Dubai’s Parkin will become the UAE’s first IPO of the year

1

WHAT WE’RE TRACKING TODAY

THIS MORNING: WTO ministerial signs off on trade services agreement

Good morning, ladies and gentlemen. We love waking up to the smell of fresh paper, which makes today a good day for us.

THE BIG STORY here at home is Dubai taking Parkin — its recently-established car parking space manager — public on the DFM in an IPO next month. The company will offer up a 25% stake in its debut, which will mark the UAE’s first IPO of the year.

^^We have chapter and verse in this morning’s news well, below.

WTO MINISTERIAL-

Day two of WTO meeting sees trade services agreement go into effect: The second day of the WTO ministerial meeting saw 71 countries activating the joint initiative on services domestic regulation (pdf) that intends to ease procedural and administrative hurdles faced by SMEs in the services sector, state news agency Wam reports. The agreement is the first tangible WTO achievement in the service sector in over 25 years.

Why this matters: The implementation of the new regulations has the potential to reduce trade costs by more than USD 125 bn, according to Wam.

STILL ON THE DRAWING TABLE-

The fisheries agreement still needs a push: Talks on the fisheries agreement continued on the second day of the conference behind closed doors, with a final agreement yet to be finalized, although there are now 70 signatories after the Philippines accepted the agreement, Wam reported. The acceptance of forty more members is still needed.

No consensus yet on an investments agreement: Members need to reach consensus on incorporating the Investment Facilitation for Development Agreement — which 125 members have already agreed to — in the WTO’s legal corpus, Reuters reports. The agreement seeks to ease bureaucratic hurdles and encourage FDI. However, some countries are voicing their opposition.

And no sign of India yet: India's Commerce Minister Piyush Goya — seen as a major player in the four-day talks — has yet to arrive in Abu Dhabi, Reuters reports.

PUBLIC SERVICE ANNOUNCEMENTS-

#1- Ras Al Khaimah clamps down on traffic violations: Individuals who violate certain traffic laws will have their vehicles impounded for anywhere between 15 days and three months, and will be required to pay between AED 1-20k to have them, after the Ras Al Khaimah Police tightened traffic rules on Monday. Impoundment durations and release fees double for repeat offenders. The new set of rules, which addresses violations such as road stunts, modified vehicles, and making unnecessary noise, will take effect from Friday, 1 March.

#2- Companies that delay registration for the corporate tax will be fined AED 10k, the Finance Ministry said. Effective this Friday, 1 March, the penalty will be imposed on companies that fail to submit their registration applications prior to the Federal Tax Authority’s specified deadlines, which it sets out in its new decision (pdf). Companies that fail to register before 1 March will still be required to apply within three months (ie before 31 May 2024) to avoid violating tax laws.

You can register via the Federal Tax Authority’s EmaraTax platform.

#3- Restaurants and shops in Sharjah that want to sell food during fasting hours throughout Ramadan are required to obtain permits that will cost AED 3k to issue, according to the Sharjah Municipality. Food displays outside shops during the day will also require a permit for a AED 500 fee.

DATA POINTS-

#1- Hotel and hotel apartment bookings in Fujairah rose 32% y-o-y in 2023, hitting over 61k rooms over the course of the year, up 32% y-o-y, Al Bayan cites Director General of Fujairah’s Department of Tourism and Antiquities Saeed Al-Samahi as saying. Hotel occupancy climbed 9% during the period, with room capacity nearing full on holidays and weekends. Al-Samahi attributes the growth to new hotel projects during the year, including Dibba Mountain Park Resort and DoubleTree Hilton Hotel, and the restoration of archaeological sites Habhab Castle and Al-Qarya Castle.

#2- Some 260 startups joined Abu Dhabi’s tech VC Hub71 in 2023, raising AED 5.4 bn in five years, Wam reported. Hub71 created 1.1k jobs, with AED 3.5 billion in revenue and 118 transactions totaling AED 658 mn in the last two years.

#3- The UAE food service market size is projected to reach USD 43.98 bn by 2029, from an estimated USD 19.98 bn in 2024, with a projected compound annual growth rate (CAGR) of 17.10% during the period, according to a Mordor Intelligence report.

Breakdown by food service type: The largest segment in terms of food service type, with a 41.6% share of the market value in 2023, is full service restaurants, driven by the demand for comprehensive dining experiences. However, quick service restaurants are the fastest-growing segment, with a projected CAGR of 18.9% over the period.

Breakdown by outlet type: Independent outlets are the largest segment by outlet type and hold a 60.5% share of the market value. Chained outlets are the fastest-growing segment with a 17.6% projected CAGR over the period, fueled by rising consumer demand for consistent dining options and competitive pricing strategies.

WATCH THIS SPACE-

#1- The Sharjah government has enlisted several banks to organize investor gatherings for a benchmark-sized, senior unsecured USD sustainable bond issuance, Reuters reports, citing an arranging bank document. The issuance will have a 12-year tenor. Benchmark-sized issuances usually indicate an offering of at least USD 500 mn.

Participating banks: Emirates NBD Capital and HSBC have been chosen to jointly serve as global coordinators, lead managers, and bookrunners, while Citi, Credit Agricole CIB, and Standard Chartered Bank will act as joint lead managers and bookrunners. HSBC will serve as the sole ESG structuring agent.

#2- Emirati logistics giant DP World is eyeing potential investments in building logistics hubs and an industrial park in the Philippines, according to a Philippines Trade and Industry Department statement. The Philippines will collaborate with DP World on developing their logistics sector, including industrial parks, economic zones, and digital solutions, Philippines Trade and Industry Department secretary Fred Pascual said. The country has launched a program to prioritize infrastructure investments for developing seaports, airports, and railways to enhance accessibility in a bid to become Asia’s next logistics hub, the statement says.

#3-The UAE and Malaysia are poised to finalize a trade agreement by the end of June, potentially paving the way for more investments in the country from UAE sovereign wealth funds, Malaysian Trade Minister Tengku Zafrul Aziz told Reuters on the sidelines of the WTO meeting. Negotiations on the agreement are nearing completion, and Malaysia has expressed hopes that the UAE will invest in its energy, digital economy, electric vehicle, and chip sectors. The Malaysian trade minister said the agreement could position Malaysia as a key hub for UAE investments in Asia.

ALSO- The UAE is set to engage in talks with Peru on a trade agreement in the coming months in a bid to boost exports between the countries, Arab News reports, citing an announcement at the World Trade Organization meeting in Abu Dhabi. The agreement would mark the UAE’s first pact of its kind in the Americas, and would be Peru’s first with a country in the MENA region. The two countries inked an aviation agreement last June.

#4- Mubadala Energy plans to increase gas production at Malaysia’s Pegaga field, Reuters reports, citing media statements from COO Stefano Raciti, who does not disclose the details of the expansion. The field currently has the capacity to produce 550 mn standard cubic feet per day of gas, which travels through a new subsea pipeline linked to an offshore gas pipeline network to export it from Bintulu LNG terminal.

#5- Ireland is looking to reel in investments from GCC sovereign wealth funds for its infrastructure projects, the country’s Enterprise, Trade and Employment Minister Simon Coveney told Reuters on the sidelines of the WTO meeting. Highlighting the trade relations between Ireland and the UAE and the country’s growing trade with the UAE and Saudi Arabia, Coveney said that he sees Ireland welcoming more Gulf investments over the upcoming years.

HAPPENING TODAY-

#1-The International Conference on Management and Sustainability of Water Resourcesis on its second and final day at the Marriott Hotel, Al Jaddaf, Dubai.

#2- The third day of The International Innovation Forum 2024 is underway at the Dubai Customs head office as part of the ongoing UAE Innovates national event.

#3- It’s the final day for mobility startups to pitch ideas for sustainable transportation solutions as part of Dubai’s Roads and Transport Authority’s Startups Challenge, held concurrently with UAE Innovates. You can register for the challenge by sending a nomination request here.

#4- The UAE-Kazakhstan Business Council’s first meeting kicks off today at Expo City Dubai, Wam reports. Kazakh Trade Minister Shakkaliyev Arman will participate, along with over 200 private companies across various sectors from both countries. The event aims to promote cooperation between UAE and Kazakh businesses.

#4- The International Property Show kicked off yesterday at the Dubai World Trade Centre, and will run until tomorrow. The property event will feature over 100 real estate developers from 45 countries, including the US, Spain, GCC countries, and Turkey.

#5- The Arab Payments Week wraps today at the Beach Rotana Hotel in Abu Dhabi. Organized by the Arab Monetary Fund and Arab regional payments system Buna, the event is gathering over 40 speakers in the field of payment systems to discuss the latest developments and innovative ideas to advance the sector.

#6- The Investopia Summit kicks off today in Abu Dhabi. The two-day event will run under the theme “Emerging Economic Frontiers: Investing in Fast-Growing Sectors in the New Economy,” gathering investors, government officials, and entrepreneurs to explore investments in strategic markets.

#7- The MENA Transport Congress and Exhibition 2024 is also happening today, running until Friday, 1 March at the Dubai World Trade Centre. Look for 2k attendees and 65 speakers, including industry leaders, researchers, and government officials to be in attendance.

#8- The Dubai International Boat Show sets sail from the Dubai Harbor today, running until next Sunday, 3 March. The event will showcase over 1k brands and over 200 boats from renowned shipyards like Azimut, Sunseeker Gulf, and Gulf Craft, and serves as a crucial sales and networking platform for both local manufacturers and global distributors.

#9-The Dubai Dutyfree Championship continues today with the men’s singles. Yesterday saw top seed Daniil Medvedev dispatch Alexander Shevchenko 6-3, 7-5 to qualify for the next round. Center court also saw number 4 seed Karen Khachanov defeat frenchman Luca Van Assche2-6, 3-6.

Can’t get enough tennis? The World Tennis Association tour’s final is set for Saturday, 2 March. You can buy tickets for both the women’s WTA tournament and the men’s ATP here.

THE BIG STORY ABROAD-

It’s all Apple, all the time this morning in the international business press with a trifecta of stories casting Tim Cook and his crew into the spotlight.

#1- Apple is ending its secretive, decade-long effort to build an electric car. The company made the announcement internally yesterday. Bloomberg, which broke the news, says “many” of the 2k staff working on the car will be transferred to its AI unit, where they’ll work on generative AI projects. Technical challenges and signs that the market for EVs may be cooling factored into the decision, Bloomberg’s Mark Gurman writes.

The story is getting ink everywhere:Financial Times | Wall Street Journal | Reuters.

(Sound smart: Gurman started breaking news about Apple as a teenage blogger at Apple news outlet 9to5Mac and has remained a perennial thorn in Apple’s side ever since.)

#2- The US Department of Justice may be on the verge of hitting Apple with an antitrust suit, and California has separately told Bloomberg that it may be “very interested” to join the case if it materializes. Reuters has also picked up the story while the Wall Street Journal has a former US attorney general asking in its opinion pages, “Siri, Does Apple Violate Antitrust Law?” (he thinks the answer is, “Yes.”)

#3- Big Apple shareholders Norges Bank Investment Management and Legal & General want Apple to be more transparent about its guidelines for the ethical use of AI, the Financial Times writes.

Apple investors don’t seem bothered by it all: The tech giant’s shares closed up nearly 1% yesterday.

HAPPENING THIS WEEK-

#1- Economy Minister Abdulla Bin Touq Al Marri will meet with the UK’s Business and Trade Secretary Kemi Badenoch to discuss a trade agreementon the margins of her visit to attend the WTO ministerial conference, along with UK Trade Policy Secretary Greg Hands, the Telegraph reports. Badenoch and Hands’ visit to the UAE — which comes as part of a wider Middle East tour — comes against the backdrop of the stalled GBP 600 mn takeover of the Telegraph by RedBird IMI, which is backed by Abu Dhabi’s International Media Investments.

#2-GovGames 2024 gets underway tomorrow and will run through Sunday 3 March. The event will feature physical challenges across various categories, with some 194 teams from around the world set to join.

CIRCLE YOUR CALENDAR-

Abu Dhabi’s Department of Culture and Tourism’s Souq Al Wahat will host an African parade on Saturday and Sunday, 2-3 March, reports the Abu Dhabi Media Office. Souq Al Wahat will open its doors again the following weekend (until Sunday, 10 March) with its final weekend dedicated to American culture, hot dogs, and country dancing.

The World Skate Tour will kick off its Middle Eastern leg on Sunday, 3 March, according to the Dubai Media Office. The Middle East’s debut pro skating event will return to Dubai Harbor next week, with over 500 skaters from 65 countries competing in back-to-back rounds until Sunday, 10 March, with finalists qualifying for the Summer Olympic Games. Tickets for the tour’s two-week stop in Dubai can be purchased through Virgin Radio, for more information and the full schedule, check out the Adara website.

An inaugural Cross-Border Digital Trade Forum will take place later this year in Dubai,according to the Dubai Media Office. The event is being organized by Worldefand is sponsored by digital commerce freezone Dubai CommerCity. The two also agreed to set up a digital commerce academy.

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

Dubai will sell 25% of parking space unit Parkin on the DFM in March

Dubai is offering up to a 25% stake in recently-established car parking space manager Parkin in an IPO on the DFM in March, according to a Dubai Media Office statement. The Dubai Investment Fund will be selling 749.7 mn shares, according to a prospectus (pdf) published yesterday. The IPO will be the first of the year.

ICYMI:Dubai’s Road and Transport Authority (RTA) established Parkin in January, just a few months after saying it would go public with its taxi and parking assets in 2023. The company designs and manages public and private parking spaces in the emirate, and issues parking permits.

The bookbuilding process starts next Tuesday, 5 March,with the subscription period for retail investors concluding on 12 March. Institutional investors’ subscription period will wrap on 13 March. 10% of the shares on offer will be allocated to retail investors, while 90% will go towards institutional investors.

Shares are expected to begin trading on 21 March, according to details on the IPO picked up by Bloomberg.

Advisors: Rothschild & Co ’s Middle East division was tapped as independent financial advisor. Emirates NBD is the lead receiving bank of the IPO, with several national banks, including the Commercial Bank of Dubai, First Abu Dhabi Bank, and our friends at Mashreq, also acting as receiving banks.

REMEMBER- The RTA’s Dubai Taxi IPOraised AED 1.2 bn on the back of heavy investor appetite last December, with orders covering the transaction 130x. The IPO followed that of

Salik, another RTA unit, which raised USD 1.2 bn from the sale of a 25% stake.

Part of a wider privatization program:The government said back in November 2021 that it would list 10 state-backed companies on the Dubai bourse in a bid to match competition from capital markets in Abu Dhabi and Riyadh. Five companies have debuted on the market so far, with state-owned Tecom, Salik and Empower collectively raising AED 8.1 bn in 2022. Dubai Electricity and Water Authority also raised AED 22.32 bn from its market debut in April 2022, which set a record for largest IPO in the Gulf region since 2019.

EXPANSION PLANS-

Parkin is looking to branch out and offer its services to private establishments, including shopping malls, airports and other high-traffic areas, according to a statement. “It is feasible for the company to expand operations at shopping malls, given that Parkin is managing 91% of all [public and private] of Dubai’s parking operations,” Parkin CEO Mohammed Al Ali told Khaleej Times.

Parkin’s operations in private establishments could be free of charge, as the decision to charge for the service will be up to each development’s management, Chairman Ahmed Hashem Bahrozyan told reporters, confirming that Parkin is “planning to expand to private developments and properties.” The company has already signed seven contracts with private developers to run some 18k parking spaces.

State-owned Uzbekistan bank secures USD 88 mn syndicated loan from Mashreq

Mashreq arranges USD 88 mn syndicated loan for Uzbekistan’s Agrobank:Our friends at Mashreq have secured a one-year USD 88 mn syndicated loan for Uzbekistan’s largest commercial lender Agrobank, according to a press release (pdf). Agrobank will use the funds for “general corporate purposes,” the statement said. The bank did not disclose who subscribed to the transaction, but said it drew investors from the region, Europe and the Commonwealth of Independent States (CIS).

The transaction — which is the first for an Uzbekistan-owned bank in the MENA region — was 0.75x oversubscribed, surpassing the initial USD 50 mn earmarked for the loan on the back of demand from investors in the region.

What they said: “The collaboration reinforces Mashreq’s commitment to fostering growth in emerging markets and supporting small businesses operating in vital sectors, such as agriculture,” Mashreq Group Head of Corporate and Investment Banking Joel Van Dusen said.

Advisors: Mashreq is the sole coordinator, initial lead arranger, bookrunner and facility agentfor the transaction.

Abu Dhabi’s IMI to provide GBP 40 mn loan to the Barclay family’s’ Very Group

The Barclays bag fresh funding from IMI: Abu Dhabi investment firm International Media Investments (IMI) has agreed to lend the Barclay family-owned digital retail firm The Very Group as part of a larger GBP 125 mn funding package provided by the investment firm and private equity group Carlyle, The Very Group said in a press release. Carlyle will provide GBP 85 mn of the total funding.

How is IMI chipping in? IMI agreed to extend the remaining GBP 40 mn of the funding facility to the Barclay family, representing the remainder of the loan, the Financial Times reports, citing a source familiar with the matter.

The loan will give IMI a seat on Very’s board: Under the funding agreement, IMI and Carlyle will each assume a chair on The Very Group’s board, the retailer said.

Background:The Very Group is among the UK assets the Barclay family reportedly pledged as security to the GBP 1.2 bn (AED 5.6 bn) loans provided by IMI-backed RedBird IMI last year. The Barclay family took out the loan to repay the GBP 1.2 bn (AED 5.6 bn) in debt it owes to Lloyds Bank in order to regain control over the Telegraph. Securing these assets as collateral gives RedBird IMI the right to take control of the assets in case of default.

The transaction has been contested in the UK, with 73 British MPs including a cabinet minister and frontbenchers from both political parties calling to halt the takeover, followed by UK Culture Secretary Lucy Frazer issuing an order to prevent any further changes to the ownership of The Telegraph until the UK government completes its investigation into the takeover of the newspaper.

The funding could help The Very Group out of its tight spot: While the company did not reveal what the funding package will be used for, the news came on the heels of Very Group posting GBP 3.2 mn in net loss for 1H 2023-24, according to its financial statements (pdf).

Dubai’s Cotu Ventures sets up USD 54 mn funding platform for early-stage startups

Dubai-based venture capital fund Cotu Ventures has launched its debut USD 54 mn funding platform focused on investing in early-stage startups in the Middle East and North Africa, according to a press release. The platform will look at initial ticket sizes ranging between USD 500k and USD 1.5 mn for startups in their pre-seed and seed stages, without a focus on a particular sector, the press release said.

Where the money’s coming from: The fund’s limited partners include Lunate, Mubadala, Dubai Future District Fund, Arab Bank, and Bupa KSA. General partners include Foundry Group, Tribe Capital, Stride, and family offices.

The fund likes fintech and B2B software in particular, founder and general partner Amir Farha told TechCrunch, though he added that it is open to startups in various sectors. “We are also interested in high-margin industries where technology can play a massive role and capitalize on margin efficiencies,” Farha said.

Background: Cotu has invested in over 20 startups since its launch in 2021, including mortgage platform Huspy, restaurant technology provider Supy, and Saudi warehouse management solutions provider Sirdab.

Cotu + KSA’s Sukna lead funding round for Egypt’s MoneyHash: Egyptian fintech startup MoneyHash raised USD 4.5 mn in a seed round led by Cotu and Saudi’s Sukna Ventures, MoneyHash said in a statement. Saudi’s RZM Investment and the UAE’s Dubai Future District Fund also participated in the funding round, alongside Greece’s VentureFriends and other investors.

The game plan for the funds: MoneyHash plans to use the proceeds to invest in its technology and to expand its growth across the region.

MoneyHash? Founded by Egyptians Nader Abdelrazik and Mustafa Eid and American Anisha Sekar in 2020, the US-based company’s unified platform allows companies to offer payment and fintech services at checkout as well as collect data and track analytics through a single dashboard. MoneyHash launched its payments aggregator platform in February 2022, after it raised USD 3 mn in pre-seed funding.

OTHER INVESTMENT NEWS-

#1- Hayi secures more funding: Social networking app Hayi secured an undisclosed amount in a seed round led by early-stage venture capital firm Plus VC, according to a press release. The company plans to direct the raised capital to scale up operations and marketing, as well as expand its footprint across the UAE and in other countries, said co-founder Chris Darnell.

About Hayi: Founded in 2020 by Chris Darnell (LinkedIn) and Rene Morgan (LinkedIn), the app connects neighborhood residents to facilitate the exchange of community news and services. In 2021, Hayi raised USD 325k in a pre-seed funding round led by Sarya Holdings and Falak Startups. It has since been selected for Google’s #WeArePlay campaign.

Sheikh Hamdan, WTO, gov’t games and IHC made the rounds on UAE X

It was a mixed bag yesterday on X, with everything from the World Trade Organization’s ministerial conference (#التجاره العالميه) to Dubai Crown Prince Hamdan bin Mohammed Al Maktoum (#حمدان بن محمد) — who attended a lecture by American writer Roy Casagranda — getting some attention. We also picked up #الإنزال_الجوي (Airdrop), which followed news of aid supply drops from Jordan and the UAE in Gaza.

The International Holding Company (#الشركة_العالمية_القابضة) has also seen a fair share of attention after chairman, Tahnoun bin Zayed Al Nahyan, announced the appointment of an AI board observer, dubbed “ Aiden Insight.”

Israel wants GCC countries to fund Gaza’s reconstruction after war

Israel will look to “tap” the UAE and other regional neighbors to rebuild Gaza after the end of its war in Gaza,Israel’s Economy and Industry Minister Nir Barkat told Bloomberg. Barkat said it is likely that Israel will ask the UAE to fund reconstruction efforts in the war-torn strip at the end of the conflict, while Bloomberg notes that Gulf leaders have previously said financing efforts would rely on a two-state solution.

Executive chairman of Dubai-based Wamda Capital, Fadi Ghandour, gives his view on the Qatari Investment Authority’s USD 1 bn investment into venture capital funds in the region in an interview with CNBC, stating that sovereign wealth funds are “going to be the market makers”.

New Sharjah decree regulates water sports in the emirate + 7X spins out logistics subsidiary

SPORTS-

Water sports in Sharjah now have a regulatory framework: The Sharjah ExecutiveCouncil introduced a new law to regulate marine activities and water sports in the emirate at its weekly meeting, Wam reports. The law hands the Sharjah International Marine Sports Club the authority to hand out permits and licenses to water sports facilities, as well as license plates for marine boats and jet skis, and sets out penalties for those in violation of the requirements.

LOGISTICS-

#1- 7X spins out delivery services subsidiary: State-owned 7X, formerly known as Emirates Post Group, launched a logistics subsidiary dubbed EMX that will focus on delivery and courier solutions, according to a press release. The company will work with other 7X subsidiaries to bridge the gap between its B2B and B2C operations. Tariq Al Wahedi (LinkedIn) will become general manager of the company.

#2- Etihad Cargo + WFS sign strategic partnership: Emirati freight airline Etihad Cargo has signed a three-year partnership contract with cargo handling organization Worldwide Flight Services (WFS), a SATS Group member, for cargo handling services at more than 12 major international airports, according to a press release. Under the partnership contract, WFS will handle over 150k tonnes of cargo annually for the airline. The value of the contract was not disclosed.

ENERGY-

#1- Petrozo Energy to set up AED 120 mn plant in Sharjah: Singaporean oil and gas manufacturer Petrozo Energy is planning to invest AED 120 mn to build a 430 sq-ft plant in Sharjah’s Hamriya Freezone, the Hamriyah Freezone Authority said. The new plant is expected to operate with an estimated annual production capacity of 72k tons, expanding Petrozo’s market share to 15%.

#2- Masdar subsidiary kicks off construction on battery storage systems in the UK: Masdar Arlington Energy — a subsidiary of renewables energy giant Masdar it acquired in 2022 — has broken ground on two battery energy storage systems in the UK as part of a GBP 1 bn investment program, according to a statement. The plants will have a joint capacity of 55 MW, and will be able to power 25.7k households across the country. The plants are being established across previously industrialized sites as the company looks to focus on land in need of redevelopment and regeneration, the statement notes.

More to come: The facilities are part of Arlington’s 3 GWh pipeline of storage projects in the UK. Parent company Masdar plans to deploy up to 5 GW in wind energy capacity and battery storage volume by 2030 through Arlington.

TELECOMS-

Cisco and du agreed to develop du’s Security Operations Centerinto a Cyber Defense and Intelligence Center in a bid to boost the telco’s digital and cybersecurity infrastructure, according to a press release.

TECH-

Eros Group will be the official distributor of Nothing devices: London-based electronics manufacturer Nothing has partnered with Dubai-based distributor Eros Group to bring Nothing’s electronic devices to consumers in the UAE and Bahrain, a press release reads.

REAL ESTATE-

Real estate development company Deyaar has launched its USD 750 mn Eleveresidential project in Downtown Jebel Ali, Dubai, a press release reads. The project is slated for completion in 2Q 2027 and will see a total of 33 storeys housing residential units, from studios to three-bedroom apartments.

Sam Force to build two centers in Kezad: AD Ports Group subsidiary Khalifa Economic Zones Abu Dhabi (Kezad) and Abu-Dhabi based real-estate developer and operator Sam Force Trading have inked two land lease agreements to build retail centers in Kezad, according to a statement. Sam Force will construct and operate two community retail centers in Kezad to cater to businesses and residents. The centers, situated in Kezad Al Mamourah and Musaffah, will comprise commercial and retail services and business centers, among other amenities, the statement notes.

TRANSPORT-

Dubai Taxi added 94 new license plates to its fleet, auctioned off by Dubai’s Roads and Transport Authority in a bid to up its market share to 46% this year, according to the company’s statement. The company has acquired 445 new taxis since the start of 2024, bringing its total portfolio count to nearly 6k vehicles, from 5.2k in 2023.

ICYMI: Dubai Taxi doubled its fleet at the Dubai International Airport at the start of the month, adding 350 new taxis.

FMCG-

Ferrero Gulf inaugurated a new regional HQ in Downtown Dubai, and tapped Mauro De Felip (LinkedIn) to oversee the unit as regional managing director, according to a press release. The branded chocolate producer houses additional offices in Kuwait and Jeddah.

TRADE-

Cambodia inaugurated its first official private commercial center in Abu Dhabi, geared towards promoting Cambodian products and ramping up the country’s exports to international markets, Cambodia’s Commerce Ministry said.

Global economy may not be getting a soft landing -Goldman Sachs’ Solomon

Goldman Sachs CEO David Solomon isn’t so sure the global economy is headed for a soft landing, saying that while “the world is set up for a soft landing” there’s a “higher level uncertainty” thanks to inflation and geopolitical risks. “The market is way weighted to a very soft landing. [But] when you look at the pattern of facts the last three or four years, it’s hard for me to see it’s going to be that simple,” the Financial Times quotes him as having said.

Asian markets are mixed but were trending mostly lower in early trading this morning. Futures once again point to a soft open for stocks in New York, London, Frankfurt and Toronto later today.

ADX	9,287	+0.3% (YTD: -3.0%)
DFM	4,272	+1.2% (YTD: +5.2%)
Nasdaq Dubai UAE20	3,764	+1.0% (YTD: -2.0%)
USD : AED CBUAE	Buy 3.67	Sell 3.67
EIBOR	5.2% o/n	5.2% 1 yr
TASI	12,601	+0.6% (YTD: +5.3%)
EGX30	29,205	+0.9% (YTD: +17.3%)
S&P 500	5,078	+0.2% (YTD: +6.5%)
FTSE 100	7,683	0.0% (YTD: -0.7%)
Euro Stoxx 50	4,886	+0.4% (YTD: +8.1%)
Brent crude	USD 83.28	+0.9%
Natural gas (Nymex)	USD 1.62	-2.7%
Gold	USD 2,044.10	+0.3%
BTC	USD 56,905.97	+4.2% (YTD: +34.1%)

THE CLOSING BELL-

The ADX rose 0.3% yesterday on turnover of AED 1.2 bn. The index is down 3.0% YTD.

In the green: ESG Emirates Stallions Group (+9.7%), Gulf Cement Co. (+5.5%) and Americana Restaurants International (+3.6%).

In the red: Gulf Medical Projects Company (-10.0%), Response Plus Holding (-9.8%) and Sharjah Islamic Bank (-6.0%).

Over on the DFM, the index closed up 1.2% on turnover of AED 707.3 mn, while Nasdaq Dubai closed up 1.0%.

CORPORATE ACTIONS-

Drake & Scull eyes relisting on DFM: Construction company Drake & Scull International is planning to issue a mandatory convertible sukuk, as well as conduct a capital increase, with an eye to resume trading on the DFM, the company said in a disclosure (pdf). The company plans to arrange a General Assembly “as soon as possible” to get the necessary approvals.

Background: The construction company was suspended from trading in November 2018 on the back of excessive financial losses and reporting violations. The company’s proposed restructuring plan got the green light from Dubai’s Court of Appeal last November, giving it 12 months to complete a financial turnaround.

Takaful Emarat to undergo capital restructuring: Ins. company Takaful Emarat is planning to issue 125 mn new shares, at a nominal value of AED 1 apiece, to raise the company’s share capital to AED 150 mn, up from AED 25.6 mn, according to a DFM filing (pdf). Prior to the capital raise, the firm intends to reduce its capital by 88.3% by canceling some 125 mn shares to offset the AED 132 mn accumulated loss the company had incurred as of 31 December 2023.

UAE, China ink MoU to co-invest in digital infrastructure

UAE, China ink MoU to boost investments in AI: Economy Minister Abdullah bin Touq Al Marri and his Chinese counterpart, Wang Wentao, inked an MoU to promote investment in digital infrastructure, AI, and advanced technological applications, and agreed to work together on further economic cooperation, state news agency Wam reports. The two ministers also discussed advancing economic cooperation, as well as cooperation on tourism, green energy, agriculture, infrastructure, industry, transport, and logistics.

FM + Blinken talk Gaza, Sudan conflicts: Foreign Minister Sheikh Abdullah bin Zayed Al Nahyan discussed the ongoing war in Gaza and a two-state solution between Palestine and Israel with US Secretary of State Antony Blinken, according to a State Department statement. Blinken thanked the UAE for its ongoing humanitarian assistance efforts in Gaza, the statement says. The two leaders also discussed bringing the conflict in Sudan to an end.

OTHER DIPLOMACY NEWS-

State Minister Ahmed Al Sayegh also met with Japan’s Foreign Affairs Minister Kiyoto Tsuji yesterday to discuss enhancing economic cooperation and trade between the countries. (Statement)
The UAE signed an MoU with Pakistan on innovation, research, and development in the agriculture industry, with a focus on date palm cultivation. (Wam)

CALENDAR

FEBRUARY

2-29 February (Friday-Thursday): Ras Al Khaimah Art 2024 Festival, Al Jazeera Al Hamra.

22-29 February (Thursday-Thursday): UAE Innovates 2024, Dubai.

26-28 February (Monday-Wednesday): RTA Startups Challenge, RTA Research and Innovation Centre for Mobility, Dubai.

26-29 February (Monday-Thursday): World Trade Organization Ministerial Conference, Abu Dhabi, UAE.

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

26-28 February (Monday-Wednesday): Arab Payments Week, Beach Rotana Hotel, Abu Dhabi.

27-28 February (Tuesday-Wednesday): Dubai Association Centre Conference, Dubai World Trade Centre.

28 February (Wednesday): UAE-Kazakhstan Business Council meeting, Expo City Dubai.

28 February-3 March (Wednesday-Sunday): Dubai International Boat Show, Dubai Harbor.

28-29 February (Wednesday-Thursday): UAE delegation attends ‘Invest in Austria’ conference, Vienna.

28-29 February (Wednesday-Thursday): Third Investopia Summit, Abu Dhabi.

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

28 February-5 March (Wednesday-Tuesday): Xposure International Photography Festival, Expo Centre Sharjah.

29 February-3 March (Thursday-Sunday): Gov Games, Dubai Festival City, Dubai.

MARCH

1 March (Friday): Abu Dhabi Family Office Summit, Saadiyat Rotana.

1-3 March (Friday-Sunday): Art Dubai, Madinat Jumeirah.

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

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

5-7 March (Tuesday-Thursday): Dubai Entertainment Amusement & Leisure Exhibition, Dubai World Trade Center.

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

5-8 March (Tuesday-Friday): Forbes’ Third Annual 30/50 Summit In Abu Dhabi During International Women’s Day.

7 March (Thursday): Beyond Global Trade, Edition Hotel, Dubai.

8-9 March (Friday-Saturday): World Triathlon Championship Series 2024 Opening Race, Yas Marina Circuit on Yas Island.

11/12 March (Monday/Tuesday): Start of Ramadan.

APRIL

TBC April: DRIFTx, Abu Dhabi.

9/10 April (Tuesday/Wednesday): End of Ramadan, public holiday.

8-12 April (Monday-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.

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

24-25 April (Wednesday-Thursday): Ras Al Khaimah Investment and Trade Summit, Rak Exhibition Centre.

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

23-25 April (Tuesday-Thursday): Argus Fertilizer Asia Conference, Abu Dhabi.

24-26 April (Wednesday-Friday): Global Education & Training Exhibition.

24 April-1 May (Wednesday-Wednesday): Abu Dhabi Mobility Week.

29-30 April (Monday- Tuesday): Dubai World Ins. Congress, Atlantis, The Palm.

MAY

6-7 May (Monday-Tuesday): Dubai Fintech Summit 2024, Madinat Jumeirah.

7-9 May (Tuesday-Thursday): AIM Congress 2024, Abu Dhabi.

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

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

14-16 May (Tuesday-Thursday): The Airport Show, Dubai World Trade Centre.

15 May (Wednesday): HFM Summit, DIFC.

18-26 May (Saturday-Sunday): Abu Dhabi Comedy Week, Abu Dhabi.

JUNE

2-4 June (Sunday-Tuesday): The World Air Transport Summit and International Air Transport Association (IATA)’s annual general meeting, Dubai.

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.

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