Harder times for cold callers

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WHAT WE’RE TRACKING TODAY

THIS MORNING: An EU anti-subsidy probe into e&? + New abortion regulations

Good morning, friends, and welcome to the slowest start to a week since we can remember. We expect the news to pick up pace slightly as companies wrap up their to-do lists ahead of the upcoming Eid holiday.

PUBLIC SERVICE ANNOUNCEMENTS-

CLARIFICATION- Federal government employees and private sector workers are getting Saturday, 15 June, to Tuesday, 18 June, off for Arafat Day and Eid Al Adha. EnterpriseAM UAE had gotten the four-day weekend right last week, but misreported the exact days that will be off.

WEATHER- More heat, humidity, and some dust: Expect partly cloudy, humid conditions across the country, with a chance of more blowing winds and more rain in the east. Dubai will see the mercury hit 43°C, with an overnight low of 32°C, while temperatures will hit 44°C in Abu Dhabi, with an overnight low of 31°C.

SPEAKING OF THE WEATHER- The UAE is set for an early summer solstice on 20 June, marking the earliest since 1796 and bringing 13 hours and 48 minutes of daylight, Wam writes. Temperatures will range from 41-43°C during the day and 26-29°C at night through mid-summer, with a shift to high humidity and thunderstorms from 11 August to 23 September.

#1- Health Ministry announces new abortion regulations in permissible cases: The Health and Prevention Ministry has outlined new abortion regulations in an X post by the Emirates State Media Office. Requests for abortion will be assessed by a committee consisting of three UAE doctors, including an obstetrician-gynecologist and a psychiatrist, along with a representative from the prosecution.

When can abortion take place? If there’s a threat on the pregnant woman’s life or a severe deformation has been identified, provided that the gestational age is under 120 days.

AND- The Dubai Health Authority, in partnership with the United Network for Organ Sharing, has launched new health standards for organ donation and transplantation, Wam reports. The new regulations cover services spanning liver, pancreas, heart, lung, and limb transplants.

#2- Applications for the Abu Dhabi Department of Culture and Tourism and Zayed National Museum’s latest Zayed National Museum Research Fund are open until 20 July, according to the Abu Dhabi Media Office. The fund provides AED 1 mn annually for research on Emirati culture, heritage, history, archaeology, and intangible heritage — including oral traditions, stories, and songs. Offers are open to both established and early-career researchers globally, with criteria based on methodology, experience, outcomes, and alignment with the Zayed National Museum’s mandate.

WATCH THIS SPACE-

e& faces EU probe over PPF takeover -report: The European Commission is set to launch a probe into telecom giant e&’s acquisition of Czech PPF Telecom Group’s assets in Eastern Europe, in a case that will mark the “first anti-subsidy probe into foreign buyers of EU assets,” the Financial Times reports, citing three people in the know, who revealed that the investigation could be formally announced today.

The commission is reportedly concerned that the telco received “unfair subsidies” from the state to acquire PPF’s assets, potentially impeding market competition. The commission will have to receive concrete evidence that the subsidies could skew the market to initiate an in-depth investigation into the acquisition, according to the sources.

BACKGROUND- Bulgaria’s Competition Protection Commission greenlit e&’s acquisition of Bulgarian mobile operator Yettel Bulgaria and telecoms infrastructure provider Cetin Bulgaria from PPF Group. e& had agreed to acquire a 50% stake plus one share in PPF Group’s telecoms units in Bulgaria, Hungary, Serbia, and Slovakia for EUR 2.5 bn (AED 9.9) last August. CEO Hatem Dowidar had expected In February to close the acquisition a few weeks later, following the receipt of final regulatory approvals.

HAPPENING THIS WEEK-

#1- Spinneys’ shares will join the DFM General Index, as well as the Consumer Staples Sector Index today under the ticker SPINNEYS, according to a DFM disclosure. The company’s shares debuted on the DFM in May, following a successful AED 1.38 bn IPO.

#2- The AI Retreat is set to take place tomorrow at Dubai’s Museum of the Future, according to a Dubai Media Office statement. Organized by the Dubai Centre for Artificial Intelligence, the event will gather over 1k AI experts, policymakers and business leaders to explore the potential and challenges of AI at both local and global levels.

#3- Maritime and shipping company GulfNAv is set to discuss the acquisition of oil storage outfit Brooge Petroleum and Gas Investment Company tomorrow, a DFM filing (pdf) reads. Gulfnav submitted a proposal earlier in the year for the structure of the acquisition of oil storage outfit Brooge Petroleum and Gas Investment Company to the Securities and Commodities Authority, after submitting a proposal to fully acquire the company from Nasdaq-listed Brooge Energy back in October 2023. The acquisition was initially expected to close in 4Q 2023.

Remember: GulfNav confirmed that its advisors are still assessing the Brooge Energy acquisition in February, saying it aims to complete the evaluation within the coming weeks.

#4- The UAE and Azerbaijan will host the Ministerial Experience Exchange Forum tomorrow through Wednesday in Baku, Azerbaijan, as part of a strategic partnership inked in November 2022 to advance government knowledge exchange, Wam reports. The two-day forum will look to ramp up UAE-Azerbaijan relations in economic diversification and investment, environmental protection and green energy, education, health, social quality of life, and public service and innovation. State Minister for Government Development and Future Ohoud Al Roumi will be in attendance, alongside several other ministry officials.

DATA POINTS-

#1- Dubai is expected to add some 4.6k hotel room keys to its inventory in 2024, bringing its inventory to more than 154k rooms in 2024, according to the Dubai Economy and Tourism Department’s annual visitor report (pdf). Of the upcoming capacity, 2.3k are set to be four-star hotel rooms.

#2- Abu Dhabi Real Estate sees record AED 1.81 bn FDI in 1Q 2024: Abu Dhabi saw a record AED 1.81 bn of foreign direct investment (FDI) into its real estate sector in 1Q 2024, according to The Abu Dhabi Real Estate Centre (Adrec), Wam reports. Some 487 individual investors poured investments into the emirate from India, Russia, Canada, the UK, Jordan, and China, significantly ramping up investments from last year.

Real estate transactions in Abu Dhabi pooled some AED 19.4 bn during the quarter, AED 12.8 bn of which was attributed to sales and purchases and AED 6.6 bn of which was through mortgage transactions.

#3- The Emirati Human Resources Development Council in Dubai offered 100 jobs up to Emirati citizens at an open day event across a number of sectors in a bid to meet Emiratization goals, Wam reports. Companies participating in the initiative include DMCC, Takaful, KPMG, Neuron, Ghabash Group, Union Coop, Azadea, Apex, Al Gurg Group, Al Batha Group, and Innoventures Education.

THE BIG STORY ABROAD-

With little to no business news in sight, the world’s business press is zeroing in on Macron’s call for a snap election to be held in the next 30 days, after the far-right National Rally swamped his centrist Renaissance party in the 2024 EU parliamentary elections and sent alarm bells running through the halls of the Élysée. “I have confidence in our democracy, in letting the sovereign people have their say. I’ve heard your message, your concerns, and I won’t leave them unanswered,” Macron said in a presidential address announcing the surprise election (watch, runtime: 5:05).

Also grabbing the headlines is news that “centrist” Israeli war cabinet minister Benny Gantz and his party has left Netanyahu’s emergency government, leaving Netanyahu ever more reliant on far-right and ultranationalist parties to keep his slim coalition majority in the Knesset.

WHILE IN TRADE WAR NEWS- Swedish auto giant Volvo is moving its EV manufacturing out of China to Belgium as the EU gears up to follow the US in imposing harsher tariffs on Chinese-made EVs.

AND IN TECH NEWS- Siri may soon finally be useful, with Apple rumored to announce a new and improved version of the virtual assistant this week at its annual WWDC conference, writes The Verge.

CIRCLE YOUR CALENDAR-

Sharjah to host EV show next year: Expo Centre Sharjah will partner with Dubai-based event organizer Mie Events to host the Middle East Electric Vehicle Show (MEEVS) at the center in Sharjah in 2025, according to a press release. The event will gather over 100 international EV brands, alongside investors, component manufacturers and charging services providers, aiming to accelerate the adoption of EVs to help cut the transport sector’s carbon footprint.

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

UAE tightens regulations around cold calling

Bad news for telemarketers, good news for… everyone else: The Economy Ministry and the Telecommunications and Digital Government Regulatory Authority have set new guidelines for cold calling, with violators set to face up to AED 150k in fines, partial or total suspension, or license withdrawal, according to a statement. The new regulations will go into effect in mid-August.

Refresher: The UAE cabinet had approved a new framework for telemarketing calls during a meeting in May.

What are the new rules?

Marketing firms must be licensed by relevant authorities to launch telemarketing services;
Marketing calls must be made only from phone numbers registered under the names of licensed companies, not individuals;
Telemarketing calls are prohibited outside the hours between 9am and 6pm;
Re-calling customers is prohibited if the customer has rejected the marketed service or product in the first call;
Re-calling customers on the same day is prohibited if the customers declined or ended the phone call.

Emirates Global Aluminium inks agreements for alumina refinery in Guinea

Emirates Global Aluminium (EGA) subsidiary Guinea Alumina Company (GAC) is on track to set up an alumina refinery with an initial annual capacity of 1 mn tonnes in Guinea, after inking a term sheet with the Guinean government for construction yesterday, according to a statement. The statement did not disclose the investment ticket for the refinery, though a mines ministry official told Reuters some USD 4 bn is expected to be invested in the project.

The details: The refinery will be located in the Boke region where GAC currently operates a bauxite mine and export facility. It is slated for completion in September 2026, senior officials from Guinea’s mines ministry told Reuters.

Who’s in? The company will set up a joint venture with other companies to work on the project. One of the officials told Reuters the Aluminium Corporation of China will partner with GAC on the project.

The Guinean government will own a 15% stake in GAC as part of the agreement, which will later be converted into a 10% share in mining operations and a 7.5% stake in GAC’s joint venture, according to the statement.

We knew this was coming: EGA inked a framework agreement with Aluminium Corporation of China (Chinalco) to develop an alumina refinery in Guinea at the start of the month, after GAC Director-General Youssef Sylla had revealed in February plans to develop the Guinea refinery. The agreement will see the two firms build the facility through a joint investment. EGA began operating in Guinea in 2019, and exported some 14 mn metric tons of bauxite in 2022.

Dubai hires 22 new chief AI officers

Dubai gov’t gets upgraded with 22 chief AI officers: Dubai Crown Prince Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum has appointed 22 chief artificial intelligence officers across Dubai government entities, Wam reports. The new hires will lead specialized AI and advanced technology initiatives across the companies.

The new position is phase one of the Dubai Universal Blueprint for Artificial Intelligence, which will also see the emirate introduce a comprehensive program geared towards attracting data centers, AI company licenses, as well as AI incubators

Chinese EV manufacturer Nio to set up shop in the UAE before the end of the year

EVs-

Nio to set up shop in the UAE by year’s end: Chinese electric vehicle manufacturer Nio is planning to start offering its products and services in the UAE by the end of this year, in a bid to expand in the Middle East, CNBC cites Nio CEO William Li as saying on an earnings call last week.

REMEMBER- Abu Dhabi-backed CYVN Holdings pledged a USD 2.2 bn equity investment in Nio back in December 2023, following an initial investment of USD 738.5 mn earlier in the year. The holding company’s EV subsidiary Forseven also signed a technology licensing agreement with Nio, granting Forseven the rights to use Nio’s software, technical information, and intellectual property rights to manufacture and develop Nio-branded EVs.

HEALTHCARE-

#1- DoH, Etihad, AD Ports partner to boost pharma capabilities in Abu Dhabi: Abu Dhabi’s Health Department (DoH), the Abu Dhabi Investment Office, Etihad Airways and AD Ports partnered to attract more pharma, life sciences, and biotech firms to set up shop in the emirate, the Abu Dhabi Media Office writes. The entities will work together to boost regulatory support, logistics capabilities, and local manufacturing and packaging for manufacturers.

#2- DoH also inked an MoU with the Children's Hospital of Philadelphia to ramp up research and program development in rare diseases, pediatric oncology, and gene therapy, Wam reports. The agreement will see the two healthcare players swap faculty, researchers, and students in exchange programs, as well as conduct online learning, conferences, seminars, and workshops.

#3- Dubai Health has partnered with The Royal Marsden NHS Foundation Trust to facilitate the clinical and operational development of the Hamdan Bin Rashid Cancer Hospital (HBRCH), Dubai’s first integrated comprehensive cancer hospital, according to the Dubai Media Office.

TECH-

Edge Group’s robotics and autonomous systems developer arm, Milrem Robotics, has set up a new Abu Dhabi office set to help boost its global footprint, Wam reports. The new office in Abu Dhabi will act as a center for R&D, product innovation, and strategic partnerships with government agencies, academic institutions, and local businesses.

REAL ESTATE-

#1- Binghatti Development Company is set to launch 12 real estate projects in the UAE with an investment of AED 10 bn in 2H 2024, Khaleej Times quotes Chairman Mohammed Binghatti as saying, without disclosing further details. The developer is planning to invest some AED 30 bn in real estate over the next two years.

Binghatti is also planning to set up a training academy to train Emiratis working in the sector, Arabian Business quoted Binghatti as saying. The developer inked a strategic partnership agreement with the Dubai Land Department to boost the role of UAE nationals in the sector by offering incentives and attractive payment plans to Emirati investors. It will also support the Dubai Real Estate Brokers Program, by offering an extra 1% transaction fee for transactions made by Emirati agents.

#2- Imtiaz Developments begins construction on Cove Residence in Dubailand: Imtiaz Developments has broken ground on the AED 600 mn Cove Residence project in Dubailand, adding over 700 apartments to Dubailand Residential Complex, Gulf News reports. The project is scheduled for delivery in 2Q 2027.

#3- Construction firm Vision Developments is launching two new residential projects, Karma and Platinum, in Dubai's Liwan area, slated for handovers in 4Q 2024, according to a press release.

E-COMMERCE-

Majid Al Futtaim partners with Checkout.com: Retail giant Majid Al Futtaim has partnered with digital payments services provider Checkout.com to integrate its checkout service into its platforms, according to a press release (pdf). .

PORTS-

Fitch Ratings affirmed DP World's long-term credit rating at BBB+ with a stable outlook, according to a statement. The credit rating agency cited the company’s stable cash flow and diversified business profile as main drivers for the rating, while downgrading its subordinated perpetual certificates by two notches.

FOOD-

Abu Dhabi has a new agrifood cluster: Abu Dhabi Crown Prince Sheikh Khaled bin Mohamed bin Zayed Al Nahyan approved the launch of the AgriFood Growth and Water Abundance (AGWA) cluster in Abu Dhabi yesterday, according to the Abu Dhabi Media Office. The cluster, which is being led by the Abu Dhabi Department of Economic Development and the Abu Dhabi Investment Office, seeks to promote alternative proteins, algae, and reverse osmosis technologies to address global food shortages and water scarcity.

AGWA in numbers: The new cluster is expected to attract AED 128 bn in investments and create over 60k jobs by 2045, contributing AED 90 bn to the emirate’s GDP during the period.

MANUFACTURING-

Adnoc inked an agreement with Dubai-based steel manufacturer Kadris Group to manufacture pressure vessels, fabricate structural steel and package industrial products at the Make it in the Emirates forum last month, Gulf News reports. Adnoc had inked some AED 8.8 bn in local procurement agreements at the forum, and boosted its local procurement target to AED 90 bn, up from the initial AED 70 bn.

AVIATION-

#1- Emirates airlines and Germany’s Condor signed a codeshare agreement, a press release reads. Emirates passengers will get improved connectivity via Condor flights in Germany to Majorca, the Canary Islands, and other destinations in North, Central and South America starting October of this year.

#2- Air Arabia resumes Sharjah-Basra flights: Budget carrier Air Arabia has reinstated its direct flights between Sharjah and Basra, Iraq, with a frequency of four flights per week, Wam reports. Initially launched in March, the resumed route marks Air Arabia’s fourth direct route to Iraq from Sharjah International Airport, following Baghdad, Najaf, and Erbil.

EDUCATION-

Advancing fintech education: The DIFC Academy and the Chartered Market Technician Association have signed an MoU to develop training programs in technical analysis, behavioral finance, and FinTech integration, aimed at strengthening financial expertise for professionals in the region, a press release reads.

Central banks are leaning heavier on the USD amid higher interest rates

Central banks are boosting USD reserves: The number of central banks increasing their exposure to the USD is increasing this year as a move towards de-dollarization stalls amid a need for liquidity and higher interest rates in the US, according to an annual survey by the Official Monetary and Financial Institutions Forum (OMFIF). A net 18% of global central banks plan to increase their USD allocation over the next one to two years to combat heightened US interest rates, up from just 6% last year.

The increase marks a break from a gradual decline in USD reserves, after changes in global trade and geopolitical tensions — including sanctions on Russia — had prompted some economies to reduce their reliance on the greenback. Now, demand for the CNY has stalled in favor of the USD, driven by “expected higher returns from the US, where rates are forecast to remain higher than in China.”

Fast facts: The USD currently accounts for nearly 58% of global reserves, according to IMF data picked up by the Financial Times.

Gold reserves are also seeing an uptick in demand, with the proportion of central banks' reserves held in gold rising from 9% to 11% over the past year, and a net 15% eyeing further increases to their gold holdings in the next one to two years.

A 10-year view still sees a “very gradual decline in the USD’s share of global reserves” to an average allocation of 55% USD compared with 5.5% for the CNY, in line with trends over the past decade, according to OMFIF Managing Director Nikhil Sanghani.

ADX	8,957	+0.2% (YTD: -4.9%)
DFM	3,982	+0.1% (YTD: +3.2%)
Nasdaq Dubai UAE20	3,342	+0.2% (YTD: -13.0%)
USD : AED CBUAE	Buy 3.67	Sell 3.67
EIBOR	5.1% o/n	5.5% 1 yr
TASI	11,855	+2.6% (YTD: +0.5%)
EGX30	25,659	-2.9% (YTD: +3.1%)
S&P 500	5,347	-0.1% (YTD: +12.1%)
FTSE 100	8,245	-0.5% (YTD: +9.0%)
Euro Stoxx 50	5,051	-0.4% (YTD: +11.7%)
Brent crude	USD 79.62	-0.3%
Natural gas (Nymex)	USD 2.92	+3.4%
Gold	USD 2,325	-2.8%
BTC	USD 67,719.60	+0.5% (YTD: +64.8%)

THE CLOSING BELL-

The ADX rose 0.2% on Friday on turnover of AED 777.5 mn. The index is down 4.9% YTD.

In the green: E7 Group (+10.5%), Foodco National Foodstuff (+9.7%) and Rapco Investment (+9.3%).

In the red: Finance House (-9.8%), Gulf Cement (-4.3%) and National Marine Dredging Company (-3.3%).

Over on the DFM, the index closed up 0.1% on turnover of AED 334.4 mn. Meanwhile Nasdaq Dubai is also up 0.2%.

CORPORATE ACTIONS-

Arabian Scandinavian Ins. (Ascana) has rebranded to Sukoon Takaful after its majority stake sale to Sukoon, formerly Oman Ins., according to a DFM filing (pdf).

REMEMBER: Sukoon Ins. owns 94.57% of Ascana, after Ascana shareholders agreed to sell an additional 1.57% of their shares to Sukoon Ins. for AED 4.2 mn.

Al Marar heads UAE delegation at GCC Ministerial Council session in Doha

State Minister Khalifa Shaheen Al Marar headed the UAE delegation at the latest session of the GCC Ministerial Council in Doha, Qatar on Sunday, reviewing the latest developments in regional and global issues and calling for strengthened partnerships between GCC countries and international organizations, Wam reports. Al Marar held meetings with his Yemeni and Turkish counterparts on the sidelines of the session to discuss ramping up bilateral relations.

Trade Minister Thani bin Ahmed Al Zeyoudi met with Malaysian Prime Minister Anwar Ibrahim and Investment and Trade Minister Tengku Zafrul Tengku Abdul Aziz to discuss strategies and mechanisms to strengthen trade and investment relations between the UAE and Malaysia, according to a statement. They also reviewed the progress made in their economic partnership to build on non-oil trade.

UAE, New Zealand talk bilateral relations + regional developments: Foreign Affairs Minister Sheikh Abdullah bin Zayed Al Nahyan and his New Zealand counterpart Winston Peters explored ways to bolster economic, trade, and renewable energy cooperation and reach a comprehensive economic partnership agreement in a phone call yesterday, Wam reports. The ministers also touched on regional and international developments, focusing on the Middle East.

CALENDAR

JUNE

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

11 June (Tuesday): The AI Retreat, Museum of the Future, Dubai.

11-12 June (Tuesday-Wednesday): Ministerial Experience Exchange Forum, Baku, Azerbaijan.

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

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

16-19 June (Sunday-Wednesday): 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

3 August (Saturday): UFC Fight Night, Etihad arena, Abu Dhabi.

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

Signposted to happen sometime in mid-August:

New regulations around telemarketing calls will go into effect

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

24-27 October (Thursday-Sunday): International Sports Medicine Conference, Dubai.

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

29 October - 2 November (Tuesday-Saturday): Abu Dhabi Early Childhood Week, Abu Dhabi.

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.

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

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

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.
TBD: The Middle East Electric Vehicle Show, Expo Center Sharjah.

Signposted to happen sometime in 2028:

Abu Dhabi to host the 47th Chess Olympiad

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