DXB to resume normal operations this weekend

1

WHAT WE’RE TRACKING TODAY

THIS MORNING: Nearly back to normal + tourism accounted for 11.7% of the UAE’s GDP in 2023

Good morning, friends. The weekend could not have come sooner for everyone who has been homebound and struggling with the aftermath of the storm — we hope you’ve all stayed safe and can enjoy what’s expected to be a warm, sunny, and dry weekend.

Yes, the weather is back to normal: Dubai is expected to see sunny 30°Chighs over the weekend — reaching 31°C on Sunday — and overnight lows of 19°C. Meanwhile, Abu Dhabi will see a similar 30°C high and lows of 21°C.

The situation at DXB is also expected to be back to normal over the weekend: Dubai International Airport (DXB) will resume normal operations today, DXB COO Majed Al Joker said, according to Wam. The airport had already begun resuming inbound flights at Terminal 1 yesterday, it said on X.

Airlines are also easing back into normalcy: Check-ins for Dubai’s airline Emirates and budget carrier flydubai at DXB’s Terminal 3 were also resumed, the airport said, cautioning passengers that they should only go to the terminal if they have received a departure confirmation from their airlines. Air Arabia also resumed its scheduled flights from Sharjah International Airport as of 4am yesterday. Additionally, Egyptian airline EgyptAir resumed its flights between Cairo and Dubai after a one-day halt.

DATA POINT- The floods resulted in the cancellation of over 1.2k flights at DXB, while 61 flights were redirected to nearby airports, a DXB spokesperson told Gulf News.

Courier firm Aramex partially resumed its operations yesterday in areas where roads were cleared, Aramex Express COO Alaa Saoudi told AlKhaleej, adding that the firm aims to clear its backlog over the weekend.

Roads in Dubai are starting to clear up: Dubai’s Roads and Transport Authority (RTA) issued a list with several roads that are now accessible for travel, albeit with minor delays on roads that have not been fully drained. You can find the full list here.

***

Besides news of the storm, the big stories here at home included Abu Dhabi National Ins. Company’s completion of an acquisition of a majority stake in Riyadh-based Allianz SF; Binance getting a VASP license; and news of real estate sales in Dubai climbing to AED 109.8 bn in the first quarter of the year.

PUBLIC SERVICE ANNOUNCEMENT-

You can now pay fines for late renewal of health ins. through TAMM, the unified digital platform for Abu Dhabi Government services, Wam reports. You can find out your reference number from your accredited health ins. company and access the service via the TAMM online portal or app.

WATCH THIS SPACE-

Emirates Water and Electricity Company (Ewec) has issued a Request for Proposals (RFP) for the development of its 1.5 GW Khazna solar farm in Abu Dhabi, according to a press release. Ewec invited developers to submit expressions of interest for the development of Khazna last year.

The details: The selected developer will construct, finance, operate, and maintain the plant, of which it will own 40%, with the rest to be owned by the Abu Dhabi government. The developer will also enter a long-term power purchase agreement with Ewec. Responses to the RFP are expected in 3Q 2024, followed by a public event to confirm proposal submissions.

We know one consortium who is interested: Korea Western Power (Kowepco) and EDF Renewables signed a Joint Development Agreement (JDA) to bid on the project last month. The two companies were tapped by Ewec in February to develop the 1.5 GW Al Ajban solar project for an estimated investment ticket of USD 748 mn.

DATA POINTS-

#1- Travel and tourism in the UAE grew by 26% y-o-y in 2023, accounting for 11.7% of the country’s GDP, according to the World Travel and Tourism Council. The 2023 figures surpass the previous record established in 2019 by around 15%.

The tourism sector is poised to surpass AED 236 bn in its contribution to GDP, with jobs expected to rise by 23k to reach 833k. International visitor spending is expected to climb by about 10%, reaching AED 192 bn, while domestic spending is forecasted to rise by 4.3%, reaching nearly AED 58 bn.

#2- Dubai International Airport has been named seventh best airport in the world in London-based research firm Skytrax’s World Airport Awards, climbing 10 places from last year.

HAPPENING TODAY-

#1- It’s day two of the Token2049 conference — heralded as the largest gathering of crypto experts in the world — at Madinat Jumeirah in Dubai. The event brings together over 10k attendees from more than 5k companies, featuring over 200 speakers and more than 150 exhibitors.

#2-The Global Summit on Innovations in Cancer Care will kick off today and run until next Sunday at the Four Seasons Hotel, Abu Dhabi. The summit, hosted by Cleveland Clinic Abu Dhabi, will cover topics like cancer screening, surgical oncology, and global oncology challenges.

THE BIG STORY ABROAD-

It’s a relatively slow newsday in the foreign press this morning, with only a few stories gaining traction.

#1- The US vetoed a UN Security Council resolution that would have given Palestine full UN membership. Twelve of the 15 members of the council voted in favor, while the UK and Switzerland abstained. (FT | Reuters | NYT)

#2- Donald Trump’s hush-money trial is still getting attention, after Trump’s lawyers selected 12 jurors that will judge his innocence over the coming weeks, Reuters reports.

IN BUSINESS NEWS-

#3- Google has shaken up its AI leadership in a bid to catch up with competitors. The tech giant unified its AI departments under DeepMind division, run by Demis Hassabis (LinkedIn).

#4- Netflix’s income surged in 1Q 2024 to USD 2.3 bn, following measures including a password-sharing crackdown and ad-supported plans. We have more on this in Planet Finance, below.

CIRCLE YOUR CALENDAR-

The ICC Women’s T20 World Cup Global Qualifier 2024 is set in Abu Dhabi and kicks off next Sunday, 21 April and runs through 7 May, hosted by Abu Dhabi Cricket and Sports Hub, according to an Abu Dhabi Media Office statement. Featuring 10 teams including UAE, Ireland, Netherlands, Scotland, Sri Lanka, Thailand, Uganda, US, Vanuatu, and Zimbabwe, it comprises 32 matches climaxing at Zayed Cricket Stadium. This qualifier determines two slots for the ICC Women's T20 World Cup 2024 in Bangladesh.

The AVPN Global Conference 2024 is scheduled to take place in Abu Dhabi from next Tuesday to Thursday, 23-25 April at The St. Regis Saadiyat Island Resort and Park Hyatt Abu Dhabi Hotel and Villas. The event aims to bring together more than 1.5k leaders in global social investment to advance humanitarian efforts in Asia, according to an Abu Dhabi Media Office statement.

The National Forum for Small and Medium Enterprises: Government Procurements will take place next Tuesday, 23 April, at Dubai’s Emirates Towers. Organized by the Ministry of Economy, the forum welcomes Emirati entrepreneurs to explore and compete for available tenders and contracts on its digital procurement platform.

Gulf Information Security Expo and Conference will take place from next Tuesday to Thursday, 23-25 April at the Dubai World Trade Centre. The event will gather hundreds of cybersecurity firms, government officials, and cyber experts from 130 countries. You can book your ticket here.

Carpet and flooring industry event Domotex Middle East 2024 is scheduled on next Tuesday to Thursday 23-25 April at the Dubai World Trade Centre. The event brings together industry leaders like Merinos, Oriental Weavers, Solomon Carpets, and Al Abdullatif, as well as brands like Azim Silk.

The World Economic Forum’sSpecial Meeting on Global Collaboration, Growthand Energy for Development is scheduled for 28-29 April in Riyadh, Saudi Arabia. The two-day meeting addresses global challenges in economic development, including energy transitions and geopolitical tensions.

It will feature over 700 participants, including Economy Minister Abdulla Bin Touq, who will sit on a panel covering the rise of the tourism sector, and Majid Al Futtaim Holding CEO Ahmed Galal Ismail, who is participating in a panel on MENA economic perspectives.

The Abu Dhabi International Book Fair is set to take place from 29 April to 5 May at the Abu Dhabi National Exhibition Centre (Adnec), with Egypt as the guest of honor and Egyptian novelist Naguib Mahfouz as the focus personality.

The Arabian Travel Market is taking place from 6-9 May at DWTC Dubai under the theme Transforming Travel Through Entrepreneurship. The event will focus on issues relating to entrepreneurial strategies.

The Abu Dhabi International Book Fair (ADIBF 2024) is set to take place from 29 April to 5 May at the Abu Dhabi National Exhibition Centre under the Department of Culture and Tourism. The fair will host 1,350 publishers from 90 countries and 375 local exhibitors presenting over 2k activities.

TheAnnual Investment Meeting (AIM) Congress is scheduled to be held on 7-9 May at the Abu Dhabi National Exhibition Centre. Gathering senior government officials and industry experts, the summit will focus on exploring means of strengthening the economy under the theme Resilient, Sustainable Economic Growth – Creating a Healthy and Prospective Investment through FDI and FPI.

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

Adnic completes acquisition of majority stake in Riyadh-based Allianz SF

Abu Dhabi National Ins. Company (Adnic) completed its acquisition of a 51% stake in Riyadh-based Allianz Saudi Fransi Cooperative Ins. (Allianz SF), making it a majority shareholder in the Tadawul-listed ins. company, according to an ADX disclosure (pdf). Adnic acquired the stake at SAR 16.31 per share, valuing the transaction at USD 133.1 mn (SAR 499 mn).

Background: Adnic and Allianz Group – Allianz SF’s parent company – had reached a binding agreement for the transaction back in September 2023. The acquisition is part of ADNIC’s strategic plan to “extend its presence into the Saudi Arabian market … and boost its consumer retail portfolio,” it said in the disclosure.

About Allianz SF: Allianz SF was established in 2007 as a joint venture between Munich-based multinational financial services company Allianz Group and Banque Saudi Fransi, according to the company’s website. The ins. provider saw its bottom line increase 4x y-o-y to SAR 37 mn in 2023, while revenues grew to SAR 862.6 mn.

Dubai’s property market reeled in AED 109.8 bn in sales in 1Q 2024

The value of real estate sales in Dubai climbed 25.9% y-o-y in 1Q 2024 to AED 109.8 bn, according to Dubai-based real estate broker Springfield Properties’ latest market insights report (pdf). The growth in sales value came despite the total volume of property transactions in the emirate inching down 0.5% y-o-y, with some 37.1k transactions recorded during the quarter.

Off-plan properties accounted for over 19k transactions in 1Q 2024 – more than half of the units sold during the quarter — collectively pooling AED 50.4 bn, indicating sustained investor confidence in new developments in Dubai, according to the report. The secondary market, on the other hand, saw some 12.7k units traded at a combined value of AED 8.2 bn.

By neighborhood: Jumeirah Village Circle handed over the most units during the quarter (18k), followed by Business Bay (11.4k), Downtown Dubai (6.5k), and Dubai Hills Estate (6.4k). Jumeirah Bay Island dominated the largest market share, reeling in approximately AED 9.8k for every sqft sold, while Dubai Harbour had the second largest presence in the market, selling units for 4.1k per sqft.

Only up from here? The report forecasts a continued upsurge in Dubai’s real estate market, specifically in the ultra-luxury segment, driven by a projected 24.6% increase in high-net worth individuals in the emirate by 2025. Government plans to scrap the AED 1 mn minimum down payment required for golden visa eligibility linked to real estate is also expected to trigger investor interest in the market.

ICYMI- Luxury home sales in Dubai reached USD 1.73 bn in 1Q 2024, up 6% y-o-y on the back of heightened buyer interest from “international high-net-worth individuals vying for the city’s most expensive homes” and reduced supply.

The report also expects higher demand in emerging areas, with Dubai’s Real Estate Regulatory Authority’s calibration of a rent calculator reflecting open-market pricing dynamics expected to see rental rates rise and subsequently prompt tenants seeking better value rates to explore housing options in newer or developing communities.

Binance set to become accessible to retail investors after bagging VASP license in Dubai

Binance receives full-fledged license to operate in Dubai: The world’s largest cryptocurrency exchange, Binance, is all set to offer its services as a Virtual Asset Service Provider (VASP) in Dubai after Dubai’s Virtual Assets Regulatory Authority (VARA) granted the exchange the license yesterday, according to the crypto watchdog’s public register. The license allows Binance to expand its offerings to retail customers. The initial MVP license it held since mid-2023 allowed the exchange to offer services to institutional and qualified investors.

The clincher: Binance obtained the permit after co-founder Changpeng Zhao ceded his voting rights in the exchange’s Dubai unit, Bloomberg reports, citing sources familiar with the matter. Zhao’s departure was VARA’s final condition for granting Binance the license. The condition was set out to ensure Dubai’s compliance with the agreement Binance reached with US authorities for Zhao to step down as CEO, according to Bloomberg’s sources.

Background: Binance agreed to pay USD 4.3 bn in penalties after the former CEO of the cryptocurrency exchange pleaded guilty last November to breaching US anti-money laundering laws over failing to report over 100k suspicious transactions with organizations including Hamas, Al Qaeda, and ISIS. The crypto platform also failed to report transactions with websites selling child abuse content and was one of the biggest recipients of spoils from hackers using ransomware.

Emirates Islamic closes maiden USD 500 mn Shariah-compliant loan

Dubai-based Emirates Islamic Bank has closed its first syndicated commodity Murabaha financing facility, a USD 500 mn Sharia-compliant loan with a three-year tenor, the lender said in a statement. The financing facility is “the first of its kind” to be raised by an Islamic bank, according to Emirates Islamic.

Where the funds are going: The lender will earmark the proceeds to support its Islamic financing services for corporations.

SOUND SMART- Murabaha financing is a sales contract-like structure that allows clients to purchase goods at a pre-agreed margin.

ADVISORS- Emirates NBD, HSBC Middle East, and Standard Chartered Bank served as joint global coordinators, mandated lead arrangers and bookrunners.

IN OTHER DEBT NEWS-

Three Emirati lenders advise on Turkish bank’s USD 1.7 bn loan: Abu Dhabi Commercial Bank (ADCB), Emirates NBD, and First Abu Dhabi Bank (FAB) advised on a one-year sustainability loan worth USD 1.7 bn for Turkey’s state-owned Ziraat Bank, Bloomberg reports, citing a statement from the bank. ADCB and Emirates NBD acted as coordinators and bookrunners, while FAB and Emirates NBD joined as ESG coordinators, alongside Standard Chartered Bank and Japanese Sumitomo Mitsui Banking. The bank secured the credit package with the participation of a total of 70 lenders, 21 of which had participated in a previous USD 1.29 bn loan raised in 2023.

UAE to be among most active sukuk issuers this year -Fitch

The UAE, Saudi Arabia, and Malaysia are set to remain the most active sukuk issuers in 2024, Fitch said in a release. Malaysia currently sits as the world’s biggest sukuk market, with some 60% of its MYR-denominated debt issued as sukuk, according to Fitch.

The size of the market: The GCC’s debt capital markets are rapidly approaching the USD 1 tn mark after reaching USD 940 bn during 1Q 2024, with sukuk constituting 37% of the total GCC debt capital market at the end of the quarter. GCC banks also exceeded their 2023 USD denominated debt issuance during 1Q 2024, with sukuk accounting for 51%.

Outlook: Sukuk issuances are expected to grow, albeit at a slower pace than in 1Q, driven by financing needs, economic diversification, and low interest rates, according to the rating agency, Asharq Business reports. Other risks include new Sharia requirements, changes in sukuk credit risks, geopolitical uncertainties and oil price hikes.

On a global scale: Outstanding sukuk reached USD 867 bn towards the end of 1Q 2024, according to Fitch estimates, with the GCC, Malaysia, Indonesia, Turkey, and Pakistan issuing around USD 56.8 bn worth of sukuk in various currencies.

UAE and Colombia ink trade and economic agreement. PLUS: New EU-GCC climate platform and bin Zayed phones Iranian FM

It was a busy day for the UAE on the diplomacy front, with President Sheikh Mohamed bin Zayed al Nahyan attending a signing ceremony for a trade agreement between Colombia and the UAE, phoning Iranian Foreign Minister Hossein Amir-Abdollahian about the recent escalation of violence with Israel, and exploring cooperation with Romania.

#1- The UAE signed an economic and trade agreement with Colombia just a day after inking one with Costa Rica, in the latest in a series of agreements aimed at boosting the UAE’s non-oil foreign trade, state news agency Wam reported yesterday. The countries’ trade hit an all-time high of USD 53.1 mn in 2023, with the two countries cooperating in a variety of sectors, including renewable energy, aviation, hydrogen, freezones, and AI.

#2- More cooperation with Romania: President Sheikh Mohamed bin Zayed Al Nahyan and Romanian Prime Minister Ion-Marcel Ciolacu discussed increasing cooperation across economy, trade, renewable energy, food security, and technology, to bolster mutual investments during the PM’s visit to the UAE, Wam reports.

More cooperation on AI + telecom regulation: During Ciolacu’s visit, the two countries signed two MoUs, one focusing on AI and the digital economy, while the other involved a collaboration between the UAE Telecommunications and Digital Government Regulatory Authority and the National Authority for Management and Regulation in Communications of Romania. Cooperation principles between both countries were also set for a joint venture shareholders agreement to be signed in July of this year.

ALSO- State Minister for International Cooperation Reem Al Hashemi and State Minister Ahmed El Sayegh met with Romanian Foreign Affairs Minister Luminita Odubescu to explore ways to boost investments between the two countries, Wam reported separately. The two sides mentioned avenues for cooperation including in trade, technology, AI, and infrastructure.

#3- The president stressed the need to exercise the “utmost self-restraint” in a call with Iran’s Amir-Abdollahian, to prevent escalating tension in the region, less than a week after Iran launched its drone attack against Israel, Wam reported. They also discussed ways to boost bilateral ties.

#4- EU + GCC launch platform to accelerate green transition: The EU and GCC have launched the EU-GCC Cooperation on Green Transition project to facilitate collaboration in clean energy and climate action, according to a statement Thursday. The initiative, unveiled at the World Future Energy Summit, seeks to exchange best practices, promote green policies and technologies, and foster a business environment between green tech companies in the EU and those in the Gulf. The initiative aims to develop the infrastructure, policies, and skills necessary for significantly increasing renewable energy deployment.

ALSO WORTH NOTING-

State Minister Sheikh Shakhboot bin Nahyan emphasized the UAE’s keenness to invest in renewable energy in Africa during a high-level plenary session at the meeting of the IRENA Assembly in Abu Dhabi. (Wam)

Seven Emirati banks feature in Forbes Middle East’s 30 most valuable banks in MENA list

FAB recognized by Forbes as third-largest bank in the region: The UAE’s largest bank, First Abu Dhabi Bank (FAB), made the third spot on Forbes Middle East’s 30 Most Valuable Banks 2024 list. Boasting a USD 41.5 bn market value, FAB was ranked the third largest bank in the region after Saudi Arabia’s Saudi National Bank, and Alrajhi Bank, which took the top spot. Together, the three banks account for over 35% of the total value of the 30 banks featured on the list.

Also featuring on the list: Emirates NBD (#6), Abu Dhabi Islamic Bank (#), Abu Dhabi Commercial Bank (#11), Dubai Islamic Bank (#14), our friends at Mashreq (#17), and Commercial Bank of Dubai (#26). The aggregate market value of the Emirati banks on the list is USD 128.7 bn.

The Abu Dhabi Global Market claimed the title of "most trusted financial center brand” in the Middle East at the 2024 Global Brand Awards in England by Global Brands Magazine (GBM), according to a statement. GBM evaluated various criteria including customer trust, innovation, and brand value.

ExodusPoint Capital appoints three portfolio managers in Dubai

US-based investment management giant ExodusPoint Capital Management has tapped three new portfolio managers for its Dubai team, Bloomberg reports:

Valery Ivanov (LinkedIn) will focus on equity long/short in the consumer sector;
Omar Soomro (LinkedIn), formerly with Garda Capital Partners and Moore Capital Management, will specialize in trading emerging markets.;
Rob Kitchen, previously at Amia Capital, will focus on trade macro strategy.

Post-storm cleanup and chaos continue to feature in the foreign press

The aftermath of the UAE's heaviest recorded rainfall — including cleanup efforts and the resumption of operations at Dubai International Airport — continued to get coverage on Thursday in AP, the Financial Times, the Wall Street Journal, the BBC, Reuters, the New York Times, CNN, and CNBC.

ALSO GETTING INK-Sharjah’s focus on conserving its heritage and architecture in its development got ink in Bloomberg. Unlike other major cities — such as Dubai, Kuwait City, and Riyadh, all of which have scrapped historical infrastructure to make way for modernization — Sharjah preserved its historic core partially because it didn’t find the oil that funded its development until later than other emirates.

E7 signs AED 65 mn worth of contracts to expand its services in Africa

PRINTING-

E7 extends geographical footprint into Africa: Commercial printing and security solutions provider E7 Group snapped up contracts worth over AED 65 mn to provide services across the MENA region, it said in an ADX disclosure (pdf). The contracts comprised two Africa-based security solutions agreements — including a one-year agreement for printing examination papers and a two-year agreement for supplying ePassports – valued at AED 25 mn, in addition to AED 40 mn commercial printing contracts, encompassing large-scale outdoor printing, magazines, promotional materials, and textbooks in the UAE and Africa.

LOGISTICS-

Orient Overseas Container Line has launched a new maritime shipping service connecting ports in the GCC, the Saudi Ports Authority (Mawani) said in a statement. The new service — which will operate weekly with a capacity of up to 3.5k twenty-foot equivalent units — grids Saudi Arabia’s Jubail port with Abu Dhabi, Jebel Ali in Dubai, and Shuwaikh in Kuwait.

WASTE MANAGEMENT-

Tadweer + Levidian to accelerate landfill decarbonization: The Abu Dhabi Waste Management Center, more commonly known as Tadweer, has struck a partnership with UK-based climate tech firm Levidian to use Levidian’s Loop technology, which separates carbon from methane to produce hydrogen, for decarbonization projects in the UAE and globally, according to a press release. The two companies had already inked an agreement last year to implement a pilot project to decarbonize emissions from Abu Dhabi’s landfills using Levidian’s Loop technology.

The timeline: The project is set to be commissioned by the end of the year, according to the statement.

MANUFACTURING-

DMB to introduce recycled aluminum rods to comply with CBAM: Dubai Cables Group subsidiary Ducab Metal Business (DMB) has introduced green aluminum rods to its portfolio in a bid to make its products comply with the EU’s carbon border adjustment mechanism (CBAM), a press release said. The rods are manufactured using recycled aluminum, significantly reducing energy usage and carbon emissions.

CBAM? The EU initiative is set to tax imports of certain raw materials by 2026 in a bid to reduce greenhouse gas emissions. The mechanism will require importers to purchase certificates according to the associated carbon emissions, effectively introducing a tax on high-emission goods from non-European countries.

HEALTHCARE-

Abu Dhabi Stem Cells Center (ADSCC) will offer medical consultations to patients referred by Emirates Red Crescent (ERC) in a bid to boost accessibility to bone marrow transplants through the center’s Abu Dhabi Bone Marrow Transplant Program, according to a statement from the Abu Dhabi Media Office. This initiative targets individuals with blood cancers, disorders, and autoimmune diseases.

REAL ESTATE-

Aldar Properties collaborated with Siemens to develop a cloud-based district management solution system for Aldar’s Saadiyat Grove residential project, according to a press release (pdf). Aldar will use Siemens' Xcelerator portfolio and Building X platform to create a cloud-based solution that integrates advanced energy analytics to reduce emissions. The agreement marks the “most significant investment” to date in smart technology at a mixed-use residential and commercial real estate development, Aldar said.

Netflix reports solid 1Q 2024 earnings, but sees shares fall

Netflix added 9.3 mn subscribers in 1Q 2024, with net income surpassing analyst expectations to reach USD 2.3 bn, following its controversial crackdown on password sharing and the introduction of ad-supported plans.

The streaming platform said it would stop reporting subscription figures every quarter as of 2025, unless there’s a significant milestone, in a move that analysts say could rattle investors who use the metric as a way of modeling the company’s business, Reuters reports.

Analysts also say it’s unclear how the streaming platform will reel in more users after its password-sharing crackdown is fully implemented.

Netflix’s rationale? The company wants the focus to be on what it sees are the “key metrics” that matter most to the business, including improving the quality and variety of content on its platform and scaling its ads business.

Market reax: Netflix’s shares fell 4.2% in trading.

THE MARKETS THIS MORNING-

Most Asian markets are down in early trading this morning, with Japan’s Nikkei 225 falling more than 3% and Topix falling 2.25%. This comes after data that Japan’s inflation cooled in February to 2.7% was published yesterday. South Korea’s Kospi is also 2.32% lower, while Kosdaq fell 2.18%, and Hong Kong’s Hang Seng index was down 1.08%.

Wall Street also saw the S&P 500 decline as it posts its fifth straight day of losses — its longest streak of losses since last October. Dow Jones was the only US index in the green, up 0.06%.

ADX	9,182	+0.2% (YTD: -4.1%)
DFM	4,208	+0.8% (YTD: +3.7%)
Nasdaq Dubai UAE20	3,672	+0.4% (YTD: -4.4%)
USD : AED CBUAE	Buy 3.67	Sell 3.67
EIBOR	4.9% o/n	5.4% 1 yr
TASI	12,502	+0.3% (YTD: 4.5%)
EGX30	28,332	-4.5% (YTD: +13.8%)
S&P 500	5,011	0.2% (YTD: -5.1%)
FTSE 100	7,877	+0.4% (YTD: +1.9%)
Euro Stoxx 50	4,936	+0.5% (YTD: +9.2%)
Brent crude	USD 88.18	+1.3%
Natural gas (Nymex)	USD 1.75	-0.2%
Gold	USD 2,401.40	+0.1%
BTC	USD 62,030.12	+0.9% (YTD: 86.0%)

THE CLOSING BELL-

The ADX rose 0.2% yesterday on turnover of AED 992.9 mn. The index is down 4.1% YTD.

In the green: National Company for Tourism and Hotels (+6.7%), Palms Sports (+6.5%) and Eshraq Investments (+4.2%).

In the red: Ooredoo (-9.3%), Foodco National Foodstuff (-8.8%) and Easy Lease Motorcycle Rental (-5.2%).

Over on the DFM, the index closed up 0.8% on turnover of AED 414.2 mn. Meanwhile Nasdaq Dubai closed up 0.4%.

CORPORATE ACTIONS-

Adnoc plans to settle its USD-denominated exchangeable bonds — with a coupon rate of 0.70% — in Adnoc Distribution through a payment upon their maturity on 4 June 2024, according to a statement. Adnoc will pay around USD 1.19 bn, as well as up to USD 4.18 mn in interest. The option to convert bonds into shares expires on 4 May. The payment will mean that Adnoc will retain around 77% of Adnoc Distribution's shares.

United Foods Company approved the distribution of AED 18.1 mn in dividends to shareholders for 2023, representing 60% of the shares' capital, according to a DFM disclosure (pdf).

Dubai Investments approved the distribution of a 12.5% cash dividend to the shareholders for 2023, according to a DFM disclosure (pdf). The company reported income attributable to the shareholders of AED 1.13 bn for the year.

Deyaar Development approved a proposal of cash dividends of 4% of the share capital, equivalent to 4 fils per share for 2023, according to a DFM disclosure.

My Morning Routine: Youssef Salem, CFO of Adnoc Drilling

Youssef Salem, CFO of Adnoc Drilling: Each week, My Morning Routine looks at how a successful member of the community starts their day — and then throws in a couple of random business questions just for fun. Speaking to us this week is Youssef Salem (LinkedIn), CFO of Adnoc Drilling. Edited excerpts from our conversation:

I’m Youssef, CFO of Adnoc Drilling, which is the Abu Dhabi Exchange-listed drilling and oilfield services business of Adnoc. I’ve been with Adnoc for a year, with the last six months as CFO of Adnoc Drilling, and the six months before that as CFO of AIQ, which is Adnoc's AI joint venture with G42. Before that, I was a CFO of Swvl, which is listed on Nasdaq, and where I still sit on the board. Earlier, I was in banking — first with QInvest out of Doha and then with Moelis, focusing on energy infrastructure for Moelis in the Middle East and North Africa.

The job covers five main verticals. One is corporate development, under which falls M&A, joint ventures, partnerships, etc. The second vertical is strategy, where we do corporate planning and strategic initiatives, and the third vertical is financing and accounting — covering financial reporting and accounting controls. The fourth is a combination of treasury and corporate finance, which encompasses enterprise risk management, sustainability and ESG and ins. The last vertical is investor relations.

Typically, there would be a key focus every week, so let’s say this week — because of investor conferences in New York and Boston — we’re traveling and doing non-transaction roadshows, whether locally or internationally, so that would be the theme of the day. Sometimes we're in the middle of negotiations on the M&A side, so we're either going to the counterparties or we're on calls with them. Sometimes, it’s internal governance, or we have a board meeting and audit committee.

There's a calendar that drives what's going to be the main activity of every day, depending on the time of the quarter and year. When we approach the 45 days from the end of the quarter, we need to spend that focusing on getting the results out, preparing them, and going through all the approvals. The 45 days after the end of every quarter, and after we publish our financial results, you have a couple of days which are fully focused on earnings calls with the analysts, going to the brokerage floor to speak to the brokers, and then doing a roadshow and investor meetings first locally, and then abroad.

The three main trends in the oil and gas industry are energy security and sustainability, and AI. Everyone wants to get to net zero, and Adnoc is laser focused on getting to net zero by 2045 as opposed to 2050. On the other hand, with everything that's happening with the Russia-Ukraine war, energy security continues to come back as an important topic. Hence, how to balance these two is really a main part of the discussion.

The other thing is everyone's trying to figure out how to create value from AI. Everyone is looking at how to future-proof from a strategic perspective, as well as being at the forefront of what investors are expecting to see at the moment, so every business needs to have an AI strategy. This is twofold — on the one hand is generative AI, and the other is how to make your physical assets — like rigs and wells — more autonomous to create value.

In terms of my morning routine, I do one thing which is probably not very healthy, which is I wake up and immediately jump on my phone. I start swiping through everything — Slack, email, WhatsApp, Teams, etc — to see if anything urgent needs to be done. And if there is, I do that immediately and start calling and texting. If not, I head to the office. Generally, I prefer to get as many of the low hanging fruits that can be done quickly out of the way as possible so I can have as little as possible on the to do list.

I usually save my unwinding time for the weekend. The way I operate is, weekdays are for work, and then because the weekend is now two and a half days, and Fridays are shorter, I get a good weekend where I try to really focus on spending quality time with family. For me, that split ends up being more efficient than trying to do everything everyday.

I think work-life balance is very situational. For some people, the life side is not a luxury, like if you’re a young mom, for example — it’s critical because you’re taking care of something; while for others, the balance is just making sure that you're healthy, refreshed etc. Usually, in that case, you can afford to be more flexible on how you define that. The key thing is there's nothing wrong either way. If someone just wants to burn through work because at this point they're prioritizing their career or they see an opportunity, that’s absolutely fine and shouldn’t be put in a negative light. Equally if someone has certain family or social obligations they need to fulfill or they genuinely want to spend time and enjoy their lives, that’s also fine.

The only constant in my day is that there’s always something urgent to work on, so I’ve learned that I need to stay very flexible and not get frustrated. Another thing I do everyday is by the time I go to sleep, I make sure my WhatsApp is 100% cleared. I'm not the type of person who can end the day with unread messages. For me, the worst case scenario is something I can't handle right away. Even if I’m not actioning something right away, I flag it or respond, and come back to it later.

On a professional level, I've been very fortunate that it has all worked out with people that I’ve already been working with. At Adnoc, first I joined AIQ, and then from inside the organization, I got the opportunity to move to Drilling. Adnoc itself was a client for seven years out of Moelis before I joined them, so I knew the company inside out and was fundraising for them through my advisory work at Moelis. I've always had this kind of continuity, which I believe helps you from a career perspective achieve much more when you’re moving from within and working with people who have worked with you, as opposed to doing cold interviews and applications.

On a personal level, I have two young kids — Adam and Hannah, six and three — so my priority is to spend time with them and my wife Yomna.

When I want to switch off, I go to my kids, and I play soccer with Adam or squash with Adam, Hannah and Yomna. That's the one thing that kind of truly absorbs my attention, as opposed to if I’m alone.

Part of the reason I love Enterprise is that I really love short form. I prefer to consume information through reading because I get the flexibility to either go fast or slow or skim. My favorite Arabic writer is my good Egyptian friend Taher El Moataz Bellah — he has books on Russian President Vladimir Putin and on Princess Diana. On the English side, I enjoy economic case studies like The Bottom Bn, Why Nations Fail, and The Alchemy of Finance. I usually check out podcasts based on podcasters I like, so one I enjoy is Moghamra.

The best piece of advice I got was from my dad, who told me that you always have to pursue opportunities without thinking of what you're going to achieve out of every piece of work or person, because ultimately, relationships and referrals are the most powerful. If, every time, you look at what you’re going to get out of this, you're going to do very little; you're not going to be perceived greatly; and you're going to end up being very transactional. If you're constantly all in, supporting, helping, and connecting, you will also benefit in a lot of indirect ways.

CALENDAR

APRIL

26 March-21 July (Tuesday-Sunday): ‘From Kalila wa Dimna to La Fontaine: Traveling through Fables’ exhibition, Louvre Abu Dhabi.

18-19 April (Thursday-Friday): TOKEN2049, Madinat Jumeirah in Dubai.

19-21 April (Friday-Sunday): The Global Summit on Innovations in Cancer Care, Four Seasons Hotel, Abu Dhabi.

21 April-7 May (Sunday- Tuesday): The ICC Women's T20 World Cup Global Qualifier 2024.

22-24 April (Monday-Wednesday): Emirates Skills National Competition

22 April (Monday): EU-Gulf Cooperation Council High Level Forum, European Convention Centre in Luxemburg.

23 April (Tuesday): National Forum for Small and Medium Enterprises: Government Procurements, Emirates Towers, Dubai.

23-29 April (Tuesday-Monday): Subscription period for retail investors for Spinneys’ IPO.

23-30 April (Tuesday-Tuesday): Subscription period for institutional investors for Spinneys’ IPO.

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

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

23-25 April (Tuesday-Thursday): Domotex Middle East 2024, Dubai World Trade Centre.

23-25 April (Tuesday-Thursday): The AVPN Global Conference 2024, The St. Regis Saadiyat Island Resort and Park Hyatt Abu Dhabi Hotel and Villas, Abu Dhabi.

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

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

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

25 April (Thursday): Bayanat AI and Yahsat simultaneous general assembly meetings

25-26 April (Thursday-Friday): DRIFTx, Abu Dhabi.

27-28 April (Saturday-Sunday): Frontiers in Advanced Hepato-Biliary Cancers and Transplant Oncology, Cleveland Clinic Abu Dhabi.

28-29 April (Sunday-Monday): World Economic Forum’s Special Meeting on Global Collaboration, Growth and Energy for Development, Riyadh, Saudi Arabia.

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

29 April- 5 May (Friday-Friday): The Abu Dhabi International Book Fair, Abu Dhabi National Exhibition Centre (ADNEC).

MAY

1-2 May (Wednesday-Thursday): Capital Markets Summit, Madinat Jumeirah, Dubai

1-5 May (Wednesday-Sunday): The Sharjah Animation Conference, Expo Centre Sharjah.

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

6-9 May (Monday-Thursday): The Arabian Travel Market, Dubai World Trade Centre, Dubai.

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

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

8-12 May (Wednesday-Sunday): Schmetterling Annual Conference, Al Ain and Abu Dhabi.

9 May (Thursday): Spinneys shares begin trading.

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.

15 May (Wednesday): UAE and Indian officials are set to meet for the first time on the India-Middle East-Europe Economic Corridor.

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

19 May (Sunday): InvestopiaEurope, Milan.

19 May (Sunday): RTA’s Deadline for bids to design and build Dubai Metro's Blue Line.

21-23 May (Tuesday-Thursday):International Exhibition for National Security & Resilience, ADNEC Centre Abu Dhabi.

24-25 May (Friday-Saturday): Baby Expo, Dubai World Trade Centre.

30 May (Thursday):Abu Dhabi Family Office Summit, Saadiyat Rotana Resort, 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.

Signposted to happen sometime in 1H 2024:

Spinneys inaugurates its first store in KSA

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.

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

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.

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

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

Signposted to happen sometime before the end of the year:

Spinneys inaugurates three more stores in KSA

Sections

About

Privacy & Support

Get EnterpriseAM daily