Get EnterpriseAM daily

Available in your choice of English or Arabic

Lots of M&A news

No Posts found, please check the shortcode attributes values

No Posts found, please check the shortcode attributes values

No Posts found, please check the shortcode attributes values

No Posts found, please check the shortcode attributes values

1

REAL ESTATE

Keyper and Direct Debit to launch UAE’s first digital rental payments platform

Tenants can soon pay their rent digitally: Real estate app Keyper and central bank-regulated marketplace Direct Debit are partnering to launch the country’s first digital rental payments platform, Keyper said in a statement. The new system integrates Keyper’s Rent Now Pay Later service, offering tenants flexibility in making monthly digital payments while ensuring upfront payments for landlords, reports Arabian Business.

Replacing cheque payments: The platform intends to take the place of the traditional cheque system, which requires 95% of tenants to pay with written cheques. Direct Debit’s system will automate rent deductions from tenants’ bank accounts under pre-agreed conditions.

The “bank agnostic” approach eyes tied-up landlords + non-resident property investors: The collaboration aims to benefit individual and small-to-medium landlords who wrestle with “multiple assignments of receivables and loans from banks against their properties,” said Keypar co-founder and CEO Omar Abu Innab. The paperless system also expects to attract non-resident property investors by offering them the option to lease estates and receive payments digitally, even when posted outside the UAE.

2

EARNINGS WATCH

Orient Insurance’s bottom line grew 22% in 2023

Orient Ins. saw its bottom line grow 22% y-o-y in 2023 to AED 636 mn, its financial statements (pdf) show Its Takaful subsidiaries and its overseas entities helped drive profitability. Revenues were up 28% y-o-y at AED 6.3 bn.

Looking ahead: The company plans in 2024 to finalize setting-up shop in Saudi Arabia and is currently exploring setting up a Takaful branch in Australia. It is also in talks with major Egyptian banks to introduce life ins. there.

MEANWHILE- Orient Takaful’s net income stood at AED 50.1 mn in 2023, up 74% y-o-y, its financial statements (pdf) show. The firm attributes improved profitability to its cautious approach to underwriting and handling of claims as well as effective management of expenses. Revenues rose to AED 640 mn in 2023, up 37% y-o-y.

3

MOVES

Sheikh Mohamed establishes new UAE strategic affairs office with new appointments

President Sheikh Mohamed bin Zayed Al Nahyan has established a new strategic affairs office that will be part of the Presidential Court, state news agency Wam reports. The president also made several appointments, including for the new office and other offices in the Presidential Court, all of which hold a ministerial rank:

  • Ahmed Mubarak Ali Al Mazrouei (LinkedIn) is now the chairman of the President’s Strategic Affairs Office, while Sultan Dahi Sultan Al Hameeri and Rashid Saeed Salem Al Ameri are now advisors;

OTHER APPOINTMENTS AT THE PRESIDENTIAL COURT-

  • Sheikha Mariam bint Mohamed bin Zayed Al Nahyan is now the deputy chairperson of the Presidential Court for National Projects;
  • Sheikh Theyab bin Mohamed bin Zayed Al Nahyan is now the deputy chairman of the Presidential Court for Development and Fallen Heroes’ Affairs;
  • Humaid Saeed Amer Hamad Al Neyadi is now the director of the Chairman's Office at the Presidential Court.

This publication is proudly sponsored by

Rise every day
From OUR FAMILY to YOURS
4

ALSO ON OUR RADAR

G42 plans mega data center in Kenya + new desal plant in Umm Al Quwain

DIGITIZATION-

Abu Dhabi-based AI outfit G42 has inked an MoU with Kenya’s EcoCloud to establish a 100 MW sustainable data center in Kenya, powered by geothermal energy, according to a Wednesday press release, which did not include an investment ticket or timeline for the project. The data center can later house up to 1 GW of capacity.

The details: The hub will be strategically located in Kenya’s geothermal-rich region, enabling it to be powered by geothermal energy, reducing reliance on fossil fuels and curbing carbon emissions. Aside from infrastructure investments, the partnership will also promote the development of cloud computing and AI services, in a bid to unlock growth and support the development of Kenya’s digital economy.

G42 is doubling down on data infrastructure investments in Africa: The company inked an agreement with Mauritania’s Digital Transformation, Innovation, and Modernization Ministry in mid-2023 to develop and improve the country’s national data center.

#2- Core42 is helping FAB move its data to Microsoft Azure: First Abu Dhabi Bank (FAB) has partnered with G42 company Core42 to expedite the bank’s data center migration to the Microsoft Azure cloud platform, Microsoft said in a statement last week. The partnership comes as the bank looks to improve retail, individual, institutional, and SME services. The partnership also focuses on AI innovation, aiming to enhance operational efficiency and customer service.

#3- Nesma Injazat and Presight are partnering up to advance technological innovation and digital transformation in Saudi Arabia and the MENA region, according to a companystatement(pdf). The partnership, which aims to encourage digital transformation in government and businesses across the region, will tap Nesma Injazat’s expertise in hybrid multi-cloud and digital services, as well as Presight’s GenAI-driven analytics. The two sides are looking to t offer transformative solutions, particularly focusing on Smart City development to enable data-driven decision-making, operational optimization, and improved service delivery.

SUSTAINABILITY-

Umm Al Qaiwain desal plant inaugurated: Vice President Sheikh Mansour bin Zayed Al Nahyan inaugurated the Naqa’a seawater reverse osmosis (SWRO) desalination plant in Umm Al Qaiwain, Wam reports. With an annual capacity of 189 bn liters, it is among the largest seawater desalination projects using SWRO technology plants globally, meeting the needs of 2 mn residents of northern UAE, Wam cites Sheikh Mansour as saying.

Background: The initial phase of the plant came online in late 2021 with a trial production rate of 189 mn liters per day. By the end of 2022, the second phase was completed, allowing the station to achieve its full production capacity of 568 mn liters per day.

LOGISTICS-

AD Ports talks logistics + international transport with Iraq: International transport, logistics services, and regional economic cooperation projects were the main topics of discussion during a meeting between AD Ports representatives and an Iraqi delegation in Abu Dhabi last week, according to a press release. The two sides discussed initiatives like the Transports Internationaux Routiers International Road Transport System and Iraq’s Development Road Project, aiming to connect the GCC with Europe through Iraq.

AVIATION-

Etihad Airways plans to increase the number of its flights between Abu Dhabi and Rome to two flights per day, from 11 weekly flights, starting November, Wam reports. The move will result in a 22% y-o-y increase in seating capacity, amounting to 10k seats a week between the two cities.

SCIENCE-

Plant genetic resources center comes online: Chairman of the Board of Directors of the Environment Agency – Abu Dhabi (EAD) Hamdan Sheikh Hamdan bin Zayed Al Nahyan inaugurated the Plant Genetic Resources Centre in Al Ain City, which will preserve seeds and tissues of wild plants and local agricultural species in the UAE, Wam reports. The center features advanced facilities including laboratories for seed processing, genetic sequencing, and preservation using cutting-edge technologies such as liquid nitrogen.

SPACE-

Abu Dhabi introduced an advanced quantum optical ground station, complete with a new telescope, to improve space communication, The National reports. The station — the largest of its kind in the Middle East — developed by the Technological Innovation Institute, features an 800mm tracking telescope and facilitates ultra-secure data transfer to satellites via light particles. Located at Al Sadeem Observatory, the Abu Dhabi Quantum Optical Ground Station is currently in the testing phase.

HEALTHCARE-

Some 100 medical and administrative staff in Dubai have been trained in disaster medicine as part of the Dubai Disaster Medicine Program, according to a Dubai Media Office statement. The initiative, which the Dubai Health Authority launched yesterday, aims to train 1k specialized medical and nursing professionals by the end of the year and over 10k hospital leaders and healthcare professionals within five years.

5

PLANET FINANCE

An almost record year for Saudi Aramco, despite waning oil prices and production cuts

Saudi’s Aramco recorded its second-highest annual net income ever in 2023, despite falling 25% y-o-y to USD 121 bn on waning oil prices and lower output, according to the oil giant’s latest earnings release (pdf). The firm’s revenues also decreased by 18% y-o-y to USD 440 bn over the same period, the company said in a Tadawul filing.

And dividends were up 30% throughout the year, with USD 98 bn paid out to shareholders. The Saudi government — which owns 82% of Aramco — relies heavily on the oil giant’s lofty payouts, including royalties and tax, to bridge a widening budget deficit and finance its diversification away from oil, as Crown Prince Mohamed Bin Salman looks to diversify the economy.

Market reax: Aramco’s shares were up 1.4% to SAR 32.20 a share by the end of trading yesterday.

KSA is attracting more international companies to set up HQs: Some 350 multinational companies — including PepsiCo, Boeing, PwC, and Unilever — have set up regional headquarters in Saudi Arabia to be eligible to bid on government contracts as required by the country’s regional headquarters program. Big banks have been slower to join the program, citing regulatory concerns. (Financial Times)

ADX

9,234

+0.1% (YTD: -3.6%)

DFM

4,253

+0.4% (YTD: +4.8%)

Nasdaq Dubai UAE20

3,696

+0.1% (YTD: -3.8%)

USD : AED CBUAE

Buy 3.67

Sell 3.67

EIBOR

5.0% o/n

5.2% 1 yr

TASI

12,618

+0.3% (YTD: +5.4%)

EGX30

32,919

+5.17% (YTD: +32.2%)

S&P 500

5,124

-0.7% (YTD: +7.4%)

FTSE 100

7,660

-0.4% (YTD: -1.0%)

Euro Stoxx 50

4,961

-0.3% (YTD: +9.7%)

Brent crude

USD 81.81

-0.3%

Natural gas (Nymex)

USD 1.83

+1.4%

Gold

USD 2,178

0.0%

BTC

USD 68,648

+0.2% (YTD: +62.7%)

THE CLOSING BELL-

The DFM rose 0.4% yesterday on turnover of AED 773.9 mn. The index is down 3.6% YTD.

In the green: Gulf Cement (+9.8%), Hayah Ins. (+6.8%) and Sharjah Cement and Industrial Development (+4.6%).

In the red: Foodco National Foodstuff (-8.0%), E7 Group (-5.0%) and Aram Group (-4.5%).

Over on the ADX, the index closed up 0.1% on turnover of AED 258.4 mn. Meanwhile Nasdaq Dubai rose 0.1%.

GLOBAL MARKETS this morning: Hong Kong’s Hang Seng is the only Asian benchmark in the green this morning (+1.4% at dispatch time) as Asian shares sagged on the first day of trading this week. The Nikkei leads the losers, down 2.2% as we prepared to hit “send” on this morning’s issue.

The look ahead: Stock futures are down slightly after the Dow posted its worst week since October 2024. European benchmarks also seem set for a soft open later today.

CORPORATE ACTIONS-

Bayanat’s board of directors is set to approve its merger with Yahsat as well as changing Bayanat's legal name to Space42, according to an ADX filing (pdf). The board will review the decisions at its meeting tomorrow.

Abu Dhabi Commercial Bank approved distributing dividends of 0.56 AED per share to shareholders for 2023, totaling AED 4.09 bn, according to anADXdisclosure (pdf). The bank also approved the renewal of a debt issuance program and the creation of new programs, with a cap of USD 8 bn.

6

DIPLOMACY

Abu Dhabi, Slovakia agree to boost cooperation and establish an investment fund + more partnerships with Greece

Abu Dhabi and Slovakia will cooperate more closely on manufacturing, tourism, innovation, advanced technologies, and logistics services, after Abu Dhabi’s Economic Development Department and Slovakia’s Economy Ministry signed an MoU, according to a press release. The agreement will see the two sides cooperate on supporting SMEs and startups, creating favorable conditions for Slovak companies in special economic zones in Abu Dhabi, and establishing a joint investment fund, the statement reads.


The UAE and Greece have inked several new agreements to expand their economic partnership agreement, state news agency Wam reports.

  • Mubadala Investment Company inked a EUR 200 mn investment agreement with the Hellenic Development Bank of Investments to expand their partnership;
  • Masdar inked an agreement with the Environment and Energy Ministry to implement projects to develop green infrastructure on Greek islands.

IN OTHER DIPLOMACY NEWS-

  • Foreign Minister Sheikh Abdullah bin Zayed and Canada’s Foreign Minister Mélanie Joly discussed the developments of the war on Gaza, calling for international efforts for a sustainable ceasefire and humanitarian aid, Wam reports. Both parties also discussed a maritime corridor initiative in Gaza.
  • The UAE and Egyptian Air Forces executed their sixth and seventh airdrops of humanitarian aid in Gaza, with a total of 311 tonnes of food and medical assistance delivered since the commencement of the Birds of Goodness operation. (Wam)
  • The UAE was elected Vice Chair of UNESCO’s IntergovernmentalCommittee for Diversity of Cultural Expressions for 2025, after being nominated by the country’s permanent delegation at an Intergovernmental Committee session held in Paris. (Wam)

MARCH

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

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

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

11 March (Monday): Dubai’s PMI figures are out.

21 March (Thursday): Parkin shares begin trading.

APRIL

TBC April: DRIFTx, Abu Dhabi.

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

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

16-18 April (Tuesday-Thursday): World Future Energy Summit, Abu Dhabi National Exhibition Centre.

16-18 April (Tuesday-Thursday): EcoWASTE Exhibition and Forum, Abu Dhabi National Exhibition Centre

16-18 April (Tuesday-Thursday): Middle East Coatings Show, Dubai World Trade Centre.

16-18 April (Tuesday-Thursday): Middle East Energy, Dubai World Trade Centre.

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

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

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

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

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

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

MAY

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

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

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

14-15 May (Tuesday-Wednesday): Seamless Middle East, Dubai World Trade Centre.

14-16 May (Tuesday-Thursday): The Airport Show, Dubai World Trade Centre.

15 May (Wednesday): HFM Summit, DIFC.

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

JUNE

2-4 June (Sunday-Tuesday): The World Air Transport Summit and International Air Transport Association (IATA)’s annual general meeting, Dubai.

4-6 June (Tuesday-Thursday): The Hotel Show, Dubai World Trade Centre.

4-6 June (Tuesday-Thursday): INDEX, Dubai World Trade Centre.

4-6 June (Tuesday-Thursday): WORKSPACE, Dubai World Trade Centre.

4-6 June (Tuesday-Thursday): Leisure Show, Dubai World Trade Centre.

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

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

JULY

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

SEPTEMBER

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

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

OCTOBER

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

NOVEMBER

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

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

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

DECEMBER

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

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

Now Playing
Now Playing
00:00
00:00