BHM Capital to acquire Al Waqan, eyes IPO for real estate unit

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WHAT WE’RE TRACKING TODAY

THIS MORNING: Extended maternity leave in Abu Dhabi kicks in next month + Pakistan eyes more Middle East funding to plug financing gap

Good morning, wonderful people, and happy hump day. The news cycle has gone quiet in the final days of August, before conference season returns with a vengeance in September.

ALSO- Happy Emirati women’s day — we hope you get the chance to celebrate.

THE BIG STORY here at home is BHM Capital’s general assembly greenlighting the firm’s acquisition of Al Waqan Capital, making way for its capital increase and a potential listing of its real estate segment on the ADX.

Our friends at Mashreq launched a graduate program offering specialized, industry-specific training on different business units within the bank, including retail banking, audit, compliance, technology, legal, operations, risk management, and customer experience, according to a press release (pdf). The program, dubbed Pathfinders, will kick off in September, with on-the-job training within graduates' respective business units following after. Candidates will also participate in Mashreq’s Ethraa training program, designed in collaboration with the Emirates Institute of Finance.

How to apply: Mashreq recommends that graduates submit a minute-long video to nationalisation@mashreq.com outlining their educational history and career aspirations.

PUBLIC SERVICE ANNOUNCEMENT-

New extended maternity leave for Abu Dhabi mothers to kick in as of September: Working mothers in the private sector with children born on or after 1 September will be eligible for an extended maternity leave of 90 days under a new initiative by the Abu Dhabi Social Support Authority, according to the Abu Dhabi Media Office. Eligible Emirati mothers will also get the option of additional financial support, provided they apply within 30 days of delivery and hand over documentation, including a no-objection certificate from their employer. More details on application procedures will be revealed in September.

Background: Abu Dhabi Crown Prince Sheikh Khaled bin Mohamed bin Zayed Al Nahyan approved last month extending maternity leave for women employees in the private sector to 90 days from 60 under the Emirati Family Growth Program. The scheme also includes annual rental assistance and loan repayment deductions.

?️WEATHER- It’s looking like another foggy day in Dubai, with the mercury peaking at 42°C before dropping to an overnight low of 32°C. It’s more of the same in Abu Dhabi, which will see temperatures rise to 39°C before cooling to 32°C.

WATCH THIS SPACE-

#1- Mubadala-backed Fortress is out of the race for Paramount: Veteran media executive Edgar Bronfman Jr. withdrew his Fortress-backed USD 6 bn bid to take over Paramount Global, clearing the way for the US media firm Skydance’s USD 8 bn merger proposal, Reuters reports, citing a statement by Bronfman. Despite raising his bid to USD 6 bn bid, up from an initial USD 4.3 bn, and securing financing from Mubadala-backed Fortress Investment Group, Bronfman’s acquisition attempt fell through as some of the investors in his consortium were unable to raise the necessary equity. With Bronfman out, Skydance is set to close its merger with Paramount in 1H 2025.

Background:Mubadala-backed Fortress Investment was among the 19 entities Bronfman tapped to back his bid to acquire Paramount Global through National Amusements, which owns a controlling stake in Paramount. The initial USD 4.3 bn offer included 2.4 bn in debt and equity for National Amusements, as well as a USD 1.5 bn pledge to improve Paramount's balance sheet.

#2- Bank of Singapore is considering adding Dubai to its booking centers network, which currently includes Singapore and Hong Kong, Ranjit Khanna, head of private banking for Europe and the Middle East and CEO for Dubai hub at Bank of Singapore, told Reuters. The bank sees the Middle East making up 20% of its total revenue and private banking assets over the next three to five years.

What he said: Dubai has become a top destination for global m’naires post-covid on the back of favorable government policies, “ease of doing business, positive infrastructure, [and] golden visa regime,” Khanna noted.

The UAE saw an 8.9% jump as a booking center, posting the highest growth rate and ranking seventh largest booking center globally in 2023, according to Boston Consulting Group's Global Wealth Report (pdf). The strong growth — driven by 40% of the total inflows coming from Saudi Arabia and other Middle East markets in 2023 — positioned the UAE as a cross-border hub for Asia and Africa, supported by its close ties with China and increased international investment in luxury real estate.

#3- Pakistan looks to the Middle East for more financing to plug funding gap: Pakistan is eyeing raising up to USD 4 bn from Middle Eastern commercial banks by 2025 to plug its external financing gap, Jameel Ahmad, told Reuters. Pakistan previously obtained assurances from the UAE, Saudi Arabia, and China to roll over debt, with the latest assurance granted to USD 12 bn in debt earlier this month.

HAPPENING THIS WEEK-

#1- The UAE will attend Turkey’s Development Road Summit tomorrow to discuss the possible USD 20 bn project aimed at connecting the Iraqi port of Basra to the Persian Gulf to Turkey, Al Monitor reported, citing Turkish Transport Minister Abdulkadir Uraloglu’s Friday remarks. The quadripartite summit — which will also see the participation of Iraq and Qatar — will discuss the details of the project.

REMEMBER- The UAE, Iraq, Turkey, and Qatar signed a preliminary agreement back in April to work together on the Development Road project in Iraq, which aims to connect a significant commodities port on Iraq's southern coast — the Grand Faw Port — to Turkey's border via rail and road networks.

#2- Emirati cyclist Ahmed Al Badwawi and track and field athlete Maryam Al Zeyoudi will be among 14 athletes participating in the Paris 2024 Paralympic Games taking place starting tomorrow, Al Etihad News reported. Al Badwawi will be participating for the first time, while 2023 Asian Games athletics champion Al Zeyoudi will make her second appearance. The UAE is participating with 14 athletes in shooting, athletics, weightlifting, judo and cycling.

DATA POINTS-

#1- Arab countries accounted for 20%, or AED 280 bn, of UAE’s foreign trade in 1H 2024 which stood at an all-time high of almost AED 1.4 tn, on the back of an increase in non-oil exports, Al Bayan reported, citing the assistant undersecretary for international trade affairs at the Economy Ministry Juma Al Kait.

#2- Businesswomen currently account for 18% of UAE entrepreneurs, with 77.6% of women-owned businesses being led by females under the age of 40, Wam reported, citing a report by the Emirates Businesswomen Council. Women currently account for 34.6% of the workforce, up from 32.5% last year.

Emirati female entrepreneurs registered over 2k new businesses in 1H 2024, amounting to 22% of all new businesses registered during that period. These firms operate in the sectors of renewable energy, e-commerce, healthcare, artificial intelligence, and human resources management.

#3- The UAE topped the Middle East’s aviation market by seat capacity in August, with 7.6 mn seats available, up 8.7% y-o-y, according to OAG International’s data (pdf). The UAE accounted for 31.7% of the region’s total seat capacity, according to our math.

#4- Emirates National Oil Company (Enoc)’s subsidiary Dragon Oil’s has invested over USD 10 bn in developing oil production at the Çeleken concession in Turkmenistan, Dragon Oil’s Chairman Saeed Mohammed Al Tayer said during a meeting with Turkmen President Serdar Berdimuhamedov, according to a statement. Dragon’s investment in the field has boosted its production to a cumulative output of 447 mn barrels.

REMEMBER- Dragon Oil plans to develop three new offshore oil fields in Turkmenistan under an agreement signed with Turkmenistan’s national oil company Turkmennebit in January. The agreement will see the Emirati oil firm develop three fields within Block 19, near the Çeleken concession.

#5- The UAE ranked third globally for the adoption and integration of cryptocurrencies and blockchain, scoring 41.8 on British consultant company Henley and Partners’ Henley Crypto Adoption Index 2024. In a separate statement, the consultancy credited the country’s lack of capital gains tax or personal income tax on crypto holdings for individual investors as the reason for the high adoption.

#6- The Securities and Commodities Authority saw its assets under management rise to AED 35 bn, on the back of an 83% increase in licensed companies managing portfolios and investment funds this year, with 33 companies logged compared to 18 in January 2023, Wam reports. The authority has received 25 new applications from companies to start investment funds.

THE BIG STORY ABROAD-

Trump gets indicted, again: Former President and current presidential nominee Donald Trump was hit with a fresh indictment yesterday in the 2020 election case, as special counsel Jack Smith submitted a revised indictment accusing Trump of election subversion.

The new indictment was revised to remove parts of the case that would conflict with arecent Supreme Court ruling granting presidents immunity for “official acts” while in office, including allegations “related to an effort … to make the Justice Department support his false claims of voter fraud.” The ruling, in effect, granted Trump immunity from being indicted over colluding with Justice Department officials because communicating with the Justice Department would count towards his “core official duties.”

The fresh indictment was filed at the eleventh hour before the start of a 60-day window before presidential elections, in which the Justice Department has a policy of avoiding prosecution-related work that could influence an election.

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MARKET WATCH-

Goldman Sachs and Morgan Stanley have cut their crude outlook for 2025 to below USD 80 due to expectations of an increase in supply, with Goldman revising its forecast for Brent to USD 77 and Morgan Stanley seeing futures in the range of USD 75-78, Bloomberg reports, citing notes from the two investment banks. Morgan Stanley analysts expect the crude oil balance, which is currently in a deficit, to return to equilibrium by the end of the year before turning to a surplus next year.

REMEMBER- Opec+ plans to reverse supply cuts that it had put in place to support oil prices by October.

CIRCLE YOUR CALENDAR-

du’s annual tech event Envision will take place on 5 September at the Atlantis the Royal in Dubai, the Emirati telecom company said in a statement picked up by Zawya. The event will host policymakers and industry leaders to explore the use of 5G, cloud, AI, and data analytics across various sectors, including manufacturing, healthcare, education, real estate, banking, transport, and agriculture.

The International Government Communication Forum is scheduled to take place on 4-5 September at the Expo Centre in Sharjah. Held under the theme “Agile Governments, Innovative Communication,” the two-day event will gather government officials, media experts and professionals, and industry players to discuss and showcase strategies and tools for innovative communication to advance media policies across various sectors, Wam reports.

The PPP MENA Forum will take place on 10-11 September at the Jumeirah Emirates Towers in Dubai. Sponsored by the Abu Dhabi Investment Office, the two-day event will bring together senior policymakers, investors, and business executives from the UAE, Saudi Arabia, Kuwait, and Oman to discuss the latest financial and regulatory developments in PPP frameworks and explore means to advance PPP initiatives in the region.

The inaugural Dubai AI & Web3 Festival will be held on 11-12 September at Madinat Jumeirah. Organized by Dubai International Financial Centre (DIFC), the event will host over 100 exhibitors and will welcome some 5k tech industry experts and entrepreneurs to explore and discuss investment, collaboration and innovation in the tech sector.

An inaugural Gitex Digi Health 5.0 conference will take place from 11 to 12 September in Singapore, under a new partnership between Dubai-based tech and startup event Gitex and Medical Fair Asia, which is similarly set to kick off from 11 to 13 September in Singapore, according to a press release picked up by Zawya. The conference aims to advance digital health across Asia, covering topics including AI, telemedicine, digital health solutions, and the impact of emerging technologies on healthcare.

Event speakers will include representatives from Dubai Health Authority, Singapore's Health Ministry, UNICEF, and leading global health tech companies.

The Gulf-Azerbaijan Economic Forum will take place on 25-26 September at the Heydar Aliyev Exhibition Center in Baku, the Saudi Press Agency reported. The Federation of Gulf Chambers will host the event, which will be attended by government officials and politicians to discuss developing trade relations between the GCC countries and Azerbaijan. They will also delve into investment opportunities in food security and agriculture, renewable energy, logistics, and transportation.

The Connected Construction Conference will kick off on 30 October at the Museum of the Future in Dubai, welcoming leaders, decision-makers, and BIM specialists from the construction industry to spotlight new technological advancements. Conference host Trimble will reveal details on expanding its software portfolio for construction document management in the Middle East during the event, according to a press release picked up by Zawya.

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

BHM Capital’s shareholders authorize Al Waqan acquisition. Plus: IPO of real estate unit next year?

Dubai-based financial services firm BHM Capital’s shareholders approved and ratified the acquisition of Core International Holdings’ investment arm Al Waqan Capital through a share swap agreement that will see it increase its issued capital to AED 5.02 bn, up from AED 173.4 mn, according to a DFM disclosure (pdf).

We knew this was coming: BHM said it would approve the acquisition when its general assembly meets this month, after its board proposed the share swap earlier in August.

Part of plans to become a holdco + diversify its portfolio: BHM Capital acquired the company in a bid to diversify its assets and expand into real estate and education assets, as well as boost its market cap and transition into a holding company, BHM Capital CEO Abdel Hadi Al Sadi told CNBC Arabia in an interview (watch, runtime: 6:40). The acquisition of Al Waqan adds real estate and education assets to BHM’s portfolio and boosts the size of the portfolio to AED 10 bn, Al Sadi said.

And list new segments on the ADX: The company plans to list its real estate segment on the ADX in the final quarter of the year or 1Q 2025, Al Sa’di said, adding that the education segment will similarly go public on the DFM. BHM Capital also plans to expand its financial segment into Egypt and Bahrain, with expansion into Egypt expected by the end of the year.

OTHER M&A NEWS-

ADIA expands its Indian investments: The Abu Dhabi Investment Authority (ADIA) invested INR 379.5 mn (AED 16.61 mn) in Indian solar cell manufacturer Premier Energies as an anchor investor ahead of its IPO, acquiring a 4.5% stake in the company, according to a filing (pdf). ADIA acquired the shares at a share price of INR 450 (AED 19.7).

The IPO will close on 29 August with a price range of INR 427-450 (AED 18.69 to AED 19.7) per equity share with a face value of INR 1. Other major investors include the Nomura Funds Ireland – India Equity Fund and Norway’s Government Pension Fund Global.

REMEMBER- The wealth fund spent nearly AED 3.67 bn on its Indian portfolio in 1H 2024 across five transactions. The most notable transactions include a AED 5.51 bn investment made alongside US private equity firm KKR in Indian Reliance Retail's warehousing assets. It also entered a AED 881.52 mn quasi-equity agreement with Indian real estate development company Prestige, to develop residential projects worth AED 7.93 bn in India. Additionally, ADIA backed Indian retailer Purplle in a AED 440.76 mn funding round.

And there’s more to come: The sovereign wealth fund is also set to boost its holdings in the South Asian country with two anticipated investments, a 51% stake in Indian food brand Haldiram, valued at USD 4.76 bn, and a 10% stake in education loan provider HDFC Credila Financial Services. It’s also reportedly among the shortlisted bidders for the Indian government’s 23.15% stake in Indian telco Vodafone Idea.

Hodler, Gewan to set up USD 250-500 mn digital energy infrastructure fund

Hodler Investments + Gewan Holdings establish digital energy infrastructure fund: Dubai-based investment firm Hodler Investments and Abu Dhabi-based investment conglomerate Gewan Holdings are working to set up a closed-ended, USD 250-500 mn digital energy infrastructure (DEI) fund, according to a press release. The fund has already secured soft commitments and in-kind contributions from undisclosed lead investors, the statement said, without disclosing the exact amount of commitments it secured.

The fund has also secured offtake agreements with partners looking for connectivity and energy for mining and AI operations, with exclusive agreements worth some USD 300 mn from across the Middle East, Asia, Africa, North America, and Australia, the statement said.

What the fund is after: The DEI Fund will invest in a variety of income-generating, utility-like digital energy infrastructure projects, including power generation, data mining, blockchain, decentralized physical infrastructure, and AI. It will also allocate capital investments towards vertical technology startups operating fintech, decentralized finance, web3, or blockchain platforms and software. Projects will span across the digital energy value chain, including clean energy and power generation, and will aim to achieve zero emissions, the statement said.

The fund will also seek to acquire early to growth stage modern software tech companies that are active in digital infrastructure and software applications in the fields of fintech, AI, web3, and deFi, the statement added.

Who’s involved? Dubai International Financial Center (DIFC)-based asset manager Ento Capital Management will advise on, structure, and help establish and manage the DEI Fund alongside Hodler and Gewan.

Myco secures USD 10 mn Series A funding from multiple investors

Dubai-based Web3 streaming platform myco secured USD 10 mn in the initial closing of its series A funding round, according to a press release. The investment came from venture capital firms across MENA, North America, and Europe, including Daman Investments, Aptos Labs, B Digital, Mocha Ventures, Art3 Foundation, Ghaf Capital Partners, Mix Media Network, Factor6 Capital Partners, and Enjinstarter. Eighty-eight accredited investors also participated through investment platform Republic.com, along with several angel investors.

Where the money’s going: After recent expansions into North America and Egypt, myco is exploring additional strategic growth regions and plans to finalize a second closing of its series A by early 2025.

Myco recently partnered with Aptos Foundation to become its blockchain partner, and plans to relaunch its native token on the Aptos Blockchain in 4Q 2024. The startup also became profitable in the 2023-24 fiscal year, generating USD 7.5 mn in revenue.

About the startup: Founded by Umair Masoom (LinkedIn) and Somair Rizvi (LinkedIn) in 2021, myco is a content streaming platform which offers live sports, films, documentaries, influencer videos, and user-generated content.

Final trickles of earnings season

MAJID AL FUTTAIM-

Majid Al Futtaim saw its net income dip 6% y-o-y to AED 1.59 bn in 1H 2024, according to its financial statements (pdf). Revenues also declined 6% y-o-y during the six-month period to AED 16.73 bn.

The retail segment dragged down the performance: Majid Al Futtaim’s retail revenue fell 11% y-o-y to AED 11.61 bn on the back of “declining basket size resulting from dampened consumer sentiment following geopolitical conflict in the region and the impact of currency devaluation in Egypt and Kenya,” the conglomerate said in its earnings release.

The conglomerate’s property unit had a good half, with revenues climbing 9% y-o-y to AED 3.72 bn, which was attributed to growth in revenues from the group’s UAE shopping malls and the robust sales of the Tilal al Ghaf residential development, which raked in over USD 900 mn in gross sales, according to Majid Al Futttaim’s earnings presentation (pdf).

EMIRATES REIT-

Emirates REIT’s bottom line rose 37% in 1H: Emirates real estate investment trust (REIT) saw its net income increase 37% y-o-y in 1H 2024 to USD 63.5 mn on the back of portfolio fair value growth, according to the company’s earnings report (pdf). The REIT recorded USD 40.4 mn in total income from property, up 12% y-o-y, driven by growing occupancy levels and higher rates.

Emirates REIT’s profitability was dented by higher borrowing costs, with the company booking a loss of USD 1.5 bn in funds from operations in 1H 2024.

Looking ahead, the REIT aims to “achieve optimal capital structure and capital deployment and look to rationalize existing debts to move towards positive funds from operations,” by capitalizing on high occupancy rates across its portfolio, the firm's chairman Abdulla Al Hamli said.

WATCH THIS SPACE- Emirates REIT’s manager Equitativa is considering refinancing options to boost profitability, including a potential new sukuk issuance and divesting some of its assets, the company said. The move comes after the trust extended the maturity date of a USD 380 mn sukuk by one year in June.

ICYMI- Emirates REIT’s manager Equitativa redeemed USD 19.27 mn of the REIT’s USD 380 mn sukuk certificates earlier this month after selling the Trident Grand Mall, bringing its outstanding sukuk to USD 304.73 mn.

BINGHATTI-

Dubai-based real estate developer Binghatti Holding saw its net income nearly double to AED 667.5 mn in 1H 2024, according to its financials (pdf). Revenues for the same period increased 154.2% y-o-y to AED 2.19 bn.

Majid Al Futtaim Properties appoints John Rishton as acting chairman

Majid Al Futtaim Properties appointed non-executive director John Rishton as acting chairman, replacing Phillip Bowman, who stepped down from his position effective 8 August, according to a Nasdaq disclosure (pdf). Rishton was CEO of Rolls-Royce from 2011 to 2015, and he previously held the positions of CEO and CFO at Ahold and CFO at British Airways. He is currently chairman of Serco and Informa, and non-executive director at Unilever, according to the company website.

Al Ghurair Foods breaks ground on corn starch factory in Abu Dhabi’s Kezad

MANUFACTURING-

#1- Al Ghurair Foods broke ground on its corn starch factory in the Khalifa Economic Zones Abu Dhabi (Kezad), Wam reported. The factory’s output will include native and modified starches, glucose syrups, and maltodextrin, which are used in food and beverages, and pharma industries, among others. The facility’s initial capacity for corn processing will be 650 tons a day, with the potential of scaling it up to 1k tons.

#2- Gstar to set up solar manufacturing plant in the UAE: Singapore-based solar manufacturer Gstar Solar inked an MoU with a consortium comprising UAE-based investment firm Siraj Group, Galaxico and Stark Consulting, to build a 2 GW solar module assembly plant in the UAE, it said in a statement. Construction on the plant will kick off in November, with the move expected to drive Gstar's strategic presence in the Middle East, particularly in the UAE.

#3- Abundance to build a solar panels factory in Kezad: Abundance Solar Panels Industries secured a 50-year ground lease agreement with Khalifa Economic Zones Abu Dhabi (Kezad) to build a AED 55 mn solar panels factory in Area A (Al Ma'mourah), according to a statement from Kezad. The plant’s capacity was not disclosed.

ENERGY-

Adnoc is deploying its AI-powered process optimization platform Neuron 5 across all its facilities, following a successful pilot phase where the system was tested in some of the company’s onshore and gas facilities, a statement from Adnoc showed. The pilot phase results showed that the system could reduce unplanned shutdowns by 50% and improve planned maintenance intervals by 20%.

About Neuron 5: The predictive maintenance platform uses AI to monitor the performance of critical equipment and boost its operational efficiency, reducing the need for manual inspections.

AVIATION-

Flynas gears up to add five new routes to the UAE: Saudi budget airline Flynas is introducing five new routes connecting Riyadh, Madinah, and Jeddah to Dubai, Abu Dhabi, and Sharjah next month, according to a statement from the carrier. The routes include flights from King Khalid International Airport in Riyadh to Dubai; King Abdulaziz International Airport in Jeddah to Abu Dhabi and Sharjah; and Prince Mohammad bin Abdulaziz International Airport in Madinah to Sharjah, kicking off on 1 September. A route from the Madinah airport to Abu Dhabi will launch on 2 September.

The expansion will increase the number of routes between the two countries to nine, from four currently.

INFRASTRUCTURE-

Sharjah is upgrading its road network: The Sharjah Executive Council (SEC) greenlit several infrastructure projects, collectively worth AED 111.6 mn, Wam reports. The projects include:

Paving internal roads in Al Qarayen 3 and 5 areas, at costs of AED 34.2 mn and AED 12.4 mn;
Developing Martyr Sultan bin Mohammed bin Howaiden Street in Al Dhaid to extend 7.2 km from Al Hisn Square to Washah Square, at a total cost of AED 65 mn.

The council also approved setting up a camel market in Al Dhaid to support economic growth and help preserve the region’s social heritage.

BANKING-

Mbank streamlines account opening for businesses in Rakez: Emirati digital bank Al Maryah Community Bank (Mbank) signed an MoU with Ras Al Khaimah Economic Zone (Rakez) to facilitate account opening procedures for businesses operating in Rakez, Wam reported.

REGULATION-

DIFC to work with other regulatory authorities on data security regulations: Dubai International Financial Centre (DIFC) was inducted into the Global Cross-Border Privacy Rules (CBPR) Forum by the Global Forum Assembly (GFA) as an associate member, becoming the first in the Middle East to be granted this status, it said in a statement. The new status will allow the DIFC to cooperate with other regulatory authorities on regulations around flows, the statement said.

ICYMI- The financial center was accepted as a participant in the Global Cooperation Arrangement for Privacy Enforcement (CAPE) in April.

EDUCATION-

Trends to offer Geneva School-accredited programs under a new partnership: The Trends International Training Institute, a subsidiary of Trends Research and Advisory, partnered with the Geneva School of Diplomacy and International Relations to launch training programs accredited by the Swiss school, Wam reported.

The programs offered under the partnership include the Certificate of International Relations and the Certificate of Advanced Studies in International Relations. The partnership will also see both sides collaborate on developing joint research programs and publishing specialized academic papers.

SUSTAINABILITY-

Dubai launches ESG label for businesses: Businesses and organizations that have been established for at least two years can now apply for the new environmental, social, and governance (ESG) label launched by the Dubai Chamber of Commerce, according to a statement from the chamber. The label indicates a commitment to local and international ESG practices.

LOGISTICS-

#1- Eanan wraps up flight test for its heavy cargo drone: Dubai-based air mobility solutions firm Eanan completed the test flight for its heavy cargo drone Rikaz, a statement from the company showed. The all-electric vertical take-off and landing (VTOL) drone has a maximum payload capacity of 200 kg.

#2- Dubai inches closer to launching drone delivery service: The Dubai Municipality wrapped up the second phase of the drone delivery project Dubai Horizons, it said in a post on X. This phase aimed to introduce a low-altitude airspace requirement into building regulations, build 3D geographic information systems (GIS) for vertical airport sites analysis, and improve the universal transverse mercator (UTM) coordinate system for the city.

About the project: The project, whose first phase was completed last year, seeks to create a complete infrastructure for drone systems in Dubai.

INVESTMENT-

Aurem receives ADGM license: Aurem, the UAE’s first unified workplace wealth and benefits technology platform, was licensed by the Financial Services Regulatory Authority (FSRA) of Abu Dhabi Global Market (ADGM) yesterday, according to a statement from ADGM. Aurem obtained a license allowing it to conduct regulated investment service activities, facilitate transactions involving various financial products, and operate investment platforms.

CRYPTO-

CoinDCX expands its UAE presence: Okto, a self-custodial wallet under India’s first crypto unicorn, is set to offer its services in the UAE, after securing an operational license from the Ras Al Khaimah Digital Assets Oasis, Coin Telegraph reports. Okto is the first Web3 wallet to bag this license in the RAK digital assets oasis freezone.

Refresher: Last month, CoinDCX acquired 100% of Dubai-based platform BitOasis for an undisclosed sum. CoinDCX had already invested an undisclosed sum in the crypto firm in August 2023.

EVs-

Loop Global sets up shop in Abu Dhabi: US-based electric vehicle (EV) charging solutions provider Loop Global opened a regional office in Abu Dhabi, aiming “to use Abu Dhabi as a base for [its] regional expansion,” according to an Abu Dhabi SME hub statement. The company — which is backed by ADX-listed Agility Global — plans to hire locally, and potentially establish manufacturing and R&D activities in the emirate.

Retailer Temu’s parent company sees stocks crash in latest warning over struggling Chinese economy

It’s not been a good week for Temu parent company PDD Holdings: Chinese fast fashion retailer Temu’s parent company PDD Holdings saw its shares fall by a whopping 29% during Monday trading on the Nasdaq — its biggest fall on record that saw its market value dip by some USD 55 bn. Things didn’t get much better for the company yesterday either, with its stock value falling another 4.1% by the end of trading.

The trigger: The company’s results for the second quarter of the year fell short of market expectations. The company recorded revenues of CNY 97.1 bn — up 86% y-o-y, but below Wall Street forecasts of CNY 100 bn. The crash came as a shock to global investors, as the company’s long-standing low-pricing strategy was expected to appeal to cost conscious consumers amid ongoing volatility and slowing Chinese consumption.

The results are “the latest in a series of red flags” in the Chinese economy, Bloomberg writes, pointing to disappointing earnings from a number of Chinese conglomerates over the last period that have also suffered from weak consumer demand in the world’s second largest economy. The “big issue” is the weakness of domestic consumer demand, Robeco Hong Kong’s Joshua Crabb told Bloomberg. “The read-across for competition and a weak consumer will be negative for sure.”

But the volume of the sell-offs may represent an overreaction: The size of the drop in shares was “too much of a correction,” CNBC quotes China Market Research Group Managing Director Shaun Rein as saying. Rein added that now would be a good time for investors to buy into the stock, emphasizing that the panic was “overblown.”

This comes at a crucial time for China, which is expected to see its first yearly outflow from its bourse since 2016 as overseas fund flows continue to exit the market. The country’s benchmark CSI 300 is down 3.7% for 2024 and is at risk of extending losses into a record fourth consecutive year.

MARKETS THIS MORNING-

Asian markers are in the red during early trading this morning, with traders eagerly awaiting Nvidia releasing its much anticipated earnings later today. Korea’s Kospi is down 0.5%, China’s Hang Seng is down 0.3%, and Japan’s Nikkei is down 0.2%.

ADX	9,334	-0.2% (YTD: -2.6%)
DFM	4,343	+0.4% (YTD: +7.0%)
Nasdaq Dubai UAE20	3,773	+0.2% (YTD: -1.8%)
USD : AED CBUAE	Buy 3.67	Sell 3.67
EIBOR	5.0% o/n	4.5% 1 yr
TASI	12,182	-0.6% (YTD: +1.8%)
EGX30	30,363	+0.8% (YTD: +22.0%)
S&P 500	5,626	+0.2% (YTD: +18.0%)
FTSE 100	8,345	+0.2% (YTD: +7.9%)
Euro Stoxx 50	4,899	0.0% (YTD: +19.5%)
Brent crude	USD 79.55	-2.3%
Natural gas (Nymex)	USD 1.92	+1.1%
Gold	USD 2,560.10	+0.2%
BTC	USD 61,878.50	-2.5% (YTD: +46.5%

THE CLOSING BELL-

The ADX fell 0.2% yesterday on turnover of AED 851.33 mn. The index is down 2.6% YTD.

In the green: Finance House (+4.8%), E7 Group (+3.8%) and Fujairah Cement Industries (+3.7%).

In the red: Apex Investment (-3.8%), Hayah Insurance Company (-3.0%) and Al Khaleej Investment (-2.3%).

Over on the DFM, the index rose 0.4% on turnover of 406.62 mn. Meanwhile, Nasdaq Dubai rose 0.2%

CALENDAR

AUGUST

28 August (Wednesday): Emirati Women and Future-Making conference.

SEPTEMBER

31 August - 8 September (Saturday-Sunday): Abu Dhabi International Hunting and Equestrian Exhibition (ADIHEX), Adnec Centre, Abu Dhabi.

4-5 September (Wednesday-Thursday): 2024 International Government Communication Forum, Expo Centre Sharjah, Sharjah.

5 September (Thursday): du’s Envision, Atlantis the Royal, Dubai.

5 September (Thursday): Deadline to apply for the sixth edition of Access Sharjah Challenge.

5 September (Thursday): Deadline to apply for Dubai Future Academy’s FEEL: A Disruptive Futures Program.

7-8 September (Saturday-Sunday): Binous Classic Bodybuilding Championship, DWTC, Dubai.

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

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

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

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

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

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

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

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

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

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

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

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

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

25-26 September (Wednesday-Thursday): Green Steel Summit, Dubai, UAE.

25-26 September (Wednesday-Thursday): Global Aerospace Summit, Abu Dhabi, UAE.

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

30 September (Monday): Dubai Podfest, World Trade Center, Dubai.

OCTOBER

1-3 October (Tuesday-Thursday): Water, Energy and Environment Technology Exhibition, Dubai.

2-3 October (Wednesday-Thursday): The World Green Economy Summit, World Trade Center Dubai.

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

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

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

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

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

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

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

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

15 October (Tuesday): Deadline for the European Commission to make a decision on its probe into e&’s acquisition of PPF’s Eastern European assets.

21-22 October (Monday-Tuesday): Port Development MEA Forum, Dubai.

21-22 October (Monday-Tuesday): Roads, Bridges, Tunnels MENA Conference, Dubai.

21-22 October (Monday-Tuesday): The Alternative Investment Summit, Dubai.

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

26 October (Saturday): UFC 308: TOPURIA vs HOLLOWAY, Etihad Arena, Abu Dhabi.

26-27 October (Saturday-Sunday): International Conference on Tourism, Transport, and Logistics, Dubai.

28-29 October (Monday-Tuesday): MENA Climate Proof Forum, Dubai.

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

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

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

NOVEMBER

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Signposted to happen ahead of ADIPEC:

Changemakers Majlis, Abu Dhabi.

DECEMBER

2-3 December (Monday-Tuesday): National Day, public holiday.

5-8 December (Thursday-Sunday): Formula 1 Etihad Airways Abu Dhabi Grand Prix, Yas Marina Circuit.

8-12 December (Sunday-Thursday): International Desalination and Reuse Association World Congress, Adnec Centre Abu Dhabi.

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

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

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

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

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

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

Signposted to happen sometime in December:

UAE-China Summit, Abu Dhabi.

JANUARY 2025

1 January (Wednesday): ADGM to slash licensing fees for retail and non-financial firms, and hike fees for finance firms.

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

FEBRUARY 2025

24-25 February (Monday-Tuesday): 3rd World Passenger Experience Forum, Dubai.

24-26 February (Monday-Wednesday): Connecting Hydrogen MENA, Dubai.

Signposted to happen sometime in 1Q 2025:

The first eight fronds of the Palm Jebel Ali will be site-ready, allowing for the commencement of villa infrastructure and civil works.

APRIL 2025

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

Signposted to happen sometime in April:

Abu Dhabi Autonomous Racing League, Yas Marina Circuit in Abu Dhabi

MAY 2025

6-7 May (Tuesday-Wednesday): Global Ports Forum, Dubai.

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

JUNE 2025

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

OCTOBER 2025

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

Signposted to happen sometime in 2025:

TBD: The Middle East Electric Vehicle Show, Expo Center Sharjah.
TBD: e& will complete Adnoc’s private 5G network.

Signposted to happen sometime in the fall of 2025:

2025 Games of the Future, Dubai.

Signposted to happen sometime in 2026:

The UAE to host the Arab Competition Forum

Signposted to happen sometime in 2028:

Abu Dhabi to host the Chess Olympiad.

Signposted to happen sometime in 2029:

Dubai to host the International Conference on Computer Vision.

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