Lots of debt and some M&A, too

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WHAT WE’RE TRACKING TODAY

THIS MORNING: Sheikh Tahnoon-led AI investor MGX flags “significant steps” in the offing

Good morning, friends, and happy Tuesday. This morning’s report is packed full with news of debt issuances as companies go to market after summer — and some more M&A to keep things lively.

We’re also keeping a close eye on MGX, which held another widely-publicized board meeting yesterday with Sheikh Tahnoon at the head of the table. The company’s CEO flagged after the meeting that big things are in the pipeline, but stopped short of offering details.

^^ We have the rundown on all of this and more, below and in the news well.

WATCH THIS SPACE-

#1- Alat-who? Sheikh Tahnoon bin Zayed Al Nahyan led a meeting of the board MGX, the advanced-tech-focused investment firm, Wam reports. The state news agency did not specify a major decision coming out of the meeting, but quoted MGX’s CEO as saying the company is “taking significant steps to establish itself as a premier investor in technology innovation and advanced technologies.”

Why this matters: Abu Dhabi is looking to build some USD 100 bn in AUM under MGX as it makes big regional and world-scale investments in AI and semiconductors. There’s been speculation that existing investments held by Mubadala and G42 might be moved under the MGX umbrella, but Bloomberg reported earlier this year that’s not happening anytime soon.

The competitive landscape: The UAE has a significant lead in the regional AI and advanced tech space. Saudi wealth fund PIF in February launched Alat, an AI and advanced tech manufacturing firm that it says will deploy some USD 100 bn in capital by 2030. Among Alat’s first investments was a USD 2 bn convertible bond for device-maker Lenovo.

A high-powered board: Sheikh Tahnoon chairs MGX, which is led by Ahmed Yahia Al Idrissi as CEO. Board members include Mubadala CEO Khaldoon Al Mubarak and G42 boss Peng Xiao, among others.

BACKGROUND- MGX launched in March 2024 and is a partnership between wealth fund Mubadala and high-flying AI outfit G42. It’s an outgrowth of Abu Dhabi’s Artificial Intelligence and Advanced Technology Council, which aims to position the emirate as a world leader in AI and advanced tech

#2- The Sharjah Investment and Development Authority (Shurooq) says it will take the lid off three new real estate projects by year’s end, CEO Ahmed Al Qaseer told CNBC Arabia (watch, runtime: 3:14). Shurooq is also set to launch three new hotels by the end of this year..

Shurooq holds real estate investments valued between AED 4.5-5.5 bn, with the sector accounting for 60-70% of the authority’s total investment portfolio, Al Qaseer said, adding that Shurooq has invested some AED 1.7 bn in hospitality.

SIGN OF THE TIMES-

While US equity markets face scrutiny over high valuations, Middle East stocks are commanding even steeper “eye-watering” premiums, Bloomberg writes, comparing Nvidia’s 141% gain this year to International Holding Company (IHC), which has skyrocketed 43,000% since 2019. Although IHC has “[transformed] into one of the world’s largest companies,” it and other UAE firms, including energy firm Taqa, still lack international analyst coverage, posing an issue for potential investors.

We’re not alone: Tadawul-listed Acwa Power is trading at 136x forward earnings, making it about 10x more expensive than a “basket of European utilities including Iberdrola and National Grid.” JPMorgan Chase analysts said this summer that Acwa’s “valuations look already rich as compared to both main peers and the overall market context.”

PUBLIC SERVICE ANNOUNCEMENTS-

#1- No phonecall spam without approval: Financial services firms must secure approval from the Securities and Commodities Authority to make telemarketing calls under new Telecommunications and Digital Government Regulatory Authority guidelines, Wam reports. The same rules under the new framework will apply to securities and commodities trading services providers. Annoyed by a telemarketer from the industry? Go check a company’s license status on the SCA’s website.

#2- Gulf Mercantile Exchange is now live: The Dubai Mercantile Exchange changed its name to Gulf Mercantile Exchange yesterday, following Saudi Tadawul Group’s acquisition of a 32.6% stake in the energy and commodities trader back in June.

How they’re positioning it: The name change reflects GME’s ambitions to grow both regionally and globally, it said yesterday.

DATA POINT-

The UAE has a 42% share of the Gulf Cooperation Council market for data centers, Al Etihad reports, citing the Data Center Map. The UAE operates a total of 30 data centers — 16 in Dubai, 12 in Abu Dhabi, one in Al Ain, and one in Sharjah, while Saudi has 25. Egypt, meanwhile, is home to 14, Data Center Map writes.

The fine print: Al Etihad’s metric is a bit blunt — being home to 42% of the region’s data centers doesn’t necessarily correlate to market share of contract value, of data housed, or other metrics.

HAPPENING THIS WEEK-

#1- Dubai Fashion Week’s spring / summer 2025 program kicked off yesterday, co-founded by Dubai Design District (d3) and the Arab Fashion Council. You can check out the official program here. It runs through Saturday, 7 September.

#2- The UAE is hosting the latest session of the Arab Economic and Social Council (AESC). The sessions kicked off yesterday and run through Thursday, Wam reports.

What’s on the agenda? The Social Committee, which met yesterday, discussed education, the role of social support in equal learning opportunities. The Economic Committee will address food security, agricultural development, sustainable management of pastoral resources, and aquaculture.

#3- The International Government Communication Forum is scheduled to take place on 4-5 September at the Expo Centre in Sharjah. Wam has more.

#4- du’s annual tech event Envision will take place on Thursday, 5 September at the Atlantis the Royal in Dubai, the telecom outfit said in a statement. The event will host policymakers and industry leaders to explore the use of 5G, cloud, AI, and data analytics across various sectors, including manufacturing, healthcare, education, real estate, banking, transport, and agriculture.

THE BIG STORY ABROAD-

Developments related to the war in Gaza remain the main item across most international headlines, as Israeli prime minister Benjamin Netanyahu holds out on his added conditions for a ceasefire agreement with Hamas amid ongoing mass Israeli protests and news that the UK is halting some arms exports to the country.

Netanyahu continues to reject increasingly vehement calls from the Israeli street and international community to reach a ceasefire agreement with Hamas, saying yesterday that maintaining an Israeli troop presence in the Philadelphi corridor on the border between Gaza and Egypt remains a non-negotiable condition for an agreement. The comments come as a general strike, ongoing protests, and public spats in the Israeli cabinet continue to roil an increasingly divided country.

Meanwhile, the UK is banning the sale of some arms to Israel — including aircraft components — that risk being used in Israeli actions that seriously violate international law. The suspension constitutes the first such action by a major ally of Israel since the war’s inception.

IN BUSINESS NEWS- Volkswagen is considering closing factories in Germany for the first time in its 87-year history, setting it up to potentially renege on a promise to not cut jobs in Germany until 2029. The move comes as the car-maker has struggled to cope with a shrinking European and Chinese market for its EVs as new competitors and cheaper models increasingly take center stage.

Plus, Kamala Harris has expressed her opposition to Japanese Nippon Steel’s USD 15 bn bid for US Steel, saying at a campaign event late last night that the company “should remain owned and managed by Americans.”

AND- Georges Elhedery began his tenure as HSBC’s new CEO yesterday, saying in an internal memo that he plans to build on the bank’s current strategy as the bank seeks to shift from restructuring to growth in the coming period.

Elhedery is a familiar face to folks across our region, having served as CEO of HSBC for the Middle East, North Africa, and Turkey. He was earlier HSBC’s regional head of global markets for MENA and head of global banking and markets for the region.

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SPORTS-

For the golf fans among us: Two-time champion Tommy Fleetwood and major champions Justin Rose and Adam Scott will be in town for the 2024 Abu Dhabi HSBC Championship at Yas Links from 7-10 November, which will see 70 top players hitting the links.

CIRCLE YOUR CALENDAR-

The PPP MENA Forum will take place on 10-11 September at the Jumeirah Emirates Towers in Dubai. Sponsored by the Abu Dhabi Investment Office, the two-day event will bring together senior policymakers, investors, and business executives from the UAE, Saudi Arabia, Kuwait, and Oman to discuss the latest financial and regulatory developments in PPP frameworks and explore means to advance PPP initiatives in the region.

The inaugural Dubai AI & Web3 Festival will be held on 11-12 September at Madinat Jumeirah. The Dubai International Financial Centre event will host over 100 exhibitors and will welcome some 5k tech industry experts and entrepreneurs to explore and discuss investment, collaboration and innovation in the tech sector.

Abu Dhabi Finance Weekwill be held from 9-12 December 2024. The event, hosted by the Abu Dhabi Global Market, will include 50 events and sub-events that will explore the emirate’s financial, human, cultural, environmental and technological facets.

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

ADCB, Masdar, and Adnoc tap into debt market

The debt market is heating up now that folks are back from summer vacation, with leading institutions across the banking and energy sectors going to market with significant issuances.

#1- Adnoc is gearing-up to tap the debt market with a USD-denominated bond issuance, featuring five-, 10-, and 30-year tranches, Reuters reported, citing the IFR. JP Morgan and Morgan Stanley were tapped as global coordinators to arrange investor meetings starting yesterday. The two-day roadshow for the offering wraps up today, Bloomberg adds.

In an expansionist mood: Adnoc is ramping up production here at home and pursuing high-profile acquisitions abroad, including a potential EUR 11.7 bn bid for German chemicals maker Covestro.

BACKGROUND- Adnoc set up an SPV for the debt sales two years ago, Bloomberg notes.

ADVISORS- The offering will see BofA Securities, Citi, and First Abu Dhabi Bank act as active bookrunners, while our friends at HSBC will be passive bookrunners alongside Abu Dhabi Commercial Bank, Mizuho, and SMBC Nikko.

#2- Abu Dhabi Commercial Bank (ADCB) plans to raise USD 500 mn from an upcoming 10.5-year, Tier 2 bond issuance, with banks already hired to manage the issuance and investor meetings kicking off yesterday, Reuters reported, citing a bank document it saw.

Tier 2? Tier 2 capital forms a part of a bank’s capital reserves. Unlike core capital listed as tier 1 (such as reserves and equity capital), tier 2 is composed of assets considered more unreliable or risky due to being more illiquid or being harder to quantify.

ADVISORS- ADCB, Emirates NBD Capital, First Abu Dhabi Bank, HSBC, JP Morgan, and Mizuho will act as joint managers for the debt sale.

#3- The National Bank of Ras Al Khaimah (Rakbank) plans to raise USD 250 mn in an upcoming 10.25-year, Tier 2 bond issuance, according to the IFR. Investors meetings kicked off on Friday.

ADVISORS- Our friends at Mashreq, along with Abu Dhabi Commercial Bank, Al Ahli Bank of Kuwait, Bank ABC, Citigroup, Doha Bank, Emirates NBD, First Abu Dhabi Bank, Kamco Invest, QNB Capital, and Standard Chartered were tapped to manage the issuance.

#4- A USD 1 bn green bond issuance by state-owned renewables giant Masdar will go live on the ADX today, state news agency Wam reported. The issuance features two tranches worth USD 500 mn each — one with a five-year tenor and a 4.875% yield, and the other with a 10-year tenor and a 5.25% yield.

REFRESHER- Masdar sold the green bonds in July, after booking USD 4.6 bn in orders with a 4.6x oversubscription rate. Some 70% of the allocation went to international investors, with the remainder going to MENA investors.

DP World acquires China-based Cargo Services

DP World expands into retail logistics: DP World has fully acquired Hong Kong-based logistics firm Cargo Services Far East, expanding its global footprint to over 115k across 800 locations, according to a press release. Neither party put a price tag on the transaction, but Bloomberg suggested back in April that it would be in the USD 300-400 mn range.

Where it stands: The acquisition is complete, with plans for the “full integration” of Cargo Services into DP World’s portfolio set for the coming months. Cargo Services’ founder and managing director, John Lau, will stay on in a senior role “to ensure a seamless transition.”

We knew this was coming: DP world was reportedly finalizing the acquisition in April. EnterpriseAM Logistics first caught wind of the talks back in November, with sources at the time saying the transaction could be worth as much as USD 800 mn.

About Cargo Services: Founded in 1989, Cargo Services has offices in 35 cities in China, Singapore, Australia, South Africa, and the US, operating in cold chain logistics, ocean and freight shipping, and fashion distribution.

What’s in it for DP World? By year’s end, DP World will operate more than 200 freight forwarding offices with exposure to as much as 95% of global trade flows.

DP World is on an expansion spree, most recently creating a JV with Turkey’s Evyap Group to manage two major Turkish ports. The firm acquired in May Laos-based port operator Savan Logistics. In March, DP World inked an agreement with Brazil’s leading railway operator Rumo to build a new terminal for grains and fertilizers at Port Santos and said that it plans to develop a USD 50 mn logistics center in South Korea’s Busan New Port, slated to be operational by 2Q 2026.

OTHER M&A NEWS-

Silal snaps up majority stake in Al Bakrawe Holding: ADQ-backed agrofood tech company Silal acquired a majority stake in UAE-based produce distributor Al Bakrawe Holding for an undisclosed sum, according to a press release. The acquisition is set to boost Silal’s operations by merging Al Bakrawe’s global sourcing network with Silal’s local farm network, “allowing Silal to provide a broad basket of high-quality fruit and vegetable products all year round,” the statement said.

A string of acquisitions: Silal acquired stakes in UAE-based F&B distributor Safco International in October 2023 and Dubai-based pesticide distributor Sherwood.

Enersol raises stake in US-based Gordon Technologies to 64.2%

Enersol raises its stake in US Gordon Technologies to 64.2%: Enersol, a joint venture between Adnoc Drilling and Alpha Dhabi Holding, acquired an additional 42.2% stake in US-based Gordon Technologies for USD 270 mn (AED 991.7 mn), increasing its total ownership to 64.2%, according an ADX disclosure (pdf) from Adnoc Drilling.

BACKGROUND- Enersol said in June it wanted to raise its stake in Gordon. Alpha Dhabi had transferred in January a 25% stake in Gordon to Enersol, making it the JV’s first investment.

TA Associates acquires majority stake in Dubai’s AlephYa

US private equity firm TA Associates has acquired a majority stake in Dubai-based GCC education provider AlephYa Education, according to a press release. TA Associates cited AlephYa’s “strong, diversified platform driven by an impressive track record of M&A and operational excellence.” Neither party put a value on the transaction.

The new shareholder structure: Ashmore Investment Saudi Arabia will divest its entire stake in AlephYa, having been an investor since 2017. Existing investors Gulf Investment Corporation (GIC) and Oman International Development and Investment Company SAOG (Ominvest) will retain “significant” stakes, the press release says. Prior to the transaction, GIC held 35% and Ominvest 15%, according to their websites. It’s unclear whether either Ominvest or GIC sold down portions of their stake as part of the sale.

More acquisitions in the cards? TA wants to see AlephYa expand regionally “bring high-quality, affordable education to more communities across the GCC,” TA Director Vishal Gupta said. “We see great potential for AlephYa’s continued expansion, both organically and through strategic acquisitions,” TA Managing Director Dhiraj Poddar added.

About AlephYa: Founded in 2017, the company operates 13 schools across the UAE, Saudi Arabia, and Oman. AlephYa’s schools offer a mix of American, British, and local curricula, catering to over 18.5k students, including both local and expatriate families.

ADVISORS- Our friends at Al Tamimi & Company were advisors to TA Associates on the transaction. Goodwin Procter also provided legal counsel, while PwC Middle East was financial advisor to TA.

Hulexo raises seed round

Abu Dhabi’s Hulexo raises seed round: Hulexo, the Abu Dhabi-based enterprise resource planning (ERP) provider for small and medium-sized retail stores, has closed a seed investment that saw it raise capital from Arzan VC, Wamda reports. It did not say how much it raised.

Where will the money go? Arzan VC’s investment will fund Hulexo’s expansion plan to reach 300 retail locations by the end of 2025 as well as its expansion into Kuwait and Saudi Arabia’s markets. It will also help it create partnerships with malls, payment providers, and licensing authorities.

About Hulexo: Founded in 2021, Hulexo aims to create a customisable ERP solution that uses a decision-making engine to reduce stockouts and deadstock. The company has onboarded more than 100 retail locations since its inception.

UAE federal cabinet adopts anti-money laundering strategy, outlines 2025 priorities

The cabinet signed off on an anti-money-laundry strategy at its first ministerial meeting of the new government season, chaired by prime minister and vice president Sheikh Mohammed bin Rashid Al Maktoum at Qasr Al Watan yesterday, Wam reports.

#1- Cabinet signed off on the National Strategy for Anti-Money Laundering and Terrorism Financing, aiming to strengthen oversight of financial institutions and virtual asset providers. The strategy sets out 11 goals “aimed at enhancing international cooperation, improving transparency, and strengthening the UAE’s position as a global leader in this field.”

#2- The Cabinet approved the three planks of its 2025 agenda, which will include family, Emirati national identity, and AI as priorities. The prime minister urged all “entities” to contribute with their initiatives and projects to draft a comprehensive national agenda for 2025.

ALSO APPROVED- The restructuring of the Supreme Committee for Trade Negotiations and the UAE’s joining of the global coalition, the Nationally Determined Contributions Partnership, aimed at promoting sustainable development goals and climate adaptation measures. Cabinet also signed off on an international AI policy strategy that it says focuses on transparency, ethics, and global cooperation

ON THE ECONOMY- Ministers noted that the number of registered companies in the UAE rose 152% to over 1 mn by mid-2024 from 405k in mid-2020. The UAE also attracted a record AED 112 bn in FDI in 2023. More than 1.3k projects landed foreign investment, a 33% rise from the previous year.

REMEMBER- The UAE attracted around USD 30.7 bn of FDI inflows for greenfield projects in 2023, representing 45.4% of total foreign direct investment inflows in the region, according to UNCTAD data. It also led with USD 225 bn in cumulative FDI balances, comprising 21% of total incoming balances across the region.

Cabinet also signed off on the books for 2023, with government revenues coming in at AED 546 bn in 2023. Meanwhile expenditures reached AED 402 bn in 2023, with key spending directed towards security, health, education, economic initiatives, social security, and infrastructure, it said.

Investcorp co-CEO steps down in senior reshuffle

#1- Alternative asset manager Investcorp Holding’s co-CEO, Hazem Ben-Gacem (LinkedIn), has stepped down after a 30-year stint at the Bahraini private equity firm as part of shuffle of senior ranks, according to a statement. Ben Gacem, co-CEO since 2018, will leave the firm on 1 November, but will remain vice-chairman of Mubadala-backed Investcorp Capital.

Executive chairman Mohammed Alardhi (LinkedIn) will take over the role previously occupied by the co-CEOs, with Rishi Kapoor (LinkedIn) stepping into the vice-chairman and chief investment officer roles. As part of the overhaul, Investcorp will reorganize its investment operations into three “business verticals”: private equity, real assets, and credit.

#2- HSBC appointed Shaikha Al Marri (LinkedIn) as its head of global banking coverage for the UAE, according to a press release. Al Marri, previously the head of coverage for Dubai for HSBC’s global banking division, will report to Julian Wentzel (LinkedIn), HSBC’s head of global banking for the Middle East, North Africa, and Turkey, and Mohamed Al Marzooqi (LinkedIn), CEO of HSBC UAE. She brings extensive experience in financial services, with prior roles at Nasdaq Dubai and the Financial Audit Authority.

#3- Emirates Steel Arkan appointed Mark Tonkens (LinkedIn) as its new group CFO, effective yesterday, according to a press release (pdf) . Tonkens succeeds Stephen Pope, who is transitioning to a strategic advisory role within the CFO office. Tonkens most recently served as CFO at Building Materials Europe. He has also held senior roles at Nova Chemicals Holding, Borealis, and Philips.

National Bank of Fujairah launches SME banking services unit

BANKING-

NBF unveils SME services unit: The National Bank of Fujairah (NBF) launched the NBF Emerging Business Unit to offer tailored banking services to SMEs, according to a press release. The new unit will streamline the process of opening business accounts as it can be carried out online through NBF’s newly launched platform Edge, eliminating the need for branch visits.

MARKETS-

Crédit Agricole CIB customers can now access Kepler Cheuvreux’s equity services: European financial services company Kepler Cheuvreux will offer equity capital market services to clients of Crédit Agricole Corporate and Investment Bank (Crédit Agricole CIB) as part of a partnership between the two parties, according to a joint statement.

BACKGROUND- Kepler Cheuvreux obtained an equity research license from the Dubai Financial Services Authority in July, and it recently opened a new regional office in the Dubai International Financial Centre.

FINTECH-

Zand to provide cards, digital financial services for startups under partnership with Network: The UAE’s first digital bank Zand struck up a partnership with Network International leverage the fintech firm’s card processing capabilities to give fintech companies and startups access to card schemes and digital financial services under a BIN sponsorship agreement between the two, a joint statement showed.

REAL ESTATE-

SOL Properties broke ground on Fairmont Residences Solara Tower Dubai, a new residential project developed under the global luxury hospitality brand Fairmont Hotels and Resorts. The project, featuring amenities like a private swimming pool, fitness center, and spa, is scheduled to be completed by 4Q 2027.

AVIATION-

Air Arabia to start Warsaw flights from Sharjah: Budget airline Air Arabia will begin operating flights between Sharjah International Airport and Warsaw Chopin Airport in the Polish Capital on December 20, according to a company statement. The new route will offer five direct flights per week.

SUSTAINABILITY-

Air-to-water firm A1rwater opens facility in Dubai: Abu Dhabi-based atmospheric water generation company A1rwater opened a new facility in Dubai Industrial City, targeting to roll out 100k liters of drinking water daily, according to a press release. The new facility is expected to be fully operational in 4Q 2024.

ALSO- Ma Hawa launched its air-to-water bottles at select Adnoc and Union Coop stores nationwide, according to a statement from the Emirati company.

Historic losses and US Fed uncertainty weigh on traders in September

September is often a turbulent month for asset classes including stocks, bonds, and gold — and there are few signs suggesting this year will be much different, Bloomberg writes.

What gives? Anxiety over whether the US Federal Reserve will cut rates (and by how much) later this month and generalized anxiety about the US presidential election.

(** Tap or click the headline above to read this story with all of the links to our background and outside sources.)

The “traditional” September slump: Bonds, stocks, and gold regularly dip in September as traders rebalance portfolios after summer vacation, the business information service notes. Just about all of the S&P 500 and Dow’s biggest losses (in percentage terms) in each year since 1950 have come in September. Bonds have fallen in eight of the last ten Septembers, and gold has dropped every September since 2017.

Investors are eyeing this coming Friday’s US employment report for insights into the US economy and the Fed’s next moves. The Fed meets on 17-18 September and will then convene again in early November and mid-December. With Fed Chair Jerome Powell having largely settled the question of whether there will be a rate cut in September, the key issue now is the extent of the cut, Amy Wu Silverman, head of derivatives strategy at RBC Capital Markets wrote.

Politics is making things more fraught, with the prospect of a 10 September TV debate between Vice President Kamala Harris and former President Donald Trump is also adding to anxiety — to say nothing of the question of who is elected in November.

All eyes on Friday? “September has a mixed record, with risk-off sentiment being common, especially in election years,” Bob Savage, head of markets strategy and insights at BNY said. “The upcoming US jobs report will likely set the tone for the rest of the year,” he added.

THE MARKETS THIS MORNING-

Asian markets are mixed this morning, with the Hang Seng and Shanghai Composite both in the red and both the Nikkei and Kospi up slightly. Australia’s ASX 200 is essentially flat, as is India’s Nifty 50.

Futures suggest we’ll see US shares open under modest selling pressure at the opening bell later today, while most major European benchmarks we follow are set to today’s session in the green.

ADX	9,363	+0.8% (YTD: -2.2%)
DFM	4,357	+0.7% (YTD: +7.3%)
Nasdaq Dubai UAE20	3,811	+0.8% (YTD: -0.8%)
USD : AED CBUAE	Buy 3.67	Sell 3.67
EIBOR	5.0% o/n	4.4% 1 yr
TASI	12,167	-0.2% (YTD: +1.7%)
EGX30	30,732	-0.6% (YTD: +23.5%)
S&P 500	5,648	+1.0% (YTD: +18.4%)
FTSE 100	8,364	-0.2% (YTD: +8.2%)
Euro Stoxx 50	4,973	+0.3% (YTD: +10.0%)
Brent crude	USD 77.52	+0.8%
Natural gas (Nymex)	USD 2.19	+2.9%
Gold	USD 2,531.70	+0.2%
BTC	USD 58,992.10	+1.1% (YTD: +40.1%)

THE CLOSING BELL-

The ADX rose 0.8% yesterday on turnover of AED 1.1 bn. The index is down 2.2% YTD.

In the green: NMDC Group (+14.6%), Gulf Medical Projects (+11.1%) and Al Khaleej Investment (+6.4%).

In the red: Response Plus Holding (-4.0%), Al Ain Alahlia Ins. (-3.5%) and Emirates Stallions Group (-3.3%).

Over on the DFM, rose 0.7% on turnover of AED 396.2 mn. Meanwhile Nasdaq Dubai also closed up 0.8%.

CORPORATE ACTIONS-

Adnoc petrochemicals unit Borouge will distribute USD 650 mn in interim dividends for 1H 2024, equivalent to 7.94 fils per share, according to an ADX disclosure (pdf). The company plans to pay a total of USD 1.3 bn dividends for FY 2024.

ON THE DFM- The International Financial Advisors Holding Company completed regulatory procedures to increase its capital to KWD 48.0 mn from KWD 30.0 mn, according to a DFM disclosure (pdf). The Kuwaiti holding company has also finalized procedures for trading new shares associated with the capital increase.

e&’s stake in Vodafone Group has been trimmed to 15.010%, following Vodafone’s share buyback program, according to an ADX disclosure (pdf). Despite the stake size reduction, the Emirati telco’s total shareholding remains unchanged at 3.9 mn shares.

CALENDAR

SEPTEMBER

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

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

5 September (Thursday): du’s Envision, Atlantis the Royal, Dubai.

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

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

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

7-13 September (Saturday-Friday): Makers’ Month, Al Quoz Creative District, Dubai.

7-10 October (Monday-Thursday): The World Air Taxi Congress, The Grand Hyatt Dubai, Dubai.

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

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

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

11-12 September (Wednesday-Thursday): Gitex Digi_Health 5.0 conference, Singapore.

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

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

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

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

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

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

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

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

24-26 September (Tuesday-Thursday): Careers UAE 2024, Dubai World Trade Centre, Dubai.

25-26 September (Wednesday-Thursday): Green Steel Summit, Dubai, UAE.

25-26 September (Wednesday-Thursday): Global Aerospace Summit, Abu Dhabi, UAE.

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

30 September (Monday): Dubai Podfest, World Trade Center, Dubai.

OCTOBER

1-3 October (Tuesday-Thursday): Water, Energy and Environment Technology Exhibition, Dubai.

2-3 October (Wednesday-Thursday): The World Green Economy Summit, World Trade Center Dubai.

2-3 October (Wednesday-Thursday): MENA District Cooling Projects & MENA Cool Forum, Grand Hyatt Dubai, Dubai Healthcare City, Dubai.

7-8 October (Monday-Tuesday): Forex expo, World Trade Center, Dubai.

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

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

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

13-16 October (Sunday-Wednesday): Expand North Star, Dubai Harbour.

14-18 October (Monday-Friday): IEEE/RSJ International Conference on Intelligent Robots and Systems, Adnec Centre, Abu Dhabi.

14 October (Monday): The Smart Cities MENA Summit, Dubai.

15 October (Tuesday): Deadline for the European Commission to make a decision on its probe into e&’s acquisition of PPF’s Eastern European assets.

21-22 October (Monday-Tuesday): Port Development MEA Forum, Dubai.

21-22 October (Monday-Tuesday): Roads, Bridges, Tunnels MENA Conference, Dubai.

21-22 October (Monday-Tuesday): The Alternative Investment Summit, Dubai.

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

26 October (Saturday): UFC 308: TOPURIA vs HOLLOWAY, Etihad Arena, Abu Dhabi.

26-27 October (Saturday-Sunday): International Conference on Tourism, Transport, and Logistics, Dubai.

28-29 October (Monday-Tuesday): MENA Climate Proof Forum, Dubai.

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

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

30 October (Wednesday): Connected Construction Conference, Museum of the Future, Dubai.

NOVEMBER

3-10 November (Sunday-Sunday): Dubai Premier Padel P1, Dubai Dutyfree Tennis Stadium, Dubai.

4-7 November (Monday-Thursday): Abu Dhabi International Petroleum Exhibition & Conference (ADIPEC), Abu Dhabi.

4-7 November (Monday-Thursday): ADIPEC Maritime and Logistics Exhibition and Conference, Abu Dhabi.

4-7 November (Monday-Thursday): ADIPEC Decarbonisation Accelerator, Abu Dhabi.

6 November (Friday): World Finance Forum, Dubai.

11 November (Monday): Dubai Diamond Conference, Jafza One Convention Centre, Dubai.

11-12 November (Monday-Tuesday): META Cinema Forum, Dubai.

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

19-20 November (Tuesday-Wednesday): Dubai Future Forum.

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

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

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

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

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

Signposted to happen ahead of ADIPEC:

Changemakers Majlis, Abu Dhabi.

DECEMBER

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

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

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

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

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

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

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

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

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

Signposted to happen sometime in December:

UAE-China Summit, Abu Dhabi.
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.

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

FEBRUARY 2025

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

24-25 February (Monday-Tuesday): 3rd 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.

Signposted to happen sometime in April:

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

MAY 2025

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

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

JUNE 2025

3-4 June (Tuesday-Wednesday): Make-A-Wish International’s Global Wish summit, Abu Dhabi.

OCTOBER 2025

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

Signposted to happen sometime in 2025:

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

Signposted to happen sometime in the fall of 2025:

2025 Games of the Future, Dubai.

Signposted to happen sometime in 2026:

The UAE to host the Arab Competition Forum

Signposted to happen sometime in 2028:

Abu Dhabi to host the Chess Olympiad.

Signposted to happen sometime in 2029:

Dubai to host the International Conference on Computer Vision.

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