports. The agreement will see the two carriers deepen their existing codeshare agreement to offer one-stop access for EgyptAir travelers to more destinations in Etihad’s network, including Asia and Australia, and cooperate in frequent flyer programs and joint marketing campaigns.

INFRASTRUCTURE-

Kleindienst to establish maritime facility in Ras Al Khaimah: Dubai-based property developer Kleindienst Group inked an MoU with maritime hub operator Rak Ports to set up a maritime facility in Ras Al Khaimah, according to a press release. The shipyard will comprise four sections, including a 144 m giga-yacht section, making Ras Al Khaimah the first in the GCC capable of constructing giga-yachts. Other sections will include a coral garden focusing on underwater living experiences, and tug and ferry sections for vessel construction. Kleindienst also plans to establish a maritime academy at the shipyard.

HEALTHCARE-

Abu Dhabi Crown Prince Sheikh Khaled bin Mohamed bin Zayed approved the launch of the Emirati Reference Genome Platform at a meeting of the Emirates Genome Council yesterday, Wam reports. The platform provides clinicians and researchers access to data from the Emirati Reference Genome Study, in a bid to ramp up their ability to identify genetic risk factors and develop personalized treatments. The crown prince also greenlit a framework to advance personalized and preventive medicine across the UAE.

Expectations of only one rate cut this year rise as the Fed wraps two-day meeting today

The US Federal Reserve is now expected to make one only interest rate cut this year, down from expectations of at least two or three rate cuts this year, amid persistent concerns about the lingering inflationary pressures, according to a new Financial Times-Chicago Booth economist poll. Over half of the 39 polled academic economists forecast a single 25-bps cut in 2024, while a quarter of the analysts anticipate no cuts at all. The forecast comes as the Fed wraps its two-day June meeting today.

With only four meetings left in the year, “rapid-fire” cuts in the current climate are unlikely, economists say. “The Fed’s narrative is going to be very similar to what we’ve been hearing: ‘We’ve made progress bringing down inflation; we’re not in a hurry to cut rates,’” Nathan Sheets, a former senior economist at the Fed, currently global chief economist at Citi, told the Associated Press.

The key data everyone is waiting for: US inflation figures will be out today, ahead of the Fed’s “dot plot,” which will set expectations for the rate cuts to come. Inflation fell to 3.4% in April.

When will the Fed deliver the cut? A third of the polled economists anticipate the Fed pulling the trigger on the first cut in September, the Fed’s final meeting before the presidential elections. Investors are also banking on the Fed to begin cutting rates in September as well, according to the CME FedWatch Tool.

Traders are already unwinding their positions on a rally following the meeting, as investors price in just one cut this year, Bloomberg reports. Yields on 10-year notes have also climbed near 4.48% earlier this week.

Economists’ optimism for a soft landing for the US economy has also increased, with 52% of FT’s poll respondents now predicting that the US will not fall into a recession until 2026 or beyond, compared to 46% in March.

ALSO ON PLANET FINANCE- Kuwait’s first IPO in two years: Beyout Investment Group has made its debut on the Boursa Kuwait, the bourse’s first in around two years, according to a press release (pdf). The company raised some USD 147 mn from taking a 30% stake to market. Our friends at EFG Hermes UAE were joint bookrunners and global coordinators on the offering alongside the National Investments Company.

MARKETS THIS MORNING-

Asian markets are once again mixed as investors mull inflation data out in China, as well as expectations of inflation data from India and the US later today. Hong Kong’s Hang Seng and Japan’s Nikkei both opened lower, while South Korea’s Kospi was up 0.45%. Wall Street futures are little changed as traders await the Fed’s decision today.

ADX	9,000	+0.0% (YTD: -6.0%)
DFM	4,009	+0.9% (YTD: -1.3%)
Nasdaq Dubai UAE20	3,380	+0.2% (YTD: -12.0%)
USD : AED CBUAE	Buy 3.67	Sell 3.67
EIBOR	5.1% o/n	5.5% 1 yr
TASI	11,775	-0.7% (YTD: -1.6%)
EGX30	26,082	+0.7% (YTD: +4.8%)
S&P 500	5,375	+0.3% (YTD: +12.7%)
FTSE 100	8,148	-1.0% (YTD: +5.4%)
Euro Stoxx 50	4,965	-1.0% (YTD: +9.8%)
Brent crude	USD 81.92	+0.4%
Natural gas (Nymex)	USD 3.11	-0.7%
Gold	USD 2,333.00	+0.3%
BTC	USD 67,298.30	-3.4% (YTD: +59.1%)

THE CLOSING BELL-

The ADX remained flat yesterday on turnover of AED 1.3 bn. The index is down 6.0% YTD.

In the green: PureHealth (+7.5%), Taqa (+7.2%) and National Bank of Umm Al Qaiwain (+5.6%).

In the red: Rapco Investment (-3.0%), Manazel (-2.6%) and Phoenix Group (-2.2%).

Over on the DFM, the index closed up 0.9% on turnover of AED 312.9 mn. Meanwhile Nasdaq Dubai closed up 0.2%.

CORPORATE ACTIONS-

Dubai Investments appointed xCube as the new liquidity provider for its shares on the Dubai Financial Market, effective yesterday, a company statement (pdf) reads.

BHM Capital carried out price stabilization mechanisms for Spinneys’ listed stocks on the DFM, according to a DFM disclosure (pdf). Spinneys had tapped BHM Capital as its price stabilization manager back in April, allowing the firm to conduct price stabilization transactions to prop up Spinneys’ share prices.

SOUND SMART- Price stabilizing mechanisms involve underwriters purchasing shares in the secondary market to manage volatility in share prices after an initial public offering or other transactions. Think of it as a really strategic share-buyback program run by a banker with the aim of helping a share perform better out of the gate. Share stabilization programs are typically time-limited and wrap up in a matter of weeks after a transaction.

UAE calls for a permanent ceasefire at emergency Gaza meeting in Jordan

The UAE reiterated its call for a permanent ceasefire and an end to the violence in Gaza, alongside unimpeded access to humanitarian aid and the establishment of a two-state solution and an independent Palestinian state, in a statement following the emergency Gaza meeting in Jordan, Wam reports.

Foreign Affairs Minister Abdullah bin Zayed Al Nahyan met with US Secretary of State Antony Blinken on the sidelines of the meeting in Jordan to discuss the prospects of a ceasefire, Wam reported separately. He also discussed the ceasefire with Qatari Prime Minister Mohammed bin Abdulrahman al Thani, as well as ways to boost bilateral cooperation, the news agency reported.

OTHER DIPLOMACY NEWS-

President Mohamed bin Zayed Al Nahyan discussed bilateral relations and cooperation with Azerbaijan’s Internal Affairs Minister Vilayat Eyvazov. (Wam)
Deputy Prime Minister and Interior Minister Sheikh Saif bin Zayed Al Nahyan also met with Eyvazov and his accompanying delegation, discussing ramping up cooperation in the security and policing sectors. (Wam)

CALENDAR

JUNE

11-12 June (Tuesday-Wednesday): Ministerial Experience Exchange Forum, Baku, Azerbaijan.

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.

24 June (Monday): The deadline for shareholders of Ras Al Khaimah White Cement to sell their shares to Ultratech.

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.

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.

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

OCTOBER

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.

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

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

29 October – 2 November (Tuesday-Saturday): Abu Dhabi Early Childhood Week, Abu Dhabi.

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.

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.

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.

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.
TBD: The Middle East Electric Vehicle Show, Expo Center Sharjah.

Signposted to happen sometime in 2028:

Abu Dhabi to host the 47th Chess Olympiad

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