EGA acquires 80% of US aluminum producer Spectro Alloys

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WHAT WE’RE TRACKING TODAY

THIS MORNING: NMDC to approve IPO of EPC unit today? + Binance eyes Dubai, Abu Dhabi for HQ office

Good morning, friends. It’s the final weekend before you send your kids off to school — we can almost hear the collective sigh of relief — so we hope you enjoy the final days of summer with your families.

THE BIG STORY here at home this morning is Emirates Global Aluminum’s venture into the US with the acquisition of an 80% stake in recycled aluminum producer Spectro Alloys.

HAPPENING TODAY-

#1- NMDC to approve potential IPO for EPC services subsidiary: The National Marine Dredging Company (NMDC) Group is holding a virtual board meeting today to approve potentially selling shares in its subsidiary NMDC Energy, an EPC solutions provider for the energy sector, in an IPO, according to an ADX disclosure (pdf). Details on the size or value of the IPO were not disclosed.

WEATHER- The mercury peaks at 40°C today in Dubai, before cooling to an overnight low of 33°C. Over in Abu Dhabi, expect a partly cloudy day with a high of 37°C and an overnight low of 32°C.

The Central Bank of the UAE revoked Muthoot Exchange's remittance license and struck its name from the register for failing to meet capital requirements, according to a press release (pdf). Muthoot Exchange, a subsidiary of an Indian non-banking financial firm, was incorporated in 2010 but had a limited market presence, Gulf News wrote.

PSA-

UAE citizens can visit Sri Lanka without a visa starting 1 October, after the country greenlit a new six-month pilot program to boost tourism, Reuters reports.

WATCH THIS SPACE-

Binance eyes Dubai and Abu Dhabi as potential HQ locations: The world’s largest cryptocurrency exchange Binance is considering setting up its headquarters in Dubai, Abu Dhabi, or a third undisclosed city, the exchange’s CEO Richard Teng told Bloomberg. Binance plans to hire 1k new employees in 2024, including 700 to be hired as compliance workforce to meet regulatory requirements.

Background: Last April, Binance received approval from Dubai’s Virtual Assets Regulatory Authority (Vara) to operate as a Virtual Asset Service Provider (Vasp) in the emirate. Teng now spearheads the exchange after co-founder Changpeng Zhao stepped down as part of a US plea agreement on money laundering charges.

DATA POINTS-

#1- The UAE’s buy now, pay later (BNPL) sector is expected to grow 18.5% y-o-y to USD 2.45 bn in 2024, according to a recent report. The local BNPL industry is forecast to hit USD 4.41 bn by 2029 from USD 2.07 bn last year, growing at a compound annual growth rate of 12.4% on the back of heightened demand for unconditional loans post-pandemic. Projected growth is also supported by rising e-commerce penetration in the UAE and new regulations introduced by the Central Bank in December requiring unregulated BNPL service providers to obtain licenses.

#2- Adnoc’s ICV program generates more than AED 700 mn through eight new industrial hubs: Abu Dhabi National Oil Company (Adnoc) facilitated the set up of eight UAE-based and international industrial centers within a year, generating more than AED 700 mn in value and 800 jobs for UAE citizens, through its In-Country Value (ICV) program, Wam reports. The companies that established industrial centers under agreements with Adnoc include Tenaris, Ingenia Polymers, and Technip FMC.

REMEMBER- Adnoc boosted its target for procurement of local supplies earlier in May to AED 90 bn by 2030, after meeting its 2027 target of AED 70 bn ahead of schedule. Adnoc’s new target aims to drive back AED 178 bn into the UAE’s economy over the next four years.

Background: Introduced in 2018, Adnoc’s ICV program aims to localize essential functions in the oil and gas sector by supporting local supply chains and procuring from local suppliers. It injected AED 48 bn back into the economy in 1H 2024, and a total of AED 187 bn since its inception.

#3- Dubai-based companies invested USD 1.4 bn in China between 2015 and 2023, reflecting Emirati firms’ growing interest in the Chinese market, Dubai Chambers president and CEO Mohammad Ali Rashed Lootah said at the Dubai Business Forum in China, according to Wam. Registrations of Chinese companies with the Dubai Chamber of Commerce rose 12% y-o-y in 1H 2024, reaching 5.4K, with 742 new firms registered by mid-year.

ALSO FROM THE FORUM- Dubai Chambers inked an MoU with the Chinese Council for the Promotion of International Trade Beijing Subcouncil to coordinate business events as well as trade delegation visits, Wam writes. The agreement aims to boost bilateral trade relations and support Chinese firms expanding into Dubai.

THE BIG STORY ABROAD-

It’s the fourth and final night of the Democratic National Convention, and US Vice President Kamala Harris is gearing up to accept her nomination and deliver a key speech to secure more votes. Harris and other Democratic speakers are hitting the stage soon after we hit “send” on this morning’s issue.

Meanwhile, all eyes will be on Jackson Hole this weekend as Fed Chair Jerome Powell takes the podium for his biggest address of the year, only weeks ahead of what’s expected to be the first interest rate cut in more than four years. We have more on what to expect from the high-profile gathering in Planet Finance, below.

IN OTHER BUSINESS NEWS- British tech entrepreneur Mike Lynch, dubbed the “British Bill Gates,” was confirmed dead after his body was found following the sinking of a yacht during a severe storm off the coast of Italy. Lynch was the founder of software company Autonomy, which was sold to HP for USD 11 bn — most of which was written down later after a long, high-profile trial. (FT | Bloomberg | Reuters)

CLOSER TO HOME- Israeli negotiators are in Cairo for another round of ceasefire talks along with the US’s top envoy for the region, Brett McGurk, despite Hamas’ refusal to accept what are said to be new conditions from the Israeli side, Bloomberg reports. Those include demands for Israeli troops to remain in Gaza and releasing hostages into exile, sources told Reuters.

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CIRCLE YOUR CALENDAR-

The Intelligent Transport Systems World Congress will take place from 16 to 20 September in Dubai, marking its first time hosted outside Europe, North America, Australia, and East Asia, according to the Dubai Media Office. The Congress is expected to welcome 20k participants to explore innovations in smart mobility and transportation technology.

The Dubai Financial Services Authority and the Hong Kong Monetary Authority are organizing their first joint climate finance conference on 16 September in Hong Kong, according to a statement. The hybrid event will focus on advancing sustainable finance and addressing transition finance challenges.

REMEMBER- The Dubai Financial Services Authority and the Hong Kong Monetary Authority (HKMA) partnered up to explore ways to improve policies and regulations for climate finance in the Middle East and Asia last year. The partnership builds on the existing relationship between the Dubai International Financial Centre (DIFC) and HKMA and aims to promote cross-border collaboration for sustainable finance, supporting the net-zero transition.

The Sharjah Investment Forum is scheduled to take place on 18-19 September at the Jawaher Reception and Convention Centre. Hosted by the Sharjah FDI Office, the two-day event, under the theme “A Futuristic Vision for Smart Economies,” will gather over 135 speakers and 1.5k visitors to discuss the current global investment ecosystem and latest tech.

The form will feature the Investors Lounge, a platform for exclusive networking for investors with senior government officials and decision makers.

PureHealth and Forbes Middle East are hosting the Healthcare Leaders Summit from 19-20 September at the St. Regis Saadiyat Island Resort, Abu Dhabi, according to the Abu Dhabi Media Office. The event will bring together healthcare professionals and government officials to discuss advancements in medical technology, public-private partnerships, and holistic health practices.

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

EGA to acquire a majority stake in US-based Spectro Alloys

EGA to acquire US recycled aluminum manufacturer: Mubadala-backed Emirates Global Aluminium (EGA) signed an equity purchase agreement to acquire an 80% stake in US-based Spectro Alloys, with the company’s current management retaining a 20% interest, according to an EGA statement. The value of the transaction was not disclosed, but it is expected to close by 3Q 2024.

The acquisition allows EGA to expand its footprint in the US aluminum recycling market, and accelerate its global expansion, according to the statement. Spectro Alloys will also be able to benefit from EGA’s resources.

What they said: “In the United States, which is already one of EGA's largest global markets, this acquisition will significantly grow our business and expand our offering to customers with domestic production,” EGA CEO Abdulnasser bin Kalban said.

More on Spectro Alloys: The aluminum manufacturer produces recycled aluminum alloys with an annual production capacity of 110k tonnes and 125 customers in the automotive and construction sectors. The company is currently expanding its facilities to add 55k tonnes of recycled billet production capacity by 2025.

This is the second acquisition by EGA this year: EGA closed its acquisition of 100% of German aluminum recycling company Leichtmetall Aluminum Giesserei from Leichtmetall Holding back in May.

Tecom launches new developments in Dubai Internet City, ramps up investments in d3

Tecom doubles down on expansion plans: Dubai business district developer Tecom has upped investments in new office developments in Dubai across its Innovation Hub in Dubai Internet City and Dubai Design District (d3), it said in a press release (pdf). This has raised its total investments for the year to AED 2 bn, up from the initial AED 1.7 bn it earmarked for new developments and strategic acquisitions.

REMEMBER- The developer had greenlit the AED 1.7 bn plan, which included acquisitions of new industrial and commercial assets and land from Dubai Holding Asset Management, and plans to develop d3, in May, to address heightened demand for commercial space in the emirate. The developer said occupancy rates at its commercial and industrial properties rose to 92% in 2Q 2024, while industrial lands saw 96% occupancy, boosting its top line 9% y-o-y to AED 584 mn.

WHAT’S NEW-

#1- Tecom will now also invest AED 340 mn to develop grade A office spaces in a new third phase of Dubai Internet City’s Innovation Hub. Slated for completion by mid-2027, the third phase will feature over 167 sq-ft of premium office space to help meet the “growing demand for high-quality commercial real estate in the city.” The launch of the additional space comes on the heels of strong demand for phase two, which has been fully leased ahead of its delivery, scheduled for early next year, the developer said. Phase one has 100% occupancy.

#2- Tecom channels more into d3 offices: The company has upped its investment to develop offices in Dubai Design District (d3), allocating AED 825 mn for the development of six grade A office buildings in the second phase of d3, up from the previously announced AED 689 mn investment. The developer plans to complete the new 500 sq-ft office space by 1H 2028, Tecom CEO Abdulla Belhoul said.

Background: The developer had acquired a 629k sqft gross floor area (GFA) within d3’s Design Quarter — a mixed-use development located in phase 2 of the creative district — in May for AED 136 mn, and earmarked AED 689 mn to develop the area.

#3- The developer closed the acquisition of two Grade A office buildings — worth a collective AED 420 mn — in Dubai Internet City, boosting its portfolio by 334 sq-ft of premium office space. Driven by robust demand from regional and international tenants, Tecom expects what it says are high occupancy rates at the buildings to boost its revenue starting this year.

PLUS- The AED 410 mn industrial land plots acquired in Dubai Industrial City have already drawn interest for long-term leasing, the developer said, adding that it will begin to recognize revenues from the plot within the next year.

ICYMI- Tecom’s acquisitions and investments are being financed through existing capital sources, including a AED 3.2 bn revolving credit facility, Tecom said.

Al Qassimi Office targets African investments with four new initiatives

Al Qassimi Office to invest in African startups: Sheikh Ahmed Bin Faisal Al-Qassimi’s private office for strategic alliances and policies, Al Qassimi Office, launched an Africa-focused venture capital fund to invest in African startups, its CEO Farouk Khailann said on LinkedIn. The move comes as part of four new initiatives rolled out by the office to ramp up UAE-Africa bilateral relations and support development in Africa.

#1- The fund: The fund will back African startups with “the resources and support to scale in their respective countries and potentially establish a presence in the UAE,” Khailann said, without disclosing the specific size of the fund.

#2- Al Qassimi Office will also make impact investments to reduce development disparities between Africa and the West, under a new 10-year partnership with the Global Wealth Forum (GWF), dubbed the Decade of Action for Africa Project. The collaboration will see the two parties leverage resources from high-net-worth individuals in the Middle East and globally to support job creation and economic growth in Africa. The two will also deploy the GWF’s Global Wealth Fund to help African governments market key projects to hard-to-reach investors.

#3- Targeting the agriculture sector: A new African presidential farms initiative, dubbed Presfarm Africa, will see Al Qassimi Office work with African presidents to develop model farms and promote agricultural development, agro-tourism, and export windows, focusing on securing off-taker agreements with Middle Eastern supermarkets and food distributors.

#4- The office also introduced a Sheikh Zayed Africa Leadership Program to mentor young African politicians and provide them with networking windows and financial support, in a bid to address leadership challenges in the region.

Egyptian gov’t greenlights Masdar, Amea Power renewables projects

Masdar, Amea Power to expand Egypt footprint: Renewables giant Masdar and Al Nowais subsidiary Amea power secured approval from the Egyptian government to develop several renewable energy projects in Egypt, according to a statement from the Egyptian cabinet. The statement did not disclose the projects’ financial details or expected timelines.

#1- Masdar, Hassan Allam Utilities, and Infinity Power, received approval from the government to develop a 1.2 GW solar power project, complete with a 240 MWh battery storage facility. Additionally, the government greenlit the consortium’s proposal to conduct feasibility studies to develop a 4 GW solar plant in the country.

REMEMBER- Masdar has a lot in the pipeline for Egypt, earlier this week agreeing to build a 200 MW wind farm in Ras Ghareb after inking a trilateral purchase power agreement with Egyptian renewables firm Infinity Power and the Egyptian Electricity Transmission Company (EETC). Masdar, Infinity Power, and Hassan Allam Utilities are also building a USD 10 bn, 10 GW wind farm project in Sohag that is set to be one of the largest wind farms globally and the largest in Africa. The trio, along with global energy giant BP, will also set up a USD 15 bn green hydrogen project in the SCZone.

#2- Egypt also approved Amea Power’s proposed renewable energy projects, including solar and wind facilities. The projects are set to include integrated and standalone battery storage systems. The projects’ proposed capacity was not disclosed.

Background: Amea Power previously received approval from the Egyptian cabinet to expand its renewable energy projects in Egypt by 2 GW by next summer. The company is seeking to

up its investments in Egypt and set up 2.5 GW -worth of solar and wind projects.

Amea Power ❤️Egypt: Amea is currently working on 1 GW-worth of renewable projects in Egypt — a 500 MW solar Abydos plant which is set to begin operations by the end of September, as well as a 500 MW wind farm in Ras Ghareb that is lined up for completion mid-2025.

Ebtesam Almazrouei features on global AI 100 list

Be’ah + Polygreen’s JV Evogreen becomes first in region to achieve circular economy certification: UAE-based Evogreen — a JV between Oman Environmental Services Holding Company (Be’ah) and Cyprus’s Polygreen — has become the first hazardous waste treatment and marine pollution management company in the MENA region to earn the BS 8001:2017 certification for achieving the core principles of a circular economy. The certification is provided by the British Standards Institution, according to a statement.

Ebtesam Almazrouei among global AI 100 list: Chairperson of the UN's AI for Good Impact Initiative, Ebtesam Almazrouei (LinkedIn), was named in H2O.ai's inaugural AI 100 list for spearheading the development of Falcon AI generative models, including the Middle East's first open-source LLM and the “world's most powerful open AI model.”

Taqa and Jera reach financial close on Saudi plant

ENERGY-

Taqa, Jera secure financing for Saudi plant: The Abu Dhabi National Energy Company (Taqa) and Jera, Japan’s biggest power producer, reached financial close on their joint venture with Saudi Arabia’s Satorp to develop a greenfield industrial cogeneration plant in Jubail, Saudi Arabia, according to a Taqa press release (pdf). The plant will supply power and steam to the Amiral petrochemical complex, set to host one of the GCC’s largest steam crackers.

The details: The plant will be developed by a special purpose entity 51% owned by Taqa, with Jera holding a 49% stake, on a 25-year build, own, and operate basis — extendable by five years. The two companies will also handle operation and maintenance of the plant through a separate special purpose entity. The agreement is extendable by five years.

REMEMBER- Taqa and Jera entered into a power purchase agreement with Saudi Arabia’s Satorp, a joint venture between Saudi Aramco and TotalEnergies, to develop the plant back in March.

DEBT-

FAB to list USD 20 mn bonds on LSE: First Abu Dhabi Bank (FAB) is set to list its USD 20 mn bonds on the London Stock Exchange after setting the terms for the debt offering, a disclosure (pdf) shows. Issued under the lender’s USD 20 bn EUR-denominated medium term note program, the unsecured bonds were priced with a 4.48% annual yield rate, with maturity set for 22 August 2034.

ENERGY-

NMDC lands USD 200 mn dredging contract from Adnoc: The National Marine Dredging Company (NMDC) Group secured a contract worth over USD 200 mn from Abu Dhabi National Oil Company (Adnoc) for marine dredging works at the Ruwais liquified natural gas (LNG) project, according to an ADX disclosure (pdf). The project is expected to be completed within 10 months.

REMEMBER- In June, Adnoc handed out USD 5.5 bn in engineering, procurement, and construction (EPC) contracts to a JV between engineering companies NMDC Energy, Technip Energies and JGC Corporation after reaching the final investment decision for the project at an executive board committee meeting.

REAL ESTATE-

Saudi Arabia’s Dar Al Arkan said it will back its Dubai-based unit Dar Global’s push into Saudi and London markets, including through facilitating acquisitions and ventures in Saudi Arabia, in a Nasdaq disclosure (pdf). The developer said it is “not expecting any financial obligations” related to facilitating potential transactions for the London-listed company.

ICYMI- Dar Global, the Dubai-based developer and global arm of Saudi Dar Al Arkan, tapped US giant financial advisory Rothschild & Co earlier this week to help in its search for potential acquisitions and joint ventures in Saudi Arabia and London.

AVIATION-

Emirates is acquiring five Airbus A380s from Doric Nimrod Air, according to a London Stock Exchange disclosure. The aircraft are being purchased for GBP 30.7 mn (AED 147.7 mn) a piece, to be paid by 1Q 2025, with the acquisition set to be complete between 1 October and 30 November this year.

Background: Emirates had leased seven Airbus A380s from Doric Nimrod Air for a period of 12 years back in 2011. The airline acquired two of the seven aircraft last year for GBP 59.2 mn after their lease expired.

RETAIL-

Dexiconn brings Bosch ACs to the market: Dubai-based electronic exporter Dexiconn has become a distributor for Bosch Home Comfort to bring Bosch air conditioners to the UAE, including the Climate Line 5300 split air conditioners, according to a statement.

TRADE-

Fujairah to export gravel to Kuwait: The Fujairah Natural Resources Corporation and Kuwait’s Public Works Ministry inked an agreement to export high quality gravel from the UAE to Kuwait, the Kuwait News Agency reports. The agreement will also see both sides exchange expertise on gravel manufacturing and transport.

FINTECH-

Zumo joins ADGM’s finance sustainability pledge: UK B2B digital assets infrastructure provider Zumo has signed the Abu Dhabi Sustainable Finance Declaration, pledging to contribute to the Middle East’s sustainable finance sector, according to a press release. Under the declaration, Zumo will collaborate with other signatories — including the Abu Dhabi Securities Exchange, First Abu Dhabi Bank, the Central Bank, AND HSBC — to develop a framework to promote green and sustainable investments

About the declaration: Launched by Abu Dhabi Global Market (ADGM) in 2019, the declaration aims to build a robust sustainable finance industry in line with the UAE’s Green Economy for Sustainable Development initiative.

HEALTHCARE-

American Hospital Dubai established its first medical tourism office in Lagos, Nigeria, marking its initial expansion outside the UAE, Khaleej Times reports. This initiative aims to provide Nigerians with easier access to medical services in the UAE and is part of the hospital's broader strategy to establish 30 offices across Africa and Eastern Europe.

REMEMBER- American Hospital plans to establish three medical tourism offices in Nigeria this year, it said back in February. The Lagos office will also engage in community outreach, knowledge-sharing, and offer affordable treatment packages for Nigerian patients.

BANKING-

Sharjah-based Invest Bank and Network International partnered to offer Network's digital payment services to the bank's corporate clients, in a bid to digitize and streamline payment management processes, Wam reports. The agreement will see Invest Bank integrate Network’s merchant acquiring, card acceptance, and payment services, allowing it to offer a full suite of technology-enabled payments solutions to its corporate clients.

BUSINESS-

Ras Al Khaimah Ruler Sheikh Saud bin Saqr Al Qasimi met with the American Business Council in Dubai (AmCham Dubai), as well as the US Ambassador to the UAE Martina Strong and “major” American companies, to discuss trade relations and strategic partnerships with the US, Wam reports. The meeting focused on ramping up economic and investment cooperation to promote sustainable development in Ras Al Khaimah, in addition to investment and economic windows available in the emirate for US businesses.

MoUs signed: Ras Al Khaimah Economic Zone (RAKEZ) and AmCham Dubai inked an agreement during the meeting to enhance cooperation and support the local business community.

Analysts eye clarity on size, pace of rate cuts at Jackson Hole

Central bankers are gathering in Wyoming for the biggest annual economic gathering, Jackson Hole, which takes place only a few weeks before the Fed’s next meeting on 17 and 18 September, where it is expected to kick off a series of rate cuts.

Most analysts are waiting for more clarity on the direction of travel for the Fed, with pundits weighing how fast and how deep rate cuts will be over the next few months. Minutes from the Fed’s July session have already confirmed a majority of policymakers are on board with the September rate cut.

Markets are pricing in a 25 bps rate cut, but leaving open a one-in-four chance of a larger 50 bps rate cut, CNBC cites FedWatch data as saying. The 50 bps cut is further off, and would require a deterioration of economic data between now and then, according to pundits.

Most expect Powell’s tone to “lean dovish,” CNBC writes, as inflation continues to trend downwards and the labor market shows signs of softening.

Goldman Sachs expects rate cuts at each of the next three meetings and further easing in 2025, to shave off some 200 bps off of the funds rate.

MARKETS THIS MORNING-

Asian markets are mostly in the red as the world awaits updates from Powell at Jackson Hole. The Nikkei is down 0.11%, while the Kospi fell 0.51% and the small-cap Kosdaq slid 0.58%. Wall Street futures are rising ahead of Powell’s speech, with S&P 500 futures up 0.2% and Nasdaq futures up 0.3%.

ADX	9,371	+0.3% (YTD: -2.2%)
DFM	4,309	+0.3% (YTD: +6.1%)
Nasdaq Dubai UAE20	3759	+0.7% (YTD: -2.2%)
USD : AED CBUAE	Buy 3.67	Sell 3.67
EIBOR	5.0% o/n	4.6% 1 yr
TASI	12,194	+0.1% (YTD: +1.9%)
EGX30	30,141	+0.8% (YTD: +21.1%)
S&P 500	5,571	--0.9% (YTD: +16.79%)
FTSE 100	8,288	0% (YTD: +7.2%)
Euro Stoxx 50	4,885	0% (YTD: 8.0%)
Brent crude	USD 77.22	+1.54%
Natural gas (Nymex)	USD 2.06	+0.3%
Gold	USD2,520	+0.1%
BTC	USD 60,660	-0.6% (YTD: +43.5%)

THE CLOSING BELL-

The DFM rose 0.3% yesterday on turnover of AED 442.2 mn. The index is down 6.1% YTD.

In the green: National Industries Group Holding (+10.1%), Drake & Scull International (+4.6%) and Parkin Company (+4.5%).

In the red: National International Holding Company (-10%), Al Mal Capital REIT (-7.7%) and Al Salam Sudan (-3.6%).

Over on the ADX, the index rose 0.3% on turnover of 940.5 mn. Meanwhile, Nasdaq Dubai fell 2.2%

CORPORATE ACTIONS-

Adnoc petrochemicals JV Borouge appointed Q Market Makers (QMM) as liquidity provider for its shares on the ADX for a duration of one year, according to a disclosure (pdf).

FX Capital Commercial Investments’ owner and Apex Investment’s managing director’s spouse Siham Najar now owns a 13.3% stake in Apex after acquiring 447 mn shares on 19 August, equivalent to a 12.6% stake, according to a disclosure (pdf). The purchased shares were offloaded by Najar’s company FX Capital on the same day, reducing FX Capital’s holding in Apex to 4.3%, according to a separate disclosure (pdf).

UAE, Lithuania agree to boost trade, investment + new Afghan ambassador

The UAE and Lithuania agreed to boost economic cooperation across sectors like tourism and aviation, transport and logistics — particularly maritime transport and marine technology — space science, and energy and renewable energy related to modern technologies and LNG, during their economic committee meeting yesterday, according to a statement from the Lithuanian economy ministry.

The meeting, attended by Economy Minister Abdullah bin Touq Al Marri and his counterpart Aušrinė Armonaitė, also focused on promoting innovation and advanced technologies, including joint projects in IT, fintech, AI, blockchain, and green technology. The two sides also planned to trade food and agricultural products and swap best practices in organic and smart farming.

On the business side, countries agreed to swap delegations and trade missions to facilitate the exchange of goods and services, and explore new investment windows. They also pledged to roll out joint programs supporting entrepreneurship and SMEs’ growth and exports, and set up a UAE-Lithuanian Business Forum to highlight vital economic sectors and streamline business community communication.

MoUs inked: The UAE Chambers and the Lithuanian Industrialists Association inked an MoU during the meeting to ramp up cooperation in industry, trade, investment, and technology, Sharjah24 reports.

Afghanistan appoints first ambassador to the UAE: Assistant Undersecretary for Protocol Affairs at the Foreign Affairs Ministry Saif Abdullah Al Shamsi received the credentials of Badruddin Maulana, ambassador of the Islamic Republic of Afghanistan to the UAE, according to a ministry statement. This marks Afghanistan's first accredited ambassador to the UAE, making it the second country, after China, to accept an envoy at this level, Reuters writes. AP also picked up the story.

A UAE official told Reuters the move affirms the country’s interest in pursuing development and reconstruction projects in Afghanistan.

REMEMBER- Back in June, President Sheikh Mohamed bin Zayed Al Nahyan met with an Afghan delegation led by Interior Minister Sirajuddin Haqqani to discuss boosting economic and development ties, as well as supporting the reconstruction and development of Afghanistan.

CALENDAR

AUGUST

22-26 August (Thursday-Monday): Fatima Bint Mubarak Academy GCC Basketball Cup for Ladies, Abu Dhabi.

23 August (Friday): NMDC’s general assembly to approve NMDC Energy IPO.

25 August (Sunday): Deadline to register for the AI Challenge.

27 August (Tuesday): New regulations on telemarketing calls will go into effect.

SEPTEMBER

31 August - 8 September (Saturday-Sunday): Abu Dhabi International Hunting and Equestrian Exhibition (ADIHEX), Adnec Centre, Abu Dhabi.

4-5 September (Wednesday-Thursday): 2024 International Government Communication Forum, Expo Centre Sharjah, Sharjah.

5 September (Thursday): Deadline to apply for the sixth edition of Access Sharjah Challenge.

5 September (Thursday): Deadline to apply for Dubai Future Academy’s FEEL: A Disruptive Futures Program.

7-8 September (Saturday-Sunday): Binous Classic Bodybuilding Championship, DWTC, Dubai.

9-12 September (Monday-Thursday): The annual EFG Hermes London Conference.

10-11 September (Tuesday-Wednesday): MENA PPP forum, Jumeirah Emirates Towers, Dubai.

11-12 September (Wednesday-Thursday): Dubai AI & Web3 Festival, Madinat Jumeirah, Dubai.

16 September (Monday): HKMA–DFSA Climate Finance Conference, Hong Kong.

16-18 September (Monday-Wednesday): World Utilities Congress, Abu Dhabi.

16-20 September (Monday- Friday): Intelligent Transport Systems World Congress 2024, Dubai.

17-18 September (Tuesday-Wednesday): AI in oil and gas conference, Abu Dhabi.

18-19 September (Wednesday-Thursday): Sharjah Investment Forum, Jawaher Reception and Convention Centre, Sharjah.

15-19 September (Sunday-Thursday): Loop Beyond Borders, Abu Dhabi.

19-20 September (Thursday-Friday): Healthcare Leaders Summit 2024, St. Regis Saadiyat Island Resort, Abu Dhabi.

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

24-26 September (Tuesday-Thursday): Careers UAE 2024, 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.

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.

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

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

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

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.

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.

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.

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

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

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

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

Signposted to happen sometime in December:

UAE-China Summit, Abu Dhabi.

JANUARY 2025

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

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

FEBRUARY 2025

24-25 February (Monday-Tuesday): 3rd World Passenger Experience Forum, Dubai.

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

APRIL 2025

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

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 Centre, 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 Centre.

Signposted to happen sometime in 2025:

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

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

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.

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