e& completes acquisition of PPF stake

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WHAT WE’RE TRACKING TODAY

THIS MORNING: Masdar vies for Saudi solar projects + Biometric payments coming to gov’t service centers

Good morning, lovely people. It’s finally the end of a long, busy week on many fronts. The dominant theme of today’s issue is M&A, with e& (finally) completing its acquisition of a stake in PPF Telecom Group, and Shamal Holding snapping up a majority stake in The Espresso Lab. Plus: We have more real estate figures for 3Q 2024, news that Abu Dhabi is getting a copper trading hub, and a fresh batch of earnings.

WEATHER- It’s more of the same across the UAE today, with most areas seeing clouds with a chance of rain in western and eastern regions. Dubai will be mostly sunny with the mercury hitting 36°C, before cooling to an overnight low of 28°C. Over in Abu Dhabi, the mercury peaks at 32°C before cooling to 30°C.

ADNH Catering’s order book was 15x oversubscribed and was fully covered before the end of the first day of trading on the back of strong interest from foreign investors and local retail investors, the company’s CEO Clive Cowley told CNBC Arabia (watch, runtime: 8:56). Cowley’s comments came following ADNH Catering’s tepid debut on the ADX, which saw shares flat on the first day of trading.

REFRESHER- ADNH Catering raised AED 864 mn after taking a 40% stake to the market and pricing it at the upper end of the AED 0.91-0.96 range on which it had guided.

HAPPENING TODAY-

#1- The International Renewable Energy Agency’s (IRENA) council meeting is on its second and final day in Abu Dhabi. The meeting will see the agency discuss energy transition plans, reviewing their program and budget, and publishing their annual report of the director-general.

#2- It’s day four of the International Monetary Fund and World Bank GroupAnnual Meetings: The world’s finance ministers, central bank governors, and other big names in finance and policy — including representatives from the UAE — are in Washington for the International Monetary Fund and World Bank Group Annual Meetings. The meetings wrap up on Saturday. Check out the full meeting schedule on the event’s official website.

ICYMI- Our Planet Finance from earlier this week laid out the big themes to look out for and the global challenges underpinning the conversation.

WATCH THIS SPACE-

#1- Masdar vies for Saudi solar projects: Masdar is among the shortlisted bidders chosen by the Saudi Power Procurement Company (SPPC) for solar projects as part of its national renewables program, aiming to attract over SAR 8 bn (c. USD 2.1 bn) in investments, according to a SPPC statement.

Masdar is shortlisted for three projects:

The 2 GW Al-Sadawi Project, as part of a consortium with state-owned Korea Electric Power Corporation and China’s GD Power Development Co;
the 400 MW Al Henakiyah2 Project, as part of a consortium with Korea Electric Power Corporation and Saudi conglomerate Nesma Company ;
the 300 MW Rabigh2 Project, as part of a consortium with Korea Electric Power Corporation and Nesma Company.

The details: The consortia will execute the projects under a build, own, and operate model, allowing them to retain 100% ownership, with each project involving a 25-year power purchase agreement with SPPC.

#2- Biometric payments coming to gov’t centers: Dubai’s Department of Finance struck agreements with eight banks, fintechs, and Digital Dubai to bring biometric payments to the emirate, alongside “smart installment plans” for government fees, according to the Dubai Media Office. The pilot phase of the biometric payments system will see it rolled out across government service centers for the payment of government service fees, while smart installment services have already started with two installment service companies tapped so far.

Who’s involved? The eight agreements were inked with Digital Dubai, buy now pay later firm Tabby, payments firm Tamara, and local banks including Abu Dhabi Commercial Bank, Abu Dhabi Islamic Bank, Commercial Bank of Dubai, Dubai Islamic Bank, Emirates Islamic Bank, Emirates NBD, and our friends at Mashreq.

#3- More development finance from the UAE? The UAE signed two agreements with the International Monetary Fund (IMF) to contribute to the Poverty Reduction and Growth Trust (PRGT) and the Resilience and Sustainability Trust Fund (RSTF), on the sidelines of the annual meetings of the World Bank Group and the IMF, according to a ministry X post. The size of the commitment was not disclosed, and it is unclear whether this commitment will be in addition to the USD 200 mn each the UAE pledged to the RSTF and PRGT in 2023.

About the funds: The PRGT provides zero-interest financing to low-income countries, while the RSTF is geared towards low- and middle-income countries for the purpose of building resilience against external shocks.

#4- The government has earmarked over 2k products for local manufacturing, sparking AED 143 bn in interest as part of its initiative to localize production and develop the UAE’s supply chains and hit its industrial target of AED 300 bn by 2031, Omar Suwaina Al Suwaidi, undersecretary of the Industry Ministry, told Asharq Business (watch, runtime, 4:45). The government has allocated AED 11 bn to fund local production under the Make it in the Emirates initiative, Al Suwaidi said, noting that investments in the local industry hit AED 55 bn in 2023.

DATA POINTS-

#1- The UAE accounts for 2.2% of global maritime transport in 2024 with a fleet size of 1.4k ships and tankers, according to a United Nations Trade and Development Organization report (pdf). The GCC country was ranked 16th in the world in terms of fleet commercial value, accounting for 1.7% of the total global value. It also came in 12th place globally in terms of fleet ownership by capacity in 2024 with a total of 51.3 mn tons.

#2- The Dubai aviation sector is projected to contribute AED 196 bn (c. USD 53 bn) worth of gross value to the economy, equating to 32% of the emirate's GDP, by 2030, an increase from AED 137 bn reported in 2023, according to a report (pdf) from Emirates Group, Dubai Airports, and research firm Oxford Economics.The core impact of the sector is expected to grow to AED 132 bn, accounting for 22% of GDP, while supporting approximately 386k jobs. Overall, the total number of jobs in the aviation sector is forecasted to rise to 816k representing one-quarter of all jobs in Dubai by 2030.

HAPPENING NEXT WEEK-

The Central Bank of the UAE (CBUAE) will offer up to AED 11 bn in four M-Bills at an auction next Monday, 28 October, according to a statement (pdf). The bills — three of which are tap issuances — will be released on 30 October, with the AED 3 bn M-Bill having a tenor of 28 days, the AED 2 bn bill having a tenor of 42 days, a separate AED 2 bn issuance with 126 days, and a final AED 4 bn issuance with a tenor of 238 days.

Decoding central bank speak: M-bills are short-term securities issued in AED by the CBUAE with no interest. The bonds typically have maturity dates of one to 12 months and are not retrievable through any other listing. A tap issuance gives the CBUAE flexibility to adjust money supply by continuing to sell bills beyond the initial auction.

THE BIG STORY ABROAD-

Coverage in the foreign press is still seesawing between the US presidential race, the Brics summit — which wrapped yesterday — and hopes for a ceasefire in Gaza.

On the Brics front, most are taking note of Russian President Vladimir Putin’s attempt to show resilience against the West more than two years into its invasion of Ukraine and the ensuing Western sanctions against it. Putin also warned of an escalating Middle East war and pushed for a two-state solution and ceasefire in Gaza. (BBC | Reuters | AP)

The country is pushing for a depository and clearing system for Brics countries that can deepen financial cooperation outside of the West, though it’s unclear how interested Brics countries are in joining such a system, Bloomberg reports.

Foreign Affairs Minister Sheikh Abdullah Bin Zayed Al Nahyan was at the summit — a first for the UAE since joining Brics — and highlighted the need for collective action on global challenges and the importance of cooperation with “friends of Brics,” as well as de-escalation in Lebanon and a ceasefire in Gaza, during a speech.

Another round of ceasefire talks in the works? Israel’s Mossad chief is set to meet with officials from the US and Qatar in the coming days in Qatar, US Secretary of State Antony Blinken said as he touched down in London after a trip to the Middle East. Blinken is set to meet with foreign ministers from Jordan, Lebanon and the UAE today, Bloomberg reports.

The caveat: It’s not clear if Hamas is sold on yet another round of ceasefire negotiations, after several fell through earlier this year with both Israel and Hamas accusing each other of difficult terms and a lack of seriousness, the New York Times reports.

IN MORE US ELECTIONS NEWS- Donald Trump has gained a marginal lead over Kamala Harris in two polls by the Financial Times and the Wall Street Journal in more signs that the race is tight as ever. Meanwhile, Harris is holding a big rally in Georgia with former president Barack Obama and other celebrities, while Trump rallies in Arizona. (CNN | The Guardian | WaPo)

BUSINESS HEADLINES GETTING ATTENTION-

Morgan Stanley CEO Ted Pick will be its chair after current chair James Gorman leaves his post at the end of the year. (Reuters)
Tesla’s shares closed up 22% yesterday, adding USD 150 bn to its market value in a single day, following strong earnings and a positive sales forecast. (The Guardian)
The US is still looking to edge China in the minerals supply chain race with plans for a massive new mine in Nevada and extended tax breaks for some miners. (FT)

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e& seals its PPF Telecom Group acquisition

State-owned telco Emirates Telecommunications Group (e&) completed its acquisition of a controlling stake (50% +1 economic share) in PPF Telecom Group, just a month after the European Commission gave the transaction its greenlight, according to a press release (pdf). The group’s assets will come together under the new holding company e& PPF Telecom, which includes operations across Central and Eastern Europe.

REMEMBER- The European Commission approved the acquisition last month, after it launched its first-ever anti-subsidy probe into a foreign buyer against e&, which concluded that market competition won’t be affected by this transaction. The Commission placed several conditions on e& for an extendable duration of 10 years, including a commitment not to funnel any state funding into PPF’s EU operations without EU review.

Breaking down the transaction: The total transaction value is EUR 2.35 bn, including a EUR 200 mn adjustment funds to account for a lower debt position and increase working capital. If e& PPF Telecom exceeds certain financial targets within three years after closing, PPF Group will also be given up to EUR 350 mn in earn-out payments, and if they are not achieved, there will be a clawback amount of up to EUR 75 mn. PPF Group also has a put option for its remaining shares applicable after five years of closure, while e& holds a call option for the same shares.

The new telecom giant’s structure: e& PPF Telecom will consist of several brands including Yettel Bulgaria, Yettel Hungary, Yettel Serbia, and O2 Slovakia, in addition to Cetin’s infrastructure operations, which currently serve over 10 mn customers with combined revenues of EUR 2 bn in 2023.

Shamal Holding acquires majority stake in The Espresso Lab

Dubai-based investment firm Shamal Holding acquired a majority stake in homegrown specialty coffee brand The Espresso Lab for an undisclosed amount, according to a press release. The investment will be used to drive The Espresso Lab’s expansion, as it plans to broaden its retail presence and roasting production capacity.

Not much else will change at the Espresso Lab: The coffee brand’s founder Ibrahim Al Mallouhi will continue to lead operations and expansion plans. The brand currently has a roastery in Al Quoz, and outlets in Dubai Design District and Abu Dhabi.

About Shamal Holding: The Dubai-based investment company’s portfolio spans several sectors in the emirate, including real estate, entertainment, and hospitality.

IRH expands its metal and mineral trading operations

Abu Dhabi copper trading hub? International Holding Company’s mining investment arm, International Resources Holding (IRH) plans to establish a copper trading hub in Abu Dhabi, Reuters reports, citing a LinkedIn post from IRH that EnterpriseAM UAE could not track down. IRH aims to trade over 500k tons of green copper annually starting in 2025, Reuters quotes IRH as saying.

Lithium shipments are already on their way: The company just struck an agreement with lithium producer Sigma Lithium to ship 22k tons of lithium concentrates to the Abu Dhabi-based firm, according to Sigma’s press release. The company has already exported 9k tons of the lithium, with the remaining amount set for export sometime this quarter, according to the statement. The exact value of the transaction was not disclosed, but the statement said the shipment was initially set at a floating price equivalent to 8.25% of battery-grade lithium carbonate quoted at the Guangzhou Futures Exchange (GFEX).

REMEMBER- IRH is doubling down on securing critical minerals, with plans to invest USD 1 bn in mining acquisitions in 2024. It acquired a 51% stake in Zambia’s Mopani Copper Mines for USD 1.1 bn in April and inked joint venture agreements for iron mining in Angola, with advanced discussions held to mine nickel in Burundi, along with metals in Tanzania and Kenya. It is also eyeing a majority stake in Zambia’s Lubambe Copper Mine.

Commercial market tight in Dubai and Abu Dhabi, while the residential market remains strong

Both the residential and commercial markets had a strong showing in 3Q 2024 in Dubai, though the former was slightly weaker in Abu Dhabi during the quarter, according to CBRE Middle East’s UAE Real Estate Market Review 3Q 2024 (pdf).

COMMERCIAL MARKET-

Dubai’s office market benefited from growing commercial lease activity on the back of non-oil growth, with occupancy rates hitting 93% at the end of 3Q 2024, up from 92% in 3Q 2023. Grade A rents rose 11% y-o-y, while Grade B rents were up 21%, and Grade C climbed 19%.

Office rents will not let up anytime soon: Landlords are still in control due to limited office space, which is expected to push rents higher into 2025.

Abu Dhabi saw occupancy rates for institutional-grade spaces reaching 94% at the end of 3Q 2024, up from 91% in 3Q 2023. Prime assets saw an 18% y-o-y spike in rentals, Grade A grew 6%, and Grade B increased 12%.

Grade A space is expected to remain limited for at least another few years while Aldar works to deliver several new projects in 2027, including its JV with Mubadala on Maryah Island and Yas Business Park.

THE RESIDENTIAL MARKET-

Dubai’s residential sales hit AED 120 bn in 3Q, up 30% y-o-y, according to CBRE. Prices for apartments rose 19%, while villa prices jumped 23%. On the rental side, apartment rents increased 19% and villa rents rose 13%. Over the first nine months of 2024, residential transactions expanded 36% y-o-y, exceeding 125k transactions.

The market “is set to remain positive in the coming quarters for both sales and rentals,” with some price correction expected as new supply is delivered.

Meanwhile, Abu Dhabi saw a 40% slump in transactions during the quarter due to a decline in off-plan sales, with just 2k transactions in total, but apartment prices rose 9% y-o-y and villa prices increased 8% y-o-y.

The emirate’s rental market dipped in total registrations, despite new contracts growing 2% y-o-y as tenants looked to newly completed projects over older stock. Average apartment rents climbed 9% y-o-y, while average villa rents were up 4% y-o-y during the quarter. In 9M 2024, total residential transactions fell 16% y-o-y to 7k, due to a 35% decline in off-plan sales despite a 43% surge in ready market sales.

RETAIL AND INDUSTRIAL MARKETS-

Dubai’s retail market remains tight, with prime properties almost fully occupied and rents averaging AED 500 per sq-ft, up 3% y-o-y. Meanwhile, Abu Dhabi’s major malls are witnessing “increasing tenant demand and limited vacancy,” with average rates rising 8% y-o-y.

Limited industrial real estate is still hampering the market, “creating a challenging environment for corporate occupiers, particularly on new lease negotiations,” CBRE said. Dubai’s industrial registrations grew 5% y-o-y in 3Q 2024, with new leases growing 4% and renewals increasing 6% y-o-y. Meanwhile in Abu Dhabi, new registrations grew 6% y-o-y.

NMDC Energy, Commercial Bank International, and Sukoon Ins. report 3Q earnings

NMDC ENERGY-

NMDC’s engineering, procurement and construction unit NMDC Energy’s net income rose by 144.9% y-o-y to AED 401.6 mn in 3Q 2024 on the back of strong operational performance and expansion into new projects, according to its earnings release (pdf). Revenues increased 110.3% y-o-y to AED 4 bn in this quarter. In 9M 2024, the company’s net income climbed 122.1% y-o-y to AED 904 mn, while revenues grew 96.4% y-o-y to AED 9.8 bn.

REMEMBER- These are NMDC Energy’s first set of financial results since its Abu Dhabi Exchange (ADX) IPO last month, which raised AED 3.22 bn and received over AED 88 bn in orders from investors.

COMMERCIAL BANK INTERNATIONAL-

Commercial Bank International (CBI) reported net income of AED 149.2 mn in Q3, an increase of 141.7% compared to 3Q 2023, according to the company's financials (pdf). The lender’s net operating income rose 89.8% y-o-y to AED 278.5 mn. The bank’s growth was supported by an expansion in loans and advances, as well as increased fee and commission income, according to its earnings release (pdf).

On a nine-month basis, CBI's net income totaled AED 230.7 mn, an increase of 64% y-o-y. The bank also reported a 9M 2024 net operating income of AED 528.6 mn, reflecting a 26.9% y-o-y increase.

SUKOON INS.-

Dubai-based Sukoon Ins.’ net income dipped 26% y-o-y to AED 46.7 mn in 3Q 2024, according to the company’s financial statements (pdf). The company’s ins. revenues rose nearly 15.7% to AED 1.4 bn during the quarter. Sukoon saw its bottom line fall 6.3% y-o-y in 9M 2024 to AED 173 mn, while its revenues climbed 16.4% y-o-y to AED 3.9 bn during the nine-month period.

Mashreq’s Radu Topliceanu on the successes and challenges of developing digital banking propositions in emerging markets

Digital banks — or neobanks — have proliferated in the Middle East region over the past few years, whether in the form of new, standalone banks or a proposition stemming from traditional banks looking to make their services more accessible and streamlined for a wider demographic. Banks in the region and abroad are now looking at how to make their proposition stand out from the others, and how to make digital banking simpler, and globally accessible.

Leading one of the region’s biggest and most rapidly growing digital banking propositions, Mashreq Neo, is Radu Topliceanu (LinkedIn), who joined the bank in 2023 and is credited with shaping Mashreq Neo’s strategy and spearheading its expansion beyond the UAE’s borders.

Launching Mashreq Neo outside of the UAE involved plenty of localization, negotiations with regulators, and exporting advanced tech solutions from the UAE abroad.

Topliceanu oversaw the launch of Mashreq Neo Egypt earlier this year. Now, he’s preparing to launch Mashreq Neo in Pakistan, and figuring out how Mashreq Neo can become a global, integrated platform for customers who are banking across several countries.

We sat down with him to discuss the technicalities of transferring tech and banking propositions across borders, the way AI fits into the future of digital banking, and a lot more. Edited excerpts from our conversation:

Enterprise: How’s the launch in Egypt going so far?

Radu: It’s going very well. We launched two acquisition channels: one that is internal and is very well received by the public; and another through a collaboration with e& that’s also going great.

The process of customer acquisition and onboarding is slightly different in Egypt [than in the UAE] because of the difference in regulations. Customers can download the app and open an account in no time, but in order for us to activate the account, they must visit a physical store to sign a paper.

We collaborated with Fawry, a very big local payments chain with plenty of stores across Egypt, and Etisalat by e&, to allow customers to close the fulfillment process through their branches. Now, Neo is available across the entire country. Even though we have just 16 branches in Egypt, the customer as of today has 900 places to go and sign their papers. The progression in numbers of customers acquired is great; we had 25k customers join just through a limited referral campaign we launched, and mns of customers viewed and interacted with our Visa ad campaign featuring Mohamed Salah.

The Central bank of Egypt is also promoting financial inclusion days through a series of events, so we’re opening our own booth at those events where people can come and be onboarded and activate their accounts on the spot.

E: What’s in the pipeline for Mashreq Neo in Egypt for the rest of the year? Any new services you plan to introduce?

R: We have a very busy roadmap for the tail-end of the year and for the beginning of next year. We have already started to offer fixed deposits, and we’re planning on launching new savings products and more lending options.

In terms of the app, we have upgraded it and it is now on the same stack in Egypt and in the UAE.

E: Are you facing any challenges in terms of transferring the tech from the UAE to Egypt and getting customers onboarded properly?

R: There are slight differences between the UAE and Egypt. First of all, the quality of phones is a bit different and that can cause some glitches when they take a picture of their ID, to give you an example.

Then there’s the lack of eKYC based on facial recognition, which is something that still has to be developed in Egypt. I know the regulator is working on it and we expect it to be available sooner rather than later.

E: What else is different in terms of the offering?

R: The UAE is an expat country and there is a lot of need and a lot of journeys being built to offer ways for customers to send money home. In Egypt, it's the other way around. It's very important for people to be able to receive the money in their accounts. And I think here, Neo can play a very strong role in terms of financial inclusion. The money can land in their account extremely fast — that’s their priority.

Ultimately, we want to create an integrated view and seamless connectivity between Mashreq across different countries. And again, this should help in supporting the remittances towards Egypt and countries that need it.

I think that's an interesting direction that we're going to see as we transform into a group. We’re open in Egypt, we are going to open in Pakistan, and we plan to open in GCC countries. Then the customer will expect to have a global view. If I have an account in Mashreq Egypt and another in Mashreq UAE, I would expect to see it in the same app and to be able to seamlessly transfer money between them.

E: Speaking of expansions, when are you expecting to launch Mashreq Neo in Pakistan? How are the preparations going?

R: We are on track to launch the pilot before the end of the year. The State Bank of Pakistan will have to analyze our readiness before the commercial launch. We are currently closely collaborating with regulatory authorities to ensure full compliance with guidelines in order to commence pilot operations soon.

The regulations in Pakistan are, for me, surprisingly advanced. Their databases are integrated, which allows people to authenticate their accounts using their fingerprint. There is no need for the customer to go to a physical branch to sign papers. I'm seeing a lot of openness from the State Bank of Pakistan towards digital banking.

We are building the bank from scratch. This is a good thing, because we’re building a very strong team. I’m impressed by the level of skill that we’re finding there. And of course, the market potential is huge.

There are still issues with infrastructure, like internet penetration — but it’s growing, and smartphone use is growing.

There will be a few challenges, for example, when it comes to the prevalence of cash in the economy. We want to be part of the effort to digitize the economy, so we are working on some solutions for this.

The good news is because we’re a group, there are solutions we’re building in Pakistan which we are going to use for Egypt or even for the UAE, and vice versa. There is cross pollination across countries, which works both ways — not only exporting solutions from the UAE and applying it in other markets to help boost financial inclusion, but also learning from those other markets.

E: What was the biggest challenge you’ve had to overcome since joining Mashreq and heading Neo?

My focus has been on increasing client engagement. What most banks do is they cherry pick the best customers, targeting maybe just the top 200k out of 1 mn customers for loans, investments, deposits, ins., etc. What we have done, and it's working very well, is we put together a client engagement team, which looks at the whole customer base and is finding ways to engage the customer based on their profile and their needs. There might be a blue collar worker who doesn't have money to invest, or is not interested in investment — perhaps for this client, what’s most relevant is remittances.

We are building very advanced machine learning models, which are helping us analyze and go through our databases, and personalize all this engagement.

E: You’ve mentioned a lot of investments in AI in earlier chats. Where are you focusing those investments currently?

I think the most obvious area in which genAI is used today is in the chatbot and the customer service center. What I'm seeing in terms of penetration of the chatbot is very encouraging; more and more customers are using the chatbot, and more and more of their requests are resolved end-to-end through the chatbot. It’s improving the efficiency of our operations, but it also helps boost customer satisfaction.

We also use AI to optimize the funnel, so we’re collecting data from the moment the customer downloads the app until they open an account, and this data is very important for us to understand where friction points are and then to try to sort those out.

Emirates named World's Best Airline + UAEU ranks 5th in QS Arab University list

Emirates was named the world’s best airline among 90 global carriers in a recent ranking by Telegraph Travel. The ranking is based on over 30 criteria, including punctuality, route network, and in-flight meal quality, with data referenced from more than 18 independent awards and expert reviews.

The United Arab Emirates University ranked fifth in the QS Arab University Rankings2025, moving up one place in the ranking from the previous year, according to Wam. This ranking is part of a broader evaluation that includes 246 universities across the Arab world. The ranking assesses institutions based on academic reputation, research output and a number of other criteria.

One Developments unveiled AED 2 bn Laguna Residence

REAL ESTATE-

#1- One Development inaugurated its AED 2 bn flagship project, Laguna Residence, in Dubai's City of Arabia, days after selecting architectural engineering group AE7 as a consultant for the project, according to a press release. Laguna Residence will be AI-integrated and will offer studios, three-bedroom apartments, duplexes, and sky-homes.

#2- Abu Dhabi’s Department of Municipalities and Transport (DMT) launched a program to certify buildings according to their compliance to certain safety benchmarks, according to the Abu Dhabi Media Office. The program will be implemented in three stages, starting with the issuance of a Conditional Occupancy Certificate for buildings complying with essential standards, such as fire safety, gas installation safety, structural integrity, elevator safety, and child protection measures.

Existing villas will be exempt from the requirements for a full occupancy certificate unless their design life has been exceeded and the villas pose safety risks to their residents, the statement said.

#3- Saif Al Ghurair Real Estate Group's newly established subsidary P.O.B1 Properties will develop Serenova, in Dubai Silicon Oasis, as its debut project, according to a press release. Slated for completion in 2Q 2027, Serenova is valued at AED 206 mn and spans a 7.8k sqm plot.

BANKING-

Payment solutions provider Magnati and Ajman Bank will introduce an embedded finance solution that allows SME merchants to use real-time point of sale transaction data to access various financing options from Ajman Bank, according to a press release. These options include Shariah-compliant business financing, invoice financing, equipment financing, receivables financing, and POS financing.

MANUFACTURING-

Edge group and Assan partnership: Edge Group’s munitions subsidiary Lahab signed three agreements with Turkish arms manufacturer Assan Group at Saha Expo 2024 in Istanbul to supply Assan with MK munitions, co-develop Warsaw-configured versions for existing customers, and strengthen Lahab’s supply chain with NATO-standard components, according to a company statement.

AVIATION-

Emirates partnered with the engine supplier GE Aerospace to support the airline’s Boeing 777 electrical load management system, according to a press release (pdf). This 10-year “multi-[mn-USD]” agreement includes providing repairs, stock holding, inventory management, engineering control, technical documentation, obsolescence management, and reliability trend analysis. The partnership also indicates that GE Aerospace’s Dubai inventory will be consolidated with Emirates and housed at the airline’s facilities, improving inventory availability and lead times.

STARTUPS-

Dubai Future Foundation launched two new sandboxes — one for the gig economy and the other for proptech — under the Dubai Sandbox initiative, with the goal of easing regulatory access and encouraging innovation, according to the Dubai Media Office.

Fitch trims Mena growth to 1.8% in 2024

Fitch warned that the Middle East region is entering 2025 “on shaky ground,” against the backdrop of the ongoing war, economic headwinds, and political uncertainty following the US elections, during a webinar earlier this week. The agency expects the region’s economy to grow at c. 1.8% in 2024, down from the 2.3% it penciled in last August, according to Fitch Solutions company BMI’s latest outlook (pdf).

A rebound is expected next year: The regional economy will pick up to over 3% by next year, according to its forecast.

UAE to lead the region: BMI anticipates the Emirates’ economy to grow at the fastest pace in 2025, anticipated to accelerate to 5.2% in 2025, fueled by increased oil production and the government’s diversification efforts.

REMEMBER- The UAE is set to increase its oil production to 3.5 mn barrels per day (bbl / d) in 2025 after Opec+ raising its quota from the current 2.9 mn bbl / d.

BMI also sees strong growth for Saudi Arabia, forecasting the Kingdom’s economy to make a dramatic rebound from approximately 0.3% in 2024 to around 4.7% in 2025.

Downside risks remain: Potential risks that could hamper growth include Opec’s production cuts failing to lift oil prices, which could hinder diversification efforts in the region, Fitch analysts noted during the webinar.

MARKETS THIS MORNING-

Most Asian benchmarks are in the green as investors await Japan’s elections over the weekend. The Nikkei was the one outlier, falling 0.85% as of dispatch time, while the Kosip and Hang Seng are both in the green.

Meanwhile, Wall Street futures are muted after the S&P 500 snapped its three-day losing streak yesterday.

ADX	9,196	-0.1% (YTD: -4.0%)
DFM	4,464	-0.0% (YTD: +10.0%)
Nasdaq Dubai UAE20	3727	+0.2% (YTD: -3.0%)
USD : AED CBUAE	Buy 3.67	Sell 3.67
EIBOR	4.6% o/n	4.3% 1 yr
TASI	11,886	-0.1% (YTD: -0.7%)
EGX30	30,553	+0.5% (YTD: +22.7%)
S&P 500	5,810	+0.2% (YTD: +21.8%)
FTSE 100	8,269	+0.1% (YTD: +6.9%)
Euro Stoxx 50	4,936	+0.3% (YTD: +9.2%)
Brent crude	USD 74.84	+0.6%
Natural gas (Nymex)	USD 2.54	+0.8%
Gold	USD 2,745.30	-0.1%
BTC	USD 67,950.3	+2.0% (YTD: +60.7%)

THE CLOSING BELL-

The ADX fell 0.1% yesterday on turnover of AED 24.01 bn. The index is down 4.0% YTD.

In the green: Multiply Group (+4.6%), Apex Investment (+4.5%) and Modon Holding (+2.9%).

In the red: Gulf Pharmaceutical Industries (-9.6%), Aram Group (-8.8%) and Umm Al Qaiwain General Investments (-4.7%).

Over on the DFM, the index remained flat on turnover of AED 333.3 mn. Meanwhile Nasdaq Dubai closed up 0.2%.

My Morning Routine: Sonja Suessenbach, country head of Abu Dhabi at Apex Group

Sonja Suessenbach, country head of Abu Dhabi at Apex Group: 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 Sonja Suessenbach (LinkedIn), country head of Abu Dhabi at Apex Group. Edited excerpts from our conversation:

I'm originally German, but I’ve lived almost 18 years in the UAE. I came initially only with this mindset of [staying here for] two years and then it became my home for the last 18 years — 10 years in Dubai, where I met my husband, and now for the last eight years, in Abu Dhabi.

I'm looking after Apex Group’s entire operations in Abu Dhabi, so that includes the strategic vision, looking after financial operations and performance, as well as the business development side. Apex has two licenses here in Abu Dhabi, one under the Abu Dhabi Global Market (ADGM) and another under the Securities and Commodities Authority (SCA). I'm responsible for both entities.

Every day is different. One thing I need to do everyday is to make sure the team is aware of what the priority is for the day and what we need to deliver. We also have a lot of client business development meetings. At the same time, we need to continue focusing on strategy and forecasts to ensure what we are doing daily is aligned with what we want to achieve in the long run. It’s a very active and busy day, and every day, we meet new clients, especially now as ADGM is growing immensely.

Peter Hughes (LinkedIn) started Apex Group in 2003 with the mission of simplifying things for fund managers — so anything to take away the burden from managers on the administration side. The core business focused on fund administration, but over the years, we added other services, such as corporate services, compliance services, middle office services, offering asset and fund managers a single-source solution that can allow fund managers to focus on their core business. We have really become a financial services solution provider rather than just a fund administrator.

Today, we have a team of more than 14k employees. Here in Abu Dhabi, we have 35 employees, but we are growing even more. In the Middle East, I think we are one of the biggest fund administrators who have local employees, because for us, it's also important to have contact with our clients locally.

In the finance world, digital transformation and technology are becoming very important, and that also applies to fund administration. We took over a company at the end of last year which allows us to tokenize assets, so we are one of the leading firms in that area. We have heavily invested and continue to invest in technology because fund managers are increasingly requesting very sophisticated reports, and LPs are doing the same.

From a more local perspective, I would say one of the reasons why the ADGM is growing a lot is because the fund framework in the UAE has changed. A lot of international fund managers are now coming here to distribute locally and to set up onshore operations.

Thanks to my husband, I’ve started to go to the gym in the morning. I used to go after work, but for the past 10 years, we’ve been doing gym in the morning, which means, we wake up around 5:45am and then hit the gym, either doing a normal routine or we do a class. Then we get ready, grab a coffee, and over the past couple of weeks, I’ve started reading EnterpriseAM UAE.

I'm usually the first one in the office, I read for 10 or 15 minutes and then plan the day in order to see what is on my agenda, and what is still pending.

I think one constant for me that’s very important is clear communication. I make sure that every day, even if I'm busy, key team members understand what the priority is for the day or for the week and what needs to be delivered so we are aligned going forward.

Since I’m originally German, it’s sort of in my DNA to be very organized. From a very young age, I learned to schedule because I had a lot of hobbies. That’s why the first thing I do at the office is look at the meetings I have scheduled, then organize my tasks according to a schedule.

Professionally, I would say my goal is — since I just recently joined Apex — to help Apex become one of the leading firms well known as a one-source solution, and to become the one company that anyone setting up shop here in the ADGM and wanting to grow their business can choose as their partner.

Personally, my goal is to continue learning constantly. I think it's important on a personal level to continue learning new hobbies. I just recently started diving, for example, in Egypt, so I want to continue to develop these new hobbies and learn new skills.

I’m still learning how to [maintain a work-life balance,] I’m not yet perfect at that, so I’d say it’s a work in progress. I have two golden retrievers, so they request my attention a lot and I can’t be on my laptop and phone too much — they’re good at that. My dog has even learned how to close my laptop screen [laughs], so I have a good partner to help me balance things.

I do think you always need to learn how to balance and to be active, and to also understand when to stop so you can refresh your mind, like having a walk with your dog or going to the beach. I think this opens your mind up a lot more. Interacting with other people from different industries also helps you look at challenges differently.

The beauty here in the UAE is that you can always have little vacations, especially in Abu Dhabi, where you have these small islands to go over the weekend. My husband is also very much into camping, so when the weather is good here, we like to go camping and switch off.

I love Leaders Eat Last by Simon Sinek, which talks about how to build trust and loyalty within an organization, which I think comes hand in hand with communication.

[My favorite piece of advice] came from my first boss, who told me to lead with empathy. Leadership is not only about making decisions — you also need to have empathy, especially when there's uncertainty, to understand and approach things in a different way, and to really include different parties and stakeholders in your decision-making to make an informed, balanced decision.

CALENDAR

OCTOBER

24-27 October (Thursday-Sunday): International Sports Medicine Conference, Dubai.

26 October (Saturday): UFC 308: TOPURIA vs HOLLOWAY, Etihad Arena, Abu Dhabi.

26-27 October (Saturday-Sunday): International Conference on Tourism, Transport, and Logistics, Dubai.

27-30 October (Sunday-Wednesday): IEEE - International Conference on Image Processing, Adnec Centre, Abu Dhabi.

28-29 October (Monday-Tuesday): MENA Climate Proof Forum, Dubai.

29 October (Tuesday): OneConnect Dubai 2024, the Marriott Resort Palm Jumeirah, Dubai.

29-31 October (Tuesday-Thursday): Sharjah International Conference in Biotechnology (SICBiotech), University of Sharjah.

29-31 October (Tuesday-Thursday): Healthcare Future Summit, Dubai World Trade Center.

29 October-2 November (Tuesday-Saturday): Abu Dhabi Early Childhood Week, Abu Dhabi.

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

30 October (Wednesday): Connected Construction Conference, Museum of the Future, Dubai.

30-31 October: Sixth edition of Binance Blockchain Week, Coca-Cola Arena, Dubai.

NOVEMBER

3-10 November (Sunday-Sunday): Dubai Premier Padel P1, Dubai Dutyfree Tennis Stadium, Dubai.

4-7 November (Monday-Thursday): Abu Dhabi International Petroleum Exhibition & Conference (ADIPEC), Abu Dhabi.

4-7 November (Monday-Thursday): ADIPEC Maritime and Logistics Exhibition and Conference, Abu Dhabi.

4-7 November (Monday-Thursday): ADIPEC Decarbonisation Accelerator, Abu Dhabi.

5-7 November (Tuesday-Thursday): 2024 EMEA Stakeholder Conference, Dubai.

5-7 November (Tuesday-Thursday): 10th edition of Gulfood Manufacturing, Dubai World Trade Center.

6 November (Friday): World Finance Forum, Dubai.

6-8 November (Friday-Sunday): UAE BioTech Symposium, Masdar City, Abu Dhabi.

6-17 November (Friday- Sunday) Sharjah International Book Fair, Expo Center Sharjah, Sharjah.

10 November (Sunday): American Boarding School Fair 2024, Grosvenor Hotel, Dubai Marina, Dubai.

11 November (Monday): Dubai Diamond Conference, Jafza One Convention Centre, Dubai.

11-12 November (Monday-Tuesday): META Cinema Forum, Dubai.

13 November (Wednesday): Registration deadline for Dubai Chamber of Digital Economy’s App Olympics.

13-14 November (Wednesday-Thursday): Lease Conference Dubai 2024, Jumeirah Creekside Hotel, Dubai.

15 November (Friday): Tax amendments that exempt crypto and investments through fund managers from VAT to take effect.

18-19 November (Monday-Tuesday): Dubai Precious Metals Conference, JAFZA One Convention Center, Dubai

18-20 November (Monday-Wednesday): Fastmarkets Middle East Iron & Steel 2024, Dubai.

19-20 November (Tuesday-Wednesday): Dubai Future Forum.

20-22 November (Wednesday-Friday): Xpanse Abu Dhabi, Adnec Centre, Abu Dhabi

22-23 November (Friday-Saturday): Global Meet on Electronics & Electrical Engineering (GMEEE), Dubai.

22-24 November (Friday-Sunday): Michelin Guide Food Festival, Emirates Palace Mandarin Oriental, Abu Dhabi.

23 November (Saturday): Wireless Festival Middle East, Etihad Park, Abu Dhabi.

23-24 November (Saturday-Sunday): Emirates Dubai Sail Grand Prix, SailGP Race Stadium.

26-27 November (Tuesday-Wednesday) Global Food Security Summit, Adnec Centre Abu Dhabi.

26-28 November (Tuesday-Thursday) Global Media Congress 2024, Abu Dhabi National Exhibition Centre (ADNEC).

26-29 November (Tuesday-Friday): Big 5 Global, Dubai World Trade Centre.

26-27 November (Tuesday-Wednesday): Global Women’s Forum Dubai, Madinat Jumeirah, Dubai

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

28 November-1 December (Thursday-Sunday): Spartan World Championship, Al Wathba Desert, Abu Dhabi.

30 November (Saturday): Football Legends Cup, Al Maktoum Stadium Al Nasr Sports Club, Dubai.

Signposted to happen ahead of ADIPEC:

Changemakers Majlis, Abu Dhabi.

DECEMBER

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

4-5 December (Wednesday-Thursday): Sport Impact Summit, The Palm, Dubai.

5-8 December (Thursday-Sunday): Formula 1 Etihad Airways Abu Dhabi Grand Prix, Yas Marina Circuit.

8-12 December (Sunday-Thursday): International Desalination and Reuse Association World Congress, Adnec Centre Abu Dhabi.

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

9-12 December (Monday-ThursdayTuesday): Abu Dhabi Finance Week, Abu Dhabi.

9-12 December (Monday-Thursday): World Conference on Desalination and Water Re-use 2024, Adnec Centre, Abu Dhabi.

9-12 December (Monday-Thursday): IEEE International Conference on Data Mining 2024, Adnec Centre, Abu Dhabi.

10-12 December (Tuesday-Thursday): Middle East Investor Relations Association (MEIRA Conference), Conrad Abu Dhabi Etihad Towers Hotel, Abu Dhabi.

10-12 December (Tuesday-Thursday): The Middle East and North Africa Business Aviation Association Show, Al Maktoum International Airport, Dubai.

11-13 December (Wednesday-Friday): European-Arab Medical Congress, Abu Dhabi.

14-21 December (Saturday-Saturday): World Schools Festival, Abu Dhabi

16-20 December (Monday-Friday): AIMS Conference 2024, Adnec Centre, Abu Dhabi.

6 December-12 January: Dubai Shopping Festival.

Signposted to happen sometime in December:

UAE-China Summit, Abu Dhabi.
Abu Dhabi Forum for Peace, Abu Dhabi.

JANUARY 2025

1 January (Wednesday): ADGM to slash licensing fees for retail and non-financial firms, and hike fees for finance firms.

9-13 January (Thursday-Monday): International Renewable Energy Agency Youth Forum, Abu Dhabi.

11-13 January (Saturday-Monday): International Renewable Energy Agency Assembly, Abu Dhabi.

14-16 January (Tuesday-Thursday): World Energy Summit, Abu Dhabi.

14-16 January (Tuesday- Thursday): The Light + Intelligent Building Middle East exhibition, Dubai.

19-24 January (Sunday-Friday): Coling 2025, Abu Dhabi.

20-22 January (Saturday-Monday): FESPA Middle East, Dubai World Trade Centre, Dubai.

FEBRUARY 2025

1-8 February (Saturday-Saturday): The Mubadala Abu Dhabi Open, Zayed Sports City's International Tennis Centre.

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

3-6 February (Monday-Thursday): Medlab Middle East, Dubai World Trade Center.

16 February-1 March: Dubai Dutyfree Tennis Championships, Dubai Dutyfree Tennis Stadium in Al Garhoud.

24-25 February (Monday-Tuesday): World Passenger Experience Forum, Dubai.

24-26 February (Monday-Wednesday): Connecting Hydrogen MENA, Dubai.

Signposted to happen sometime in 1Q 2025:

The first eight fronds of the Palm Jebel Ali will be site-ready, allowing for the commencement of villa infrastructure and civil works.

APRIL 2025

6-11 April (Sunday-Friday): Geo-Spatial Week 2025, Dubai.

7-10 April 2025 (Monday-Thursday) : EFG Hermes One on One conference, Dubai.

7-9 April (Monday-Wednesday): AIM Investment Summit, Abu Dhabi National Exhibition Center

14-16 April (Monday-Wednesday): Dubai Woodshow’s 21st Edition, Dubai World Trade Center

14-16 April (Monday-Wednesday): IPS congress, Dubai World Trade Center.

16-18 April (Wednesday-Friday): World Future Energy Summit,Abu Dhabi National Exhibition, Abu Dhabi.

28 April-1 May (Monday-Thursday): The Arabian Travel Market 2025, Dubai World Trade Center

Signposted to happen sometime in April:

Abu Dhabi Autonomous Racing League, Yas Marina Circuit in Abu Dhabi

MAY 2025

6-7 May (Tuesday-Wednesday): Global Ports Forum, Dubai.

26-28 May (Monday-Wednesday): Arab Media Summit, World Trade Center, Dubai.

SEPTEMBER 2025

8-10 September (Monday-Wednesday): DigiHealth exhibition, World Trade Center, Dubai.

OCTOBER 2025

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

Signposted to happen sometime in 2025:

The Middle East Electric Vehicle Show, Expo Center Sharjah.
e& will complete Adnoc’s private 5G network.
Executive Committee Meeting (EXCOM 2025) conference of the World Smart Sustainable Cities Organisation (WeGO)
The International Civil Aviation Organization’s Global Implementation Support Symposium, Abu Dhabi.

Signposted to happen sometime in the fall of 2025:

2025 Games of the Future, Dubai.

Signposted to happen sometime in 2026:

The UAE to host the Arab Competition Forum
Dubai to host the Arab Actuarial Conference
United Nations Water Conference 2026, UAE

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