Flurry of IPO and M&A news

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WHAT WE’RE TRACKING TODAY

THIS MORNING: World Bank sees the UAE growing at a 3.4% clip this year + There’s no Damac Air

Good morning, wonderful people. M&A is the flavor of the day today, with not one, not two, but three M&A stories worth your time, courtesy of the Abu Dhabi Investment Authority, Vertex, and Taaleem. Plus: We have two big IPO news, with Talabat’s orderbook fully covered soon after opening, and Dubai Holding mulling listings for two units next year.

WEATHER- The mercury peaks at 31°C in Dubai, before cooling to an overnight low of 24°C. Over in Abu Dhabi, temperatures peak at 28°C before cooling to 23°C overnight.

FACT CHECK- Dubai-based developer Damac Properties will not be launching a luxury airline... it’s just launching a new project dubbed “Damac Islands.” Managing Director Amira Sajwani clarified the company’s marketing stunt during a presser unveiling their new project in Al Qudra area in Dubai, which features villas inspired by global island destinations, Khaleej Times reports.

The developer had earlier teased the launch of Damac Air, a luxury airline offering flights to tropical destinations, including Maldives, Bali, Bora Bora, and Seychelles.

SPORTS-

The UAE thrashed Qatar in a 5-0 victory in the AFC Asian Qualifiers yesterday, with Fabio Lima firing four goals — landing a first-half hattrick, including a penalty, and another penalty in the second half. The UAE is now trailing Uzbekistan and Iran in the qualifiers.

WATCH THIS SPACE-

#1- World Bank raises UAE growth forecast for 2024: The World Bank upgraded its 2024 growth outlook for the UAE to 3.4%, slightly up from its projection of 3.3% last month, its Chief Economist for the Mena region Roberta Gatti told Wam. The revision comes on the back of the country’s economic diversification strategy and reduced dependence on oil. The World Bank anticipates the UAE will maintain fiscal and monetary surpluses throughout 2024, Gatti said.

REMEMBER- The World Bank’s forecasts for the wider region are:

2.2% growth for MENA economies this year;
1.9% growth for GCC countries in 2024, with a strong rebound of 4.2% in 2025, driven by the expansion of the non-oil sector in most GCC countries.

#2- Al Dahra to up its Egypt operations: Al Dahra Egypt — a subsidiary of Emirati agribusiness Al Dahra — is planning on investing some USD 200 mn to add between 80k-90k feddans to its land portfolio over the next five years, Al Dahra Egypt CEO Raouf Tawfik told EnterpriseAM on the sidelines of a press conference yesterday to showcase the company’s future plans. The company is also looking to invest another USD 30 mn on additional equipment, as well as to help its efforts in reclaiming 2k feddans from the land it currently owns, Tawfik added.

Al Dahra is already a significant player in Egypt, owning 67k feddans of land and being the largest private-sector wheat producer in the country. It has reclaimed 40k feddans and invested USD 250 mn to cultivate land for strategic crops, including wheat, corn, and sugar beets. Despite challenges, such as the government's withdrawal of land in 2019, the company has helped reduce Egypt's import bill by USD 250 mn since it began operating in the country.

#3- Damac Properties is ramping up its investments in digital infrastructure, with over 10 data centers currently under construction, the company’s Founder and Chairman Hussain Sajwani told CNBC Arabia (watch, runtime: 06:15). Damac is spending USD 10 mn per MW of data center capacity, Sajwani said. The Dubai-based developer owns land in Greece, Spain, Saudi Arabia, Turkey, Indonesia, and Malaysia for these developments, focusing on Asia and Europe as key regions for expansion.

REMEMBER- The conglomerate said in June that it plans to invest USD 1 bn in data centers through its digital unit Edgnex over the next couple of years in response to the global demand for digital infrastructure. Its data center unit, Edgnex, is building USD 600 mn data centers in Saudi Arabia in Dammam and Riyadh, slated to go online next year, and USD 1 bn in data centers in Thailand. The company also earmarked USD 100 mn alongside telecoms operator Vodafone Turkey to establish a new 6 MW data center in Izmir, Turkey, also set to go online next year.

#4- Air taxis will operate in Dubai through an Uber-like network, offering automated point-to-point transportation through air corridors across the emirates, Paul Griffiths, Dubai Airports CEO, told The National. The UAE's General Civil Aviation Authority (GCAA) will define the air taxi corridors and airspace under specific regulations until the process is automated, he said. Once fully automated, “the technology can take care of the separation and optimization of the traffic,” resulting in a “very efficient solution…[making] air taxis very quick, very convenient, very sustainable and very efficient over a short period of time,” Griffiths explained.

Remember: GCAA granted operational approval for the country’s inaugural vertiport back in April, after publishing the world’s first national regulation related to vertiports — covering their design and operational requirements — in December 2022. The authority later confirmed plans to launch air taxis by 1Q 2026, with several eVTOL manufacturers pledging to launch them as soon as next year.

#5- Adia-backed Lenskart eyes pushing valuation to USD 6 bn: Abu Dhabi Investment Authority (Adia)-backed Indian eyewear brand Lenskart is in talks for a USD 200-300 mn secondary share sale, potentially pushing its market valuation to USD 6 bn, Zawya reports, citing sources as telling the Economic Times. The share sale would see Lenskart’s valuation climb by 20%; however, the final structure and size of the share sale will depend on the company securing the “right number of sellers,” according to the sources.

The details: Existing investors Fidelity, Kedaara Capital and a third “significant early investor” are mulling participation in the share sale, the Economic Times said.

Background: Adia bought into Lenskart last year, signing a USD 500 mn agreement with the Indian company to acquire a 10% stake through purchasing primary and secondary shares, making it the largest shareholder in Lenskart.

#6- Stirling Advisors expects Ras Al Khaimah to see 14.1k new units between 2026 and 2029, 40% of which will be branded residences, the Ras Al Khaimah-based advisory firm said in a press release accompanying its Ras Al Khaimah Investment Pulse report. The emirate’s real estate growth is centered around Marjan Island with 63% of the projects taking place there, while the remaining 37% is located in Al Hamra and Mina Al Arab, the firm said.

DATA POINTS-

#1- Nearly 51.6k new companies joined the Dubai Chamber of Commerce in 9M 2024, marking 4% y-o-y growth, according to a press release from the chamber. Meanwhile, the value of members’ exports and re-exports climbed 7% y-o-y during the period to reach AED 224 bn, the release said.

#2- Dubai International Airport (DXB) handled 23.7 mn passengers in 3Q 2024, with the total YTD reaching 68.6 mn, up 6.3% y-o-y, according to the Dubai Media Office. DXB managed over 111.3k flights during the quarter.

The airport is projected to reach an annual traffic total of 91.9 mn passengers by the end of the year, marking the highest total in its history,

#3- The UAE had the lion’s share of assets of the Middle East's top 25 banks in 2023, with USD 1.1 tn out of a total of USD 3.2 tn in assets, according to a report from Arthur D. Little (pdf). Saudi Arabia followed closely with USD 971 bn in assets.

PSA-

Emirates suspends flights to Iraq + Lebanon: Emirates canceled flights to and from Baghdad, Iraq, until 30 November, and to and from Beirut, Lebanon, until 31 December, the Dubai carrier said in a travel update on its website. Flydubai flights to Baghdad are still operating, but passengers are encouraged to regularly check their flight status for updates, Emirates said.

HAPPENING TODAY-

#1- Ras Al Khaimah Ruler Sheikh Saud bin Saqr Al Qasimi is currently on a four-day visit to Guangdong Province, China, which commenced yesterday, Wam reports. During the visit, the RAK Ruler will sign a cooperation agreement with Guangdong, focusing on the digital economy, scientific and technological innovation, advanced manufacturing, smart cities, and culture and tourism. Al Qasimi will also hold business meetings.

#2- The International Program for Civil Aviation Leaders is on its third day today in Dubai, bringing together over 20 civil aviation ministers, as well as heads of civil aviation authorities from Arab countries to ramp up cooperation within the sector, state news agency Wam reports. The event wraps up on 21 November.

#3- Dubai Future Solutions–Prototypes for Humanity is on its second day today and runs until Thursday at Emirates Towers in Dubai. The event will facilitate collaboration among graduates and professors from over 800 universities, focusing on innovation in sectors such as agriculture, healthcare, energy, civil society, mobility, water, and the environment.

#4- Air Expo kicks off is on its second day and runs until Thursday at the Adnec in Abu Dhabi. The event will gather over 20k aviation professionals and will feature keynote speakers and panel discussions from industry leaders focusing on advanced air mobility, among other topics in the aviation sector.

#5- The Adia Lab Symposium 2024 also runs until Thursday at the ADGM. The event will feature discussions by notable researchers and scientists on the topics of climate change and AI implementations.

#6- Dubai Future Forum is on its second and final day at the Museum of the Future. Hosted by the Dubai Future Foundation, the event will bring together 150 global speakers, including government officials, CEOs, academics, and futurists, and spotlight 100 pilot projects to advance future-focused strategies for healthcare, nature, and other key topics.

#7- Qatar Development Bank (QDB) kicked off a Qatari trade mission to the UAE in Dubai yesterday, featuring site visits and dedicated B2B meetings, QDB vice president of enterprise development Khalid Abdullah Al Mana told Khaleej Times. The mission will bring over 25 Qatari companies from various sectors — including construction, plastics, iron and steel, food and beverage, artificial intelligence, and sports technology — to explore investments in the UAE.

#8- Xpanse 2024kicks off today at the Adnec Center in Abu Dhabi, and runs until Friday, Wam reports. The event will focus on artificial intelligence, machine learning, genomics, quantum computing, neuromorphic computing, and 6G connectivity. Some 3k decision-makers, technology innovators, Nobel Prize winners, industry executives, CEOs, government officials, and scientists are expected to attend.

#9- The Global Freight Summit is wrapping up today at the Dubai Exhibition Centre in Expo City. The event features discussions on key freight-related topics, such as digitalization, sustainability, and building resilient trade routes.

THE BIG STORY ABROAD-

After securing approval from US President Joe Biden earlier this week, Ukraine hit Russia with long-range US missiles, striking an ammunition storage facility without causing any casualties. Moscow views the move as an “escalation” from the West, particularly as Ukraine would be unable to launch the missiles without the US providing “direct operational support.” The attack comes on the 1,000th day of the war. (Bloomberg | Reuters | Wall Street Journal | Financial Times)

Meanwhile in Rio, the G20 issued a statement (pdf) with what’s being described as weak language, further throwing a wrench in stalled negotiations at COP29. The shortcoming is made all the more concerning as world leaders are in “disarray” before Donald Trump — who is expected to bring yet more chaos and uncertainty — enters office, Bloomberg says. The Financial Times also has the story.

AND- Tennis legend Rafael Nadal stepped off the court for the last time in his 23-year career to retire at age 38. The “king of clay” lost his last singles match 4-6, 4-6 against the Netherlands’ Botic Van Der Zandschulp at the Davis Cup yesterday. (Sports Illustrated | New York Times | CNN | Vogue | Reuters)

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Dubai Holding mulls IPOs for commercial and residential property units

Dubai Holding is exploring plans to separately list its commercial and residential property units on the DFM next year, Bloomberg reports, citing people familiar with the matter. The state-run investment firm — managing assets worth AED 265 bn — is considering bundling its malls and commercial assets into a separate entity for a potential listing, while the residential units could be packaged into a real estate investment trust, Bloomberg reported previously.

REMEMBER- The firm is already working on creating a REIT for its residential properties. Dubai Holding reportedly tapped Citigroup, HSBC Holdings, and Emirates NBD Capital for the potential offering last month in a bid to capitalize on Dubai’s real estate boom.

Background: Dubai’s government-backed real estate firms Nakheel and Meydan merged into one entity held by Dubai Holding in March. Dubai Holding used an AED 30 bn loan to refinance the debts of the two developers.

What do we know? The residential REIT is expected to debut on the Dubai bourse in early 2025, followed by the commercial entity, the sources said. Discussions are still underway, with the final structure, timing, and valuations yet to be agreed upon.

ADVISORS- Emirates NBD Capital, Morgan Stanley, and Citigroup are advising on the residential REIT. Emirates NBD is also advising on the commercial transaction, alongside HSBC and JPMorgan.

THE DFM PIPELINE AT A GLANCE-

Delivery Hero’s Middle East arm Talabat is set to debut on the DFM in December, after seeing its orderbook fully covered within minutes of opening;
Construction firm Alec tapped advisors for a planned IPO;
Amanat Holdings is looking to list its education and healthcare units, with reports that its healthcare unit could raise around USD 200 mn this year;
Hospitality group Five Holdings and Dubai-based platform Dubizzle Group also tapped advisors for a potential IPO next year;
Shisha producer Advanced Inhalation Rituals is also eyeing an IPO.

Talabat IPO fully covered on day one

Talabat’s DFM IPO fully subscribed on day one: Delivery Hero’s Middle East unit Talabat saw its orderbook fully covered “minutes after the books opened” yesterday, setting it up to raise up to USD 1.5 bn from its upcoming listing on the DFM, Bloomberg reports. Retail investors have until Wednesday, 27 November, to get their orders in, with the subscription period for institutional investors wrapping the following day.

Who’s in? Cornerstone investors, including UAE Strategic Investment Fund, Abu Dhabi Pension Fund, and Emirates International Investment Co, committed around USD 250 mn in shares, the company said in a statement (pdf). The UAE Strategic Investment Fund contributed the largest portion, with USD 140 mn, while Abu Dhabi Pension Fund committed USD 60 mn, and Emirates International Investment Co pledged USD 50 mn.

Background: Delivery Hero will sell a 15% stake in its Middle East unit Talabat on the DFM at AED 1.5-1.6 a piece. The top end of the price range values the company at USD 10.2 bn.

The final price will be disclosed on 29 November, after which the company’s shares will start trading on 10 December, the statement reads.

A strategic play to lock in strong post-IPO performance? Setting a low price range — 40% less than that of Delivery Hero’s non-European peers, Bloomberg wrote — could reflect the company’s “eagerness to preserve the post-IPO price performance,” Bryan Garnier equity analyst Clement Genelot said, adding that Delivery Hero’s dual strategy involves securing capital to strengthen its balance sheet, while nudging the market to revise its valuation for the company as a whole.

REMEMBER- Recent IPOs in the UAE had lackluster market debuts, with Lulu Retail’s shares falling as much as 2.5% on their first day of trading before paring back losses to settle at the set share price, while Abu Dhabi-based edtech firm Alef Education saw its shares drop 18% on its first day of trading.

ADVISORS- Delivery Hero appointed Emirates NBD Capital, Morgan Stanley, and JP Morgan as joint coordinators and bookrunners, with Abu Dhabi Commercial Bank (ADCB), Barclays, EFG-Hermes UAE, First Abu Dhabi Bank (FAB), Goldman Sachs, ING, and UniCredit also acting as joint bookrunners. Emirates NBD is the lead receiving bank, while ADCB, Abu Dhabi Islamic Bank, Al Maryah Community Bank, Wio, Emirates Islamic Bank, FAB, and our friends at Mashreq are also acting as receiving banks.

Adia closes in on a slice of Malaysia Airports with a takeover bid

The Abu Dhabi Investment Authority (Adia) submitted a formal conditional offer last week to take over the remaining shares of Malaysia Airports as part of a consortium with Malaysian sovereign wealth fund Khazanah Nasional Berhad, Malaysian pension fund Employees Provident Fund, and Global Infrastructure Partners, according to a bourse disclosure (pdf). An offer notice was submitted to Malaysia Airports by AmInvestment Bank, which is acting on behalf of the consortium on Friday.

The breakdown: The consortium is offering to pay MYR 11 (USD 2.4) per share, representing a 6% premium over the previous traded price on Friday, and valuing it at USD 4.1 bn. Upon the transaction’s completion, the two Malaysian investors will collectively own 70% of MAHB, with Adia and GIP holding the remaining 30%.

The offer is conditional, meaning the bidders need to acquire at least 90% of the company’s shares — including its current 41.1% stake — to go through.

Regulatory authorities gave the bid its green light: This decision was made after receiving regulatory approval from the Malaysian Aviation Commission and fulfilling the pre-conditions set by foreign and domestic authorities.

Analysts think shareholders will agree: “We believe the risks skew towards acceptance,” NST reports, citing a report by Macquarie Capital Securities (Malaysia), which says the government’s plans to pursue privatization will push it to accept.

The consortium is not planning any layoffs following the acquisition, with plans to focus on the maintenance and development of airport infrastructure, passenger services and airline connectivity, The Edge reports.

OTHER M&A NEWS-

Abu Dhabi National Hotels’ (ADNH) catering arm ADNH Catering plans to increase its stake in Compass Group’s Saudi catering business Compass Arabia to 50% from 30% as part of its regional expansion strategy, according to an ADX disclosure (pdf).

REMEMBER- The company is looking to tap further into the KSA market: ADNH Catering CEO Clive Cowley said last month that the company’s next chapter will focus on “expanding [ADNH Catering’s] operations in the UAE and Saudi Arabia.” ADNH Catering previously expressed interest in expanding in the Saudi Eastern Province, including Jeddah and Riyadh, where the company currently operates via ADNH Compass, which used to be a JV with Compass Group. ADNH Compass became a wholly-owned subsidiary of ADNH after it acquired Compass’ entire 50% stake in the company back in March.

One IM fund raises more than USD 1 bn to fuel global expansion

One IM raises more funds for global expansion: Mubadala and Sheikh Tahnoon bin Zayed Al Nahyan’s Royal Group-backed fund One Investment Management (One IM) secured an additional c.USD 1 bn in commitments to boost its size from USD 6.8 bn to USD 8 bn to fuel its expansion plans, Bloomberg reports, citing sources familiar with the matter. The investors were not disclosed.

We already knew this was coming: The fund reportedly had plans to secure more Gulf investments, boosting its size to USD 10 bn, Former SoftBank CEO — and manager of the fund — told Bloomberg earlier this year.

Where will the funds go? The fund plans to open new offices in New Delhi and Japan and is seeking lending and investment opportunities globally, with some of the investments possibly executed in the form of partnerships with existing backers.

Background: The fund was previously focused on deploying capital in the US and Europe, with offices in New York, London, Abu Dhabi, and Tokyo. It partnered with private credit firm Oak Hill Advisors in July to invest up to USD 5 bn in the upper mid-market and large European companies by providing loans, including first-lien and unitranches, according to their press release (pdf).

Emirates NBD raises USD 500 mn from sustainability-linked bonds

Emirates NBD issues USD 500 mn sustainability-linked bonds under EMTN program: Emirates NBD launched a USD 500 mn five-year sustainability-linked loan bond at initial price thoughts of 125 bps over US Treasuries, Zawya reports. The issuance, which falls under its USD 20 bn Euro Medium Term Note (EMTN) program, marks the bank's first sustainability-linked issuance. The bonds will be issued on 26 November.

Details: Rated A2 by Moody’s and A+ by Fitch, the senior unsecured notes will be listed on Nasdaq Dubai and Euronext Dublin. Proceeds will be used to finance or refinance loans in its sustainability-linked portfolio.

ADVISORS- Emirates NBD Capital and HSBC Bank acted as joint sustainability structuring agents, with HSBC also serving as the billing and delivery bank. Emirates NBD Capital, FAB, HSBC, Industrial and Commercial Bank of China, and Société Generale are joint lead managers and bookrunners.

Taqa, Jera, and Al Bawani consortium secure 25-year contracts for 3.6 GW power plants

Taqa, Jera and Al Bawani consortium to build two power plants in Saudi: The Abu Dhabi National Energy Company (Taqa), alongside Jera, Japan’s biggest power producer and contracting company, and Al Bawani Capital, entered into two 25-year power purchase agreements with the Saudi Power Procurement Company to develop two new greenfield combined cycle gas turbine projects on a build, own and operate basis, according to a press release (pdf).

The details: The projects, known as Rumah 2 IPP and Al Nairyah 2 IPP, will each have a generation capacity of 1.8 GW, resulting in a combined capacity of 3.6 GW.

Ownership structure: Taqa will own 49% of the plant, while Jera owns 31%, and Al Bawani holds 20%. The operation and maintenance of the facilities will be managed by special purpose entities formed by the companies.

Remember: Earlier in the year, Taqa and Jera also reached financial close on an industrial steam and electricity cogeneration plant in Jubail.

OTHER ENERGY NEWS-

Adnoc offshore awards USD 500 mn contract to Abu Dhabi EPC project: Abu Dhabi National Oil Company Offshore awarded a USD 500 mn contract to Target Engineering Construction Company for the second phase of the expansion of Upper Zakum offshore field, Meed reports. The EPC project aims to increase oil production at Upper Zakum to 1.2 mn barrels per day.

The details: The second phase will involve engineering, procurement, and construction works on Asseifiya Island. Key components include an integrated gas lift compressor, a gas dehydration unit, a vapor recovery system, and a seawater filtration package. Adnoc Offshore completed the front-end engineering and design for this phase in-house.

What is Upper Zakum? Upper Zakum is the world’s second-largest offshore oilfield and consists of four artificial islands: Al Ghallan, Umm Al Anbar, Ettouk, and Asseifiya.

Background: The first phase of the project was launched in 2019, with the main USD 825 mn EPC contract going to UAE-based Target Engineering Construction Company.

Vertex acquires UAE-based CBBG Group Construction Expert Services

Vertex acquires UAE’s CBBG to expand forensic consulting services: Vertex, a portfolio company of US private equity firm Wind Point, acquired UAE-based CBBG Group Construction Expert Services, according to a statement. The acquisition marks Vertex’s first global expansion and is expected to enhance its forensic consulting and expert capabilities across the EMEA region. The value of the transaction was not disclosed.

The rationale: Vertex looks to tap into growing demand for “specialized forensic, technical analysis, and dispute resolution services” driven by the surge in infrastructure and construction projects in the region, Vertex CEO David Tortorello said.

About CBBG: The UAE firm specializes in construction disputes, including delay and disruption claims, quantum, expert determination, and technical consulting. CBBG operates across the Middle East, Europe, and Africa, with offices in Abu Dhabi, Dubai, Doha, and London.

Taaleem takes over Dubai-based LLFP Meydan

Education provider Taaleem Holdings fully acquired Dubai-based Lycée Libanais Francophone Privé Meydan (LLFP Meydan) for an undisclosed sum, according to a disclosure (pdf). The school will continue to operate under its current board and leadership, according to a press release. The acquisition is set to be reflected in Taaleem's 2024/2025 financial results.

This acquisition adds a French-curriculum school to Taaleem’s portfolio, which already includes UK, IB, and American curriculum schools. The addition allows Taleem to “meet the needs of families from across the world who now call the UAE home, including an ever-expanding French and Francophone community,” Rebecca Gray, Chief Education Officer at Taaleem, said.

About LLFP Meydan: Located in Dubai’s Meydan district, the school’s campus spans 35.7k sq-m, with a capacity of 1.9k students. The school currently enrolls 1.3k students from 26 nationalities.

Taaleem is on an acquisition roll: The education provider recently acquired land and property assets in Emirates Hills in Dubai from Amity Education Services to develop a new campus for its Dubai British School - Emirates Hills.

Rothschild opens wealth management office in Dubai

BANKING-

Rothschild & Co to offer wealth management services in Dubai: US financial advisory giant Rothschild & Co opened a wealth management office in Dubai International Financial Center in a bid to broaden its services for local clients and wealthy individuals in the region, it said in a statement. The office — already operational — will focus on serving ultra-high-net-worth families, entrepreneurs, charities, and foundations.

Meet the team: Head of Wealth Management for the Middle East at Rothschild & Co Sascha Benz (LinkedIn) took the helm at the Dubai office, supported by a local senior client adviser and a compliance officer. Three additional hires are expected to be onboarded over the next 18 months.

Dubai’s First Deputy Ruler Sheikh Maktoum meets Rothschild & Co’s Alexandre de Rothschild: First Deputy Ruler of Dubai Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum met with Rothschild & Co executive chairman Alexandre de Rothschild to discuss the firm’s expansion into Dubai, with Al Maktoum congratulating the chairman on the expansion, Wam reports.

FOOD SECURITY-

UAE pledges USD 100 mn out of new aid agency to combat hunger and poverty: The UAE plans to allocate USD 100 mn to the Global Alliance against Hunger and Poverty through its newly set up UAE Aid Agency, according to a statement. The multilateral initiative was drafted by Brazil and adopted by the G20 countries, among other international institutions.

INS.-

West P&I Club launches Dubai office: Global ins. provider West P&I Club launched its first office in the Middle East in the Dubai International Financial Center, according to a press release. The new office will focus on claims handling and member support for the UAE, Gulf region, and Indian subcontinent, collaborating with West’s existing claims teams in London and Piraeus. This marks West’s seventh office worldwide, along with Hong Kong, London, Luxembourg, New York, Piraeus, and Singapore.

HEALTHCARE-

Abu Dhabi licenses the world’s first healthy longevity medicine clinic: The Institute for Healthier Living Abu Dhabi (IHLAD) obtained a license from Abu Dhabi’s Department of Health to become the first specialized healthy longevity medicine center in the world, according to the Abu Dhabi Media Office. The center aims to boost the health span of its patients by slowing down the aging process and the development of chronic diseases, using preventative and therapeutic practices.

REAL ESTATE-

#1- Emaar Properties set up a JV with Dubai World Trade Center to develop Expo Living, a new residential community in Expo City Dubai, according to a press release. The project’s first phase, Terra Heights, is lined up for launch. No financial details or construction timelines for the project were disclosed.

#2- Deyaar’s debut Abu Dhabi project sold out: Dubai-based developer Deyaar Development’s first residential project in Abu Dhabi, Rivage, was completely sold out on the back of “overwhelming demand from both investors and homebuyers,” the developer said in a press release (pdf). Launched earlier this month, the project is located on Al Reem Island and features one- to three-bedroom residences, duplexes, and villas, with construction scheduled to wrap up in 4Q 2027.

STARTUPS-

Dubai-based tech infrastructure firm Ahoy launched the Startup Builder Initiative to support 10k entrepreneurs and upskill 30k software developers by 2030, according to a press release. The initiative aims to provide startups with resources, mentorship, and technology to develop their solutions, with a focus on sectors like transport and mobility, aviation, and smart cities development. The participating entrepreneurs will have access to startup community platform 24SIX9.

SUSTAINBILITY-

Ambipar sets up shop in the UAE: Brazil-based environmental services provider Ambipar launched its first MENA regional office, Ambipar Mena, in Abu Dhabi, with operations slated to kick off in January 2025, according to a press release.

CAPITAL MARKETS-

Retail investors subscribing to DFM IPOs can now seek up to five times leverage for certain listings through a new partnership between Dubai Financial Market (DFM) and Al Maryah Community Bank, improving their chances for a potentially higher allocation, according to Dubai Media Office.

TECH-

e& UAE established an AI lab in collaboration with Open Innovation AI, which will focus on developing advanced AI technologies and fostering innovation in sectors such as government services, healthcare, finance, and academia, according to a press release.

ENERGY-

Mubadala, EGA, Khalifa University to establish the UAE’s first high-temperature materials lab: Mubadala Investment Company, Emirates Global Aluminium (EGA), Mubadala's aerostructures manufacturing arm Strata Manufacturing, and Khalifa University of Science and Technology will develop the UAE’s first national laboratory and research program focused on high-temperature materials, Wam reports. The facility, set to open at Khalifa University’s Abu Dhabi campus, aims to localize high-temperature materials research to support both industrial applications and academic study.

US insider sales reach all time highs as execs cash in on post-election rally

Insider sales in the US by executives have hit their highest level for any quarter in the last two decades as record numbers of senior figures in the corporate world unload shares in their companies amid a post-election stock market boom, the Financial Times reports, citing data from VerityData.

(Tap or click the headline above to read this story with all of the links to our background as well as external sources.)

Senior execs from some of Wall Street’s most recognizable stocks have been getting in on the action, including Tesla Board Director Kathleen Wilson Thompson, who has sold some USD 34.6 mn worth of the EV maker’s stock — which has increased in value by over 37% since election day, in part due to the CEO’s involvement with the incoming administration. Four insiders at Goldman Sachs have sold more than USD 28 mn in shares since election day, with the firm’s share price rising 12% over the same period on the back of an expected uptick in mergers and slashing of regulation under the approaching Trump presidency.

One of the biggest gainers was ironically a top Harris donor, with the paper detailing how Palantir Technologies co-founder Alex Karp has offloaded some USD 900 mn worth of stocks since 5 November. Karp saw his company’s stock soar as promising financials released the day before the election coincided with the post-election rally, pushing his company’s stock up 48% since then.

The last time insider selling versus buying at US financial institutions was this high was when Donald Trump was first elected president, all the way back in November 2016.

The most recent post-Trump victory surge follows three below-average quarters in terms of insider selling volumes, VerityData Vice President of Research Ben Silverman said.

Some think that uncertainty, rather than optimism, may be driving some of the sales, say some market observers, including Texas Christian University professor Swami Kalpathy. “There are going to be some losers (and) some industries could get hurt badly,” from Trump’s proposed tariffs, Kalpathy tells the paper, adding that “We have had a good run up. But the other story is that maybe the executives are expecting revisions in equity prices.”

MARKETS THIS MORNING-

Asian markets are starting out the day mostly in the red during early trading this morning, with Japan’s Nikkei currently down 0.4%, along with Hong Kong’s Hang Seng and the mainland’s Shanghai index both in the red by 0.1%. Meanwhile, Korea’s Kospi is up 0.5%.

ADX	9,426	+0.4% (YTD: -1.6%)
DFM	9,426	+0.4% (YTD: +16.6%)
Nasdaq Dubai UAE20	9,426	+0.4% (YTD: +2.3%)
USD : AED CBUAE	Buy 3.67	Sell 3.67
EIBOR	4.5% o/n	4.4% 1 yr
TASI	11,876	+0.4% (YTD: -0.8%)
EGX30	30,688	-0.6% (YTD: +23.3%)
S&P 500	5,917	+0.4% (YTD: +24.1%)
FTSE 100	8,099	-0.1% (YTD: +4.8%)
Euro Stoxx 50	4,751	-0.8% (YTD: +5.1%)
Brent crude	USD 73.31	+0.01%
Natural gas (Nymex)	USD 2.96	-1.4%
Gold	USD 2,635.70	+0.8%
BTC	USD 92,326.30	+1.2% (YTD: +118.0%)

THE CLOSING BELL-

The ADX rose 0.4% yesterday on turnover of AED 1.1 bn. The index is down 1.6% YTD.

In the green: Al Ain Ahlia Insurance Co (+10.4%), Chimera (+9.7%) and Abu Dhabi Ship Building (+7.9%).

In the red: E7 Group PJSC Warrants (-5.7%), Aram Group (-4.6%) and Agthia Group (-3.5%).

Over on the DFM, the index rose 0.4% on turnover of AED 542.7 mn. Meanwhile, Nasdaq Dubai closed up 2.3%.

Sheikh Khaled bin Mohamed bin Zayed Al Nahyan holds talks with world leaders at G20 Summit

Crown Prince of Abu Dhabi holds key talks with global leaders on the sidelines of the G20 summit: On the sidelines of the G20 summit in Rio de Janeiro, Brazil, Crown Prince of Abu Dhabi Sheikh Khaled bin Mohamed bin Zayed Al Nahyan met with several world leaders, including:

Egyptian President Abdel Fattah El Sisi to explore ways to deepen the UAE-Egypt strategic partnership (Wam)
French President Emmanuel Macron to discuss strengthening ties and boosting cooperation (Wam)
South African President Cyril Ramaphosa to discuss expanding bilateral ties (Wam)
Italian Prime Minister Giorgia Meloni to explore broadening cooperation across various sectors (Wam)

President Sheikh Mohamed bin Zayed Al Nahyan met with Qatari Prime Minister Sheikh Mohammed bin Abdulrahman Al Thani in Abu Dhabi yesterday to discuss bilateral ties between the two nations, Wam reports. The meeting focused on strengthening cooperation in areas of mutual interest as well as ways to achieve security and stability in the region.

CALENDAR

NOVEMBER

19-27 November (Tuesday-Wednesday): Subscription period kicks off for the retail portion of Talabat’s IPO.

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

18-20 November (Monday-Wednesday): MIHAS@Dubai, Dubai World Trade Center, Dubai.

18-20 November (Monday-Wednesday): Middle East Organic and Natural Products Expo, Dubai World Trade Center.

18-20 November (Monday-Wednesday): The International Conference of ShenZhen Association, Dubai World Trade Center.

19-20 November (Tuesday-Wednesday): Dubai Future Forum, Museum of the Future, Dubai.

19-21 November (Tuesday-Thursday): Dubai Future Solutions – Prototypes for Humanity, Emirates Towers, Dubai.

19-21 November (Tuesday-Thursday): Air Expo, Adnec, Abu Dhabi.

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

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

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

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

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

23-24 November (Saturday-Sunday): Forbes Middle East Medical Tourism & Wellness Summit, Jumeirah Beach Hotel, Dubai.

26 November (Tuesday): The Gulf Capital Market Summit, Address Sky View, Dubai.

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

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

26-27 November (Tuesday-Wednesday): Open Source AI Summit, The St. Regis Saadiyat Island Resort, Abu Dhabi.

26-28 November (Tuesday-Thursday): Liveable Cities X, Dubai World Trade Center.

26-28 November (Tuesday-Thursday): Future FM, Dubai World Trade Center.

26-28 November (Tuesday-Thursday): Geo World, Dubai World Trade Center.

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

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

27 November: Acceptance period for Adnoc’s Covestro takeover bid ends.

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

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

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

DECEMBER

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

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

4-6 December (Wednesday-Friday): Abu Dhabi Business Week, Adnec Center, Abu Dhabi.

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

5 December (Thursday): Khalifa Fund Entrepreneurship Competition, Adnec center, Abu Dhabi.

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

13 December - 4 January (Friday-Saturday): Liwa International Festival, Al Dhafra, Abu Dhabi.

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

1- December (Tuesday): Talabat’s shares will start trading on the DFM.

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

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

10-11 December (Tuesday-Wednesday): Global Trade and Infrastructure at Logimotion, Dubai World Trade Center.

10-11 December (Tuesday-Wednesday): SCALEX at Logimotion, Dubai World Trade Center.

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

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

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

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

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

6 December-12 January: Dubai Shopping Festival.

Signposted to happen sometime in December:

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

JANUARY 2025

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

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

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

11-13 January (Saturday-Monday): The 1 Bn Followers Summit, Dubai.

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

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

14-16 January (Tuesday- Thursday): Intersec, Dubai World Trade Center, Dubai.

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

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

FEBRUARY 2025

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

1-28 February (Saturday-Friday): 3rd Sheikh Mansour bin Zayed Agriculture Excellence Award, Abu Dhabi.

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

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

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

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

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

Signposted to happen sometime in 1Q 2025:

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

APRIL 2025

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

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

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

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

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

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

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

Signposted to happen sometime in April:

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

MAY 2025

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

19-22 May (Monday-Thursday): Make it in the Emirates Forum 2025, Adnec, Abu Dhabi.

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

SEPTEMBER 2025

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

24-25 September (Wednesday-Thursday): Mohammed Bin Rashid Leadership Forum, Mohammed Bin Rashid Center for Leadership Development, Dubai.

OCTOBER 2025

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

Signposted to happen sometime in 2025:

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

Signposted to happen sometime in the fall of 2025:

2025 Games of the Future, Dubai.

Signposted to happen sometime in 2026:

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

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