Delivery Hero taps bankers for Talabat IPO + Plenty of M&A news

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WHAT WE’RE TRACKING TODAY

THIS MORNING: It’s the last day to subscribe to NMDC Energy’s ADX IPO

Good morning, wonderful people, and happy hump day to you all. The traditional post-summer news pickup continues to gain steam, and Western markets are making things even more interesting for us today after Nvidia shares plunged yesterday, setting off a tech-led selldown on Wall Street that has spread this morning to Asia.

Closer to home: We have a packed issue for you, with news of IPOs, M&As, and more.

BUT FIRST- Egypt’s business community has snapped its losing streak. Non-oil private sector activity there expanded in August for the first time in over three years, S&P Global’s Egypt Purchasing Managers’ Index shows, according to EnterpriseAM Egypt. The report pointed to more stable demand conditions thanks to “market recovery amid improved macro-economic factors and rising export business” as an important reason behind activity finally increasing.

How did we do here in the UAE last month? The S&P PMI for the Emirates is due out in about an hour. Tap or click here to read the report.

WATCH THIS SPACE-

#1- The order book for NMDC Energy’s ADX IPO was 14x oversubscribed as day four of the subscription period came to a close yesterday, according to a statement. Today is the last day for investors to get their orders in.

BACKGROUND- NMDC is listing a 23% stake in its engineering, procurement, and construction unit NMDC Energy on the ADX. The transaction is due to wrap up on 11 September. Offer shares are priced at AED 2.80 each, valuing the transaction at AED 3.22 bn. NMDC’s board approved the IPO last month.

#2- Adia and co-investors to shed USD 1.2 bn stake in SIX Swiss Exchange-listed Galderma: Abu Dhabi Investment Authority (Adia), alongside private equity firms EQT and Auba Investment, is looking to sell USD 1.2 bn worth of shares in Swiss skincare company Galderma to investors, according to a statement picked up by Bloomberg.

Investor appetite looks good: The business information service says advisors had lined up enough demand “shortly after launch” to fully cover the transaction, which equates to a 5.5% stake in Galderma.

ADVISORS- Goldman Sachs, Morgan Stanley, and UBS are managing the sale.

REMEMBER- Adia and other shareholders sold a 10% stake in the skincare giant to France’s L’Oréal last month in a transaction valued at USD 1.85 bn. The shareholders held a combined 77.21% of the company before the selldown started.

BACKGROUND-Adia, Swedish private equity company EQT, and Singapore's GIC acquired Galderma — formerly Nestlé Skin Health — for CHF 10.2 bn (c.USD 11.9 bn) from Nestlé in 2019. Initially established as a 50/50 JV between L’Oréal and Nestlé, L’Oréal sold off its 50% ownership stake in Galderma to Nestlé in 2014. The company listed on the SIX back in March of this year.

#3- Adia-backed Indian solar cell manufacturer Premier Energies saw its share price more than in its trading debut on the Bombay Stock Exchange, closing at INR 838.90 (AED 36.70) each, Live Mint reports. That’s an 86% jump from the offer price of INR 450 apiece. The company’s IPO drew INR 28.30 bn worth of overs as investors flocked to the share, generating a 74x oversubscription rate.

ICYMI- Adia invested INR 379.5 mn (AED 16.61 mn) in Premier Energies last month as an anchor investor ahead of its IPO, acquiring a 4.5% stake in the company. Adia acquired the shares at a share price of INR 450 (AED 19.7).

#4- UAE’s largest aluminum recycling plant to go live in 2026: Mubadala-backed Emirates Global Aluminium (EGA) is on track to start operations at “the UAE’s largest aluminum recycling plant,” by 2026, the company said, saying construction at the Al Taweelah facility progressed in 1H 2024.

BACKGROUND- Construction on the plant began last November. It’s set to have an annual production capacity of 170k tons of low-carbon, high quality premium aluminum billets.

DATA POINTS-

#1- Dubai property sales jumped 41% y-o-y in August to AED 47.3 bn, according to a report by real estate agency Fäm Properties. Growth was driven by a 38% y-o-y increase in transaction volume as 16k units changed hands — and a 6.1% y-o-y rise in the average price per sq-ft to AED 1.49. August marked the second-highest month for sales value this year, trailing behind AED 49.6 bn in July from some 15.9k transactions.

Land sales led the growth, with 1.4k plots sold for AED 15.1 bn. Apartment sales amounted to AED 23.5 bn, with over 12k units sold, while villa sales reached AED 8 bn from 2.1k transactions. Commercial property sales totaled AED 674 mn from 369 transactions.

#2- DFM’s index DFMI surged to a 10-year high yesterday, climbing 0.3% to 4369.83 points, its highest level since 2014, Sky News Arabia reported.

#3- Abu Dhabi’s non-oil exports rose to AED 40.14 bn in 2Q 2024, up 10% y-o-y from AED 36 bn in 2Q 2023, according to the latest data (pdf) from the emirate’s statistics center. This growth was driven by the robust activity in the business sector, with exports growing to AED 39.7 bn, largely due to an increase in gold exports, which boosted the value of goods classified under the Standard International Trade Classification (SITC) to AED 15.52 bn, the center said. On the import side, Abu Dhabi’s non-oil imports dipped 3% y-o-y in 2Q to AED 33.85 bn.

#4- Some 79% of Emirati would consider making their next car an EV, according to a report by AutoData Middle East. EV sales are on track to account for 15% of the UAE market by 2030, AutoData said.

PUBLIC SERVICE ANNOUNCEMENTS-

#1- REMINDER- Resident legal entities with licenses issued in July of any year should submit their corporate tax registration applications by the end of September, Wam reports, citing the Federal Tax Authority. You can register via the EmaraTax digital tax services platform or through accredited tax agents and government service centers across the country. Corporates with multiple licenses should register using the license with the earliest issuance date.

#2- Autonomous mobility players will now have until 20 October to apply for the Dubai World Challenge for Self-Driving Transport 2025, according to the Dubai Government Media Office. Participants can either join on their own or form groups. There’s a USD 3 mn purse on offer. Interested companies can enroll here.

THE BIG STORY ABROAD-

All eyes are on Wall Street in the international business press this morning, with the S&P 500 having dropped 2.1% by yesterday’s close. A 9.5% slide in Nvidia’s stock price prompted a selloff of other big tech names. Nvidia was breaking all of the wrong types of records yesterday, claiming the unenviable title of having the steepest-ever single-day loss of market cap by a US company — wiping off a whopping USD 279 bn during trading.

Traders were prepared for a rocky September, but probably not this rocky. On top of the “traditional” September slump, an upcoming US jobs report on Friday, interest rate cut speculation ahead of the Fed’s mid-month meeting, and 10 September televised debate between Kamala Harris and Donald Trump have been weighing on the market.

Analysts are increasingly wondering if this may signal the end to chip mania, which had until recently been the main driver pushing US stock markets to historic records. After all the money that has been pumped into chipmakers over the last year and a half, a period of reflection and readjustment may be a matter of course, thinks Jackson Square Capital’s Andrew Graham, telling Reuters that “all tech revolutions go through periods of disillusionment.”

But high expectations aren’t Nvidia’s only problem, with it being reported on the same day that the US Department of Justice has subpoenaed Nvidia in an antitrust probe.

It wasn’t much calmer in the oil markets, with Brent crude falling 4.9% to settle under USD 74 and wiping out gains the black stuff had made throughout the year. Driving the fall was news that Libya is ready to turn back the tap back on. A dispute between competing political factions over oil revenue and control of the central bank had effectively stopped exports on the formal market.

AND IN OUR CORNER of the world, Riad Salameh faces the music … again. Former Banque du Liban head Riad Salameh was arrested yesterday in Beirut for alleged financial crimes related to USD 110 mn he amassed through the Lebanese central bank’s dealings with brokerage firm Optimum Invest.

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CIRCLE YOUR CALENDAR-

DMCC + Bybit kick off Web3 hackathon: The Dubai Multi Commodities Center (DMCC) and global crypto exchange Bybit have launched their second joint hackathon, offering a USD 100k purse for most innovative Web3 businesses, according to a statement. The event takes place on 20 November at DMCC’s Uptown Tower and will focus on AI, gaming, and information security. Want to participate? Pitch your idea here.

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

Delivery Hero moves forward with Talabat IPO

Delivery Hero taps banks Talabat’s DFM listing: German last-mile delivery firm Delivery Hero has appointed Emirates NBD, Morgan Stanley, and JP Morgan to work on the upcoming IPO of its food delivery unit Talabat on DFM, Bloomberg reports, citing people it says are familiar with the matter. Delivery Hero may also appoint additional banks for the share sale.

A USD 1 bn sale? The business information service thinks the transaction could be worth c. USD 1 bn, but no decisions have been made on valuation. Delivery Hero signaled that it’s not looking to raise fresh capital and is instead offering existing shares for sale. It plans to retain a majority stake after the IPO goes through.

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By the numbers: RBC Capital Markets says Delivery Hero does EUR 5 bn worth of business in the MENA region, and Bloomberg Intelligence gives Talabat an enterprise value of c. USD 6 bn.

Talabat is set to debut on DFM in 4Q 2024. The transaction is waiting for approval from the Securities and Commodities Authority.

REFRESHER- This would be the third market debut on the DFM in 2024, following the successful IPOs of Parkin, which raised AED 1.57 bn, and Spinneys, which raised AED 1.38 bn.

There’s more in the pipeline for the DFM, with construction firm Alec and tapping advisors for a planned IPO and Amanat Holdings looking to list either its education or healthcare unit, with reports that its healthcare unit could raise some USD 200 mn as soon as this year. Hospitality group Five Holdings also tapped advisors for a potential IPO next year. Shisha producer Advanced Inhalation Rituals had been said to be eyeing an IPO in 1H 2024.

Open banking Startup Tarabut buys London’s Vyne + Gulf Capital exits Middle East Glass

We have another run of M&A news for you this morning as the dog days of summer recede into the memories of the city’s bankers, lawyers, and other advisors.

UP FIRST- UAE-based open banking platform Tarabut has acquired London-based fintech firm Vyne for an undisclosed sum, according to a press release reports. The transaction closed on 1 August.

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The gameplan: Tarabut plans to roll out real-time account-to-account (A2A) payment solutions across the Middle East, beginning with Bahrain by year-end and expanding to Saudi Arabia and the UAE as open finance regulations take effect.

What’s this all about? The company makes money by helping banks cut out payments middlemen — it aims to make it technically easier (and more affordable) for banks to give their clients the ability to pay for a transaction by direct debt from their bank account to the seller’s account, regardless of which bank holds which account.

REMEMBER- The CBUAE issued the Open Finance Regulation last June to promote soundness and efficiency of open finance services, as part of its Financial Infrastructure Transformation program,

About Vyne: Established in 2019, Vyne offers real-time A2A solutions, processing bns of USD for a diverse client base in retail, financial services, and automotive sectors.

Gulf Capital exits Middle East Glass

Gulf Capital sells stake in Middle East Glass: UAE-based private equity firm Gulf Capital sold its stake in EGX-listed bottle maker Middle East Glass (MEG) to MENA Glass Holdings Limited, the company’s majority shareholder, it said in a statement. MENA Glass Holding now owns an additional 40.2% of MEG after stakeholders agreed to offload 25.1 mn shares in a EGP 2.8 bn transaction (USD 56.5 mn), according to an EGX bulletin.

This is just off MENA Glass’ target: The company’s mandatory tender offer that came to a close last week was to acquire an additional 40.8% — 25.5 mn shares — in MEG in a USD 57.8 mn transaction.

So who owns what? MENA Glass now owns c. 93.7% of the company by our math. As for the rest of the company’s shares, IGC Holdings is understood to still hold the remaining 6.3% of the company after it rejected the offer. Gulf Capital, who had been the second largest shareholder after MENA Glass with a 36.9% share, has fully exited the company.

What’s next for Middle East Glass? EnterpriseAM Egypt spoke with CEO Tawfik Laham, who said the company is on a drive to open its fourth plant and improve efficiency across the board. He credits Gulf Capital for having helped make MEG the largest glass packaging manufacturer in the Middle East and the second-largest in Africa

ADVISORS- EFG Hermes was tapped to broker the acquisition, while Bahaa Eldin Law Office and MENA Associates acted as the buy-side legal advisor. MEG tapped Tanami Financial Advisory as its independent financial advisor to conduct the fair value study, while Arqaam Capital was the sell-side advisor.

ADNTC scraps acquisition of Aman’s life ins. portfolio

Abu Dhabi National Takaful Company (ADNTC) has called off its planned acquisition of Aman’s life ins. portfolio, claiming that Dubai Islamic Ins. Company (Aman) had failed to meet the agreement’s conditions, according to a bourse disclosure (pdf).

Background: ADNTC was poised to acquire Aman’s life ins. portfolio in a transaction valued at AED 37.5 mn, after Aman’s board greenlit the offer in June of last year.

Agriculture Bank of China lists USD 400 mn bonds on Nasdaq Dubai

The Agricultural Bank of China lists USD 400 mn notes on Nasdaq Dubai for the second time: The Agricultur al Bank of China (ABC)’s DIFC branch listed bonds worth USD 400 mn on Nasdaq Dubai yesterday, according to a statement. The debt offering marks the bank’s second listing on the Dubai market.

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About the issuance: Issued under ABC’s USD 15 bn medium-term note programme, the Belt and Road-themed issuances bonds are set to mature in 2027. The Chinese lender’s listing brings the total outstanding fixed incomes listings on Nasdaq Dubai to USD 135 bn.

Background: Back in 2014, ABC made its debut on the Dubai market, with a USD 163 mn bond issuance, the first Chinese fixed income listing on a MENA stock market. It’s not clear who advised ABC on the issuance.

Financial platform Ziina secures USD 22 mn in series A funding round

UAE-based fintech Ziina secured USD 22 mn in a series A funding round, according to a press release. The funding was led by US-based Altos Ventures, with participation from Fintech Collective, Avenir Growth, Activant Capital, Y Combinator, FJ Labs, MEVP, and Jabbar Internet Group.

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Where is the money going? Ziina will use the cash injection to invest in its technology and product offerings, shifting its focus to outbound payments. The company is developing what it’s calling the “ZiiCard” to allow businesses to manage expenses and supplier payments. For individuals, the ZiiCard will feature expense categorization and payment splitting. The ZiiCard is currently in development and will be launched soon.

REMEMBER- Ziina obtained a stored value facility license from the Central Bank of the UAE last month, allowing it to offer a wider range of financial services to its customers, including peer-to-peer payments, bill payment, QR code payments, and prepaid card services.

What’s Ziina? Founded in 2020 by Faisal Toukan (LinkedIn) and Sarah Toukan (LinkedIn), Ziina allows users to send and receive payments through its app using only a phone number — no IBAN or Swift code needed. The startup offers a payment gateway for online checkout, POS systems, and a digital wallet.

Cercli raises USD 4 mn in seed funding

Dubai-based payroll and employee data platform Cercli has secured USD 4 mn in a seed round led by Silicon Valley-headquartered Afore Capital, according to a press release. It’s the first Mena investment for Afore, a San Francisco-based venture capital firm. It made the investment from its USD 150 mn Fund III.

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Who else pitched in? The funding round also saw participation from Cotu Ventures, Y Combinator, and Rebel Fund, as well as entrepreneurs such as Karim Atiyeh, Sebastian Mejia, Tony Dong, Tony Jamous, and Allison Pickens, in addition to founders and executives from unicorns Kitopi, Careem, and other Mena-based startups.

Where’s the money going? The startup plans to use the raised funds to “double down on growth while attracting world-class talent to accelerate the adoption of Cercli across our regional economy,” co-founder David Reche said.

About Cercli: Launched in January of this year by co-founders Akeed Azmi (LinkedIn) and David Reche (LinkedIn), Cercli offers software that streamlines back-office operations, enabling businesses to hire, manage, and pay their global workforce seamlessly through a single platform.

UAE consumers’ shopping behavior show preference for quality, convenience, big household names

UAE consumers shop for quality + convenience: Some 72% of shoppers in the UAE claim they are willing to pay more for quality products, according to a report from consumer intelligence and data analytics company NielsenIQ on consumer behavior in the Emirates and Saudi Arabia. Over in Saudi, some 71% of shoppers reported the same approach. Meanwhile, some 63% of local consumers and 64% of shoppers in Saudi are willing to spend extra for time-saving solutions.

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The UAE market for fast-moving consumer goods is both broader and more segmented than is Saudi, featuring both affordable and premium brands with notable growth driven by new and innovative premium offerings, the report claims. Over in Saudi, the market leans toward mainstream FMCG brands with a concentration in the mid-tier segment, leading to fewer brands in the market.

Tech + durable goods: The Kingdom saw a 4% annual increase in the sales of premium tech and durable products, compared to a 2% increase in the UAE.

Beverages, frozen food, and dairy are dominating the FMCG sector here at home and in Saudi. Owing to their necessity, convenience, and growing consumer demand, these categories have seen consistent performance. On the other hand, the drop in categories such as home care, baby care, and paper products is linked to changing lifestyles and a growing preference for online shopping.

The spin: “The UAE's diverse population and differences in disposable income have created a polarized FMCG market. Affordable brands resonate with price-sensitive consumers, while premium brands attract those prioritizing quality and luxury, said Andrey Dvoychenkov, NielsenIQ general manager for the Arabian Peninsula and Pakistan. When it comes to tech and durable goods, “the industry is rapidly expanding in both regions, marked by a significant rise in active brands and products,” Dvoychenkov added.

Royal Jet appoints new CEO + Gensler gets co-MD for Mideast

#1- Abu Dhabi-based Royal Jet appointed Shafiul Syed (LinkedIn) as CEO, according to a statement. Syed succeeds Mohammed Husain Ahmed (LinkedIn), who will become an advisor to the company. Syed brings over 30 years of experience in aviation management, having worked with Aero FlightOps UK, Atlantic Aviation in Nigeria, Coastal in Tanzania, Heliconia in Morocco, and Aero Contractor in Nigeria.

#2- Design and architecture firm Gensler appointed Tariq Sheikh (LinkedIn) as co-managing director of its Middle East offices, based in Riyadh, according to a statement. Sheikh will work alongside current Managing Director Tim Martin (LinkedIn). Sheikh, who joined Gensler in 1999, previously served as Managing Director of the firm's Birmingham office since 2017.

Binghatti unveils AED 600 mn Dubai tower

FINANCE-

#1- Botim owner Astra Tech has launched Botim Payroll Solution, which it’s billing as the UAE’s first fully digital payroll and wallet solution for SMEs. The platform offers real-time salary processing and is compliant with the UAE's Wage Protection System, it said in a statement. Features include a dedicated business wallet with an IBAN as well as money transfers, multi-currency prepaid cards, and bill payment services.

#2- The National Bank of Ras Al Khaimah (Rakbank) launched an ins. aggregator platform called Protego, offering car, travel, and home ins. products, according to a statement. The platform gives customers access to real-time quotes and allows them to store and manage their policies in a digital folder and e-vault.

#3- SimPaisa taps Eastnets to secure transactions on its platform: Digital payment firm SimPaisa partnered with compliance and payment solutions provider Eastnets to use the former’s safewatch screening and anti-money laundering products to combat fraud and ensure regulatory compliance for digital payments, according to a joint statement. The partnership will see SimPasia integrate Eastnets’ Compliance Technology suite across its digital payments network.

REAL ESTATE-

Real estate developer Binghatti Properties launched Binghatti Royale, a AED 600 mn residential project in Jumeirah Village Circle, according to a statement. The 47-story building features 354 residential units ranging from one to three bedrooms. The project is scheduled to be delivered in early 2H 2025.

TRADE-

The Sharjah Chamber of Commerce and Industry has launched the Pakistan Business Council, aimed at boosting bilateral trade and investment between the emirate and the South Asian country, Sharjah24 reports. Operating under the umbrella of the Sharjah Chamber, the council will offer Pakistani businesses a platform to expand in the UAE and tap into the regional market.

LOGISTICS-

#1- AD Ports' Noatum Logistics launched a new rail shuttle service connecting Khalifa Port and Fujairah Terminals via Etihad Rail, according to a press release. The weekly service will use a single train with a capacity of up to 156 TEUs or 78 FEUs, increasing logistics capacity and offering potential for first- and last-mile truck integration.

Noatum is fairly new to the Middle East: Abu Dhabi-based AD Ports fully acquired the Spanish logistics company back in July 2023 in a EUR 660 mn transaction as part of a wider expansion plan. Noatum is present in US, Chinese, and Southeast Asian markets and recently acquired Egyptian maritime services provider Safina.

#2- Chinese state-owned automaker Changan Automobile opened a regional auto parts distribution center in Dubai’s Jebel Ali Free Zone yesterday, according to a statement. The warehouse will ultimately span some 10k sqm, with the first phase set to run 2k sqm and focus on fast-moving parts. Once fully operational, the facility is expected to reduce the delivery time of fast-moving parts to less than 48 hours from 15 days and of full-range parts to a week from 60 days.

Changan didn’t give a timeline for the buildout of subsequent phases.

EDUCATION-

IIT-Delhi comes to Abu Dhabi: The Indian Institute of Technology Delhi (IIT-Delhi) opened its first offshore campus in Abu Dhabi on Monday, according to the Abu Dhabi Media Office. The IIT-Delhi Abu Dhabi signed partnership agreements with Khalifa University, Mohamed bin Zayed University of Artificial Intelligence, Sorbonne University Abu Dhabi, and Zayed University to conduct joint research and launch training programs and seminars.

STARTUPS-

iACCEL GBI to boost UK- and Europe-based startups' access to the region: Dubai government-backed market accelerator iACCEL GBI partnered with Europe's largest angel-led finance platform Angels Den Funding to facilitate UK- and Europe-based startups’ entry into the Emirati and Middle Eastern markets, according to the Abu Dhabi SME Hub.

The USD lost 2% against other major currencies in August 2024

The USD took its steepest dive of the year in August, losing over 2% against other major currencies as markets anticipated the US Federal Reserve might cut interest rates amid signs of a slowing economy, Reuters reports. The greenback nevertheless rose to a two-week high yesterday, as markets braced for a series of key economic reports, including Friday's U.S. Jobs report, which pundits think will help set the tone for the US Federal Reserve’s next three interest rate meetings.

The USD’s fall eased pressures on most global markets, particularly in Japan, offering breathing space for (emerging) markets to cut rates and become more sensitive to domestic growth issues, Reuters suggests.

Currencies in Latin America gained no ground on the greenback in August thanks to economic troubles and shaky commodity prices.

The weaker USD positioned the EUR and GBP as the top-performing major currencies this year, with the GBP above USD 1.30, up over 25% since its record lows, and the EUR above USD 1.10. Sweden’s SEK was the best-performing major currency, rallying 4% in August.

THE MARKETS THIS MORNING-

Asian markets fell sharply in early trading this morning, mirroring yesterday’s tech-led selloff on Wall Street. Japan’s Nikkei and Taiwan’s Taiex were each down more than 3%, while Australia’s ASX 200 was off 1.7%. Benchmark indexes in China have so-far been least impacted: The Shanghai Composite is down 0.6% and the Hang Seng is off 1.5%.

Futures suggest we can expect more of the same in Europe as well as on Wall Street and Bay Street when trading opens there later today.

ADX	9,379	+0.2% (YTD: -2.1%)
DFM	4,370	+0.3% (YTD: +7.6%)
Nasdaq Dubai UAE20	3,831	+0.5% (YTD: -0.8%)
USD : AED CBUAE	Buy 3.67	Sell 3.67
EIBOR	4.9% o/n	4.4% 1 yr
TASI	12,180	+0.1% (YTD: +1.8%)
EGX30	31,018	+0.9% (YTD: +24.6%)
S&P 500	5,529	-2.1% (YTD: +15.9%)
FTSE 100	8,198	-0.8% (YTD: +7.3%)
Euro Stoxx 50	4,913	-1.2% (YTD: +8.7%)
Brent crude	USD 73.75	-4.9%
Natural gas (Nymex)	USD 2.20	0.0%
Gold	USD 2,524.20	+0.1%
BTC	USD 58,149.10	-1.5% (YTD: +37.4%)

THE CLOSING BELL-

The DFM rose 0.3% yesterday on turnover of AED 407.5 mn. The index is up 7.6% YTD.

In the green: Al Ramz Corporation Investment and Development (+6.9%), GFH Financial Group (+4.1%) and National International Holding Company (+3.3%).

In the red: Ekttitab Holding Company (-3.0%), Shuaa Capital (-2.6%) and Al Firdous Holdings (-2.1%).

Over on the ADX, the index closed up 0.2% on turnover of AED 1.1 bn. Meanwhile Nasdaq Dubai rose 0.5%.

CORPORATE ACTIONS-

Yahsat to distribute dividends: The Board of Directors of Abu Dhabi’s Al Yah Satellite Communications Company (Yahsat) approved the distribution of dividends amounting to 8.40 fils per share for 1H 2024, equivalent to AED 204.9 mn, according to an ADX disclosure (pdf). The dividends will be paid to shareholders on 12 September.

72% of parents are spending more time driving now that the school year has begun

Yango Maps is out with a survey (pdf) on parents in Dubai’s back-to-school routines and the navigation features they prioritize. An overwhelming 72% of parents said prepping for the new season is a time suck, with 67% starting as early as 1-3 months in advance.

Daily commutes are a central concern for parents, as 72% report spending more time driving during the school season. Some 63% of children use school-provided transportation, while 40% are driven by parents. Children’s after-school activities — taking place two to four days a week — see even more parents behind the wheel, with 67% of children driven there by their parents.

Most parents (73%) are shuttling between different neighborhoods for school runs, with over half (60%) spending 20 to 60 minutes on the road.

Traffic and parking are major pain points, with 62% of parents struggling with road congestion and 59% finding it difficult to secure parking. Nearly half of the parents (49%) also expressed a desire for reduced travel time, while 42% nodded to the importance of accurate arrival time predictions.

CALENDAR

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.

7-13 September (Saturday-Friday): Makers’ Month, Al Quoz Creative District, Dubai.

7-10 October (Monday-Thursday): The World Air Taxi Congress, The Grand Hyatt Dubai, 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 Transpo[rt 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.
Abu Dhabi Forum for Peace, 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

2-3 February (Sunday-Monday): L’Etape Dubai cycling race, Dubai.

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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