Bumper hedge fund debut expected next month

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WHAT WE’RE TRACKING TODAY

THIS MORNING: ADGM publishes draft regulations for stablecoins + UAE mulling the acquisition of HSBC’s South African unit?

Good morning, friends. The news cycle has picked up since we last wrote to you, with a lot more startup news and activity in the finance sector. Plus: we have fresh data on the top 10 banks’ financial performance in 2Q 2024.

HAPPENING TODAY-

#1- The World ESG Summit kicked off yesterday and runs until today at Dusit Thani in Dubai. The two-day business conference will gather public and private sector players from key sectors like energy, utilities finance, and manufacturing to explore ESG integration across all industries.

#2- The Dubai Chambers will host the Dubai Business Forum in Beijing, China today and tomorrow. The event will gather over 50 Dubai-based companies and 350 Chinese firms to explore potential investments in sectors like green tech, AI, healthcare, and renewable energy, president and CEO of Dubai Chambers Mohammad Ali Rashed Lootah told the National.

#3- Rex Fuels will host the Global Bitumen, Petrochemicals & Petroproducts Conference at the JW Marriott Marquis Hotel in Dubai today and tomorrow. The conference will bring together bitumen and petroleum producers, suppliers, and traders, to network and discuss trends and challenges in the industry.

PUBLIC SERVICE ANNOUNCEMENTS-

Abu Dhabi tenants now have a rental index: The Abu Dhabi Real Estate Centre, Abu Dhabi’s real estate watchdog, has rolled out its official rental index, providing indicative quarterly rental pricing and data on residential, commercial, and industrial properties in the emirate, according to a statement.

WATCH THIS SPACE-

#1- Is the UAE eyeing HSBC’s South Africa unit? HSBC is considering selling its South African assets, with potential bidders including banks from Africa, the UAE, and China, Bloomberg reported, citing people it says are familiar with the matter. The plan comes as the bank shifts its focus to the Asian market. The details on the transaction have yet to be finalized, sources said.

IN CONTEXT- HSBC has been cutting costs down and simplifying its operations under its new CEO Georges Elhedery. The bank has been making a push in the region, recently hiring 100 bankers to grow its private banking business in the UAE, Saudi Arabia, and Qatar.

#2- Abu Dhabi proposes draft regulations for stablecoins: The Financial Services Regulatory Authority (FSRA) of Abu Dhabi Global Market issued a consultation paper (pdf) proposing new rules to allow the issuance of fiat-referenced tokens, also known as stablecoins, according to a statement from the financial center. Feedback on the proposal is open until 3 October 2024.

SOUND SMART- FRTs are a type of stablecoin whose value is pegged to a traditional fiat currency.

REMEMBER– The Dubai Financial Services Authority recently eased regulations around unrecognized crypto tokens and stablecoins, while the Central Bank of the UAE’s board greenlit the introduction of a licensing and regulatory system for stable cryptocurrencies. UAE-based Paxos International, an affiliate of Paxos, launched a yield-bearing stablecoin regulated by the ADGM’s FSRA in June, offering holders daily yield from US securities and cash equivalents. USDL will offer holders an annual yield of approximately 5%, Bloomberg writes

#3- The Women’s T20 World Cup will take place in the UAE instead of Bangladesh on 3-20 October, following recent political turmoil and violence in Bangladesh, according to a statement from the International Cricket Council. The world cricket’s governing body cited travel advisories from several participating countries as reasons for the relocation of the event, which is scheduled from 3-20 October. Bangladesh will retain hosting rights for future ICC events, the ICC said.

ICYMI- Bangladeshi Prime Minister Sheikh Hasina fled to India earlier this month after stepping down following weeks of violent anti-government demonstrations.

DATA POINTS-

#1- Dubai’s Burj Khalifa area has reeled in AED 11.2 bn in sales since the start of 2024, with over 2.6k transactions for residential units and land, Al Bayan reports. Ready sales of residential units comprised the lion’s share of total sales at 65.3%, collectively pooling AED 7.19 bn across 1.8k transactions. Meanwhile, off-plan sales made up 34.7% of total sales with some 775 transactions worth a collective AED 3.82 bn.

Units got more expensive: The average price per sqft for residential apartments in the area rose to over AED 3.3k as of July, marking the highest in Dubai, driven by heightened demand for luxury properties in the area. A standard apartment in the area is now priced at AED 3.1 mn, up 17.9% y-o-y.

#2- Airports in the UAE saw passenger traffic increase 14.2% y-o-y in 1H 2024 to 71.8 mn passengers, Wam reports. Transits accounted for 30.4 mn of passengers, while departures accounted for 21.1 mn, and arrivals made up 20.3 mn. Air traffic movements rose 11.8% y-o-y to 499.8k during 1H.

Meanwhile, air cargo traffic stood at 2.2 mn tonnes, comprising 528.4k tonnes of imports, 245.2k tonnes of exports, and 1.4 mn tonnes of transit cargo. National carriers handled 68% of the cargo.

More growth ahead? “The GCAA is working with federal and local partners, as well as national carriers, to explore and develop cooperative relationships in air transport,” focusing on both existing markets and entering new markets, General Civil Aviation Authority Director-General Saif Al Suwaidi said. The authority has inked air transport agreements with over 90% of the world’s countries.

THE BIG STORY ABROAD-

The US is reminiscing about 2008: Former US President Barack Obama took the stage at the Democratic National Convention (DNC) in his hometown of Chicago just a few minutes before we hit “send” on this morning’s issue, as he endorses Democratic nominee Kamala Harris. Some are drawing parallels between Obama’s “hard-fought” presidential election bid in 2008, “with party faithfuls hoping that Harris’ race against Donald Trump will assemble the same broad coalition that could deliver a commanding win.” The story is emblazoned across the front pages everywhere in the international press this morning (Reuters | Bloomberg | Politico | Financial Times | Wall Street Journal | New York Times | Washington Post)

MEANWHILE- US Secretary of State Antony Blinken wrapped up his tour of the Middle East without clearly securing a ceasefire agreement between Hamas and Israel. Blinken, who was in Cairo and Doha yesterday, secured Israeli Prime Minister Benjamin Netanyahu’s agreement to a bridge proposal that would ensure a ceasefire in Gaza, but Hamas has yet to formally accept or reject the terms of the proposal. Ceasefire talks are still scheduled to happen in Egypt this week, although it remains unclear when. (Reuters | Bloomberg)

AND- Morgan Stanley International Chairman Jonathan Bloomer and British tech b’naire Mike Lynch are both missing and presumed to be dead after a yacht hit a storm and sank off the coast of Italy earlier this week. Four others onboard the yacht are also missing, while one — a chef on board the yacht — was found dead, and 15 passengers were rescued. (CNBC | Financial Times)

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CIRCLE YOUR CALENDAR-

The inaugural Dubai AI & Web3 Festival will take place on 11 and 12 September at Madinat Jumeirah, according to a statement from Dubai International Financial Centre (DIFC). The festival, which is organized by DIFC’s Dubai AI Campus, aims to spotlight AI’s role in driving economic development, focusing on global economics, generative AI, funding trends, and benefits for public and private sectors. It will feature a pitch competition for startups, dubbed FutureTech World Cup, offering startups licensing support, mentorship, and global exposure.

On the invite list: Over 5k tech experts, decision-makers, and innovators, as well as 500 investors and 100 exhibitors from over 100 countries. Leading figures from over 20 global unicorns and 20 government ministries and enterprises will also participate as speakers.

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

The UAE’s top 10 banks’ net income rose to AED 21.5 bn in 2Q 2024

The combined net income of the UAE’s top 10 listed lenders grew 2.9% q-o-q to AED 21.5 bn in 2Q 2024, according to Dubai-based management consultancy Alvarez & Marsal’s UAE Banking Pulse report (pdf). This increase was driven by a 2% q-o-q increase in net interest income, which was driven by a positive loan-to-deposit ratio, and lower impairment charges, which fell 35.4% q-o-q.

REMEMBER- The CBUAE maintained its benchmark deposit rate at 5.40% and the overnight rate at 5.90% throughout the first half of the year, in line with the Fed’s interest rate policies due to the AED being pegged to the USD.

The 10 largest banks in terms of assets were First Abu Dhabi Bank (FAB), Emirates NBD, Abu Dhabi Commercial Bank (ADCB), Dubai Islamic Bank (DIB), our friends at Mashreq, Abu Dhabi Islamic Bank (Adib), Commercial Bank of Dubai (CBD), RAK Bank, Sharjah Islamic Bank, and the National Bank of Fujairah.

Total non-interest income dropped 2.9% q-o-q, with FAB and Emirates NBD seeing the biggest decline.

Loans and advances grew 3.2% q-o-q, with retail lending climbing 8% q-o-q — representing 25.1% of the total loan book — making it the top driver for overall loan growth.

On the flip side, deposit growth was sluggish, inching up 0.4% q-o-q, partly due to a 2.5% drop in time deposits. FAB posted a 4.7% q-o-q decline in deposits, while CBD led in deposit growth, with an increase of 10.5% q-o-q.

Cost efficiencies took a hit for six of the 10 surveyed banks, with the aggregate cost-to-income ratio easing to 28.1%, up by 19 basis points q-o-q on the back of a 1% q-o-q increase in operating expenses, surpassing the 0.4% q-o-q increase in operating income.

The cost of risk improved in 2Q, reaching a multi-year low of 0.3% as aggregate impairment charges fell 35.4% q-o-q to AED 1.3 bn. Our friends at Mashreq saw the second steepest improvement in cost of risk by 42 bps, second to CBD which saw a 56 bps improvement. Meanwhile, ADIB posted the biggest deterioration in cost of risk, increasing by 55 bps in 2Q 2024.

Looking ahead: “Banks are expected to take some precautionary provisioning as asset quality remains sensitive at the peak of the interest rate cycle,” said Asad Ahmed, A&M managing director and head of Middle East financial services. “Banks are also expected to emphasize the growth of non-interest income as net interest margins come under some pressure with the rate cuts,” Ahmed said, adding that banks could refocus their efforts on transaction banking.

Reaping the rewards of investments in digitization? A&M sees UAE banks showing “increased benefits” from their investments in digital initiatives, leading to improved cost efficiency.

Magellan Capital to launch USD 700 mn hedge fund

Dubai-based investor Magellan Capital is planning to launch a USD 700 mn multi-strategy fund, set to be one of the largest hedge fund debuts in the UAE, Bloomberg reports. Only 5% of hedge funds globally have exceeded USD 500 mn this year, according to industry tracker Preqin.

The details: The new fund will focus on equity and credit strategies, offering both long-short and long-only stock approaches, Bloomberg cites Magellan head of long-short equities Britney Lam as saying. The long-short investment strategy involves taking long positions in chosen companies, shorting their competitors, or capitalizing on arbitrage opportunities between producers and suppliers.

Where did the money come from? The fund’s seed capital comes from Magellan’s owner Hassan El Ali’s family fortune. The family founded and sold Zakher Marine International to Adnoc Logistics & Services two years ago for USD 1.1 bn.

Additional investors, including family offices and sovereign funds, will be targeted once Magellan builds a strong performance record in about a year, according to Lam. “I want to be prudent and make sure the investment process is in place before bringing in too much external capital,” Lam noted.

More on Magellan Capital: Established in 2024, Magellan now has offices in Dubai, Abu Dhabi, and London, with its staff doubling to over 20.

ICYMI- Magellan Capital acquired 90% of ship financing firm Danish Ship Finance (DSF) in a EUR 700 mn transaction in June, aiming to diversify its investment portfolio. The Dubai-based investor expects three more acquisitions worth some USD 200 mn for the remainder of the year, targeting firms in real estate, luxury, and healthcare.

Abu Dhabi’s Blockchain Center launches USD 100 mn fund with Gate Ventures

New fund to back Web3 startups: The Abu Dhabi Blockchain Center and Gate Ventures, the VC arm of crypto exchange Gate.io, are launching a USD 100 mn fund — dubbed Falcon Gate Ventures — to support Web3 projects, according to a press release. The fund will support blockchain startups in the US, Asia, Europe, and the MENA region that are working on advancing decentralized infrastructure and platforms.

The fund has broader objectives: Falcon Gate Ventures will also invest in education and research to upskill the workforce, as well as collaborate with international regulatory bodies to draft frameworks promoting innovation while ensuring the protection of global users.

What they said: “Gate Ventures brings a wealth of experience and a proven track record in the blockchain and digital assets space. Their deep industry expertise, combined with their innovative approach to investing, aligns perfectly with our vision at the Blockchain Center and with their global network and insights, we are confident that this partnership will accelerate the adoption and impact of blockchain innovations, both in the UAE and internationally,” CEO of the Blockchain Center Abdulla Al Dhaheri said.

About the Blockchain Center: Launched earlier this month, the center aims to drive growth in the blockchain industry by launching new platforms, hosting events, and supporting startups through its incubation and acceleration hub and its VC arm.

Adnoc inks development agreement with Petronas, Storegga to explore carbon capture and storage in Malaysia

Adnoc eyes carbon capture and storage sites in Malaysia: Adnoc inked a joint study and development agreement with Malaysian energy outfit Petronas and UK-based Storegga to assess the feasibility of CO2 storage in saline aquifers and developing carbon capture and storage facilities in the Penyu Basin in Malaysia, according to a press release. The three plan to kick off the study later this year.

The details: The project targets at least 5 mn tonnes per annum of carbon capture and storage capacity by 2030. The agreement also includes a study on CO2 shipping and logistics, geophysical and geomechanical modeling, and the application of advanced technologies, such as artificial intelligence, to enhance storage capacity. Activities under the agreement are expected to commence later this year.

Background- Adnoc made its first international equity investment in carbon management back in January, when it took a 10.1% stake in Storegga. The oil giant allocated USD 15 bn last year to low-carbon solutions and decarbonization technologies and aims to capture 10 mn tons of CO2 annually by 2030.

Not Adnoc’s first CCS venture: Adnoc invested USD 15 bn last year in a partnership with the Fujairah Natural Resources Corporation, renewables developer Masdar, and Omani carbon removal and mineralization outfit 44.01 to pilot technology to permanently mineralize CO2 in rock formations located in Fujairah. The firm also announced a final investment decision to set up one of the MENA region’s largest carbon capture projects last September — with the aim to capture and store 1.5 mn tons annually of CO2 within geological formations underground — and signed an agreement with Occidental Petroleum to explore potential investment opportunities in CCS hubs in the UAE and US.

Pakistani fintech PostEx plans UAE expansion following pre-series A round

PostEx closes USD 7.3 mn pre-series A round to fuel GCC expansion: Pakistan-based fintech and logistics company PostEx secured USD 7.3 mn in pre-series A funding round, according to a press release (pdf). The funding round was led by Dubai-based Conjunction Capital, with participation from Jordan’s Dash Ventures, Saudi Arabia’s Sanabil500, and existing investors VSQ, FJ Labs, and Zayn VC. The investment will allow PostEx to expand its operations in the GCC and double down its presence in Pakistan, according to the statement.

PostEx is initially concentrating its GCC expansion efforts on the UAE and Saudi Arabia, CEO Omer Khan told Enterprise UAE. The company launched a pilot in Saudi Arabia with online merchants and local financing partners to fine-tune its offering before a full market entry.

In the UAE, PostEx will adopt a more measured approach, prioritizing e-commerce financing

over logistics due to the sector’s maturity in the Emirates, Khan said.

More on PostEx: The Punjab-based company offers up-front payments for cash-on-delivery e-commerce orders placed by suppliers. PostEx serves 15k e-commerce merchants, with 80% using both its payment and logistics solutions, while the rest rely solely on its logistics services, according to Khan. The company became profitable over the past 18 months, after crossing annual recurring revenue of USD 21 mn, the statement said.

PostEx provides funding exclusively to e-commerce businesses that use its logistics network, a strategy that helped to maintain the company’s non-performing loan rate below 0.03%, according to Khan. The company covers around 60-70% of order values, with the remaining balance provided after delivery and payment. Financing levels are determined by the size of the business and the scale of its orders.

Investors ❤️ PostEx: The startup raised USD 1.5 mn in a previous seed round in 2021 led by MSA Capital. Shorooq Partners, Zayn Capital, VentureSouq, PNO Ventures, +92 Ventures, and Arbisoft’s CEO Yasser Bashir also participated in the funding round.

Dubai-based mobility startup E Daddy raises USD 15 mn

Dubai-based e-mobility startup E Daddy secured a USD 15 mn investment to advance its efforts in electrifying transportation in the UAE, Arabian Business reports. The company plans to launch a zero-emission electric motorcycle in 1Q 2025, aiming to significantly reduce carbon emissions and tailor the bike to the UAE’s needs, including adding temperature control features and safety features for last-mile drivers.

Looking ahead, E Daddy plans to expand its foothold and offer its UAE-manufactured e-bikes to the wider GCC region and Africa.

About the startup: E Daddy was established in 2023 by the founders of India-based e-motorbike manufacturer M Auto, Mansoor Ali Khan (LinkedIn) and Yasmeen Jawaharali (LinkedIn). The startup plans to introduce the first electric two-wheeler vehicles made in Dubai, the firm said.

A new era in SME lending: embracing alternative data

SME lending is undergoing a progressive shift. Conventional methods, which often overlook the distinct financial behaviors of small businesses, are being eclipsed by alternative data. This shift promises to address the unique needs of SMEs more effectively, moving beyond outdated practices that have long failed to capture their true potential.

Traditional financial statements are falling short. Unlike larger corporations with access to top-tier auditors, many SMEs do not get their accounts audited, or rely on local auditors whose reports may not meet rigorous standards. Consequently, this reliance on traditional financial documents can result in an incomplete and often misleading picture of an SME’s financial health.

To overcome these challenges, Mashreq is leveraging alternative data. SMEs are asked to provide their last six months of bank statements, which are then processed by the advanced analytical engine. This engine synthesizes data from multiple accounts to generate a detailed 20-line summary, offering insights far beyond what traditional profit and loss statements can provide. It reveals turnover trends, buyer and supplier relationships, payment regularity, and even the frequency of bounced checks.

This marks a significant departure from traditional practices. By analyzing transactional data, banks can gain a nuanced understanding of an SME’s operational dynamics and financial behavior. This method enhances the accuracy of credit evaluations and democratizes access to financing for SMEs that might otherwise be excluded due to inadequate financial documentation.

Additionally, cloud-based accounting systems are revolutionizing lending. With more startups and SMEs adopting cloud-based solutions, banks can gain real-time access to comprehensive financial data. Imagine a scenario where lending decisions are made based on direct access to an SME’s accounting system, such as Xero. This would enable banks to review payroll, receivables, payables, and other critical metrics instantaneously, facilitating more informed and timely credit decisions.

The utility of alternative data extends beyond traditional financial metrics. For instance, e-commerce data from platforms like Noon.com can provide valuable insights into an SME’s sales performance, customer ratings, return ratios, and inventory management. Such granular data allows banks to assess the health and potential of an SME more accurately, reducing the risk of lending and fostering a more inclusive financial ecosystem.

Traditional evaluations are becoming obsolete. Banks that persist with traditional financial evaluations will struggle to scale their SME lending operations. By embracing alternative data, banks can mitigate risks and unlock new growth opportunities within the SME sector. This shift represents a pivotal moment in SME lending, where innovation and technology converge to redefine creditworthiness and expand financial inclusion.

As banks like Mashreq lead the charge, the sector is poised for a paradigm shift that promises to make financing more accessible, accurate, and equitable for SMEs worldwide.

Rajeev Chalisgaonkar, Head of Business Banking and NeoBiz at Mashreq

FAB taps new chief risk officer + Cavendish Maxwell taps CEO

First Abu Dhabi Bank (FAB) appointed Chris Jaques (LinkedIn) as its chief risk officer, effective 5 August, it said in an ADX disclosure (pdf). Jaques has over 30 years of experience in the financial services sector, including roles heading risk management, income derivatives trading, and multi-asset fund management. He served an 11-year tenure at Deutsche Bank, where he most recently acted as chief risk officer for the UK and Ireland, and global head of enterprise risk management.

Real estate advisory firm Cavendish Maxwell tapped Nick Witty (LinkedIn)as its CEO, as it looks to ramp up its presence and service offerings in the Middle East, according to a press release. Witty brings over 30 years of international real estate experience, including roles at Cushman Wakefield, Deloitte, and Chestertons MENA. He replaces the group’s former interim CEO, Henry Bacha (LinkedIn), who will serve as Property Monitor’s CEO, focusing on growing its real estate technology and market intelligence. Cavendish acquired a majority stake in Property Monitor in 2022.

ADQ to support national food waste initiative

WASTE MANAGEMENT-

ADQ to back national food waste initiative: ADQ partnered with the National Food Loss and Waste Initiative (ne’ma) to launch initiatives and work with third parties to promote sustainable consumption practices and reduce food loss across the value chain, according to the Abu Dhabi Media Office. Ne’ma will supply ADQ with data on food loss hotspots and systemic issues to facilitate problem-solving.

ADQ ❤️ sustainable farming: ADQ is backing a USD 2.5 mn pilot project by Tadweer and the UK’s Aquagrain to deploy Aquagrain’s soil enhancing tech. It also launched a vertical farming project in collaboration with Italy’s Zero Farms in ADQ’s AgTech Park last year.

ENERGY-

Pearl Petroleum severs ties with Khor Mor EPC contractor: Pearl Petroleum, a consortium majority-owned by Dana Gas and Crescent Petroleum, terminated Enerflex ’s EPC contract for the Khor Mor gas expansion project in Iraq, according to an ADX filing (pdf) by Dana Gas. Pearl cited performance issues on Enerflex’s part as the reason for its decision, claiming that the Canadian energy infrastructure supplier failed to “meet its contractual obligations, leading to unacceptable delays” and affecting the project’s progress.

Now what? Pearl Petroleum said it will assume direct control of the project to ensure its timely completion. In addition, the company may seek damages from Enerflex, the statement showed.

AVIATION-

IndiGo adds new routes between Abu Dhabi, India: Indian budget airline IndiGo launched three direct routes connecting Abu Dhabi International Airport to Mangaluru, Tiruchirappalli, and Coimbatore in India, Wam reported. This brings IndiGo’s network between Abu Dhabi and India to 13 routes.

REAL ESTATE-

#1- RMJM named design consultant for Azizi Venice project: Dubai-based real estate developer Azizi Developments tapped UK’s architecture firm RMJM for design consultancy on its Azizi Venice project in Dubai South, according to a statement picked up by Zawya.

About Azizi Venice: Azizi Venice is a AED 30 bn mixed-use development featuring over 36k residential units, including apartments and villas.

#2- Dubai streamlines property registration for 7 Dubai developers: Dubai Land Department will grant seven Dubai developers access to its registration system to allow them to manage their real estate transactions, according to a statement picked up by Zawya. The move is set to accelerate property registration, cutting processing time from days to minutes.

Companies that signed the agreements are Emaar Properties, Damac, Binghatti Properties, Aldar Properties, Sobha Realty, Azizi Developments, and Danube.

FINANCE-

The Dubai Financial Services Authority (DFSA) slapped former private banker Peter Georgiou with a fine of over USD 980k (AED 3.6 mn) for misleading and deceptive conduct, including withholding relevant details to circumvent anti-money laundering (AML) controls, sending a forged and deceptive email to a client, and providing false information during a DFSA interview, it said in a statement. The authority also banned Georgiou from holding any office or employment with a DFSA-authorized firm, and performing any function related to financial services in or from the Dubai International Financial Centre.

Background: In July 2023, DFSA fined Georgiou’s former employer, Mirabaud Middle East, USD 3 mn for inadequate AML systems, with Georgiou found knowingly involved.

BUSINESS-

Dubai partners with China’s biggest bank to back businesses: Dubai Chambers inked an MoU with the Industrial and Commercial Bank of China, the country’s largest lender, to support businesses in both markets and help Chinese companies set up shop in Dubai, Wam reported.

ICYMI- Dubai Chambers inked an MoU earlier this week with the Bank of China to boost trade ties by supporting investors and businesses in both markets.

SHIPPING AND MARITIME-

ShipFinex inches closer to launch: UAE-based fractional ship-ownership platform Shipfinex received preliminary approval from Dubai’s Virtual Assets Regulatory Authority, setting the wheels in motion for acquiring a full-fledged Virtual Asset Service Provider (VASP) License, Khaleej Times reported.

About ShipFinex: ShipFinex is a digital exchange that tokenizes maritime assets to streamline ship ownership.

CRYPTO-

Venom to digitize Gov’t of Philippines’ paper records: Abu Dhabi-based Venom Foundation will help the Philippine government digitize government records through its Venom Blockchain platform, in collaboration with Polish software developer Miquido, according to a statement from the Philippine National Printing Office. Digitizing the government records could potentially save the Philippines bns of USD.

HEALTHCARE-

Medical tourists in the UAE could soon be able to book their check-ups, flights, visas, and accommodations directly through hospital websites with a new sales and booking management CRM tool launched by AI SaaS startup HealthStay.io, according to a statement picked up by Zawya. The service is currently being registered with DHA for market compliance.

The move comes as the UAE’s medical tourism has been on the rise, with over 691k medical tourists visiting Dubai last year.

CAPITAL MARKETS-

eToro adds 10 DFM stocks to its platform: Users of Israeli trading platform eToro will be able to invest in select ten DFM-listed companies, after it inked an agreement with the Dubai Financial Market (DFM) to add them to its platform, a statement from the company showed. The added companies boast a total market capitalization of over USD 124 bn.

The stocks are Emaar Properties, Emaar Development, Dubai Islamic Bank, Emirates NBD, Gulf Navigation Holding, Ajman Bank, Commercial Bank of Dubai, Salik, Air Arabia, and Dubai Electricity and Water Authority (Dewa).

Investors sharply increase holdings in equity markets as recession fears fade

Market confidence returns as investors pile back into equity markets: Investors who had exited equity markets following US recession fears earlier this month have “sharply increased their holdings” in equity markets since last week’s rebound in global stock markets, the Financial Times reports, citing data from Deutsche Bank. Investors piled into big tech stocks, index options, and both cyclical and non-cyclical stocks, the bank said in a note seen by the FT.

The data represents what appears to be a “full recovery” for the US equity markets in just two weeks, US stock exchange operator Cboe Global Markets’ Mandy Xu said. The rebound follows a “brutal” sell-off that took place during the first week of August, which saw some indices hit multi-year lows and wiped USD tns from global stock markets.

Remember: Global stocks saw their best week in nine months last week after better-than-expected US inflation figures helped calm recession fears triggered by “alarming” US economic data.

Confidence in the US economy seems to be stronger than ever, despite many analysts just days ago warning of a looming recession. Some, including the Bank of America, argue that “this month’s ructions across markets have simply served to reinforce investor conviction in a Goldilocks macro environment” of stable inflation, sustainable economic growth, and healthy employment levels.

MARKETS THIS MORNING-

Asian markets are in the red this morning, carrying on yesterday’s losses seen on Wall Street and in Europe. Hong Kong’s Hang Seng is down 1.4%, Japan’s Nikkei is down 0.8%, and Korea’s Kospi is down 0.2%.

ADX	9,317	+0.1% (YTD: -2.7%)
DFM	4,255	+0.4% (YTD: +4.8%)
Nasdaq Dubai UAE20	3716	-0.2% (YTD: -3.3%)
USD : AED CBUAE	Buy 3.67	Sell 3.67
EIBOR	4.9% o/n	4.6% 1 yr
TASI	12,104	+0.7% (YTD: +1.1%)
EGX30	29,915	+2.0% (YTD: +20.2%)
S&P 500	5,597	-0.2% (YTD: +17.3%)
FTSE 100	8,273	-1.0% (YTD: +7.0%)
Euro Stoxx 50	4,858	-0.3% (YTD: +7.4%)
Brent crude	USD 77.20	-0.6%
Natural gas (Nymex)	USD 2.20	-0.1%
Gold	USD 2,554.40	+0.5%
BTC	USD 59,291.00	+0.3% (YTD: +40.7%)

THE CLOSING BELL-

The DFM rose 0.4% yesterday on turnover of AED 260.2 mn. The index is up 4.8% YTD.

In the green: Shuaa Capital (+14.8%), National International Holding Company (+13.6%) and International Financial Advisors (+5.7%).

In the red: National Cement Company (-3.9%), AL Salam Sudan (-3.7%) and Watania International Holding (-3.6%).

Over on the ADX, the index rose 0.1% on turnover of 922.5 mn. Meanwhile, Nasdaq Dubai fell 0.2%.

FM discusses bilateral relations with Australian, Dutch counterparts + Sudan peace talks in Switzerland continue

FM talks bilateral relations + Gaza with Australian counterpart: Foreign Affairs Minister Sheikh Abdullah bin Zayed Al Nahyan discussed ramping up bilateral cooperation in economic, trade, and investment sectors with his Australian counterpart Penny Wong yesterday, Wam reports. During their call, the ministers also touched on regional developments in the Middle East and the humanitarian impact on civilians in the Gaza Strip.

The FM also talked to his new Dutch counterpart: The Foreign Affairs Minister also discussed strengthening bilateral relations with the Netherlands’ newly appointed Foreign Affairs Minister Caspar Veldkamp, focusing on sustainable economic development, Wam reports. The two also discussed the latest developments in the Middle East.

First statement from Sudan peace talks in Switzerland: A UAE delegation met with representatives of Sudan’s Rapid Support Forces (RSF) yesterday in Switzerland, alongside delegations from the US, Switzerland, Saudi Arabia, Egypt, the African Union, and the UN, according to a statement from the delegations. The meeting came as part of ongoing talks to “advance protection of civilians, humanitarian access, and cessations of hostilities for Sudan.”

On the agenda: The delegations reiterated the need to uphold international humanitarian law by protecting civilians and allowing freedom of civilian movement, and vacating civilian infrastructure for regular usage. They also called on the RSF to open areas of the Gedaref-Wad Medani-Sennar road under its control, and specifically the Sennar junction, to expand access to humanitarian aid for up to 12 mn Sudanese across multiple states.

What’s next: The delegations want to meet with the Sudanese Armed Forces delegation next, who have so far refused to attend the talks — set to continue until the end of the week — in Switzerland. Sudan’s government said it will send a delegation to Cairo earlier this week for talks with US and Egyptian officials.

CALENDAR

AUGUST

20-21 August (Tuesday-Wednesday): The World ESG Summit, Dubai.

21-22 August (Wednesday-Thursday): Rex Fuels Global Expo & Conference 2024- Bitumen, Petrochemicals & Products, Dubai.

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

25 August (Sunday): Deadline to register for the AI Challenge.

27 August (Tuesday): New regulations on telemarketing calls will go into effect.

SEPTEMBER

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

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.

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.

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

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

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

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.

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-Tuesday): 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.

APRIL 2025

TBD: 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.

OCTOBER 2025

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

Signposted to happen sometime before the end of the year:

Spinneys inaugurates three more stores in KSA

Signposted to happen in 2025:

6-11 April (Sunday-Friday): Geo-Spatial Week 2025, Dubai.
3-4 June (Tuesday-Wednesday): Make-A-Wish International’s Global Wish summit, Abu Dhabi.
TBD: The Middle East Electric Vehicle Show, Expo Center Sharjah.
TBD: e& will complete Adnoc’s private 5G network.

Signposted to happen sometime in 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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