Dubai Taxi, Phoenix Group IPOs oversubscribed

1

WHAT WE’RE TRACKING TODAY

Lots of IPO news coming out of the UAE + Climate Minister Almheiri addresses world leaders at the Global Food Security Summit

Good morning, friends, and welcome to a very busy morning for Zero Issue #002 of EnterpriseAM UAE.

THE BIG STORY here at home is all the IPOs your heart could possibly desire. Dubai Taxi’s IPO sold out within the first hour of bookbuilding yesterday, while Phoenix Group closed its IPO offering period at a 33x oversubscription rate. PureHealth also announced its plans to go public next month.

PROGRAMMING NOTE- We’re off tomorrow (Thursday, 23 November) and will be back in your inboxes on Monday morning.

** This is a zero issue of EnterpriseAM UAE and has not been published or distributed to a wide audience. The sponsor logos above are not correct because we’re still developing the new UAE template.

** Did you receive this as a forward? Email editorial@enterprisemea.com and let us know if you’d like to be added to our list of beta readers ahead of our launch.

** Have a comment, criticism, or story tip? Hit up patrick@enterprisemea.com.

ICYMI- The UAE walked away with a 2-0 victory from its World Cup qualifier against Bahrain last night, maintaining its lead in Group H with six points.

Adnoc + Santos on a mission to capture carbon: Abu Dhabi National Oil Company (Adnoc) and Australia’s oil and gas producer Santos inked an agreement to collaborate on developing a joint global carbon management platform, Adnoc said in a statement. The two companies will join forces to develop a carbon capture and storage (CCS) technology in a bid to curb global greenhouse gas emissions. The agreement will see the two oil giants cooperating to support their customers' decarbonization efforts across the Asia-Pacific region.

The UAE’s main oil producer wants to do its part: Adnoc aims to capture 10 mn tons of carbon by 2030, reducing 25% of the company’s CO2 emissions, in line with its plan to achieve net zero emissions by 2024.

UAE consortium to develop and utilize renewable aviation fuel: A consortium led by the Energy and Infrastructure ministry unveiled the UAE Centre for Renewable and Advanced Fuel Technologies for Aviation (Air-CRAFT), a research center for developing, producing, and utilizing sustainable aviation fuel (SAF) technologies, Emirates Airlines said in a press release. The initiative was revealed on the margins of the 3rd ICAO Conference on Aviation and Alternative Fuels (CAAF/3), a week ahead of COP28.

Who’s on board? The consortium will bring together the Energy and Infrastructure Ministry, the General Civil Aviation Authority, ADNOC, Boeing, Emirates, ENOC Group, Etihad, Honeywell, Khalifa University, and Masdar to accelerate SAF production in line with the National SAF Roadmap.

THE ROAD TO COP28-

Almheiri advises world leaders to “walk the talk” on food security ahead of COP: Climate Change and Environment Minister Mariam Almheiri stressed the severe pressures and risks that climate change poses on food, agriculture, and water systems at the Global Food Security Summit hosted in partnership with the UAE, UK, and Somalia. She urged nations to integrate climate action into their food systems, resourcing innovation, technology, and finance to develop a climate-resilient and sustainable agriculture sector and food system.

The summit comes 10 days before COP28, which will have a dedicated Food Systems and Agriculture Agenda, along with other high-level meetings covering the topic.

ADGM to act as COP28 finance partner: The UAE’s finance hub, Abu Dhabi Global Market (ADGM) has been appointed as the “Principal Climate Finance Partner” at COP28, according to a press release. ADGM will oversee negotiations and discussions across COP28’s blue and green zones.

THE BIG STORIES ABROAD-

The global business press is focused on three stories on this fine November morning:

#1-The Israeli government has agreed to a hostage swap with Hamas that will see a four-day pause in the fighting. At least 50 Israeli hostages will be released and some 150 Palestinian detainees freed. The news is everywhere, from Reuters and Bloomberg to the Financial Times and the Wall Street Journal.

SPEAKING OF THE WAR- A second group of injured Gazan children, along with their families, has arrived in Abu Dhabi as part of an initiative led by President Sheikh Mohamed bin Zayed Al Nahyan, Gulf Today reports.The initiative aims to treat 1k Palestinian children and their families in hospitals in the UAE. The children — who need urgent medical care — will be treated at UAE hospitals until their full recovery and return.

Additionally, a field hospital will be established in Gaza as part of the Gallant Knight 3 operation to address the humanitarian needs of conflict-affected individuals. A humanitarian aid convoy, under UAE's Gallant Knight 3 operation, departed from Al Arish, Egypt, towards the Gaza Strip, with 13 trucks carrying 272.5 tonnes of aid. This includes food packages and tents to support 84k people.

#2- We still have no clue who will lead OpenAI — or whether deposed CEO Sam Altman is going to take his team to Microsoft. But there are signs that OpenAI’s board buckling — it’s said to be in talks once more with Altman to bring him back. The Verge reports that Altman prefers to return to OpenAI, and Microsoft boss Satya Nadella has pulled back a bit from public discussion of what’s going on. Nearly all of the company’s 700 employees have reportedly threatened to leave if Altman is not reinstated.

Follow the story throughout the day by dipping into the Verge’s story stream.

Want to go deeper? Try Kara Swisher’s interview with Nadella or the Vergecast’s bid to make sense of what’s going on.

#3- This morning in corporate crime: The CEO of the world’s largest crypto exchange has pleaded guilty to money laundering. Binance CEO Changpeng Zhao (known as CZ in the crypto world) has stepped down and pleaded guilty to breaching anti-money laundering laws in the US in what was described by prosecutors as one of the heftiest corporate penalties in US history, according to statements from the US Treasury and Justice Department yesterday.

Zhao will likely serve no more than 18 months in prison as part of a plea agreement, despite facing a sentence of up to 10 years.The news is everywhere this morning in the global business press: Reuters | Bloomberg | Financial Times | CNBC | Wall Street Journal.

HAPPENING THIS WEEK-

The Abu Dhabi Grand Prix 2023 begins this Friday, 24 November at the Yas Marina Circuit. The first practice kicks off on Friday at 11:30am, while the race itself is scheduled for Sunday, 26 November. The event is the final F1 race of the season.

Over in Dubai, the Rugby 7s is slated for the following weekend, starting on Saturday, 2 December at the Sevens Stadium. You can check out the full schedule here.

Dubai Taxi IPO set to raise USD 315 mn

Dubai Taxi IPO sees huge investor demand: State-owned Dubai Taxi Corporation’s (DTC) IPO offering up 25% of the company was oversubscribed within the first hour of opening yesterday, Bloomberg reports. The company plans to offer a total of 624.8 mn shares in its IPO on the Dubai Financial Market (DFM).

Offering could fetch more than AED 1 bn: The company has set an indicative price range of AED 1.80-1.85 per share, valuing the company at up to AED 4.62 bn, according to a filing to the DFM. The share sale could see DTC — Dubai’s largest taxi operator — raise as much as AED 1.16 bn (USD 315 mn), Bloomberg notes. The final pricing will be announced next Thursday, 30 November.

Sellers: The Department of Finance for the Government of Dubai serves as the seller in the first such offering by the Dubai government in over a year.

ADVISORS- Citibank, Emirates NBD, and Merrill Lynch are joint global coordinators for the transaction. Joining them on joint bookrunner duties are EFG Hermes UAE and FAB. Emirates NBD is lead receiving bank, while our friends at Mashreq Bank are also serving as a receiving bank alongside FAB and others. Rothschild is also serving as an independent financial advisor.

Middle East’s biggest healthcare platform PureHealth to IPO in December

Healthcare giant PureHealth is heading to the ADX next month: Abu Dhabi-based International Holding Company (IHC) subsidiary PureHealth has announced its intention to float on the Abu Dhabi Securities Exchange (ADX) in December, according to a press release. The company is awaiting some regulatory approvals ahead of the listing.

There’s a lot we don’t know: Details on the size of the IPO, who the eligible investors are, and the subscription schedule have not yet been disclosed. PureHealth also declined to disclose who the firm had hired as advisors for the transaction.

About the company: PureHealth is the Middle East’s largest healthcare platform and currently operates over 25 hospitals and 100 clinics after merging with SEHA and Daman in 2022. In August, the firm acquired the UK’s largest private healthcare provider, Circle Health Group, for AED 4.4 bn.

The current shareholders: Alpha Dhabi Holding, AH Capital, Ataa Financial investments, International Holding Company, and ADQ are all PureHealth shareholders, with Sheikh Tahnoon bin Zayed Al Nahyan set to have the largest share in PureHealth by virtue of his chairmanship of both IHC and ADQ, Bloomberg reports.

A while in the making: Rumors of PureHealth’s listing have been circulating for years, with Bloomberg reporting IHC’s plans to list PureHealth as far back as December 2021. In November 2022, Reuters reported that the IPO might take place in 1Q 2023, saying that it was aiming to raise over USD 1 bn.

Phoenix Group closes IPO offering at 33x oversubscription rate

Crypto miner Phoenix Group’s IPO was 33x oversubscribed at the close of the offering period, which ended last Saturday, according to a statement. The retail portion of the offering was 180x oversubscribed, while the institutional portion was 22x oversubscribed, the statement says.

Shareholders are offering 17.64% of the company (c. 907.3 mn shares) in the IPO, with 93.3% (c. 846.8 mn shares) earmarked for institutional investors and 6.7% (c. 60.5 mn shares) allocated for the retail offering, according to the public offer announcement (pdf). At AED 1.50 per share, the IPO is worth some AED 1.36 bn.

Current shareholders: Agora SPV, Okab Okab Sakr, Najib Abou Hamzeh, Seyedmohammad Alizadehfard, Echo Holding, Vertex Holding, Horizon Holding, Hyperion Holdings, Hades Holdings, Artemis Holdings, Maple Tree Holdings, and International Tech Group Sole Proprietorship all hold shares in Phoenix Group. None of the current shareholders will fully offload their stake in the company.

Shares should start trading on the ADX on Monday, 4 December under the ticker PHX, Phoenix Group said.

Advisors: First Abu Dhabi Bank is acting as lead receiving bank and lead manager, while International Securities is lead placement agent and listing advisor. Hadef & Partners are counsel on the transaction, with Ernst & Young acting as IPO subscription auditors and Crowe Mak acting as the company’s accountants. Ibrahim & Partners offered counsel to the lead manager.

Dubai’s OSN+ and Abu Dhabi-based Anghami agree to merger to create Mideast’s largest streaming service

Say hello to the largest entertainment broadcasting company in the Middle East: Abu Dhabi-based Anghami and Dubai’s OSN+ signed an agreement to merge the two companies, according to a joint press release.The transaction is expected to close in 1Q 2024, pending regulatory approvals.

The details: OSN+ parent company OSN Group will inject USD 50 mn of liquidity into Anghami as part of the agreement, becoming a majority shareholder. OSN Group is investing in the company’s stock at USD 3.65 per share, 3.9x its average price for the past month. The new entity is expected to reel in USD 100 mn in revenues, bringing together over 120 mn registered users and 2.5 mn paid subscriptions.

OSN+’s investment is expected to help prevent Anghami from being delisted from the Nasdaq, Bloomberg quotes Anghami co-founder Elie Habib as saying. Anghami had received a warning from Nasdaq last month that it was at risk of being delisted, after its stock price fell below USD 1 apiece for more than 30 business days, the company said in an SEC filing. Anghami went public on the exchange in February 2022 through a SPAC merger with Vistas Media Acquisition Company.

What they said: The combination of the two home-grown brands “will leverage Anghami’s strong tech stack and rich music catalog coupled with OSN+'s library of premium video content to deliver a unique digital streaming experience with AI-driven hyper personalization that prioritizes recommendations based on user preference,” the press release reads.

Fending off competitors: The Emirates-based companies are two of the largest of their scale in the region, which OSN CEO Joe Kawkabani says is “a big reason for doing the [agreement],” according to Bloomberg. Merging forces will help strategically guard OSN+ and Anghami from international rivals Disney+ and Netflix, in addition to local competitors like Abu Dhabi-based Starzplay.

Lunate, BNY Mellon set up USD 300 mn company

Lunate + BNY Mellon set up new USD 300 mn company: Abu-Dhabi based alternative investment manager Lunate and investment banking group BNY Mellon are launching a new USD 300 mn company named Alpheya, according to a joint statement. BNY Mellon will hold a minority stake in Alpheya, the statement says.

Alpheya, which will be based in the Abu Dhabi Global Market (ADGM), will “develop a customized wealth management technology platform for wealth and asset managers in the Middle East and North Africa,” the statement says. The company will begin serving clients next year, Lunate and BNY Mellon said, without specifying when during the year.

About Lunate: Abu Dhabi’s Chimera Investment set up Lunate in September, with north of USD 50 bn in assets under management, according to Reuters. Lunate counts Abu Dhabi Growth Fund CEO Khalifa Al Suwaidi, ADQ’s alternatives investment platform CIO Murtaza Hussain, and Chimera CEO Seif Fikry as its three managing partners, according to Bloomberg.

S&P affirms Sharjah’s credit rating + T&C assessment; outlook stable

S&P Global Ratings affirmed Sharjah’s long- and short-term foreign- and local-currency sovereign credit rating at BBB/A-3 with a stable outlook yesterday, the ratings agency said in a press release. The emirate’s transfer and convertibility assessment — S&P’s view on the likelihood that a non-sovereign entity could face restricted access to FX, to ensure the sovereign has the ability to meet debt requirements — was also maintained at AA+.

THE RATIONALE-

Fiscal performance looks set to improve: The rating is supported by S&P’s “view that Sharjah’s government will introduce sufficient measures to begin stabilizing” its debt-to-GDP ratio in the next two years, according to the press release. Sharjah’s total debt-to-GDP ratio stands at an estimated 52.5%, S&P says, expecting that this figure will inch up to 54.0% in 2025 and 55.7% in 2026. Sharjah’s rating could be revised upwards if its “fiscal performance materially strengthened, putting net general government debt on a downward path.”

And economic growth is on the horizon: “We also expect the UAE’s favorable macroeconomic fundamentals, on the back of buoyant oil and non-oil activity, to support economic growth in Sharjah and the government’s fiscal objectives,” S&P says. The emirate also has a more diversified economy than other sovereigns in the GCC, with S&P seeing growth in Sharjah’s five biggest sectors — construction, wholesale and retail trade, real estate activities, manufacturing, and financial services.

The ratings agency sees the emirate’s GDP growing at a 2.5% clip in 2024 and a 2.0% clip in each of 2025 and 2026, while GDP per capita will grow between 1.0-1.5% through 2026.

Abu Dhabi rolls out USD 299 mn housing project

Abu Dhabi crown prince inaugurates Emirati-only housing project: Abu Dhabi Crown Prince Sheikh Khaled bin Mohamed inaugurated the Al Wathba housing project in Abu Dhabi on Monday, the Abu Dhabi Housing Authority (ADHA) said in a press release. Built under the Emirati Neighborhood initiative, the project is set to deliver 347 housing units to Emirati-nationals, with an investment of AED 1.1 bn (USD 299 mn).

About Al Wathba: Spanning 875k sqm, the project will also feature 15 parks, four mosques, and areas set aside for commercial and community facilities. A public/private partnership agreement (PPP) was inked with an undisclosed developer to build these community areas.

What they said: “The Al Wathba housing project signifies the Abu Dhabi Housing Authority's commitment to delivering the leadership’s directives. This initiative stands as a cornerstone in guaranteeing citizens' access to quality housing, fostering a secure and stable social environment, and actively supporting the ongoing development and growth of Abu Dhabi,” Chairman of ADHA’s Department of Municipalities and Transport Mohammed Al Shorafa said.

Mortgage assistance for those who need it: The Al Wathba initiative enables eligible citizens to apply for housing loans. It will also offer residential units to low-income retirees and families of deceased mortgage holders without requiring them to repay the loans.

UAE real estate market expected to see sustained strong performance, Moody’s says

The UAE real estate market is expected to see sustained strong performance over the next 12-18 months despite a slowdown in demand compared to previous years, Moody’s Investor Service said in a report, cited by Al Bay an. The forecast is attributed to several factors including the success of the country’s visa scheme, its economy’s quick rebound following the pandemic, and the ongoing surge in oil prices. There has been a 15% average increase in property prices in Dubai and Abu Dhabi since 2Q 2021, with some 80k units in the construction phase, the report says.

The credit rating agency highlighted a boost in real estate developers’ net income margins on demand from domestic and foreign investors. The increased demand is reducing developers’ reliance on the banking industry, according to Julian Haddad, Moody’s vice president and senior analyst. 2022 saw a 6% y-o-y decline in loans to the construction and real estate sectors, followed by a 4% y-o-y decrease in 1H 2023. High demand has enabled companies to offer friendly pre-delivery payment terms. The report states that the real estate industry in the country has experienced increased diversification and maturity since 2008.

BUT- High inflation and interest rates pose potential long-term risks for UAE developers, Moody’s said in the report, according to Zawya reports.Smaller developers with less favorable payment terms and potentially lower quality customers are at a particularly greater risk. The ratings agency notes that consumer spending is likely to decline under these conditions as well and the risk of missed mortgage repayments may increase if current rates persist, according to Al Bayan.

Market liquidity and investor mood are predicted to drop if the geopolitical tensions in the region intensify and the global macro climate remains sluggish. Moody's warns that these risks could reduce demand for new real estate supply, potentially limiting earnings growth and profitability developers they rate such as Aldar Properties, Arada Development, Damac Real Estate Development Limited, Emaar Properties, and PNC Investments.

Social networking and gaming giant Yalla Group earnings surge in 3Q 2023

Online social networking and gaming company Yalla Group saw its net income surge 44.3% y-o-y in 3Q 2023, reaching USD 35.2 mn, the NYSE-listed lender said in its latest unaudited earnings release. Revenues also jumped 6.4% y-o-y in the same quarter to reach USD 85.2 mn, with USD 53.9 mn stemming from chatting services and USD 31.2 mn from games services.

A solid year so far: The company’s net income rose 37% y-o-y to USD 83.4 mn in the first nine months of 2023, while revenues ticked up 4% y-o-y to AED 237.9 mn.

What they said: “Our robust quarterly results demonstrate our operational success in refining processes, enhancing the gamification of our flagship applications, improving our gaming mechanics and optimizing user acquisition. These efforts have empowered us to build a more engaged community of users, reflected by a 13.6% year-over-year increase in our group's average monthly active users to 35.1 mn,” Yalla CEO Yang Tao said.

War in Gaza + UAE v Bahrain top the conversation on Emirati Twitter

There’s tons of support for the Palestinian people and denouement of Israeli aggression leading the conversation on X in the UAE,with hashtags such (الوقف الفوري) calling for a ceasefire and urging solidarity with Gaza.

We’re seeing a lot of chatter about Fadil Al Maksousi who died in as a result of American airstrikes in Iraq (#المكصوصي_شهيد_القدس).The Islamic Resistance of Iraq has also declared a new operation using the name of the recently martyred Maksousi, promising revenge for his death.

In sporting news: Yesterday’s World Cup qualifier between the UAE and Bahrain(#البحرين_الامارات) also made the rounds.

COP28 + Telegraph takeover top coverage of the UAE in int’l press

The conversation on the UAE continues to be primarily focused on Abu Dhabi-backed investment fund RedBird IMI, which is bidding to take over London’s Telegraph Newspaper Spectator magazine. (Mail Online | The National | BBC).

UAE climate credentials: Elsewhere, the Washington Post took a look at the UAE’s bid to become a major solar power player in the run up to COP28.

Also making headlines:

Forbes treated us to the highlights from this year’s Dubai Airshow. (Forbes)
PureHealth’s IPO (which we cover in depth in this morning’s newswell, above) made the British medical press. (Hospital Management)
Bloomberg picked up on Emirates’ USD 2 bn refurbishment program for the Airbus SE A380 jumbo jet. (Bloomberg)

UAE sugar prices set to decline + EGA constructs aluminum recycling plant. PLUS: News from DFM + Nasdaq Dubai + Shanghai Exchange, DP World Trade Finance, Jumeirah Golf Estates

COMMODITIES-

Sugar prices to slide as India approves export resumption: We’re expecting to see a fall in sugar prices in the UAE as India (the world’s second largest sugar exporter), is set to resume trade under a new agreement with the Indian National Cooperative for Exports, Khaleej Times reports. With the return of Indian sugar, pressure on Brazilian imports will likely ease up.

The end of the sugar rush? Sugar prices have been at an all-time high,rising 8% in the UAE over the past few months amid a 55% surge in prices globally. The soaring prices come on the back of a global supply shortage due to damaged crops in India and Thailand.

Refresher: India suspended its global sugar exports in October in a bid to control domestic prices, with the exception of the EU and US.

CAPITAL MARKETS-

DFM + Nasdaq Dubai + Shanghai Stock Exchange agree on knowledge exchange: The Dubai Financial Market (DFM), Nasdaq Dubai, and Shanghai Stock Exchange (SSE) inked an MoU to streamline knowledge exchange and focus on developing products such as indices, ETFs, and ESG, according to a DFM filing on Monday. DFM and Shanghai Stock Exchange are hoping to expand their services and their outreach, the filing said.

TRADE-

DP World Trade Finance + UAE Trade Connect (UTC) partner up to boost trade finance and combat fraud in the UAE, Gulf News reports. DP World Trade Finance, a fintech platform owned by DP World, will leverage UTC ’s platform to reduce lending-related risk by identifying suspicious invoices.

About UTC + DP World Trade Finance: DP World Trade Finance establishes a direct link between businesses and financial institutions. It is a non-bank financial institution with direct lending capabilities and embedded fintech value proposition, enabling it to join UTC.

WASTE MANAGEMENT-

Emirates Global Aluminum (EGA) has begun construction on what will be the UAE’s largest aluminum recycling plant near EGA’s existing smelter in Al Taweelah, according to a statement. Construction is expected to be completed within three years, with the facility set to process pre and post-consumer aluminum scrap into high-quality premium aluminum billets.

Exporting recyclables: With an annual production capacity of 170,000 tons, EGA aims to supply the low-carbon metals to local and global markets based on a forecast that global demand for recycled aluminum will grow to 57 mn tons in 2024 from 27 mn tons in 2022.

RENEWABLES-

Solar panels with 9.96 MW of power production capacity are being installed at Dubai Metro Depots at Jebel Ali, Al Qusais and the Al Safouh Tram Depot, according to a statement by the Road and Transport Authority (RTA). The installation is expected to cut the RTA’s annual CO2 footprint by 3,962 tons, with the panels set to begin producing energy by 1Q 2024.

REAL ESTATE-

Dubai golf compound land plot sold for AED 300 mn: UAE-based real estate developers AveNew, Pride and Property, and Landsmith Real Estate closed the sale of a land plot in Dubai’s Jumeirah Golf Estates for over AED 300 mn (USD 81 mn), Gulf News reported.

Reflecting investors’ taste for Dubai’s luxury properties: The sale is a testament to the growing demand for Dubai’s luxury real estate market. The price of luxury residential properties surged 44% in 2022 alone, according to a report by real estate consultant Knight Frank.

Missoni to set up residential project in RAK: Italian luxury brand Missoni is set to launch a luxury residential project on Al Marjan Island in Ras Al Khaimah, Zawya reports. The project will be developed by Dubai-based real estate developer Durar, in partnership with Fortune 5 Developments. The project is expected to be completed by 4Q 2026.

STARTUPS-

UAE-based Wamda Capital participated in Turkey-based mental health startup Salus’ USD 4.7 mn seed round, according to a press release. The round, which was led by Northzone with participation from 500 Emerging Europe, Pitchdrive, the CVC arm of Iş Bank, and angel investors. The fresh funding will be used to broaden Salus’ clinical network, enhance user experience, and grow its B2B business.

Regional broadcaster MBC to go public on Tadawul in blockbuster IPO

Saudi’s MBC taps HSBC and JPMorgan as advisors for upcoming IPO: The region’s largest broadcaster MBC Group has hired HSBC Holdings and JPMorgan Chase & Co as financial advisors ahead of its initial public offering in Saudi Arabia, Bloomberg reported. In what could be one of the most prominent IPOs in the kingdom this year, MBC will offer up 10% of its company to public investors, or 33.3 mn shares.

ALSO WORTH NOTING-

Three quarters of foreign funds invested in Chinese stocks left in 2023,marking outflows of nearly USD 25 bn, according to the Financial Times. The dumping of shares has pushed the CSI 300 down 11% in USD terms in 2023 as foreign investors lost faith in the economy as it struggled with a precarious real estate sector and slow post-covid recovery.

ADX	9,541.76	-0.4% (YTD: +6.6%)
DFM	3,985.04	-0.4% (YTD: +19.5%)
Nasdaq Dubai UAE20	3,786.74	-0.8% (YTD: 5.6%)
USD : AED CBUAE	Buy 3.67	Sell 3.67
EIBOR	5.11% o/n	5.55% 1 yr
TASI	11,129.10	+0.1% (YTD: +0.1%)
EGX30	24,774	+0.1% (YTD: +69.4%)
S&P 500	4,538.19	-0.2% (YTD: +18.2%)
FTSE 100	7,481.99	-0.2% (YTD: +0.4%)
Euro Stoxx 50	4,331.90	-0.2% (YTD: +14.2%)
Brent crude	USD 77.63	-0.18%
Natural gas (Nymex)	USD 2.85	+0.2%
Gold	USD 2,018.30	-0.2%
BTC	USD 36,786.20	-1.7% (YTD: +123.4%)

THE CLOSING BELL-

The ADX fell 0.4% yesterday turnover of AED 830.8 mn.

In the green: Emirates Driving Company (+12.7%), Al Khaleej Investment (+12.0%) and Chimera (+4.9%).

In the red: Hayah Ins. Company (-4.6%), Bildco (-3.2%) and Aram Group (-2.8%).

Meanwhile, the DFM closed down 0.4% yesterday. The index is up 19.5% YTD.

Emirati Foreign Affairs minister talks cooperation with Uganda + UAE permanent rep to UN Geneva presents credentials

Foreign Affairs Minister Sheikh Abdullah Al Nahyan and his Ugandan counterpart Odongo Abubaker discussed enhancing bilateral ties and growing collaboration across various fields, including development, economic, investment and renewable energy, according to a ministry statement.

UAE’s permanent rep to UN Geneva presents credentials: Ambassador Jamal Jama Al Musharakh presented his credentials to UN Geneva’s Director-General Tatiana Valovaya Director-General of the UN Geneva, making him the permanent representative of the UAE to the UN Office.

CALENDAR

NOVEMBER

19-25 November (Sunday-Tuesday): Al Ain Book Festival, The Abu Dhabi Arabic Language Centre.

20-24 November (Monday-Friday) International Civil Aviation Organisation’s Aviation and Alternative Fuels conference, Hilton Dubai Al Habtoor City.

21-22 November (Tuesday-Wednesday): The Knowledge Summit, Dubai World Trade Centre.

21-23 November (Tuesday-Thursday): Intermobility Expo 2023, Dubai World Trade Centre.

23 November (Thursday): Global Supply Chain and Logistics Summit, Grand Millennium Hotel Business Bay.

24-26 November (Friday-Sunday): Abu Dhabi Grand Prix, Yas Island.

27-29 November (Monday-Wednesday): Abu Dhabi International Food Exhibition, Abu Dhabi National Exhibition Centre.

27-29 November (Monday-Wednesday): Fortune Global Forum, Emirates Palace Mandarin Oriental.

27-30 November (Monday-Thursday): Abu Dhabi Finance Week (ADFW), Abu Dhabi.

27 November (Tuesday): Deadline for submitting offers for the development of Saahat Deira in Dubai.

28-29 November (Tuesday-Wednesday): World Green Economy Summit, Madinat Jumeirah Conference & Events Centre.

30 November (Thursday): Commemoration day, national holiday.

30 November-12 December: COP28, Expo City Dubai.

Signposted to happen some time in November:

Annual cabinet meeting.

DECEMBER

1-3 December (Friday-Sunday): Dubai Rugby 7s Tournament.

2-3 December (Saturday-Sunday): UAE national holiday.

4 December (Monday): Abu Dhabi Sustainability Week (ADSW) summit, Dubai, UAE.

4-7 December (Monday-Thursday): Big 5 Global, Dubai World Trade Centre.

4-7 December (Monday-Thursday): The Big 5 Heavy, Dubai World Trade Centre.

4-7 December (Monday-Thursday): Middle East Concrete, Dubai World Trade Centre.

4-7 December (Monday-Thursday): HAVAC R Expo, Dubai World Trade Centre.

4-7 December (Monday-Thursday): International Conference on Global Warming: The Critical Role of Oceans, Ras Al-Khaimah.

4-7 December (Monday-Thursday): Windows Door & Facades event, Dubai World Trade Centre.

4-7 December (Monday-Thursday): Gulf Glass, Dubai World Trade Centre.

4-7 December (Monday-Thursday): Middle East Stone, Dubai World Trade Centre.

4-7 December (Monday-Thursday): FM EXPO, Dubai World Trade Centre.

7 December (Thursday): Everything Architecture, Dubai World Trade Centre.

3-10 December (Monday-Sunday): Al Dhafra Book Festival, near Madinat Zayed.

8-9 December (Friday-Saturday): Global EV Show 2023, TBA.

8 December-14 January: Dubai Shopping Festival, City wide.

8-10 December (Friday-Sunday): Dubai EarthSoul Festival, Dubai Media City Amphitheatre.

8-10 December (Friday-Sunday): Sole DXB 2023, Dubai Design District.

12-14 December (Tuesday-Thursday): Organic & Natural Expo Dubai 2023, Dubai World Trade Centre.

13-15 December (Wednesday-Friday): ArabPlast 2023, Dubai World Trade Centre.

15-16 December (Friday-Saturday): Super Angels Summit, Abu Dhabi National Exhibition Centre.

Signposted to happen sometime in December:

2024

JANUARY

1 January (Monday): New years day, national holiday.

9-11 January (Tuesday-Thursday): Dubai International Pharmaceuticals and Technologies Conference and Exhibition, Dubai World Trade Centre.

9-11 January (Tuesday-Thursday): Gulf Print and Pack, Dubai World Trade Centre.

21-23 January: World of Coffee Dubai, Dubai World Trade Centre.

29 January- 1 February: Arab Health, Dubai World Trade Centre.

FEBRUARY

12-13 February (Monday-Tuesday): Breakbulk Middle East conference, Dubai Trade Centre.

12-14 February (Monday-Wednesday): Sustainable Aviation Futures MENA Congress, Hotel Dubai Mall.

7-8 February (Wednesday-Thursday): Sharjah Investment Forum, Al Jawaher Reception and Convention Centre.

26-28 February (Monday-Wednesday): Management and Sustainability of Water Resources, Marriott Hotel Al Jaddaf.

28-29 February (Wednesday-Thursday): Ras Al Khaimah Investment and Trade Summit, Rak Exhibition Centre.

28 February-1 March (Wednesday-Friday): MENA Transport Congress and Exhibition 2024, Dubai.

Signposted to happen sometime in February:

World Trade Organization Ministerial Conference, Abu Dhabi, UAE.

MARCH

5-6 March (Tuesday-Wednesday): MRO Middle East, Dubai Trade Centre.

5-7 March (Tuesday-Thursday): World Police Summit, Dubai World Trade Centre.

12 March (Tuesday): Start of Ramadan, public holiday.

APRIL

11 April (Thursday): End of Ramadan, public holiday.

12 April (Friday): Eid Al-Fitr, public holiday.

16-18 April (Tuesday-Thursday): World Future Energy Summit, Abu Dhabi National Exhibition Centre.

16-18 April (Tuesday-Thursday): Middle East Coatings Show, Dubai World Trade Centre.

23-25 April (Tuesday-Thursday): Connecting Green Hydrogen MENA, Madinat Jumeirah Conference Centre.

MAY

8-9 May (Wednesday-Thursday): Innovative Finance Expo, Jumeirah Emirates Towers.

14-15 May (Tuesday-Wednesday): Seamless Middle East, Dubai World Trade Centre.

JUNE

4-6 June (Tuesday-Thursday): The Hotel Show, Dubai World Trade Centre.

4-6 June (Tuesday-Thursday): INDEX, Dubai World Trade Centre.

4-6 June (Tuesday-Thursday): WORKSPACE, Dubai World Trade Centre.

4-6 June (Tuesday-Thursday): Leisure Show, Dubai World Trade Centre.

15 June (Saturday): Arafat day, national holiday.

16-18 June (Sunday-Tuesday): Eid Al-Adha, national holiday.

JULY

7 July (Sunday): Islamic new year, national holiday.

SEPTEMBER

9-11 September (Monday-Wednesday): World Utilities Congress, Abu Dhabi.

OCTOBER

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

NOVEMBER

11-14 November (Monday-Thursday): ADIPEC, Abu Dhabi.

11-14 November (Monday-Thursday): ADIPEC Maritime and Logistics Exhibition and Conference, Abu Dhabi.

11-14 November (Monday-Thursday): ADIPEC Decarbonisation Accelerator, Abu Dhabi.

DECEMBER

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

10-12 December (Tuesday-Thursday): Middle East Business Aviation, Dubai World Central.

Sections

About

Privacy & Support

Get EnterpriseAM daily