February PMI shows “strong upwards momentum”

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WHAT WE’RE TRACKING TODAY

EFG Hermes One on One, day three + Sharjah airport expansion plans will be announced today

Good morning, friends, and welcome to what has shaped up to be a very busy hump day.We have plenty to keep us interested this morning, from the latest on Parkin’s IPO to a very healthy February PMI reading and fresh investments in real estate.

It’s the penultimate day of the EFG Hermes One on One Conference, the largest gathering of its kind devoted to emerging and frontier equities.

Some 670 investors from 250 global institutions are meeting face-to-face with senior execs from more than 215 companies in industries through Thursday. Presenting companies are from industries ranging from food and fintech to banking and petrochemicals. Companies from 29 countries will be attending.

We have coverage of the opening session from day one of the conference, which featured an interview with our friend Mahmoud Mohieldin, the UN Special Envoy on Financing the 2030 Agenda for Sustainable Development and an executive director at the International Monetary Fund. We will have more coverage from the gathering in the days ahead.

** If you’re in Dubai and want to have coffee or pitch us on an interview, hit us up on 1x1@enterprisemea.com.

PUBLIC SERVICE ANNOUNCEMENTS-

#1-Don’t put your umbrellas away just yet: We’re expecting clouds and rain from tomorrow through to Saturday, accompanied by thunder and lightning, according to the National Center for Meteorology’s forecast. The weather is expected to become more moderate from Sunday.

#2- You can now get from Umm Suqeim 3 to Al Wasl Road in 30 seconds: The Roads and Transport Authority (RTA) opened a new junction at Al Majasimi and Al Wasl Road, reducing travel time from Umm Suqeim 3 northward to Al Wasl Road to 30 seconds from 3 minutes, according to a Dubai Media Office statement. The improvement eases traffic congestion by allowing for left turns at the junction, eliminating the need for a right turn onto Umm Suqeim Street and a subsequent U-turn on Al Wasl Road.

#3- Call to submit your comments on DFSA’s crowdfunding regs: The Dubai Financial Services Authority is seeking feedback on its proposed updates to crowdfunding regulations (pdf). Stakeholders have until Monday 6 May to submit their comments.

WATCH THIS SPACE-

#1-Adnoc was able to generate an additional USD 500 mn in value in 2023, thanks to AI, Reuters reports. The Abu Dhabi oil giant already employs over 30 AI tools, integrated across various operations, while an application of AI that remotely monitors equipment helped reduce unexpected shutdowns, thus improving efficiency.

#2-Mubadala cooking up Brazil food franchise expansion: Abu Dhabi sovereign wealth fund Mubadala is reportedly looking to acquire several struggling foreign food franchises in Brazil through its wholly-owned arm, Mubadala Capital, Bloomberg reports, citing an unnamed source in the know. The firm plans to consolidate the franchises and Brazilian food retailer Zamp — in which Mubadala holds a 38.5% stake — to create “a large group housing several foreign food franchises, with Outback Steakhouse being eyed among several potential targets” in a bid to grow its footprint in Latin America’s largest economy. Outback Steakhouse Brazil accounts for 86% of the current owners, Bloomin’ Brands ’ total international sales, according to CNBC.

ICYMI- Mubadala Capital increased its stake in Zamp to 38.5% (cc. 105.9 mn shares) last month after previously raising it to 20.4% in July 2023. The firm is currently in talks with the Starbucks Corporation to potentially operate the brand in Brazil.

#3- Microsoft is set to expand its Dubai and Abu Dhabi data centers as part of its plan to “double down” on its investments in the UAE and the Gulf, Microsoft UAE General Manager Naim Yazbeck told Edge Middle East in an interview on the sidelines of Microsoft’s AI Day tour in Dubai. The region will be “big beneficiaries” of the investments, Yazbeck said.

#4-Kuwait-based AlShaya Group intends to cut around 2k jobs within its Starbucks operationsacross the MENA region, citing the impact of the boycotts associated with Israel’s war on Gaza, Reuters reports citing people with knowledge of the matter. AlShaya did not specify the precise number of cuts or the specific countries in which they will occur. The story got ink from the foreign press: The Washington Post | SkyNews | The Independent | AP

DATA POINTS-

#1-Standalone projects — developments without a hotel component — are expected to make up 54% of Dubai’s property market and 78% of new projects over the next four years, up from a global projection of 41%, TradeArabia reports, citing property consultancy Global Branded Residences. The number of branded residences in the emirate has climbed 410% over the past decade, reaching 51 from 10 projects in 2014, and 122% in the last five years, rising from 23 projects.

Hotel brands’ market shares are expected to drop to 51% from 78% by 2028, comprising 63% of the total market by 2029, compared to 78% globally.

#2-Dubai Mall was the most visited place in the world in 2023: Emaar’s premium shopping mall welcomed 105 mn visitors in 2023, marking a 19% increase from the previous year's 88 mn footfalls, the Dubai Media Office reports.

#3-The GCC is the top export and re-export market for firms with the Dubai Chamber of Commerce, accounting for 55.6% of total exports (AED 158.1 bn), Trade Arabia reports. Non-GCC countries in the region contributed around 21.8% of the Chamber’s total exports and re-exports with a value of AED 62 bn.

HAPPENING TODAY-

#1- Sharjah Airport Authority will present Sharjah Airport's expansion plans at ITB Berlin2024, which kicked off yesterday and runs until tomorrow, Wam reports. The event gathers tourism and travel industry leaders from 165 countries.

#2- The World Police Summit is underway and runs until this Thursday at the Dubai World Trade Center. The event will welcome over 20k global law enforcement and security industry professionals to explore solutions to mitigate crime.

#3- The MRO Middle East event concludes today in Dubai. The two-day event saw keydecision makers from airlines, MROs, OEMs, lessors, and suppliers spanning all aspects of the aviation industry’s supply chain.

#4- Forbes’ annual 30/50 summit is on its second day, running through Friday. Meg Ryan and Shania Twain will be among those headlining the event spotlighting the Forbes 30 Under 30 and 50 Over 50 lists, coinciding with International Women’s Day, Forbes previously reported.

#5- The Dubai Entertainment Amusement & Leisure Exhibition also opened its doors yesterday. The three-day trade show will welcome global exhibitors in entertainment and amusement, before wrapping tomorrow.

THE BIG STORY ABROAD-

Three days of Gaza ceasefire talks fail to reach breakthrough, as negotiators from Egypt, Qatar, the US, and Hamas met for a third day in Cairo yesterday to try and secure a six-week pause in time for Ramadan, the Associated Press quotes Egyptian officials as saying.

No economic slump here, says China: The Chinese government is out with an ambitious 5% GDP growth target for 2024, despite a property and debt crises coupled with a slower-than-expected post-covid recovery. But, not everyone’s so optimistic, including the IMF, that currently forecasts China’s growth slowing down from 5.2% in 2023 to 4.6% in 2024 and 3.5% by 2028. (Reuters | Bloomberg | Associated Press)

OVER IN THE US- Get ready for Super Tuesday to be the only thing the US press talks about for the next few days: Voters in 16 US states and one US territory have mostly wrapped up voting for which Republican or Democratic presidential candidate they want to be their party’s nominee. With few pundits doubting that Trump and Biden will both sail to overwhelming victories, the fourth estate is asking if Super Tuesday will be Republican challenger Nikki Hailey’s last stand. (Reuters | Associated Press | Washington Post | New York Times | Wall Street Journal | Axios)

Parkin IPO sells out in minutes

Dubai’s car parking space manager Parkin has priced its IPO at AED 2 to AED 2.1,putting it on course to raise up to AED 1.57 bn from its DFM listing, it said in a statement (pdf) yesterday. The company kicked off its book building process yesterday, with books covered within minutes, Bloomberg reports, citing a document it saw. The pricing of the IPO values the company at as much as AED 6.3 bn.

What’s next?Retail investors have until next Tuesday, 12 March, to subscribe, while the subscription period for institutional investors wraps on Wednesday, 13 March. The final price will be disclosed on 14 March, after which Parkin’s shares will start trading on 21 March, according to Bloomberg.

Refresher: Dubai Investment Fund is offering a 25% stake (or 749.7 mn shares) on the DFM in the first IPO of the year. The state-owned company will be the sixth to go live on the Dubai bourse as part of the government’s privatization plan to up trading volumes, with the emirate saying it plans to list 10 state-owned companies back in 2021.

Advisors: Rothschild & Co ’s Middle East division is the independent financial advisor, while Emirates NBD, Goldman Sachs, and HSBC Holdings are joint global coordinators, and Abu Dhabi Commercial Bank, our friends at EFG Hermes UAE, and First Abu Dhabi Bank are joint bookrunners. Emirates NBD is the lead receiving bank of the IPO, with the Commercial Bank of Dubai, FAB, Abu Dhabi Islamic Bank, AlMaryah Community Bank, Emirates Islamic Bank, Wio Bank, and our friends at Mashreq, also acting as receiving banks.

More on Parkin: Established in January by Dubai’s Road and Transport Authority, the company oversees over 197k public and private parking spaces in the emirate. It has inked contracts with private developers to add some 18k parking spaces to its portfolio, and held talks with Dubai’s Roads and Transport Authority and Dubai Electricity and Water Authority to monetize green public parking spaces.

Mahmoud Mohieldin shares regional and global outlook at EFG Hermes’ One-on-One conference

UN Special Envoy on Financing the 2030 Agenda for Sustainable Development and IMF executive director Mahmoud Mohieldin took to the stage on the first day of EFG Hermes’ One on One conference in Dubai to offer his macroeconomic outlook on the global and regional economies for the next couple of years. The conference, which welcomes some 670 investors and 250 global institutions to meet with senior execs from more than 215 companies from 29 nations, runs through to tomorrow.

“The center of economic gravity is shifting towards the East,” Mohieldin, who is also the UN Special Envoy on Financing the 2030 Agenda for Sustainable Development, told attendees, pointing to countries like China, India, Vietnam and the Philippines. It’s up to emerging markets and countries in the Middle East — which are strategically located to benefit from that shift — to make the most of that transition, he added. Regional cooperation is important in the increasingly fragmented global economy that we currently live in, he said, adding that “better trade relations and FDI in the region” will allow these markets to grow without constraints.

Navigating a restricted and fragmented trade environment is the uphill battle emerging markets will have to reckon with over the next couple of years, Mohieldin said. “It’s a sad fact that last year, 3k trade restrictions is 3x more than what we had in 2019,” he said. “All emerging markets are dependent on a globalized economy with trade flows, FDI and knowledge sharing — that is not the case anymore,” he added.

We’re not on track to achieve any of the sustainable development goals (SDGs) — of the 17 goals, we’re only on track to achieve 15%, and we’re deviating either slightly or significantly on 50% of the goals, Mohieldin said.

Expanding the non-oil sector is paramount for GCC countries: “There have been good attempts of diversification, and the name of the game is how to diversify better,” Mohieldin said. “Some have the ability to do that and have diversified into services and high tech and investments at home and abroad, [and] some have great ambitious infrastructure plans, like KSA, and are benefiting from a well educated caliber of the young population,” he explained, referencing the UAE.

And EMs need to keep debt in check: “We’re not going to see a global debt crisis like the 1970s, ‘80s and ‘90s. The kind of debt today and the limited exposure of financial institutions won't make it a global crisis,” he said. “[But] we’ll see a development crisis; we’ll see scattered fires in different places,” Mohieldin added. “Many countries today in Africa and South Asia are paying on their debt service more than what they pay on education and health,” he noted, adding that the high cost of borrowing — along with muted FDI flows and inadequate domestic savings — are hampering investments and growth in emerging markets.

…which involves setting up a common resolution mechanism: “If you’re in debt trouble and you’re in an economy without significant spillovers to the rest of the world, you’re on your own with very little support from the global financial system,” Mohieldin said, adding that many countries in Africa and South Asia are paying more on debt service than on essential services like education and healthcare. “The world right now doesn’t have a good resolution mechanism; it’s too slow and doesn’t work,” he said.

Things could take a turn when interest rates go down: Anticipated rate cuts from the US Federal Reserve will be “good news” for capital flows and potential penetration in emerging markets’ capital markets, Mohieldin said.

But more needs to be done: “We need to learn from past mistakes [and] avoid excessive borrowing,” he said, adding that we need more equity-based financing. We also need to develop an encouraging business environment, and ensure good coordination between fiscal and monetary policy, while also capturing the potential of the green transition and big data and AI, he added.

And we must be mindful of the impacts of laws in the US and the EU on our part of the world, he added, referencing the US’ Inflation Reduction Act — which involves providing subsidies in the form of tax credits to renewable energy projects — and the EU’s carbon border adjustment mechanism (CBAM), which taxes imports of certain raw materials in a bid to reduce greenhouse gas emissions.

Countries in the Middle East, like Egypt, also need to shift their focus to sustainable growth and policy change, instead of the “obsession” with the exchange rate, he said, noting that the country’s relationship with international finance institutions has been “reduced badly to the exchange rate.”

Mohieldin gave the UAE a thumbs up for its prudence with AI: “The UAE has discovered the importance of AI and has a ministry with a capable minister leading it,” he said.

UAE’s non-oil private sector expands at the fastest pace since 2019

Activity in the non-oil sector expanded at its fastest pace in five years in February on the back of growth in market demand and client activity, fueled by an improvement in business conditions, according to S&P Global’s purchasing manager’s index (pdf). The PMI gauge climbed to 57.1 in February, up from 56.6 in the previous month, indicating “a sharp upturn in overall operating conditions,” S&P Global said. The index remains firmly above the 50.0 threshold that separates growth from contraction.

February’s reading signals “strong upwards momentum in the non-oil economy at the start of 2024,” said S&P Global Market Intelligence Senior Economist David Owen.

But new orders are slowing:New order growth expanded at its slowest rate in six months, “suggesting output growth could also begin to slow,” Owen said. This was attributed to the increase of competitive pressure.

Red Sea disruptions also fed into transport delays, with vendor performance improving only marginally as volumes of backlogged work rose at its sharpest rate in almost four years. “Overall supply chain performance improved at the weakest rate since last July, but nonetheless still improved, suggesting that the impact on vendors is so far limited,” according to Owen.

Hiring was at itshighest level since last May as firms look to deliver on the increasing new orders and to offset backlog growth, S&P Global said.

Optimism rose to a four-month high, though “concerns of a crowded market remain and appeared to dampen sales growth further,” Owen added.

FROM THE REGION-

Saudi’s non-oil sector regained momentum: Saudi Arabia’s PMI (pdf) expanded to 57.2 in February, up from 55.4 in the previous month, on the back of a strong services and construction sector and new export orders. The growth marked a recovery from January’s two-year low slump.
Egypt’s business activity health “deteriorated”: Egypt’s PMI (pdf) fell to 47.1 in February down from 48.1 in January, logging an 11-month low as inflation pressures and Suez Canal disruptions dampened demand and caused supply-side challenges.

UAE-based Gulf Islamic Investment acquires unknown Saudi asset management firm

UAE’s Gulf Islamic Investments grabs unnamed Saudi asset manager: Shariah-compliant global investment firm Gulf Islamic Investments (GII) has acquired an unnamed licensed investment and asset management firm in Saudi Arabia as it looks to expand its presence in the Kingdom, it said in a post on Linkedin yesterday. No further details were provided on the target company or the stake that GII has acquired.

The rationale: The acquisition paves the way for GII to expand its services in Saudi Arabia to include corporate finance advisory, investment fund management and private equity, according to the statement.

Not its first venture in KSA: The company’s existing investments in Saudi include a SAR 600 mn (AED 587.6 mn) “significant” stake in leading Saudi healthcare provider Abdeel Medical Company (Abeer) earlier this year. It also grabbed a majority stake in Saudi’s biggest dental and dermatology clinics Al Meswak Dental Clinics in 2022 from privately-owned investment bank Jadwa Investment in a transaction valued at USD 600 mn.

More to come: GII is in the process of finalizing acquisitions in the Saudi food processing sector, it said in a statement picked up by Zawya yesterday. No further details were disclosed.

OTHER M&A NEWS-

An unnamed Emirati company has submitted a bid for a 40% stake in Egyptian state-owned Misr Life Ins., an Egyptian government official reportedly told Arab World Press. The official didn’t disclose who made the offer or how the value of the expected acquisition.

The details: The Emirati company is looking to initially snap a 20% stake in the Misr Ins.Holding subsidiary, before upping its stake to 40% after a year, the source said. The company has finished reviewing the ins. company’s files and has requested certain amendments. The Sovereign Fund of Egypt (SFE) — which currently fully owns Misr Ins. Holding — wants to keep a controlling stake in the subsidiary, the source added.

Binghatti plans to invest some AED 30 bn in real estate

Dubai luxury developer Binghatti plans to invest AED 30 bn in real estate over the next two years, Binghatti Vice Chairman Ahmed Binghatti told Asharq Business. Binghatti will focus its investments inside the UAE, with expectations of continued real estate growth in the country. With the successful listing of the company’s inaugural USD sukuk on the London Stock Exchange, Binghatti plans on exploring potential real estate investments in London.

Remember: Binghatti’s inaugural USD 300 mn three-year sukuk issuance saw strong demand, with investors placing USD 621 mn in orders. The listing is 2.1x oversubscribed. Binghatti highlighted that the successful issuance offered the group a chance to engage with a broad investor spectrum, emphasizing its appeal to a diverse base in Asia, Europe, and the Middle East.

No plans on future issuances: With the company’s current rapid growth, Binghatti does not plan on future issuances, according to the vice chairman, who notes that any decision to issue will depend on market conditions and the company’s needs.

Remotepass locks in USD 5.5 mn series A round

HR tech startup Remotepassraised USD 5.5 mn in a series A funding round led by Istanbul-based tech-focused VC 212, according to a press release. The funding was raised with participation from Endeavor Catalyst, Khwarizmi Ventures, Oraseya Capital, Flyer One Ventures, Access Bridge Ventures, A15, and the Swiss Founders Fund, TechCrunch reports.

The firm will use the funding to expand in Saudi Arabia,where the firm has seen the most growth, with the intent to double down with product localization, and to develop the platform according to TechCrunch.

About Remotepass: Founded in 2020 by Kamal Reggad and Karim Nadi, Remotepass serves as a platform to facilitate and streamline for businesses their employee hiring, management and payroll operations in over 150 countries where the businesses might not have a legal or physical presence. The platform’s client base includes Spotify and Logitech.

EGA reports 57% drop in net income amid lower global aluminum prices

Emirates Global Aluminium’s (EGA) net income fell 57% y-o-y to AED 3.3 bn in 2023, due to lower global benchmark prices for aluminum, according to the company’s earnings release. Revenues stood at AED 29.5 bn, down 14.7% y-o-y.

The Najah transformation program yielded improvements in both costs and revenues, amounting to AED 2.6 bn in 2023. Since its establishment in 2020, Najah has generated AED 8.8 bn in EBITDA improvements.

Dividends: EGA will pay out dividends of AED 3.7 bn on its 2023 earnings, consistent with the figure for 2022.

Abu Dhabi’s National Corporation for Tourism and Hotels’ net income rose 6%y-o-y to AED 68 mn in 2023, according to an ADX filing (pdf). The company’s revenues were down 8% y-o-y to reach AED 669 mn on the back of decreased revenues from the catering and retail divisions.

PureHealth appoints seasoned experts in leadership restructuring

PureHealth taps new COO, CLO, infrastructure + response chief: PureHealth appointed Rashed Saif Al Qubaisi as chief operating officer, Abdel Kader Ahmed El Khatib as chief legal officer, and Mohamed Hassan Al Zaabi as chief officer for infrastructure and response, according to an ADX disclosure (pdf).

Abu Dhabi Islamic Bank tapped its chief financial officer Mohamed Abdelbary(LinkedIn) as acting chief executive officer, after accepting the resignation of former CEO Nasser Alawadhi yesterday, according to an ADX disclosure (pdf).

Abu Dhabi Ship Buildingappointed Rodrigo Torres (LinkedIn) as chairman, Omar Al Zaabi and Saeed Al Suwaidi as members of its executive committee, and Miles Chambers (LinkedIn) and Amit Surana as advisors, according to an ADX disclosure (pdf).

Al Maryah Retail Companyappointed Mark Ruffley (LinkedIn) as its new CEO, effective 1 March, according to a press release. He succeeds David Robinson (LinkedIn) who held the position for five years.

International press were talking about the WTO and investment banking

The global press has the WTO ministerial and investment banking activity on its mind this morning: Bloomberg took note of the relatively minimal progress achieved at the recent World Trade Organization ministerial conference in Abu Dhabi, which struggled to reach consensus on pressing global trade issues. The business information service is also out with two separate stories on investment banking activity in the UAE, noting that Jefferies Financial Group appointed two bankers from JPMorgan’s Dubai office in preparation for its re-entry to the Gulf region, and another on Citigroup’s ongoing push to bolster its ties with regional family offices.

E-bikes from Terra + Aramex. Plus: New data centers + Luxury yacht manufacturing

TRANSPORT-

#1- Flyby + Terra partner on last-mile delivery: The UAE’s Terra will provide UAE-based smart city technology company Flyby with e-bikes powered by the Middle East’s first swappable battery network in a bid to reduce emissions, according to a press release. Flyby will provide cloud-enabled smart delivery boxes. Drivers will be able to use Terra’s stations to quickly swap their e-bike batteries instead of charging them, according to a statement.

#2-Logistics company Aramex also launched a fleet of e-bikes for last-mile deliveries, Trade Arabia reports. Aramex aims to make 98% of its fleet EVs by 2030, after incorporating fully electric vans into its last-mile delivery fleet in UAE last October.

AUTOMOTIVE-

BinSulaiman Group (OBS) inked a licensing agreement with Michelin Group tools and accessories unit Michelin Lifestyle to distribute its products across the GCC, Egypt, and Algeria, according to a press release.

MANUFACTURING-

Sunreef Yachts sets up shop in RAK: Luxury sailing and power multihulls manufacturer Sunreef Yachts inaugurated its global manufacturing facility for solar-powered yachts in Ras Al Khaimah (RAK) Maritime Ports City, according to a company statement. Sunreef inked an agreement with the port back in March 2023 to expand its presence in the Middle East and grid to Asian and Australian markets, reports Al Khaleej. The 65 sqm facility saw an investment of AED 200 mn for its first phase.

TECH-

EGA gets the ball rolling on two new data centers: UAE-based aluminum producer Emirates Global Aluminum (EGA) has broken ground on the region's first 100% renewable energy powered industrial data centers, developed in partnership with UAE technology provider Scientechnic, at its Jebel Ali and Al Taweelah sites, according to a statement released last week. No financial details on the project or a timeline for launch were disclosed.

ADVERTISING-

Abu Dhabi-based marketing agency Viola Communications signed a 10-year strategic partnership with Adnoc for outdoor media leasing spaces in Abu Dhabi and Al Dhanna city, reports state news agency Wam.The agreement involves Viola installing and operating outdoor media advertising solutions on Adnoc assets to enhance brand visibility.

EDUCATION-

Financial literacy for Dubai’s youth: The Knowledge Fund Establishment and savings and investment company National Bonds inked an agreement to launch the Middle East’s first youth-focused financial education initiative, “The Young Investor,” reports the Duba i Media Office. The program will integrate six modules of financial literacy into the curriculum of students in grades five and six, initially targeting three branches of Dubai Schools.

REAL ESTATE-

Hilton’s Waldorf Astoria to land in Dubai:Hilton Hotels and Dubai-based developer Nabni Real Estate Development are partnering to establish Hilton’s luxury Waldorf Astoria Residences across 1.5 acres in Dubai Downtown, reports Arabian Business. The project will be the first Waldorf Astoria development outside the United States, and is scheduled for handover by 2028.

The Dubai Land Department has partnered with Property Finder, Bayut, andDubizzle to support real estate professionals through training, optimized service efficiency, and alignment with industry best practices, a press release reads. As part of the agreement, newly licensed real estate professionals can list their properties for free on Property Finder, Bayut, and Dubizzle.

FINTECH-

e& Enterprise unveils rebranded tech powered anti-fraud service, Haifin: e&’s tech solutions arm e& Enterprise have rebranded its blockchain trading platform UAE Trade Connect to Haifin, as the company gears up to expand its presence in other countries, according to a press release.

DEFENSE-

Edge Group and Indra Sistemas team up on radar systems in the UAE: IHC-backed defense company Edge Group formed a JV with Spain’s Indra Sistemas to manufacture advanced radar systems in the UAE, aiming to generate orders for around 300 units, Wam reports. The JV secures exclusive rights to handle current and future orders from clients beyond NATO and the EU.

BTC hits fresh all-time high before tumbling nearly 10%

BTC ends month-long rally with record-high price: The world’s largest cryptocurrency surged to a record high yesterday, driven by strong demand for new spot exchange-traded funds and the expectation that global interest rates will fall later this year, Reuters reports. BTC hit USD 69.2k — its highest level since its last peak of USD 69k in November 2021.

But nothing lasts forever, especially on the notoriously volatile BTC market: After surpassing its previous record yesterday at around midday CLT, the price of BTC tumbled by 9% as of midnight last night. Throughout the whole 24-hour period, the cryptocurrency fell 6.2%.

It’s been a good few months for BTC: The cryptocurrency has already jumped 47.8% since the beginning of the year and is up a whopping 181% since the same time last year.

ADX	9,236	-0.5% (YTD: -3.6%)
DFM	4,245	-1.9% (YTD: +4.6%)
Nasdaq Dubai UAE20	3,702	-1.6% (YTD: -3.6%)
USD : AED CBUAE	Buy 3.67	Sell 3.67
EIBOR	5.1% o/n	5.3% 1 yr
TASI	12,470	+0.3% (YTD: +3.9%)
EGX30	30,668	+0.4% (YTD: +23.2%)
S&P 500	5,079	-1.0% (YTD: +6.5%)
FTSE 100	7,646	+0.1% (YTD: -1.1%)
Euro Stoxx 50	4,893	-0.4% (YTD: +8.2%)
Brent crude	USD 82.04	-0.9%
Natural gas (Nymex)	USD 1.95	-0.3%
Gold	USD 2,141.90	+0.7%
BTC	USD 63,210.57	-6.2% (YTD: +47.8%)

THE CLOSING BELL-

The DFM fell 1.9% yesterday on turnover of AED 295.9 mn. The index is up 4.6% YTD.

In the green: Orascom Construction (+9.9%), Dubai Islamic Ins. and Reins. (+8.2%) and National International Holding Company (+7.1%).

In the red: Al Salam Sudan (-8.6%), Commercial Bank of Dubai (-6.9%) and National Central Cooling (-5.3%).

Over on the ADX, the index fell 0.5% on turnover of AED 980.2 mn. Meanwhile Nasdaq Dubai closed down 1.6%.

CORPORATE ACTIONS-

#1- Americana Restaurants International intends to buy 25 mn of its own shares as part of a long-term incentive program for its employees, according to an ADX disclosure (pdf). The decision is subject to approval from regulatory bodies and agreement from shareholders at the upcoming general assembly.

#2- Satellite comms firm Yahsat is paying a total of AED 401 mn in dividends at 16.5 fils per share for 2023, after the board approved the distribution of AED 200 mn for 2H 2023, according to an ADX filing (pdf).

#3- Drake & Scull proposed to increase its share capital by up to AED 600 mn through issuing 2.4 bn new shares at a discounted price of AED 0.75 each, a DFM filing (pdf) reads. The capital increase would raise the company’s total share capital to AED 3.5 bn. The proposals are still pending regulatory approvals and agreement from shareholders at the upcoming general assembly, set to take place on Wednesday, 27 March.

The construction company is also seeking approval for a 5-year AED 600 mn mandatory convertible sukuk, with each certificate valued at a minimum of AED 5k, according to the statement.

#4- Deyaar issues debut dividends: Real estate development company Deyaar is set to distribute AED 175 mn in dividends for 2023, equivalent to 4 fils per share, a DFM filing (pdf) reads. The dividend distribution marks the first in the real estate company’s history, according to the statement.

#5- Abu Dhabi National Hotels proposed distributing dividends worth AED 240 mn for 2023, at AED 0.02 per share, an ADX filing (pdf) reads. The company is also proposing to distribute 5% bonus shares, amounting to AED 60 mn, which represents 600 mn shares.

#6- First Abu Dhabi Bank will distribute AED 7.8 bn worth of dividends for 2023, at a rate of AED 0.71 per share, an ADX filing (pdf) reads.

UAE and Kuwait state heads exchange awards

President Sheikh Mohamed bin Zayed Al Nahyan granted Kuwait's Emir Sheikh Mishal Al Ahmad Al Jaber Al Sabah the Order of Zayed, as a gesture of appreciation, highlighting the bilateral ties between the two nations, Wam reports. The Order of Zayed is the UAE's highest civil decoration awarded to heads of state, kings, and leaders.

Kuwait's Emir reciprocated by honoring the president with the Order of Mubarak the Great. The two leaders discussed the importance of collaboration in economic sectors including trade, investment, and development, alongside regional security, Wam reports.

Closer UAE-Romanian ties: Foreign Minister Sheikh Abdullah bin Zayed and his Romanian counterpart Luminița Odobescu discussed enhancing the countries’ bilateral ties in a recent phone call, Wam reports. Both parties also discussed the ongoing humanitarian crisis in Gaza, emphasizing the necessity of a sustainable ceasefire in the Strip to facilitate the delivery of aid.

IN OTHER DIPLO NEWS-

The Finance Ministry discussed ramping up joint Gulf economic action withGCC countries in the latest Gulf Joint Market Committee meeting in Qatar, reviewing the Committee’s action plan for the common Gulf market. (Statement)
Education Minister Ahmad Belhoul Al Falasi met yesterday with his Omani counterpart Rahma Bint Ibrahim Al Mahrouqi,and her accompanying delegation to discuss educational practices and explore joint cooperation. (Wam)
Speaker of the Federal National Council Saqr Ghobash met with Jordan's Speaker of the House of Representatives, Ahmed Safadi, and his delegation to discuss ongoing cooperation between the two countries and strengthening ties, Wam reports.

CALENDAR

MARCH

4-7 March (Monday - Thursday): EFG Hermes One on One conference, JW Marriott Hotel Marina, Dubai.

5-6 March (Tuesday-Wednesday): MRO Middle East, Dubai Trade Centre.

5-6 March (Tuesday-Wednesday): Federal Tax Authority’s “Tax Support” Initiative, Al Barsha Mall, Dubai.

5-7 March (Tuesday-Thursday): World Police Summit, Dubai World Trade Centre.

5-7 March (Tuesday-Thursday): Dubai Entertainment Amusement & Leisure Exhibition, Dubai World Trade Center.

5-7 March (Tuesday-Thursday): Dubai WoodShow, Dubai World Trade Centre.

5-8 March (Tuesday-Friday): Forbes’ Third Annual 30/50 Summit In Abu Dhabi During International Women’s Day.

5-12 March (Tuesday-Tuesday): Subscription period for retail investors for Parkin’s IPO.

5-13 March (Tuesday-Wednesday): Subscription period for institutional investors for Parkin’s IPO.

7 March (Thursday): Beyond Global Trade, Edition Hotel, Dubai.

8 March (Friday): Future Women Leaders Forum 2024, Fairmont Dubai.

8-9 March (Friday-Saturday): World Triathlon Championship Series 2024 Opening Race, Yas Marina Circuit on Yas Island.

11/12 March (Monday/Tuesday): Start of Ramadan.

21 March (Thursday): Parkin shares begin trading.

APRIL

TBC April: DRIFTx, Abu Dhabi.

9/10 April (Tuesday/Wednesday): End of Ramadan, public holiday.

8-12 April (Monday-Friday): Eid Al Fitr, public holiday.

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.

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

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

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

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

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

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

MAY

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

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

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

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.

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

DECEMBER

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

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

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