Fresh pledges to local industry

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WHAT WE’RE TRACKING TODAY

THIS MORNING: IHC eyes USD 1 bn in mining acquisitions this year

Good morning, wonderful people. It’s a slower than usual start to the week, but we have a lot of news from the first day of the Make it in the Emirates forum to dig your teeth into, as well as more data on the country’s real estate sector in 1Q 2024, and updates on a long-standing real estate dispute.

PUBLIC SERVICE ANNOUNCEMENTS-

Dubai residents will now need to pay their vehicle fines digitally through the Roads and Transport Authority’s upgraded smart application or website, after the service was discontinued at the authority’s customer and service centers, the authority said on X.

WATCH THIS SPACE-

IHC ups its assets in Africa: The International Holding Company’s (IHC) mining investment arm, International Resources Holding (IRH), has inked new joint venture agreements for iron ore mining in Angola’s Kassala Kitungo and Munenga, IHC CEO Syed Basar Shueb told the Financial Times yesterday. IRH is also in advanced talks to mine nickel in Burundi and various metals in Tanzania and Kenya, expecting to make some USD 1 bn of mining acquisitions this year.

AND- The company plans to directly buy the mining concessions and make them “green” by using renewable energy sources like solar power, Shueb said.

REFRESHER- IHC is doubling down on securing critical metal supplies from Africa. Last month, the company snagged a 51% stake in Zambia’s Mopani Copper Mines for USD 1.1 bn, and reportedly bid over USD 1 bn for Mumbai-based Vedanta's 51% stake in Zambia's Konkola Copper Mines. The natural resources extractive company is also reportedly looking to bid for private equity player EMR Capital's 80% stake in Zambia’s Lubambe Copper Mine.

Other bidders? “Majority of the time you’re competing with Chinese. There’s no other countries,” Shueb said.

HAPPENING TODAY-

#1- President Sheikh Mohamed bin Zayed Al Nahyan heads to South Korea for a two-day visit today, at the invitation of South Korean President Yoon Suk Yeol, Wam reports. The state leaders will discuss ramping up cooperation in trade, investment, energy, and technology, in addition to regional and international developments. Marking the president’s first visit to Korea, the landmark working visit is expected to see the two countries sign a number of investment agreements and MoUs to bolster bilateral business cooperation, according to Korean news portal Korea.net.

#2- Yemeni Prime Minister Ahmad Awad bin Mubarak arrived in the Emirates on Sunday on an official visit in response to an invitation sent by the Dubai Ruler Sheikh Mohammed bin Rashid Al Maktoum, Saba Net writes.

#3- The MENA Investor Conference hosted by Arqaam Capital kicked off yesterday and runs through to today, according to a press release (pdf). Over 70 companies from eight major markets in the region, with a combined market cap of over USD 500 bn across 20 sectors, are attending. The conference will explore regional market trends, Saudi Arabia's mega projects, the UAE's real estate market, and economic outlooks for Qatar, Egypt, and Kuwait.

HAPPENING THIS WEEK-

#1- Dubai-based contractor Drake & Scull’s shares will resume trading on the Dubai Financial Market (DFM) tomorrow, according to a DFM disclosure (pdf). The contractor’s relisting comes following its capital increase, which raised over AED 450 mn as part of its restructuring plan.

Background: The DFM approved its restructuring plan — which will write off 90% of its debt — back in November 2023, which it was required to implement within a year from approval. The construction company was suspended from trading in November 2018 on the back of excessive financial losses and reporting violations.

#2- The President will head to China on Thursday, 30 May, at the invitation of Chinese President Xi Jinping, to ring in the 40th anniversary of diplomatic relations between the UAE and China, Wam reports. The visit seeks to build on the countries’ existing strategic partnership, with the state leaders set to discuss furthering economic, developmental, and cultural cooperation to promote sustainable development and economic growth across both countries. President Al Nahyan will also attend the latest Ministerial Conference of the China-Arab States Cooperation Forum during his visit.

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THE BIG STORY ABROAD-

One story is on every front page this morning: Israel’s deadly strike in Rafah and Israeli troops exchanging fire with Egyptian forces at the Rafah crossing.

There’s been a global outcry after Israel killed at least 45 people in a Rafah tent camp. Even its closest allies in the US have piled on, though two US officials told Axios that the Biden administration is still deciding whether the attack crosses a red line. European Union foreign ministers have for the first time “engaged in ‘significant’ discussion on sanctioning Israel if it doesn’t comply with international humanitarian law,” Politico reports, citing remarks by Irish Foreign Minister Micheál Martin.

PRESENTED WITHOUT COMMENT- A “tragic mistake,” says Netanyahu: Addressing the Israeli Parliament yesterday, Prime Minister Benjamin Netanyahu said that the deaths were due to a “technical failure” and came despite Israel’s “immense efforts to avoid harming the non-involved” (watch, runtime: 0:45).

The news is everywhere this morning: Reuters | Financial Times | New York Times | Times of Israel | Associated Press.

AND- An Egyptian officer was shot dead during an exchange of fire between Israeli and Egyptian forces yesterday. The Egyptian Armed Forces are investigating, a military spokesman said. The two sides are in talks to de-escalate, according to a statement from the Israeli side picked up by the Financial Times.

MEANWHILE- It’s crickets in the global business press this morning. Both US and UK markets were closed yesterday for national holidays.

New funding pledged for local industry at Make It in the Emirates

The latest Make It in the Emirates Forum kicked off yesterday in Abu Dhabi with some AED 23 bn pledged for new industrial projects, AED 5 bn pledged to support SMEs in the sector, and more initiatives announced to boost AI in the sector and stimulate industrial growth in the northern emirates.

ADNOC INKS AED 16.8 BN AGREEMENTS + PLEDGES AED 20 BN-

Adnoc boosts local procurement target to AED 90 bn: Adnoc has boosted its target for procurement of local supplies to AED 90 bn by 2030, after meeting its 2027 target of AED 70 bn ahead of schedule, Wam reports. Allocated under its In-Country Value (ICV) program, Adnoc’s new target aims to drive back AED 178 bn into the UAE’s economy over the next four years.

The oil firm met its 2027 target after awarding two AED 16.8 bn contracts to local manufacturers to acquire metal pipes and valves.

The breakdown: Adnoc has signed agreements worth AED 8.8 bn to purchase metal pipes from M Piping Petroleum Equipment, Ajmal Steel, and the Emirati-owned Al Gharbia. The state-owned oil giant also inked AED 8 bn agreements to acquire mechanical valves from valve manufacturers Samamat, Camtech Manufacturing, Tisco Valves Manufacturing, PTPA, and MT Valves and Industries.

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. Since its inception, Adnoc has injected AED 187 bn back into the economy and awarded contracts worth AED 22.4 bn to 600 small and medium companies.

Adnoc will also launch a “dedicated micro, small and medium enterprises accelerator programme to enable Emirati businesses and local mSMEs to conduct business across Adnoc’s supply chain,” the statement reads. The expanded program will also offer sustainability incentives for investors to encourage the integration of clean tech in supply chains.

ALSO- PureHealth also inked offtake agreements worth some AED 3 bn for the procurement of local supplies, Wam reported separately. Funding for local manufacturing procurement now stands at AED 143 bn, spanning over 2k products.

REMEMBER- The bigger picture. The UAE is aiming to edge the industrial sector’s contribution to GDP to AED 300 bn by 2031. The sector comprised AED 197 bn of GDP in 2023.

EDB PLEDGES AED 5 BN FOR LOCAL INDUSTRY + MORE FOR AI-

Emirates Development Bank (EDB) is allocating up to AED 5 bn to finance businesses and projects in the manufacturing sector, marking its highest funding pledged to date, in a bid to boost “technology adoption, economic resilience and diversification” in the sector, according to a press release. The AED 5 bn is part of a wider AED 30 bn pledge to support some 13.5k companies in its priority sectors — renewables, manufacturing, advanced technology, healthcare and food security — by 2026.

Some AED 1 bn of the funding will be co-lended with commercial banks via credit guarantee schemes and multilateral agreements.

EDB ❤ ️ the industrial sector: EDB contributed AED 4.3 bn to the country’s total industrial GDP in 2023, up 80% y-o-y from its AED 2.4 bn share in 2022. The lender aims to raise its contribution to AED 10 bn in two years by “focusing on empowering the private sector to drive the nation's economic growth,” EDB CEO Ahmed Mohamed Al Naqbi said.

AND- EDB is providing AED 370 mn in funding to promote AI adoption across the industrial sector, via a newly launched Innovation through Artificial Intelligence program, Wam reported. The investment ticket will be mobilized in partnership with the Industry and Advanced Technology Ministry.

The program will provide access to technology developers and “remove financial barriers” to accelerate the use of AI in the sector, Wam said.

NEW INCENTIVES FROM ETIHADWE FOR NORTHERN EMIRATES-

EtihadWe has revised its energy consumption tariff structure for industrial and tech customers in the northern emirates in a bid to stimulate industrial growth, CEO Youssef Al Ali told Wam on the sidelines of the event. The new tiered pricing system targets manufacturers with a monthly consumption exceeding 10 MW per hour.

The new system: Starting rates for the tariff will now begin at 26 fils per KW hour, down from 32 fils per KWh

UltraTech to ramp up stake in Rak White Cement

UltraTech to up stake in Rak White Cement: Indian cement manufacturer Ultratech has submitted a bid to acquire an additional 31.6% stake — or 158 mn shares — in Ras Al Khaimah for White Cement (Rak White Cement) through its UAE-based subsidiary, UltraTech Cement Middle East Investments, according to an ADX disclosure (pdf). UltraTech has offered to buy the stake at AED 1.15 per share.

Background: UltraTech acquired a 29.39% stake in Rak White Cement for USD 101 mn in 2022.

The plan: UltraTech intends to expand the cement manufacturer’s operations locally and globally, and to introduce new products to Rak Cement’s production portfolio, such as wall care putty.

What’s next? Rak White Cement is set to tap a financial adviser to present a recommendation report for its shareholders.

Market reax: Rak White Cement’s shares closed up 12% at AED 1.09, putting the offer from UltraTech at a 5% premium.

Abu Dhabi’s Wahat Al Zaweya to refund AED 702 mn to buyers

Wahat Al Zaweya to pay up AED 702 mn in court settlement: The Judicial Department in Abu Dhabi has ordered Abu Dhabi-based real estate developer Wahat Al Zaweya to refund AED 702 mn in deposits to buyers in the Wahat Al Zaweya project as part of the first phase of settling 822 lawsuits, according to a statement.

In detail: Final rulings were issued by the ad hoc judicial body overseeing the Wahat Al Zaweya project file. The judicial body ordered the termination of all contracts with the buyers and ordered refunds to be deposited into the bank accounts of the claimants.

Background: A special judicial body was established in 2021 to resolve disputes related to the Wahat Al Zaweya and Wahat Yas projects. This body was mandated to manage all legal cases — whether already settled, pending, or newly filed — concerning the projects. It was also responsible for evaluating the financial position of Wahat Al Zaweya to ensure that it can fulfill its settlements. The judicial body was established after nearly a decade-long delay in delivering the properties and reported issues of financial mismanagement.

What’s next? The second phase of the settlement will address lawsuits filed by 630 buyers before the first phase of the settlement, offering the claimants the option to be re-offered units in the project. This phase aims to settle all pending cases through agreements, allowing buyers to decide whether to proceed in the project after reviewing the market conditions, aiming to ultimately close the Wahat Al Zaweya file.

Wahat Al Zaweya intends to resume development of the halted project after resolving outstanding legal issues by the end of 2024. The developer’s board of directors proposed a plan to appoint authorized contractors to complete the project and hand over properties to owners within one to three years.

Dubai and Abu Dhabi’s retail rental market under pressure due to limited supply and rising demand

Dubai and Abu Dhabi’s retail rental markets witnessed a “supply-and-demand imbalance” in 1Q 2024, driving rents to increase 14.7% y-o-y in Abu Dhabi, and 10.5% y-o-y in Dubai, according to commercial real estate services firm CBRE Middle East’s retail and industrial market review (pdf).

DUBAI-

Average occupancy rates within freezone locations inched up 1.2% y-o-y to reach 91.3%. This segment’s average rents stood at AED 43 per sq-ft in 1Q 2024, marking a 14.3% y-o-y increase, CBRE said in its office market review (pdf).

In the first quarter of the year, Dubai's industrial and logistics market saw 3k rental registrations, a 3.2% y-o-y increase, according to data from the Dubai Land Department. This growth was driven by a 3.4% rise in new rental registrations and a 3.1% increase in renewals. Rents in this market segment reached AED 493 per sqft.

Dubai's retail market saw the registration of 23k rental contracts in 1Q 2024, somewhat the same as in 1Q 2023. New rental registrations rose by 1.6%, while renewed rental registrations fell by 3.4%

Dubai saw some 47k new office registrations, marking a 36% y-o-y surge, CBRE said, citing data from the Dubai Land Department. New rentals jumped 51.1% y-o-y to exceed 34.4 registrations. Renewed contracts stood at 12.4k, up 6.1% y-o-y from 1Q 2023.

The emirate’s limited rental properties could stunt market growth: “Although demand within Dubai’s retail market continues to primarily originate from the food and beverage sector, we are seeing a rising number of global and international retail brands looking to establish or expand in Dubai’s core locations despite the limited availability of quality stock and elevated occupancy levels, hampering market activity,” CBRE said.

ABU DHABI-

Office occupancy rates in Abu Dhabi increased by 9.1% y-o-y, with a total of 10.4k rental contracts. This growth was driven by a 21.2% y-o-y rise in new rental registrations, despite a 5.1% y-o-y decline in renewed contracts.

Driving demand: “The primary source of occupational demand in Abu Dhabi continues to originate from entities with direct and indirect government links, particularly in on-shore locations. That being said, the limited availability of quality stock remains one of the main challenges being faced. Given this, several entities have started considering build-to-suit options, particularly within core CBD locations, to accommodate their future expansion plans,” CBRE said.

Retail leasing fell 8.1% y-o-y in Abu Dhabi to some 7.7k rental contracts in 1Q 2024, attributed to renewed rental registrations contracting by 8.8% and a 6.6% drop in new contract registrations. On the upside, average rents increased by 14.7% to reach AED 2.1k per sqm.

The emirate saw industrial and logistics rental registrations grow 4.7% y-o-y, with new rentals climbing 9.0% and renewed contracts rising 2%. The industrial market saw a 5.1% y-o-y increase in average rents to AED 408 per sq-m.

LOOKING AHEAD-

Upwards pressure on rentals to remain, but market activity could dampen: “The strong levels of demand seen in the UAE’s retail market have resulted in a discernible lack of quality assets. Although this is expected to continue to drive rental growth, it will likely put some pressure on new market activity, particularly given the scarcity of upcoming developments,” Taimur Khan, CBRE’s head of research said.

Holo closes pre-series A funding round to boost expansion plans

Digital mortgage platform Holo closed a pre-series A funding round led by the Dubai Future District Fund and UK-based MENA investment fund Oryx, according to a press release, which did not disclose the value of the round. The funding round also saw participation from new investor Aditum Investment Management. The company, which was founded in 2019, closed a seven-figure seed round in February 2023.

Holo will use the funds to boost its UAE market presence, expand into Saudi Arabia, and grow its team and product lines across the GCC, according to the statement. “We are doubling down on our multiple platforms - direct to customers, agent apps and internal. These products have been built to allow for regional deployment,” COO and co-founder Arran Summerhill said.

Five Holdings reports 1Q results

Hospitality group Five Holdings recorded a net loss of AED 3.7 mn in 1Q 2024, compared to a bottom line of AED 94.1 mn during the same period last year, according to its financial statements (pdf). The hospitality group’s revenues fell 12.6% y-o-y to AED 355.2 mn during the quarter. On a pro forma basis, reflecting its acquisition of Universo Pacha SA, the company saw revenues of AED 2.03 bn, marking a five-fold y-o-y increase, while net income reached AED 309 mn, up 228% y-o-y, according to a separate earnings release.

Revenues across segments: Five’s hospitality segment saw revenues increase 9% y-o-y to AED 261 mn, driven by “robust occupancy rates and strong revenue per available room at key properties.” Revenues in the group’s real estate development segment stood at AED 95 mn, down 43.5% y-o-y.

Samana Developers has a new CSO + Mohamed bin Zayed University of Artificial Intelligence taps ex-Google head. PLUS: Ajman gov’t gets new director-gens

Samana Developers has tapped Nima Khojasteh (LinkedIn) as its chief sales officer, according to a press release. Khojasteh brings over 20 years of experience in real estate, including holding sales and leadership positions at Dubai Properties and Emaar. In his new position, he will work closely with the sales and marketing teams to develop and implement strategies that maximize revenue growth and edge Samana towards its targeted revenue of AED 12.5 bn (USD 3.5 bn) for 2024.

The Mohamed bin Zayed University of Artificial Intelligence appointed Prof Elizabeth Churchill (LinkedIn) as head of its human-computer interaction department, according to the university’s website. Churchill previously served as senior director of user experience at Google. Her expertise spans human-computer interaction, artificial intelligence, psychology, and cognitive science.

Ajman Ruler Sheikh Humaid bin Rashid Al Nuaimi has appointed Marwan Obaid Al Mehairi (LinkedIn) as Director General of the Emiri Court in Ajman, Wam reports.

Sheikh Al Nuaimi also named Sultan bin Mohammed bin Rashid Al Nuaimi as Director General of Ajman’s Department of Ports and Customs, Wam reports.

Dubai’s attraction of ultra-wealthy Chinese property buyers is getting ink

Real estate and tourism in the spotlight: The South China Morning Post looks at increasing interest among property investors from mainland China and Hong Kong in Dubai, thanks to its investor-friendly residence-by-investment program and infrastructure investments. Savills’ office in China has seen jump to about 250 a month, senior director and head of international residential at Savills in Hong Mark Elliott said.

ALSO- CNN features Nada Badran, former management consultant and founder of the tour company Wander with Nada, which seeks to “show a different side of Dubai” to travelers. Badran set up the company in 2016, in a bid to counter the perception that Dubai lacks soul with tours showcasing the city's old town around Dubai Creek, where she spent her childhood.

HSBC launches e-commerce digital payments platform in the UAE

E-COMMERCE-

HSBC launched its e-commerce digital payment platform, Omni Collect, in the UAE, according to a press release (pdf). Corporate customers can now use Omni Collect via HSBCnet, allowing clients to collect digital payments across multiple channels, including credit and debit cards, and e-wallets like Apple Pay and Samsung Pay. Clients can also integrate Omni Collect across Asia and Europe, including the UK, Australia, and India.

AND- Geidea has integrated its merchant acquiring solution into Omni Collect, giving clients access to payments data.

INVESTMENT-

UAE, US to ramp up economic cooperation: Economy Minister Abdulla bin Touq Al Marri met with members of the Miami Business Council to discuss expanding economic and investment cooperation between the UAE and the US, according to an X post by the Economy Ministry. The minister also met with several senior officials, business leaders, and investment funds in Florida and New York during his working visit to the US.

LOGISTICS-

Supermarket chain Lulu group is setting up a new logistics and food processing center in Punjab, India, Lulu group director Salim MA told Moneycontrol. The facility will have a capacity of 200k metric tons, with construction expected to begin “soon,” Salim said. The company already has logistics and procurement centers in 15 Indian states, from where it exports more than AED 160 mn worth of agriculture products, supplying them to some 270 of its stores across the world.

Another one in Amritsar soon? “Our group also intends to have a logistics and food processing center in Amritsar for the storage, processing, grading, and packing of various local agriculture and other produce,” Salim said, adding that the company plans to hold talks with SMEs and suppliers to work out the details.

HOSPITALITY-

RAK Properties adds to its portfolio: ADX-listed RAK Properties has launched a new upscale development in Mina Al Arab, dubbed Raha Island, it said in a statement. The development features high-end hotels and serviced residences — including three five-star hotel brands, which have already confirmed plans for locations on the island — and over 2.5 km of public beaches and new marinas, accessible via a water transit system.

REAL ESTATE-

#1- Tiger Group breaks five world records with new tower: Dubai-based developer Tiger Group is developing an AED 3.7 bn (USD 1 bn) residential tower in Business Bay, dubbed Tiger Sky, Al Bayan reports. The 532 m tall development breaks five world records, including highest rainforest (447 m), highest railway adventure through the rainforest (447 m), highest infinity pool (431 m), highest penthouse (427 m), and highest luxury restaurant with a view of Burj Khalifa.

The details: The tower expects to house some 849 residential units — including 19 penthouses — across 122 floors, with prices starting from AED 2.2 mn. It is slated for handover in 2Q 2029, with ownership open to all nationalities.

#2- DMCC unveils new luxury tower: Dubai’s Multi Commodities Centre (DMCC) has launched a new luxury residential tower to be developed by Signature Developers in the Jumeirah Lakes Towers district under the W Residences brand, according to a statement. Developed in collaboration with Marriott International, Signature is expected to break ground on the 32-storey development by the end of this year.

CAPITAL MARKETS-

Lunate Capital has appointed FAB securities as its sixth authorized participant (AP) for its nine ETFs, according to a statement. Its ETFs track stocks in the US, Saudi Arabia, China, Kuwait, Turkey, and Pakistan, and more recently UAE, India and Japan.

REGULATION-

New standards for organizing Hajj or Umrah trips: Operators in the UAE are now required to seek out prior approval from the General Authority of Islamic Affairs and Endowments for applications or requests for Hajj or Umrah, the authority said on X. Fines of up to AED 50k will be imposed on operators organizing or advertising Hajj or Umrah trips or collecting donations for the pilgrimage without a license.

ECB on track to cut interest rates next week, top bank officials suggest

The European Central Bank could start cutting interest rates as early as its June 6 meeting, the bank’s chief economist Philip Lane said in an interview with the Financial Times. “Barring major surprises, at this point in time there is enough in what we see to remove the top level of restriction,” Lane said. A cut would make the ECB the first major central bank to loosen monetary policy after raising rites almost three years ago to tamp down inflation.

AND- Finland’s central bank governor is also suggesting the cut will come in June. Olli Rehn, who also sits on the ECB’s governing council, said yesterday that inflation is falling across the Eurozone “in a sustained way,” meaning “the time is thus ripe in June to ease the monetary policy stance and start cutting rates.” He flagged geopolitics and oil prices as risks to that forecast.

Don’t expect the ECB to go nuts: While rate cuts are on the cards, interest rates will need to stay high enough to keep a lid on inflation, Lane suggested. “Things will be bumpy and gradual. The best way to frame the debate this year is that we still need to be restrictive all year long,” he said.

The trigger: Eurozone inflation registered 2.4% in April, down from a peak of over 10% in October 2022, inching closer to the bank’s 2% target. Cooling inflation data have led investors to pencil in a 25 bps cut for the benchmark deposit rate at next week’s meeting, the FT reports.

When can we expect rates to normalize? “Under the baseline forecasts, next year, when we expect wages to have visibly decelerated, when some of the base effects of fiscal measures which are pushing up inflation this year have faded out, then there will be a discussion about normalization,” Lane said.

Uh, Enterprise? What does that mean in plain English? Lane is suggesting the ECB is watching for two things on the inflation front before more aggressively cutting rates: For wages to grow at a slower pace next year — and for economies to fully adjust to the phase-out of energy subsidies and tax cuts. The subsidies and tax cuts were designed to shield consumers from high energy prices after Russia’s invasion of Ukraine and to ease the bite of inflation. They were in place throughout 2023 and are being phased out in much of the Eurozone this year.

Remember: The ECB held rates steady at its last policy meeting in April, keeping the deposit rate at a record 4% that’s been in place since September.

ALSO WORTH NOTING THIS MORNING-

Yeah, but can you Grok it? Elon Musk's AI startup xAI has raised USD 6 bn in a series B round that values it at USD 24 bn. The funding will help bring the company’s first products to the market, build advanced infrastructure, and ramp up the development of future technologies. Saudi’s Alwaleed bin Talal and his Kingdom Holding — long shareholders of Twitter / X — participated in the round. (Reuters)
China rolls out its largest chip fund: The Chinese government has launched its third fund to support the semiconductors industry. The CNY 344 bn (USD 47.5 bn) fund will help government efforts to reach self-sufficiency in semiconductors. (Reuters)

MARKETS THIS MORNING-

Asian markets are mixed this morning, with the Nikkei and Shanghai Composite both starting the day in the red, while the Kospi and Hang Seng are basically flat. Traders seem to have welcomed the ECB’s remarks as they look forward to a shorter trading week in the US and UK, where futures were up in overnight trading. European futures are also up at dispatch time.

SOUND SMART- Why do equities traders care about interest rates? Lower rates mean lower returns for investors in debt, resulting in more money in the hands of businesses and consumers. As debt yields decrease, some investors will shift back into stocks in search of better returns, even though stocks are generally more volatile than debt.

ADX	8,831	0.0% (YTD: -7.8%)
DFM	4,027	+0.4% (YTD: -0.8%)
Nasdaq Dubai UAE20	3,385	-0.1% (YTD: -11.9%)
USD : AED CBUAE	Buy 3.67	Sell 3.67
EIBOR	5.0% o/n	5.2% 1 yr
TASI	11,831	-0.2% (YTD: -1.1%)
EGX30	27,287	-0.9% (YTD: +9.6%)
S&P 500	5,305	+0.7% (YTD: +11.2%)
FTSE 100	8,318	-0.3% (YTD: +7.6%)
Euro Stoxx 50	5,059	+0.5% (YTD: +11.9%)
Brent crude	USD 83.10	+1.2%
Natural gas (Nymex)	USD 2.50	-0.7%
Gold	USD 2,376	+0.8%
BTC	USD 69,647	+1.4% (YTD: +64.9%)

THE CLOSING BELL-

The DFM rose 0.4% yesterday on turnover of AED 221 mn. The index is down 0.8% YTD.

In the green: Al Mazaya Holding (+14.7%), Commercial Bank of Dubai (+8.6%) and Al Salam Sudan (+8.3%).

In the red: National International Holding Company (-9.9%), Agility (-9.4%) and Salik (-4.2%).

Over on the ADX, the index stayed flat, trading on turnover of AED 1.2 bn. Meanwhile Nasdaq Dubai closed down -0.1%.

President talks boosting ties with Italian PM

President Sheikh Mohamed bin Zayed Al Nahyan discussed promoting trade, economic, and investment cooperation with Italian Prime Minister Giorgia Meloni, during a phone call on Monday, Wam reports. The two heads of state also addressed collaborating in the fields of advanced technology, food security, and climate action.

OTHER DIPLO NEWS-

Interior Minister Saif bin Zayed Al Nahyan met with his Bavarian counterpart, Joachim Herrmann, to explore the UAE’s cooperation with Germany’s largest state in the fields of combating crime and bolstering security. (Wam)

CALENDAR

MAY

27-28 May (Monday-Tuesday): TheMENA Investor Conference, Ritz Carlton Dubai.

27-28 May (Monday-Tuesday): The Middle East Investors Summit, Rosewood Hotel, Al Maryah Island, Abu Dhabi.

27-28 May (Monday-Tuesday): Make it in the Emirates Forum, Abu Dhabi Energy Centre.

27-29 May (Monday-Wednesday): Arab Media Forum, Dubai.

28 May-4 June (Tuesday-Tuesday): Subscription period for retail investors for Alef Education’s IPO.

28 May-5 June (Tuesday-Wednesday): Subscription period for institutional investors for Alef Education’s IPO.

30 May (Thursday): Abu Dhabi Family Office Summit, Saadiyat Rotana Resort, Abu Dhabi.

JUNE

1 June (Saturday): Deadline for TiE Women MENA Programme 2024 applications.

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.

5 June (Wednesday): Deadline for Sidara to resubmit or withdraw its takeover bid to John Wood Group.

10 June (Monday) Alpha Dhabi holds shareholder vote on the sale of a 49% stake in Alpha Dhabi Construction to ADQ.

12 June (Wednesday): Alef Education shares begin trading.

15 June (Saturday): Arafat day, national holiday.

16-18 June (Sunday-Tuesday): Eid Al-Adha, national holiday.

Signposted to happen sometime in 1H 2024:

Spinneys inaugurates its first store in KSA

JULY

7 July (Sunday): Islamic new year, national holiday.

AUGUST

21-22 August (Wednesday-Thursday): Dubai Business Forum in Beijing, China.

SEPTEMBER

9-11 September (Monday-Wednesday): World Utilities Congress, Abu Dhabi.

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

OCTOBER

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

NOVEMBER

11-14 November (Monday-Thursday): ADIPEC, Abu Dhabi.

11-14 November (Monday-Thursday): ADIPEC Maritime and Logistics Exhibition and Conference, Abu Dhabi.

11-14 November (Monday-Thursday): ADIPEC Decarbonisation Accelerator, Abu Dhabi.

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

DECEMBER

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

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

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

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

Signposted to happen sometime before the end of the year:

Spinneys inaugurates three more stores in KSA

Signposted to happen in 2025:

6-11 April (Sunday-Friday): Geo-Spatial Week 2025, Dubai.
3-4 June (Tuesday-Wednesday): Make-A-Wish International’s Global Wish summit, Abu Dhabi.

Signposted to happen sometime in 2028:

Abu Dhabi to host the 47th Chess Olympiad

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