Economy to grow 3.9% this year, according to the Economy Ministry and the World Bank

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WHAT WE’RE TRACKING TODAY

THIS MORNING: School’s out + World Future Energy Summit kicks off

Good morning, friends. The news flow has relatively slowed down from what has been an intensely M&A-heavy few weeks, leaving some breathing room for macro data and projections on the UAE and the broader region.

In today’s issue: We have figures on consumer spending in 2023, courtesy of Majid al Futtaim; projections from the Economy Ministry, the World Bank, and Oxford Economics for the UAE’s GDP growth this year; and trade data from the World Trade Organization.

PUBLIC SERVICE ANNOUNCEMENTS-

#1-Registration for support services for students with special educational needs for the 2024/2025 academic year has opened until 28 June through the Community Development Ministry’s website, according to a ministry statement.

#2- Public sector employees + students can stay home for the storm: Dubai Crown Prince Hamdan bin Mohammed Al Maktoum has mandated remote work for Dubai government employees and private school staff due to the ongoing storm in the emirate and other parts of the country, with exceptions for essential on-site roles, Wam reports. Students across the UAE will also take their classes remotely until Wednesday due to the weather conditions, the Government Media Office said on X.

The Human Resources and Emiratization Ministry has also advised private sector companies to take the essential measures to safeguard workers’ safety at outdoor work sites.

Traveling through DXB? Expect some delays today and tomorrow and allow for extra time to get through check-in at the airport, Emirates Airlines said in a post on X.

HAPPENING TODAY-

#1-The World Future Energy Summit kicks off today in Abu Dhabi and runs through to Thursday, 18 April. The summit will address solutions for development in the transformation of future energy systems, and feature discussions on recycling, waste-to-energy, and air-to-water trends and progressions.

The event will include a Green Hydrogen Summit to ramp up the development of the global green hydrogen economy and support the transition towards net-zero emissions, where former UK Prime Minister Boris Johnson will deliver a keynote address, Wam writes.

#2- The Middle East Energy Exhibition begins today in Dubai and runs until this Thursday, Albayan reports. The event, organized by the Energy and Infrastructure Ministry, features over 1.5k exhibitors focused on energy security and sustainability solutions.

#3- The 2024 spring meetings of the World Bank and the International Monetary Fund (IMF) continue today and run until Saturday, 20 April, in Washington, DC.

Minister of State for Financial Affairs Mohamed bin Hadi Al Hussaini is leading the UAE’s delegation at the meetings, according to a ministry statement. The delegation also includes other officials from the Finance Ministry and the Central Bank of the UAE, Al Arabiya reports

HAPPENING THIS WEEK-

#1- The government-organized AI summit Machines Can See is scheduled to take place tomorrow at the Museum of the Future in Dubai. The one-day event will discuss the use of AI to transform urban systems and services, outlook on AI investments, and explore the risks of AI.

#2- Token2049 is taking place this Thursday and Friday at Madinat Jumeirah in Dubai. The event is set to bring together over 10k attendees from more than 5k companies, featuring over 200 speakers and more than 150 exhibitors. Flare Network’s co-founder and CEO of Flare Labs, Hugo Philio is set to speak at the event on 18 April, according to a statement posted on X.

WATCH THIS SPACE-

#1- State oil companies in the GCC are projected to reduce spending until 2026 to a still sizable USD 110-115 bn, which is expected to impact profitability and rig demand, according to an S&P Global Ratings report.

REMEMBER- Saudi Arabia’s Aramco recently halted its capacity expansion plan, prompting concerns about spending among GCC oil and gas producers. However, the UAE and Qatar will continue to boost crude oil production capacity to 5 mn bpd, with Adnoc planning to achieve this target by 2027, compared to its current capacity of 4 mn bpd as of February 2024.

#2- Dubai-based hotel operator Five Holdings Chairman Kabir Mulchandani is “concerned” about the impact of regional tensions on the company and the wider industry, although the company has grown over the past several months despite Israeli tourists being a significant client base, Chairman Kabir Mulchandani tells Reuters reports. Some 8% of Five’s business “comes from Israel,” Mulchandani said, noting that the Israeli client market has become “practically zero” since Israel’s attack on Gaza began in October.

The company — which has its eyes on an IPO next year — is keeping an eye on regional developments to determine the full scale of its impact on its business, the chairman said.

DATA POINTS-

#1- The UAE telecom market size is projected to reach USD 9.37 bn in 2024 and an estimated USD 10.93 bn in 2029, with a projected compound annual growth rate of 3.15% during the period, according to a report by Mordor Intelligence.

#2- The Zayed Humanitarian Legacy initiative has pledged AED 20 bn over the next 10 years to support global humanitarian and development efforts in aid delivery, inequality, and sustainable development, according to an Abu Dhabi Media Office statement.

#3- The value of assets managed on exchange traded funds in the UAE hit AED 771 mn in February 2024, up from AED 737.9 mn in 2023 and AED 61.5 mn in 2020, Sherif Salem, partner and head of public markets at Lunate, told Al Etihad. Trading volumes in ETFs rose to AED 5.2 bn in 2023, up from AED 2 bn in 2021, he added.

#4- Dubai International Airport jumped to second place globally in passenger numbers in 2023, rising from the fifth spot from the year prior, marking a 31.7% y-o-y increase to 87 mn passengers, according to the latest Airports Council International report.

#5- Thermal power made up 77.7% of the UAE’s total power generation mix by the end of 2023, according to London-based data and analytics firm GlobalData. Gas-based thermal power comprised 80.2% of the power mix in 2023.

Total thermal power capacity is expected to reach 46.1 GW by 2035, up from 41.2 GW in 2023. Coupled with the country’s substantial gas and oil reserves, the UAE is anticipated to continue relying on thermal power for its energy mix over the next 10 years, the firm said.

THE BIG STORY ABROAD-

Israel’s senior military officer signaled yesterday that “missiles into the territory of the State of Israel will be met with a response.” Herzi Halevi was speaking in a carefully choreographed set piece, standing in front of an F-35 fighter jet on one of the air bases Iran had targeted in the Sunday missile and drone attack.

WHERE WE STAND NOW: Officials in the Arab world and the West are still working overtime to try to tamp things down, with the United States, the European Union, Germany, France and the UK all urging Israel to hold back. (FT | WSJ | NYT | Politico)

The tone abroad: A dangerous turning point in the Middle East (FT)

Regional markets were mixed as traders took things in stride: The ADX was up slightly, as was the Tadawul, while the DFM was largely flat.

US markets reacted much as Mohamed El Erian suggested they would, with major benchmarks sagging at the closing bell. Traders of European equities took things with a bit more equanimity as major benchmarks closed up or little changed yesterday. Oil and gold were up a little bit in overnight trading.

The EnterpriseAM Hyperbole Award™: “We’re now in the prelude to World War III precisely when humanity should rebuild its economy towards the rapid goal of decarbonization.” CNBC used the “prelude to World War III” bit in its front-page coverage of sentiment.

Other headlines worth knowing about:

Sales of Apple’s iPhone lineup may have fallen as much as 10% in 1Q 2024, according to independent data, losing a bit of ground as Samsung launched its S24 lineup and Chinese manufacturers Xiaomi and Transsion picked up steam in their home market. (Financial Times)
Tesla is laying off up to 10% of its global workforce, CEO Elon Musk said in a memo to employees. The company’s shares were down 3% on the news. (CNBC)
Goldman Sachs’ 28% bottom-line growth beat analyst expectations, sending its stock up 3%. Advisory work, underwriting fees, and bond trading fueled profit growth. (Reuters)

CIRCLE YOUR CALENDAR-

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 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’s Special 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 designed

TheFormula 1 Etihad Airways Abu Dhabi Grand Prix is set to kick off at Yas Marina Circuit on 5 December and run through 8 December. This event marks the 24th and final race of the longest Formula 1 season.

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

Economy Ministry + World Bank + Oxford Economics chime in on GDP growth projections

We have a trifecta of economic growth forecasts out this morning, with the release of the World Bank’s traditional MENA Economic Update coinciding with the Economy Ministry’s latest annual economic report, as well as fresh projections from Oxford Economics.

Who’s saying what: The country’s GDP is expected to grow at a 3.9% clip in 2024, according to the economy ministry’s latest economic annual report (pdf). That’s up 0.4 percentage points from the ministry’s previous forecast, which had penciled in 3.5% growth in 2024. The World Bank is on the same page, saying in its latest MENA Economic Update report (pdf) that it also expects GDP growth to hit 3.9% this year. Oxford Economics, meanwhile, has revised its projections for the UAE’s growth down 0.4 percentage points to 4.4%, down from the 4.8% the advisory firm previously projected in December, Scott Livermore, chief economist at Oxford Economics Middle East, told Wam.

There’s consensus that growth will pick up even more next year — although there’s no consensus on exact figures: The World Bank expects economic growth to accelerate to 4.1% in 2025, while Oxford Economics is more optimistic, saying the domestic economy could grow 5.6% next year, Livermore said.

REMEMBER- The Central Bank of the UAE said earlier this month it expects the economy will grow at a 4.2% clip in 2024, marking a downward revision of 1.5 percentage points from its December projection. The CBUAE sees growth accelerating to 5.2% in 2025, supported by steady growth in the non-oil economy and stable oil production levels towards the end of 2024.

Non-oil economy to keep the momentum going: The country’s non-oil GDP growth is expected to come in at 4.3% in 2024, building on the continued (albeit slower) growth in 2023, according to Livermore. This is an upwards revision from the 3.8% Oxford Economics had previously penciled in, following the government’s successful economic diversification efforts particularly the growing tourism sector, which is considered “a main growth driver” and a key focus on the UAE’s growth agenda, according to the firm’s general manager.

ICYMI- Tourism is a big focal point: The tourism sector's contribution to Dubai’s GDP is expected to have doubled to 36.1% in 2023, reaching pre-pandemic levels, according to property consultant Cavendish Maxwell, which attributes growth to initiatives to boost the tourism sector, with the national tourism strategy pegged to increase GDP contribution to AED 450 bn and attract investments worth AED 100 bn by 2031.

Abu Dhabi’s Department of Culture and Tourism is also planning to spend USD 10 bn on infrastructure as part of the emirate’s new tourism strategy. The Abu Dhabi Executive Council approved the emirate’s tourism strategy for 2030, aiming to almost double the number of visitors to 39.3 mn and boost the sector’s contribution to non-oil GDP to AED 90 bn per year by the end of the decade.

INFLATION-

Inflation on track to cool: Inflation is expected to decelerate to 2% from 3.4% in 2023 on the back of lower energy and food prices globally, according to the ministry’s report. This would be 2.8 percentage points below the 4.8% peak of in 2022.

The CBUAE has a different view, having revised its inflation projection for 2024 earlier to 2.5%, an increase from the previously projected 2.1%. The ministry adjusted its projection on the back of inflationary pressures including higher oil, wheat, and corn commodity prices as well as the impending depreciation of the USD as rate cuts loom. The bank expects inflation to remain unchanged at 2.5% in 2025.

DEBT-

The government’s debt bill is projected to continue declining, with the state’s debt-to-GDP ratio expected to come in at 29.4% in 2024, down from 30.5% of GDP in 2023, the ministry said. The World Bank estimates the 2023 debt-to-GDP ratio stood at 29.2%, with a 5.8% primary balance.

THE BIGGER PICTURE-

In the region: The World Bank expects to see 2.8% growth in the GCC this year and 4.7% in 2025, the report reads. This is attributed to the expected phasing out of voluntary oil production cuts. It’s also expecting a 2.7% growth for the MENA region this year and 4.2% in 2025, matching pre-pandemic levels. That’s more or less on par with Oxford Economics, which expects to see 2.7% average GDP growth across the GCC.

The worst is over for the global economy: Expecting global economy to grow by 2.4% this year and by 2.8% in 2025, Livermore said that the “worst point for global growth has passed, as the activity data from the United States, China, and the Eurozone has been reassuring lately, and we expect activity to improve in most countries in the future.”

Consumers drove a 13% y-o-y surge in retail spending in 2023

Consumer spending in the UAE climbed 13% y-o-y in 2023, according to Majid Al Futtaim’s State of the UAE Retail Economy report (pdf), which tracks data from POS machines used at Majid Al Futtaim’s stores and facilities. Growth was attributed to a 14% increase in the retail economy — spanning hypermarkets and supermarkets, F&B, leisure and entertainment, and fashion — as well as a 12% increase in non-retail spending — including government services, airline tickets, petrol and gas stations, and education.

The retail economy was red-hot in 2023, with stronger y-o-y growth coming during the first half of the year, while 2H 2023 was lower y-o-y due to the base effect from the previous year’s FIFA World Cup, which reeled in a surge of tourists in 2H 2022. Consumer spending also “stood out” during 4Q 2023 — comprising 27% of all retail economy spending for 2023 — on the back of COP28, which similarly attracted thousands of visitors to the country.

Super- and hypermarket spending increased by 3% y-o-y, with spending in the first half of the year up 5% y-o-y. Brick-and-mortar stores accounted for 85% of total sector spending despite a 19% hike in e-commerce and digital sales driving the growth. Retail general categories saw an uptick of 16% y-o-y in spending, with F&B contributing 41% (up 25% y-o-y) of spending, hotels comprising 35% (up 17% y-o-y), and electronics making up 9% (up 33% y-o-y).

ICYMI #1- Dubai’s hospitality market achieved an overall average occupancy of 77% in 2023, representing a 6% y-o-y increase in occupancy rates. The emirate recorded a record high of 17.15 mn tourists in 2023 — which surpassed pre-pandemic levels and 2022 figures by growing 19.4% y-o-y. Abu Dhabi also recently earmarked USD 10 bn for the emirate’s new tourism strategy, geared towards almost doubling the number of visitors to 39.3 mn and boosting the sector’s contribution to non-oil GDP to AED 90 bn per year by 2030.

Electronics spending was driven by a reset in retail and wholesale prices, and an increase in e-commerce activity, which comprised 13% of sector spending. E-commerce doubled its presence in the UAE marketplace compared to 2019, rising 7 percentage points to 12% in 2023 on the back of gov’t initiatives to edge the digital economy’s GDP contribution to 19.4% by 2032, a robust fintech sector, and growing digital literacy among consumers. Around 70% of total consumer transactions in 2023 were made using mobile phones.

Leisure and entertainment spending rose 15% y-o-y, with a 33% y-o-y uptick in cinema expenditures driving over two-thirds of the growth. Cinemas saw high activity in 2Q and 3Q 2023, driven by movie screenings of top-performing blockbuster movies, including Oppenheimer and Barbie. Recreational activities for tourists saw a less sharp increase during the year, only growing 4% y-o-y.

Consumer expenditure on fashion climbed 31% y-o-y in 2023, with the first half of the year accounting for 82% of the y-o-y increase on the back of the annual Dubai Shopping Festival and promotional sales. Tourist spending in the sector increased 64% y-o-y, and represented 23% of total spending in the sector (up 4 percentage points from the previous year). The report forecasts the luxury fashion market will continue to rise, owing to an increasing number of tourists in the region and a growing e-commerce marketplace.

Non-retail spending stats: Consumer spending across real estate services doubled in 2023 compared to the previous year, while spending in transportation increased 57% y-o-y. Petrol and gas stations and airlines Witnessed less dramatic increases, petrol and gas stations grew 28% y-o-y, and airlines by 25%.

ICYMI #2- The UAE’s residential real estate market ended 2023 on a strong note, with Dubai’s residential market soaring to a record high of some 119k units sold over the year, up 29.6% y-o-y from the sales recorded in 2022. Abu Dhabi’s real estate market registered over 11k transactions, jumping 77.7% y-o-y in 2023, driven by off-plan sales more than doubling and secondary market sales rising 27.7% y-o-y.

The UAE’s exports hit USD 488 bn in 2023 –WTO

The UAE was the 14th biggest global merchandise exporter in 2023, with exports reaching USD 488 bn, according to the World Trade Organization’s recent Global Trade Outlook and Statistics report (pdf). This marked a 5% y-o-y decline in merchandise exports and a decline from its ranking as the 11th biggest exporter in 2022 (pdf).

The country saw imports increase 7% y-o-y to USD 449 bn, and ranked 16th in terms of global merchandise imports, climbing two spots in the ranking when compared to the WTO’s 2022 report.

For services trade, the UAE ranked 13th globally in exports, with exports climbing 8% y-o-y to USD 165 bn. Services trade imports also increased 13% y-o-y to USD 108 bn.

The global stocktake: Global merchandise trade in goods is expected to increase by 2.6% in 2024 and 3.3% in 2025 after experiencing a decline of 1.2% in 2023. Import demand was notably low in 2023 across most regions, particularly in Europe, North America, and Asia. However, the Middle East and the Commonwealth of Independent States region saw a notable surge in imports during this period.

The war in the Middle East and the attacks on commercial ships in the Red Sea and Suez Canal have impacted shipments through the Red Sea and Suez Canal, according to the report. Containerized goods — which make up half of the freight volume passing through the canal — has seen a 72% decline between November 2023 and February of this year, while freight costs more than tripled during the same period on the back of additional fuel costs associated with long detours and increased ins. premiums.

The outlook remains uncertain, but carriers do not expect the situation in the Red Sea to improve significantly anytime before 2Q 2024, according to the report.

Alec, Butec JV tapped to build Abu Dhabi’s first waste-to-energy plant

Alec, Butec JV snags contract for Abu Dhabi’s first waste-to-energy plant: A joint venture (JV) between the Investment Corporation of Dubai’s construction giant Alec Engineering and Contracting and construction and services group Butec was selected to help build and design Abu Dhabi’s first waste-to-energy plant, according to a statement. The waste-to-energy plant will sit near the Al-Dhafra landfill and process some 900k tonnes of non-recyclable waste a year for a period of 30 years. The statement did not disclose the investment ticket or a construction timeline.

Who’s doing what? The JV, Alec Butec, will oversee the engineering, procurement and construction of the facility, as well as manage external works and site infrastructure, alongside Swiss-based cleantech company Hitachi Zosen Innova (HZI).

ICYMI- The Emirates Water and Electricity Company and Tadweer Group signed a concession agreement with a Japan-based consortium to develop the Abu Dhabi-based greenfield waste-to-energy independent power project at the start of the month. The consortium includes Japanese conglomerate Marubeni Corporation, HZI, and Japan Overseas Infrastructure Investment Corporation for Transport & Urban Development. The facility aims to offset approximately 1.1 mn tonnes of CO2-equivalent emissions annually with an 80 MW power generation capacity capable of powering more than 70k homes.

Background: Butec and Alec formed the JV back in April 2021, merging their assets, personnel, and experience to provide cost-effective and environmentally sustainable solutions for major projects in the UAE's utilities, industrial, and environmental sectors.

Budget Saudi subsidiary snags stake in Overseas Development UAE unit

Budget Saudi subsidiary acquires majority stake in Overseas Development in UAE: Aljozoor Alrasekha Trucking (Rahaal) — a wholly-owned subsidiary of automobiles rental firm Budget Saudi — has signed a sale and purchase agreement to acquire a 70% stake in UAE freight forwarder Overseas Development ’s subsidiary in the UAE, the parent company said in a disclosure to Tadawul. The transaction was valued at a price of AED 13.3 mn (c. SAR 13.6 mn).

Bringing a months-old MoU to fruition: Rahaal had penned a six-months MoU with Overseas Development back in July 2022 for the potential acquisition of 70% of the latter’s subsidiaries in Saudi, UAE, and Kuwait — an agreement that was then renewed for another six months in January 2023. The parties later signed a binding MoU for the acquisitions in March 2023.

What we still don’t know: Rahaal’s acquisition of Overseas Development’s unit in the UAE is the second to materialize through a sales and purchase agreement after the company finalized procedures in November to acquire a 70% stake in Overseas Development’s subsidiary in Saudi. It remains unclear whether a sealed acquisition of the Overseas Development subsidiary in Kuwait by Rahaal would follow.

About the company: Founded in 1976 in Jeddah, Overseas Development provides industry-specific logistics, shipping and freight services across the Kingdom, Kuwait, the UAE, and Lebanon. The company also offers customs brokerage and ins. services for its sea, land and air shipments, according to its official website.

General Authority of Islamic Affairs has a new chairman

President Sheikh Mohamed bin Zayed Al Nahyan appointed Omar Al Darei as chairman of the General Authority of Islamic Affairs, Endowments, and Zakat, Wam writes. Al Darei has a background in Islamic jurisprudence and experience in Islamic affairs.

Dubai Cable Company expands to 20 new countries + more from Al Ansari Exchange, Fils, and Emirates NBD

MANUFACTURING-

Ducab expands to 20 new countries: Dubai Cable Company — more commonly known as Ducab —has expanded into 20 new markets, bringing its geographic footprint to 75 countries, according to the Dubai Media Office. The company offers 85k cable variants to nuclear energy, marine, offshore, and oil and gas industries, 60% of its production going towards exports.

FINTECH-

#1- Al Ansari Exchange will integrate Al Etihad Payments’ instant payment platform, Aani, into its operations to simplify its digital payment services, according to a DFM disclosure (pdf). The Aani app allows customers of the personal remittance and foreign exchange company to make mobile number, email, or QR code-based transactions without requiring IBANs, and features a suite of advanced payment technologies, including requests to pay and split bills. It will also be integrated with Al Ansari Exchange’s WPS Payroll card and prepaid cards.

#2- Fils and digital banking player Aion have partnered up to work on advancing sustainable finance in the Middle East, according to a press release (pdf).The collaboration aims to integrate environmental, social, and governance (ESG) principles into financial services across the MENA region, offering ESG scoring, sustainable investments, and green products, over the coming months.

About Fils: The startup specializes in helping businesses integrate ESG efforts, like carbon credit purchases, into their transactions using their APIs.

BANKING-

Emirates NBD has rolled out a new card catering specifically to high-net-worth individuals, according to a Dubai Media Office statement. The card — a collaboration with Visa — is tailored to affluent clients holding a minimum balance of AED 500k in deposits and investments. “This new offering will deliver exceptional value to our affluent client base in the form of distinguished lifestyle benefits and a competitive rewards program,” Emirates NBD’s head of priority banking and personal banking, Yousuf Mohd, said.

European Central Bank will likely cut rates this summer

ECB to cut rates in June? The European Central Bank (ECB) will start cutting interest rates in June, Governing Council member Francois Villeroy de Galhau told French newspaper Le Journal du Dimanche over the weekend. “Bar a surprise, we should decide on the first cut at our next meeting on 6 June … Our cut early June will have to be followed by other cuts by year-end,” he said.

Where rates currently stand: The ECB kept rates unchanged when it met last Thursday, keeping the deposit rate at a record 4% in place since September.

Meanwhile in the US, June cuts are looking less likely: Traders have ruled out the Federal Reserve slashing rate over the summer — some have penciled in mid-September for when the Fed will start cutting rates, while some don’t see the Fed cutting rates at all this year, Reuters reports. This came in response to March’s inflation data coming in hotter than expected — consumer price inflation rose 3.5% y-o-y up from 3.2% the month before.

** Tap or click here to read this section with all of the links to our background coverage as well as to external sources.

THE MARKETS THIS MORNING-

Major Asian benchmarks are all substantially in the red this morning, following Wall Street’s lead: Korea’s Kospi is off 2.1%, the Nikkei is down 1.6%, and the Hang Seng has lost 1.2%. The Shanghai composite is fairing a bit better — it’s off just 0.8% after China reported its economy grew 5.3% in 1Q 2024, beating expectations.

European and US stock futures are largely unchanged but point to a lower opening later today.

ADX	9,254	+0.2% (YTD: -3.4%)
DFM	4,244	0.0% (YTD: +4.5%)
Nasdaq Dubai UAE20	3,729	0.0% (YTD: -2.9%)
USD : AED CBUAE	Buy 3.67	Sell 3.67
EIBOR	5.1% o/n	5.4% 1 yr
TASI	12,708	+0.3% (YTD: +6.2%)
EGX30	29,616	+3.9% (YTD: +19.0%)
S&P 500	5,062	-1.2% (YTD: +6.1%)
FTSE 100	7,966	-0.4% (YTD: +3.0%)
Euro Stoxx 50	4,984	+0.6% (YTD: +10.1%)
Brent crude	USD 90.10	-0.4%
Natural gas (Nymex)	USD 1.68	-0.4%
Gold	USD 2,398.40	+0.7%
BTC	USD 63,303.90	-0.7% (YTD: +49.2%)

THE CLOSING BELL-

The ADX rose 0.2% yesterday on turnover of AED 1.3 bn. The index is down 3.4% YTD.

In the green: Multiply Group (+14.8%), Q Holding (+4.6%) and Emirates Stallions Group (+4.0%).

In the red: Palm Sports (-9.9%), Gulf Medical Projects Company (-9.6%) and Response Plus Holding (-3.2%).

Over on the DFM, the exchange stayed flat on turnover of AED 628.3 mn. Nasdaq Dubai also remained flat.

CALENDAR

APRIL

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

15-16 April (Monday-Tuesday): Blockchain Life Forum 2024, Festival Arena, Dubai.

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

16-18 April (Tuesday-Thursday): EcoWaste Exhibition and Forum, Abu Dhabi National Exhibition Centre

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

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

17 April (Wednesday): Machines Can See, Museum of the Future, Dubai.

17-18 April (Wednesday-Thursday): International Translation Conference, Abu Dhabi National Library and Archives.

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

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

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.

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.

28-29 April (Sunday-Monday): World Economic Forum’s SpecialMeeting 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.

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.

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.

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