e& gets all-clear for PPF acquisition + Masdar snaps up another Spanish firm

1

WHAT WE’RE TRACKING TODAY

THIS MORNING: Taqa to work on Europe-Middle East power connector? + Emsteel eyes Celsa’s European mills

Good morning, lovely people, and happy hump day. This week’s news flow has yet to let up, with today’s issue bringing you a batch of M&A updates from e&, Magrabi, Masdar, and more, along with more updates from the president’s trip to the US.

ON THAT NOTE- President Mohamed bin Zayed Al Nahyan met with the CEOs of Nvidia, Microsoft, and BlackRock to discuss their cooperation in AI and other advancements in the sector, state news agency Wam reports.

REMEMBER- The three companies are at the center of the UAE’s partnership with the US in AI. State-owned AI firm G42 started receiving AI chips from US chipmaker Nvidia after the US government greenlit the exports earlier this year, getting the ball rolling on the second phase of Microsoft's USD 1.5 bn investment in G42. Meanwhile, BlackRock is leading on a new USD 30 bn AI infrastructure fund backed by Abu Dhabi-based investment firm MGX and Global Infrastructure Partners.

WATCH THIS SPACE-

#1- Abu Dhabi’s Taqa voiced its interest in taking part in a EUR 1.9 bn power interconnection project that will link Europe’s power grids with the Middle East’s, according to a statement from Cypriot government Spokesperson Konstantinos Letymbiotis. The energy firm’s potential participation in the project was discussed during a meeting between Cypriot President Nikos Christodoulides and Taqa executives in New York.

More soon: Delegations from Taqa and Cyprus are set to meet in the coming weeks to outline a roadmap for the next steps of the potential partnership, according to Letymbiotis.

Taqa has been in the running to join the project since December, when the energy firm inked an MoU to explore joining Greece’s transmission system operator Independent Power Transmission Operation and Cyprus as a stakeholder in the 900-km Great Sea Interconnector project, connecting Greece’s grid network to Cyprus.

Where is the project currently at? Last week, Greece and Cyprus signed an MoU to resume work on the project, with future plans to extend the interconnector to Israel. Slated for completion by 2030, the fully extended 1.2k km-long, 3k meter-deep cable is set to be the world’s longest and deepest high-voltage direct current interconnector.

ALSO- Taqa partners on desalination initiative: Taqa, along with French utility firm Suez and German technology conglomerate Siemens, will participate in a desalination initiative targeting emerging markets, Reuters reports, without disclosing further details.

#2- Emsteel eyes Celsa’s European mills: ADQ-owned Emirates Steel Arkan (Emsteel) is in talks with senior officials from Spanish steelmaker Celsa to voice its interest in acquiring its mills in Poland, the UK, and Norway, Spanish newspaper el Economista reports, citing anonymous sources. While it’s not yet clear whether the three mills would be sold in a single transaction, the sale could be valued at around EUR 1 bn euros (USD 1.11 bn), according to the newspaper.

Background: Celsa onboarded Citi earlier in February for the possible divestment of the three overseas businesses, as part of the company’s restructuring plan. The Polish unit was expected to generate the most at around EUR 800 mn, followed by the Nordic unit (EUR 300 mn) and Celsa Steel UK (EUR 200 mn).

#2- Real estate, financial, industrial, and utilities stocks are expected to become the best performing sectors on UAE bourses over the next 18 months, economists told Al Bayan in a poll. Returns on investments in stocks are averaging 5.5%, the economists said. DFM-listed stocks in particular are expected to grow 12% by the end of 2024, with shareholders now reeling in a dividend yield of 5.71%, John said.

#3- UAE-backed Catalytic Transition Fund (CTF) will pull the trigger on the first round of investments as soon as this year, having already secured half of its USD 5 bn fundraising target, Brookfield’s Chair and Head of transition investing Mark Carney said during a high-level roundtable hosted by the UAE’s Alterra fund during New York Climate Week, according to a statement (pdf). The fund aims to bridge the financing gap in emerging markets while driving “collaboration between public and private finance to accelerate net zero transition,” Carney added.

ICYMI- Brookfield closed a USD 2.4 bn funding round for CTF from investors, including Caisse de dépôt et placement du Québec (CDPQ), GIC, Prudential, and Temasek, earlier this week. CTF is anchored by a USD 1 bn commitment from Alterra fund set up by UAE-backed USD 30 bn Alterra.

About Alterra: The vehicle was launched last year at COP28 to mobilize USD 250 bn globally by 2030 to finance the new climate economy and accelerate the climate transition, the statement notes. Alterra’s initial commitment — along with BlackRock, Brookfield, and TPG — was USD 6.5 bn to climate-dedicated funds. Alterra recently said it will direct an extra USD 200 bn to investments over the next six years, after saying it aims to mobilize USD 250 bn in green investments by 2030.

PUBLIC SERVICE ANNOUNCEMENTS-

WEATHER- The weather is much like yesterday in Dubai today, with a high of 39°C and a low of 29°C, according to our favorite weather app. It’s a couple of degrees cooler in Abu Dhabi, with a high of 35°C and a low of 30°C.

#1- Several UAE airlines suspended Beirut flights amid escalating violence between Israel and Hezbollah, which saw at least 569 people killed in Lebanon since Monday. Emirates suspended flights between Dubai and Beirut yesterday and today, it said in a travel update, while budget carrier Flydubai also canceled Beirut-bound flights for both days, Khaleej Times reports. Abu Dhabi-based Etihad Airways halted flights to and from the Lebanese capital yesterday, with the three airlines now monitoring the situation.

#2- Overstayers who were granted amnesty status will have until 31 October to leave the country, whereas they were previously given only 14 days to leave once receiving their exit permit, Director of the Client Happiness Department Salem Bin Ali told Khaleej Times.

Overstayers are also not required to renew their passports if they are valid for longer than one month, after the Federal Authority for Identity and Citizenship eased its previous requirement to renew passports if validity will expire within six months, state news agency Wam reports. The decision came in a bid to overcome long passport renewal processing times.

Remember: The government kicked off a visa overstay amnesty program at the start of September to allow anyone overstaying their visa to get their paperwork in order or to leave the country without fines.

#3- The Abu Dhabi Housing Authority launched a field survey campaign to inspect government-provided housing units for violations, such as illegal rentals or misuse of properties, according to the Abu Dhabi Media Office. Vacant units will also be inspected. A one month grace period will be provided to violators to rectify their current conditions, after which prosecution measures will be initiated, Khaleej Times reports.

The campaign will also communicate financing solutions to the owners, offering loans for maintenance, demolition, and reconstruction.

HAPPENING TODAY-

#1- The World Congress on Rehabilitation (WCR) 2024 is on its final day at the Abu Dhabi National Exhibition Centre, Wam reports. The event aims to address global challenges faced by people with disabilities in the job market and promote awareness of their rights and capabilities.

#2- The World Freezones Organization’s Annual International Conference and Exhibition is on its final day in Dubai. The event will discuss zones and the shifting dynamics of global economic structures to open up new avenues for investment.

#3- The Freight Summit Global Conference continues today and runs until Thursday. The conference is slated to bring together over 400 international freight forwarders to network and boost partnerships globally.

#4- The UAE National Committee for Anti-Money Laundering and Combating the Financing of Terrorism and Illegal Organizations is hosting the 2024 Asia Pacific Group on Money Laundering (APG) annual meeting, which kicked off on Sunday and will run until Friday, marking the first time the forum is held in the Middle East, state news agency Wam reports.

#5- Gulfood Green is on its second day today, and runs until tomorrow at the Dubai World Trade Centre. The event connects startups and investors in the FoodTech and AgriTech sectors, exploring new methods of food production, trade, and consumption. You can register here.

#6- The Global Aerospace Summit kicks off today and will run until tomorrow in Abu Dhabi. The summit will gather key players in the global aerospace supply chain industry along with high level industry and government officials to discuss industry services, legal structure and resource sharing.

#7- The Middle East Treasury Summit 2024 kicked off yesterday at the Grand Hyatt Dubai. Wrapping up today, the conference gathers treasury professionals and financial experts from across the region to engage in finance-focused discussions.

#8- Foreign Affairs Minister Sheikh Abdullah bin Zayed Al Nahyan, is heading the UAE delegation at the UN General Assembly, which kicked off yesterday and will wrap up on 30 September, Wam reports.

THE BIG STORY ABROAD-

Israel’s bombardment of Lebanon is still the top story in the international press — the business press included — with the barrage of attacks having killed at least 569 people, including 50 children, over the course of the last two days. While Israeli airstrikes targeted Beirut’s southern suburbs — claiming to have killed Hezbollah’s missiles division head Ibrahim Kobeissi — and the border region, Hezbollah targeted military targets, including a military and naval base, in northern Israel.

Speaking in New York on the sidelines of yesterday’s UN meetings, Lebanon’s foreign minister Abdallah Bou Habib called US President Joe Biden’s address to the UN “not strong” and “not promising,” adding that the US — Israel’s biggest arms supplier and key ally — “is the key…to our salvation.” The UN Security Council will meet today to discuss the escalating violence between Israel and Hezbollah today.

WHILE IN OIL NEWS- No peak oil yet, says OPEC, with the oil cartel saying they expect world oil demand to increase 18% to 120.1 mn barrels per day by 2050, in stark contrast to other international organizations — including those within the petroleum industry — that expect to see oil demand fall as the world transitions to low carbon and green fuels.

AND- EU officials raided Nasdaq and Deutsche Borse offices in two EU member states yesterday, as the European Commission investigates possible anti-competitive practices related to financial derivatives, the FT reports. Both companies said that they were cooperating with EU authorities on the investigation.

ALSO- UniCredit’s battle to take over Commerzbank is heating up, with the German government throwing its weight against Italian UniCredit’s proposed takeover of German Commerzbank. German Chancellor Olaf Schulz said Monday that the government “supports Commerzbank’s strategy of independence,” adding that it does not support a takeover, which would cede financial clout to Italy and lead to a raft of job cuts in Germany.

***

You’re reading EnterpriseAM UAE, your essential daily roundup of business, economics, and must-read news about the UAE, delivered straight to your inbox. We’re out Monday through Friday by 7am UAE time.

EnterpriseAM UAE is available without charge thanks to the generous support of our friends at Mashreq.

Were you forwarded this email? Tap or click here to get your own copy of EnterpriseAM UAE.

Want to send us a story idea, request coverage, ask for a correction, or otherwise get in touch? Reach out to us on UAE@enterpriseAM.com .

DID YOU KNOW that we also cover Egypt, Saudi Arabia, and the MENA climate and logistics industries?

***

e& receives greenlight for EUR 2.5 bn PPF acquisition following European Commission probe

EU watchdog gives e& the all-clear: Telecoms giant e& will move forward with the acquisition of a controlling stake (50% +1 economic share) of PPF Telecom Group, excluding its Czech business, according to an ADX disclosure (pdf), after the European Commission gave the acquisition its approval yesterday.

The decision arrived sooner than expected, with the commission having moved the deadline to clear or block the bid on 4 December, after the initial deadline for the decision was set for 15 October.

REFRESHER- The European Commission launched its first-ever anti-subsidy probe into a foreign buyer against e& in June. The telecoms giant had agreed to acquire a 50% stake plus one share in the telecommunication operator for EUR 2.5 bn (AED 9.9 bn). PPF, based in the Netherlands, operates telecom services in Czechia, Bulgaria, Hungary, Serbia (under Yettel), and Slovakia (under O2), serving over 10 mn customers across these markets.

The probe concluded that market competition will not be impacted by the acquisition: Subsidies provided to e& and the Emirates Investment Authority (EIA), the body in charge of the telco, in the form of various grants, loans, and debt instruments, “did not lead to actual or potential negative effects on competition in the acquisition process,” the commission said.

Some strings attached: e& agreed to several conditions, including a pledge to comply with UAE bankruptcy law to prevent unlimited state funding. e& also agreed not to funnel any EIA financing into PPF’s EU operations, with exceptions for non-EU activities and emergency funding — both subject to EU review. Lastly, all future transactions between e& and PPF must meet EU market terms, with e& required to notify the commission of any acquisitions that do not fall within the scope of its foreign subsidies regulation.

The commitments will be valid for 10 years, and extendable for another five years, the statement said. An independent trustee will be monitoring e&’s fulfillment of its commitments, the statement said.

The EU has seen a rising wave of protectionism that has pulled the plug on several overseas transactions from the region. The UK made legislative changes to block a takeover by Abu Dhabi-based investors of newspapers the Telegraph and the Spectator, citing preserving editorial independence as a major concern. Meanwhile, the Spanish government has been trying to edge out Saudi telecoms operator Stc as a major shareholder, after it became mobile network operator Telefonica’s largest shareholder.

The story got ink in Reuters.

Masdar acquires Spanish renewables firm Saeta Yield

Masdar agrees to buy Saeta from Brookfield: State-owned renewables giant Masdar is set to acquire Spanish renewable energy firm Saeta Yield from Canada-based investment firm Brookfield for USD 1.4 bn, according to a press release (pdf). The agreement is expected to close by the end of the year, pending approvals.

What does Masdar get? The transaction includes 745 MW of predominantly wind assets — including 538 MW in Spain and 144 MW in Portugal — as well as 63 MW of solar assets in Spain. Masdar will also receive a 1.6 GW development pipeline, while Brookfield retains 350 MW of concentrated solar power assets.

The acquisition has been in the works for a while: Masdar was set to submit a final bid to acquire Brookfield’s Saeta Yield earlier in July.

Who’s Saeta Yield? The renewables firm, which Brookfield acquired from ACS for EUR 1 bn in 2018, owns a portfolio of 28 wind farms, 10 photovoltaic parks, and seven solar thermal plants across Spain and Portugal with a total capacity of 1.2 GW.

Not Masdar’s first major acquisition in Spain: The company agreed to acquire a c.50% stake in Spanish power firm Endesa’s solar power installations subsidiary EPGE Solar for AED 3.3 bn (c. EUR 818 mn) back in July. The acquisition will make Masdar a partner in 2.5 GW of renewable energy assets in Spain with the transaction set to close in 4Q 2024. Masdar also operates a 1.2 GW solar plant in the Castilla La Mancha region of Spain.

ADVISORS- Brookfield, which started the sale process last December, had tapped Société Générale Group and Santander Bank to advise on the transaction.

OTHER M&A NEWS-

Asset managers BlackStone and Vista, as part of a consortium including the Abu Dhabi Investment Authority, are acquiring software provider Smartsheet for USD 8.4 bn in one of the year’s biggest take-private transactions, Bloomberg reports, citing a US Securities and Exchange Commission filing. It’s not clear how much Adia invested as part of the consortium, but the transaction is set to wrap by end of January.

The details: Smartsheet will still have a 45-day go-shop period to solicit and negotiate alternative bids. The acquisition price represents a premium of approximately 41% to Smartsheet’s volume-weighted average closing price for the 90 days before 17 July, its last trading day before reports of a sale.

ADVISORS- Qatalyst Partners is acting as exclusive financial adviser to Smartsheet, while Goldman Sachs and Morgan Stanley are advisors to Blackstone and Vista Equity Partners.

Magrabi and Rivoli Vision merge for regional expansion

Magrabi Retail Group and Rivoli Vision merge, eyeing regional expansion: Regional eyewear retailer Magrabi and Dubai-based lifestyle retailer Rivoli Group’s eyewear unit Rivoli vision agreed to merge in a transaction that will see them consolidate some 290 locations across seven Middle East countries by the end of the year, according to a statement. Completion of the transaction is still pending commercial and regulatory approvals, the statement said.

About the companies: Rivoli operates 89 branches across the UAE, Qatar, Oman, and Bahrain, while Magrabi, a regional player with over 200 branches across the region, also operates a manufacturing facility in Dubai, with offices across the UAE, Saudi Arabia, and Egypt.

Timelines and targets: The merged entity expects to achieve double-digit revenue and EBITDA growth between 2025 and 2027, Magrabi Retail Group CEO Yasser Taher tells Arab News. Digital sales are projected to grow 50% annually during this period. The integration process is set to be completed within 15 months, while full synergy realization is expected within two years.

A move to boost supply chain efficiency: “The scale of the new entity will enable higher investment into supply chain automation, including further investment in our manufacturing facilities, warehouse operations, our central glazing lab network, and last-mile delivery fulfillment,” Magrabi Chairman Amin Magrabi told the publication.

Bybit launches world’s first Islamic crypto trading platform

New Islamic crypto in town: Bybit, the world's second-largest cryptocurrency exchange by trading volume, is now offering Shariah-compliant accounts, certified by both Crypto Halal and Zico Holdings, according to a statement (pdf). The global crypto exchange claims it is the first to offer a Shariah-compliant service for Muslim traders.

The details: The new Islamic accounts will allow spot trading with up to 75 Shariah-compliant tokens, and will include a trading bot, and a Spot Grid Bot — all compliant with Islamic finance principles. The accounts will be available worldwide, wherever crypto is not restricted.

The move comes as Bybit looks to tap into the Islamic finance sector, focusing on the Middle East, Africa, and South Asia regions.

REMEMBER- Bybit is inching closer to getting a full operational license in Dubai. The crypto player — which established its global headquarters in Dubai in 2022 — secured provisional approval for a Virtual Asset Service Provider (VASP) license from Dubai’s Virtual Assets Regulatory Authority earlier this month.

Mashreq arranges AED-denominated syndicated loan for Trade and Development Bank

Mashreq closes TDB’s first AED-denominated loan: Our friends at Mashreq arranged the first AED-denominated syndicated loan for the Eastern and Southern African Trade and Development Bank (TDB), valued at AED 500 mn, according to a statement (pdf). The lender acted as the sole coordinator, lead arranger, bookrunner, and facility agent on the transaction.

The details: Mashreq launched the loan, which was subscribed by seven Gulf institutions, in July, the statement said, without disclosing the names of the institutions. The one-year facility, which includes an extension option, will be used for general corporate purposes, it added.

What they said: “This transaction provides TDB access to the evolving, dynamic and deep AED liquidity pool, allowing it to develop relationships with lenders with unique lending considerations,” the statement reads.

Indian L&T to build two gas substations in Abu Dhabi

L&T bags multi-bn gas projects: Indian multinational Larsen & Toubro (L&T) was awarded a contract to develop two 400kV gas-insulated substations in Abu Dhabi, according to a press release (pdf). The substations are expected to enhance the transfer capacity of the emirate’s electricity grid. While the exact contract value remains undisclosed, estimates place the projects between INR 100-150 bn (c. AED 4.4-6.6 bn).

What is L&T’s role? The Indian firm will handle civil works and install key components, including current limiting reactors, auto transformers, and various control, protection, and monitoring systems. These systems will incorporate power quality monitoring and telecommunications infrastructure.

REMEMBER- L&T has more in its UAE pipeline: Earlier this year, L&T was awarded a turnkey engineering, procurement and construction contract for the 1.8 GW sixth phase of the Mohammed bin Rashid Al Maktoum solar park, expected to cost AED 5.5 bn.

UAE, US ties are in a “new phase,” says political expert + hedge fund employees in Dubai exceed the 1k mark

UAE, US partnership updated as both countries look towards new priorities: CNBC (watch, runtime; 03:49) spoke with with Emirati political scientist and author Abdulkhaleq Abdulla, who gives his take on President Mohammed bin Zayed Al Nahyan’s visit with US President Joe Biden, which he says marks a “new phase” in the UAE’s relationship with the US that accounts for new UAE priorities to resolve geopolitical tensions and advance responsible AI development, investment, and trade.

PLUS- Hedge funds in Dubai have seen their headcount exceed 1k employees amid an influx spurred by a number of incentives, a favorable timezone, and low taxes, Bloomberg reports.

AND- Dubai-based messaging app Telegram will now hand over users’ IP addresses and phone numbers to governments upon valid legal requests, Bloomberg reports, citing a statement from the platform’s CEO Pavel Durov. The change comes in the wake of Durov’s recent arrest in France on charges of alleged complicity in the spread of child abuse materials, among other charges that he has denied.

Climate tech startup Coral raises USD 3 mn in funding

STARTUPS-

#1- UAE-based climate tech startup Coral raised USD 3 mn in a seed fundraising round from a group of tech investors, according to a press release. The funds will be used to scale Coral’s platform, expand its staff, and open up an Abu Dhabi office, the statement notes. The startup has already secured several major partnerships to support its scaling goals.

About Coral: The startup uses AI-powered carbon accounting software to help companies manage their emissions, reducing tracking time by up to 95%, according to the statement. It also provides curated carbon offset options.

#2- Watermelon Ecosystem to offer Biz2X’s SME finance solutions on its platform: Merchants using Watermelon Ecosystem, a Dubai-based online marketplace that connects suppliers and small F&B businesses, will be able to access SME finance solutions offered by US fintech platform Biz2X under a new partnership between the two, a statement from Biz2X showed. The partnership aims to provide small businesses with fast access to capital, with loan processing times as short as 24-48 hours.

#3- Hexitime taps into the UAE: UK-based skill-sharing timebank Hexitime partnered with Dubai-based startup accelerator iAccel GBI to launch its platform in the UAE, according to a statement from the Abu Dhabi SME Hub. Hexitime is an online marketplace where employees can exchange skills and expertise using a tokenized time currency.

AI-

Meta and Dubai Future Foundation launched the first edition of their AI accelerator Llama Design Drive, TechAfrica News reports. Taking place in Dubai Future Foundation’s ecosystem Area 2071, the program was joined by 22 startups and eight AI development professionals in this round.

The details: The accelerator will offer startups a chance to work with Meta’s engineering teams, with the chance to be fast-tracked into a global Meta-sponsored program. They will also be eligible to receive USD 500k in funding to support the development of their AI products.

TRADE-

The UAE unveiled the second phase of its Trade Tech initiative during the World Trade Organization’s general forum in Geneva, Al Etihad reports, citing statements from the UAE’s representative to the WTO, Abdul Salam Mohammad Al Ali. The second phase will focus on AI deployment to streamline logistics and enhance trade finance in a bid to improve the industry’s efficiency and forecasting capabilities.

About Trade Tech: The partnership between the UAE and WEF looks to use advanced technologies to facilitate trade in merchandise and services. Trade Tech has four components: a forum for industry leaders to gather and share best practices, an annual research report, a regulatory sandbox for companies and startups to experiment with innovations, and an incubator for startups in the TradeTech space.

SMEs-

The Dubai Department of Economy and Tourism (DET) partnered with Amazon UAE to launch an accelerator program that will help SMEs in Dubai tap global markets, according to Dubai's Media Office. The DET x Amazon Accelerator will provide SMEs with the digital tools, resources, and mentorship needed to expand their global reach.

SPACE-

Burjeel partners with Axiom Space to study new technologies in space: ADX-listed healthcare provider Burjeel Holdings signed an MoU with US space infrastructure developer Axiom Space to conduct research on the impact of microgravity on the human body, according to a press release (pdf). The research will see the deployment of Burjeel’s medical technologies into space where they will be operated by Axiom’s astronauts during the Axiom Mission 4 (Ax-4), scheduled for launch in spring 2025.

RETAIL-

Admiral Appliances taps local distributor to bring its products to the UAE: US home appliances manufacturer Admiral Appliances partnered with the Emirati consumer electronics distributor Jumbo Electronics to introduce its products to the UAE market, according to a press release. Admiral’s products will hit the stores and be available on Jumbo’s e-commerce website starting 24 October.

ENVIRONMENT-

#1- The Environment Agency of Abu Dhabi and the International Center for Biosaline Agriculture inked an MoU to cooperate on groundwater, soil, and biodiversity projects in a bid to back the emirate’s sustainability efforts and optimize the use of its natural resources, according to an Abu Dhabi Media Office statement. The MoU aims to facilitate the use of sustainable practices in forestry and irrigation, as well as monitor rangelands and rehabilitate sites, and conduct research on drought-resistant species.

#2- The Dubai Department of Economy and Tourism tapped HaejooX to build 20k reef modules, set to be deployed over three years, according to the Dubai Media Office.

MANUFACTURING-

Dubai-based laboratory solutions provider Gulf Scientific Corporation (GSC) will represent the UK scientific equipment supplier Scion Instruments across Saudi Arabia, Kuwait, and Qatar under a new partnership agreement they signed, according to a press release. The partnership will provide Scion Instruments with access to laboratories operating in the petrochemical and environmental monitoring industries across the region.

About the company: Scion Instruments is an analytical instrumentation producer, specializing in gas and liquid chromatography, and mass spectrometry solutions.

FINTECH-

Botim users will be able to access National Bonds services directly via the app: Astra Tech, the UAE-based consumer technology firm and owner of the Gulf region’s most popular voice-calling app Botim, partnered with homegrown investment company National Bonds to integrate the latter’s financial solutions into Botim, according to a press release.

China rolls out stimulus package to give a boost to the economy

China rolls out rate cuts, slashes RRR to revive economy: China’s central bank, the People’s Bank of China (PBOC), is rolling out a series of broad monetary stimulus measures to jumpstart the country’s faltering growth. The PBOC slashed a key short-term interest rate and lowered the reserve requirement ratio (RRR) to its lowest point since 2018, while hinting at further RRR cuts to come.

And there’s more: The package includes reducing borrowing costs on USD 5.3 tn worth of mortgages and lowering down-payment requirements for second homes in a bid to resuscitate the country’s troubled property sector. On top of that, CNY 800 bn (USD 113 bn) is being added into the stock market to boost liquidity, with officials also looking into setting up a market stabilization fund.

Big picture: This is the first time since 2015 that China has cut both the reverse repurchase rate and the RRR on the same day, Bloomberg reports. It comes after economic growth slowed to its worst pace in five quarters, putting the country on track to miss its annual economic growth target of 5% for the second time in three years.

Will it be enough? China’s benchmark CSI 300 Index jumped 4.3% on the news, while the CNY strengthened to its strongest level in over a year. Still — some doubt the cuts will be enough to revive the real estate market, with several doubting whether the measures are enough to stimulate a property market recovery.

MARKETS THIS MORNING-

China’s Hang Seng extended its gains in the wake of the economic package, up 2.6%, and defying the lull prevalent among other Asian markets. Japan’s Nikkei was marginally down, while the Topix was up only 0.3%.

Wall Street futures are also largely flat, after the S&P 500 and Dow closed at record highs yesterday.

ADX	9,461	+0.1% (YTD: -1.2%)
DFM	4,461	+0.6% (YTD: +9.9%)
Nasdaq Dubai UAE20	3,878	+0.4% (YTD: +0.9%)
USD : AED CBUAE	Buy 3.67	Sell 3.67
EIBOR	4.6% o/n	4.0% 1 yr
TASI	12,268	+1.1% (YTD: +2.5%)
EGX30	30,871	-0.5% (YTD: +24.0%)
S&P 500	5,733	+0.3% (YTD: +20.2%)
FTSE 100	8,283	+0.3% (YTD: +7.1%)
Euro Stoxx 50	4,941	+1.1% (YTD: +9.3%)
Brent crude	USD 75.17	+1.7%
Natural gas (Nymex)	USD 2.58	+1.1%
Gold	USD 2,682.60	+0.2%
BTC	USD 64,352.70	+1.8% (YTD: +52.5%)

THE CLOSING BELL-

The ADX rose 0.1% yesterday on turnover of AED 1.5 bn. The index is down 1.2% YTD.

In the green: Aram Group (+8.6%), Chimera (+5.5%) and Al Khaleej Investment (+3.8%).

In the red: Hayah Ins. Company (-9.4%), Palms Sports (-7.0%) and Agthia Group (-5.9%).

Over on the DFM, the index closed up 0.6% on turnover of AED 321 mn. Meanwhile Nasdaq Dubai closed up 0.4%.

CORPORATE ACTIONS-

District cooling firm Empower will pay AED 425 mn in semi-annual dividends for 1H 2024, representing 42.5% of the company’s share capital, according to a DFM disclosure (pdf).

President meets with US state secretary + Bahraini crown prince

President Mohamed bin Zayed Al Nahyan met US State Secretary Antony Blinken and National Security Advisor Jake Sullivan to discuss strengthening their strategic relations across various sectors, Wam reports. The two sides also discussed the situation in the Middle East and means to prevent greater escalation of the conflict.

ALSO- The president met with Crown Prince and Prime Minister of Bahrain Salman bin Hamad Al Khalifa in Washington to discuss bilateral ties, Wam reports.

AND- Economy Minister and Emirates Tourism Council Chairman Abdulla bin Touq Al Marri participated in the G20 tourism minister’s meeting in Brazil, Wam reports. Sideline meetings took place to deepen tourism investments between Al Marri and government officials from Brazil, India, South Africa, Azerbaijan.

CALENDAR

SEPTEMBER

22-27 September (Sunday-Friday): APG Annual Meeting and Technical Assistance & Training Forum 2024, Abu Dhabi.

22-26 September (Sunday-Thursday): Sharjah-Europe Businesswomen Forum, Brussels.

23-25 September (Monday-Wednesday): WorldFreezonesOrganization’s Annual International Conference and Exhibition, Dubai.

23-25 September (Monday-Wednesday): The World Congress on Rehabilitation (WCR) 2024, Abu Dhabi National Exhibition Centre (ADNEC), Abu Dhabi.

24-25 September (Tuesday-Wednesday): MENA FSM Transformation Summit, Millennium Airport Hotel, Dubai

24-25 September (Tuesday-Wednesday): The Middle East Treasury Summit 2024, Grand Hyatt, Dubai.

24-26 September (Tuesday-Thursday): Careers UAE 2024, Dubai World Trade Centre, Dubai.

24-26 September (Tuesday-Thursday): Gulfood Green, Dubai World Trade Centre, Dubai.

25-26 September (Wednesday-Thursday): Green Steel Summit, Dubai, UAE.

25-26 September (Wednesday-Thursday): Global Aerospace Summit, Abu Dhabi, UAE.

24-30 September (Tuesday- Monday): 79th session of the UN General Assembly (UNGA 79), New York.

28 September (Saturday): Mining Grid crypto and blockchain ecosystem event, Dubai, UAE.

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

30 September (Monday): Dubai Podfest, World Trade Center, Dubai.

OCTOBER

1-3 October (Tuesday-Thursday): Water, Energy and Environment Technology Exhibition, Dubai.

2-3 October (Wednesday-Thursday): The World Green Economy Summit, World Trade Center Dubai.

2-3 October (Wednesday-Thursday): MENA District Cooling Projects & MENA Cool Forum, Grand Hyatt Dubai, Dubai Healthcare City, Dubai.

7-8 October (Monday-Tuesday): Forex expo, World Trade Center, Dubai.

7-8 October (Monday-Tuesday): AgraME, World Trade Center, Dubai.

7-10 October (Monday-Thursday): The World Air Taxi Congress, The Grand Hyatt Dubai, Dubai.

8-9 October (Tuesday-Wednesday): Global Trade and Supply Chain Summit, Dubai.

8-10 October (Tuesday-Thursday): The Global Rail Transpo[rt Infrastructure Exhibition and Conference(Global Rail), Abu Dhabi.

9-10 October (Wednesday-Thursday): The Regional Data and Community Development Forum, Al Jawaher Reception and Convention Centre, Sharjah.

10-13 October (Thursday-Sunday): The Abu Dhabi Grand Slam Judo tournament, Mubadala Arena.

13-14 October (Sunday-Monday): Abu Dhabi Wedding Show, Park Hyatt Abu Dhabi.

13-16 October (Sunday-Wednesday): DMCCxAGCC: Global AI Challenge *Sustainability Edition, Dubai.

14-18 October (Monday-Friday): Gitex Global, Dubai World Trade Centre and Dubai Harbour.

15-16 October (Tuesday-Wednesday): SuperBridge Summit 2024, Dubai World Trade Centre, Dubai.

13-16 October (Sunday-Wednesday): Expand North Star, Dubai Harbour.

14-18 October (Monday-Friday): IEEE/RSJ International Conference on Intelligent Robots and Systems, Adnec Centre, Abu Dhabi.

14 October (Monday): The Smart Cities MENA Summit, Dubai.

15 October (Tuesday): Deadline for the European Commission to make a decision on its probe into e&’s acquisition of PPF’s Eastern European assets.

20-23 October (Sunday-Wednesday): The 63rd International Congress and Convention Association (ICCA) Congress, Abu Dhabi National Exhibition Centre, Abu Dhabi.

21-22 October (Monday-Tuesday): Port Development MEA Forum, Dubai.

21-22 October (Monday-Tuesday): Roads, Bridges, Tunnels MENA Conference, Dubai.

21-22 October (Monday-Tuesday): The Alternative Investment Summit, Dubai.

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

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

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

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

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

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

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

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

NOVEMBER

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

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

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

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

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

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

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

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

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

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

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

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.

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

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.

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

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

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

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

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

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

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

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

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.

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.

16 February-1 March: Dubai Duty Free Tennis Championships, Dubai Duty Free 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.

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

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

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.

JUNE 2025

3-4 June (Tuesday-Wednesday): Make-A-Wish International’s Global Wish summit, Abu Dhabi.

OCTOBER 2025

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

Signposted to happen sometime in 2025:

The Middle East Electric Vehicle Show, Expo Center Sharjah.
e& will complete Adnoc’s private 5G network.
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

Signposted to happen sometime in 2028:

Abu Dhabi to host the Chess Olympiad.

Signposted to happen sometime in 2029:

Dubai to host the International Conference on Computer Vision.

Sections

About

Privacy & Support

Get EnterpriseAM daily