LuLu Retail raises AED 6.32 bn in largest IPO of the year

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WHAT WE’RE TRACKING TODAY

THIS MORNING: NMDC eyes GCC-based acquisition before year’s end + Grace period for tax updates

Good morning, everyone. We have a brisk issue for you this morning, led by news on LuLu’s IPO, which raised AED 6.32 bn to secure the title of largest IPO of the year. Plus: A lot more updates from Adipec.

WEATHER- Expect more of the same in Dubai today, with a high of 34°C and a low of 26°C, while in Abu Dhabi, temperatures will peak at 30°C, before cooling to an overnight low of 26°C.

The Abu Dhabi Global Market has rebranded to ADGM as part of a rebranding, which also sees it adopt a “path to forward” motto to signal its forward-looking and future-focused approach, according to a press release (pdf).

WATCH THIS SPACE-

#1- IRH eyes cooperation with Egypt: State-owned International Holding Company subsidiary International Resources Holding (IRH) is in talks with Egypt’s Oil Ministry over the possibility of collaborating on liquefied natural gas trade and distribution in a bid to transport gas to foreign markets, according to a ministry statement. The talks, which came on the sidelines of ADIPEC, also saw the two parties exploring areas of cooperation in the mining sector.

#2- The National Marine Dredging Company (NMDC) plans to acquire a GCC-based company by the end of this year, the company’s CEO Yasser Zaghloul told The National, without revealing further details. NMDC is also scanning global markets for potential acquisitions in fields related to the company’s portfolio, including marine, dredging, logistics, and construction sectors, Zaghloul said.

ICYMI- NMDC said recently that it was working on a GCC-based acquisition with details of the transaction set to be announced “soon.” The company is also eyeing developing new business units, including NMDC Construction and NMDC LNS.

#3- Gov’t launches AED 500 mn community incentives package: The government unveiled a AED 500 mn community initiative aimed at improving quality of life, supporting sustainable development, and strengthening social stability in the UAE, state news agency Wam reports. Launched by Deputy Prime Minister and Interior Minister Sheikh Theyab bin Zayed Al Nahyan during the UAE Government’s annual meetings, the initiative will deliver “high-impact” projects focused on women, children, and senior citizens, carried out through community councils offering various social services nationwide.

#4- First Abu Dhabi Bank (FAB) is acting as global coordinator for Africa Finance Corporation’s (AFC) USD 300 mn sukuk, set to be issued before the end of the year, Bloomberg reports. Emirates NBD was tapped to work on the debt offering alongside other banks, including Japan’s SMBC, as the development finance institution looks to the Gulf for funds amid a growing interest in development and infrastructure projects on the continent, CEO Samaila Zubairu said.

The issuance marks the Nigeria-based institution’s first sukuk since 2017, when it raised USD 150 mn, attracting USD 230 mn in orders. The issuance was described as “the highest rated USD Sukuk issuance from an African entity” at the time. It also earmarked 15% of its five-year USD 500 mn eurobond issuance to Middle Eastern investors.

#5- Italian companies are aiming to reach USD 8 bn in exports to the UAE by the end of 2024, up from USD 7 bn last year, Italian Trade Commissioner Valerio Soldani told Wam, who noted that over 600 Italian firms are operating within the Emirates.

DATA POINTS-

The UAE recorded a 10.5% y-o-y increase in hotel guests in 1H 2024, welcoming 15.3 mn visitors, state news agency Wam cites Economy Minister Abdullah bin Touq as saying at the Hospitality Advisory Committee’s latest meeting. Hotel occupancy rates across the country reached 80% during this period.

PUBLIC SERVICE ANNOUNCEMENTS-

FTA offers grace period, waives penalties for tax record updates: The Federal Tax Authority (FTA) offered a grace period for tax registrants who have fallen behind on updating their tax records from 1 January 2024 until 31 March 2025, Wam reports. The taxpayers who pay their penalty in the grace period will have their payment fully refunded.

SPORTS-

UAE Pro League Side Al Ain sacked Argentine coach Hernan Crespo following a run of defeats, including the latest 5-1 defeat against Saudi Pro League club Al Nassr in the Asian Champions League Elite, and a 3-0 defeat against Egypt’s Al Ahly in the FIFA Intercontinental Cup late last month, state news agency Wam reports. The club thanked him for his work, but has yet to announce a replacement for him. Crespo led Al Ain to its victory in the Asian Champions League last season.

HAPPENING TODAY-

#1- Adipec is on its final day today at Adnec Center in Abu Dhabi. The event — the biggest oil and gas forum in the world — brings together over 40 ministers and over 200 C-suite executives and technology leaders from the Middle East, Asia, Africa, Europe, and the Americas, focusing on innovation and partnerships to advance the energy transition.

#2- Gulfood Manufacturing is on its final day at the Dubai World Trade Center. The event will showcase trends and solutions in global food manufacturing, with more than 2.5k companies set to attend.

#3- GulfHost is also on its final day at the Dubai World Trade Center. The event will feature over 350 exhibitors showcasing innovations in hospitality and foodservice equipment, along with networking opportunities for more than 25k industry professionals.

#4- Design Next exhibition is underway at the Dubai Design District as part of Dubai Design Week and wraps up Sunday, 10 November. The event showcases sustainable design solutions and features discussions by industry leaders.

#5- The WHO’s latest Emergency Medical Teams (EMT) Global Meeting is on its final day at Conrad Abu Dhabi Etihad Towers, marking the first time the event is hosted in the Middle East. Organized in partnership with Abu Dhabi’s Department of Health, the meeting aims to advance global emergency response and rapid deployment capabilities. It will wrap this Thursday, 7 November.

THE BIG STORY ABROAD-

With Trump elected for another term, it’s a very politics-heavy morning in the international press. After the US presidential election results were called earlier than initially expected yesterday, Kamala Harris conceded the race to Donald Trump The current vice president’s concession is getting ink in the New York Times, Politico, CNBC, and the Wall Street Journal, among many others. The race to form the 47th US president’s cabinet is now on, with Trump vetting candidates to form his administration. The Financial Times and Politico have more.

What does a second Trump administration look like? Critically, the Republican Party looks set to secure the Congress in addition to landing the White House and the Senate, the Wall Street Journal notes. Meanwhile, the Financial Times looks at what Trump’s foreign policy will look like, as Reuters notes that the next few years is looking uncertain for some countries like Ukraine — which is unlikely to receive much support from Washington once Joe Biden’s current term in office comes to a close. The Wall Street Journal, Bloomberg, and the New York Times also get into what the second Trump presidency will likely mean for the economy and the US Federal Reserve.

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LuLu Retail raises AED 6.32 bn in largest IPO of the year

LuLu Group’s retail arm, Lulu Retail, raised AED 6.3 bn from its IPO after setting its final price at the top end of its range at AED 2.04 per share, giving it a market cap of AED 21.1 bn, according to a statement (pdf). The company received some AED 135 bn in orders from local, regional and international investors at the close of the offering period — the highest for a non-government IPO in the past decade.

The order book was 25x oversubscribed, excluding cornerstone investors, the company said.

Who’s in? The retail portion of the offering attracted over 82k retail investors, breaking the record for a UAE IPO over the past 10 years, according to the statement. For the institutional portion, Gulf sovereign wealth funds — including Saudi Arabia’s Public Investment Fund and Hassana, Qatar Investment Authority and Kuwait Investment Authority — also invested in the IPO, alongside global investors Vanguard Group and Singapore sovereign wealth fund GIC, Bloomberg cites Lulu founder Yusuff Ali as saying at a press conference.

Refresher: Other key cornerstone investors, including the Abu Dhabi Pension Fund, Bahrain Mumtalakat, Emirates International Investment Company, and Oman Investment Authority, previously committed around AED 753 mn in shares. Saudi Arabia’s Masarrah Invest also invested an additional AED 250 mn in the IPO, bringing the total raised from cornerstone investors to AED 1 bn.

Shares will start trading on the ADX on Thursday, 14 November, under the ticker LULU, the statement reads.

Refresher: Initially, the supermarket giant aimed to list a 25% stake on the ADX. Lulu Retail later ramped up the size of its IPO amid heightened demand, offering up to a 30% stake in the company, with all additional shares allocated to institutional investors.

The IPO is the UAE’s biggest this year. Lulu’s IPO tops recent IPOs like NMDC Energy’s AED 3.2 bn in September, Alef Education’s AED 1.9 bn IPO, and ADNH Catering’s AED 864 mn listing last month.

ADVISORS- Abu Dhabi Commercial Bank, Citigroup, Emirates NBD Capital and HSBC Holdings are acting as joint coordinators and bookrunners, while Alrajhi Capital, EFG Hermes UAE, First Abu Dhabi Bank, and Goldman Sachs have been tapped as bookrunners. ADCB, Citigroup, Emirates NBD Capital, HSBC Holdings, and EFG Hermes UAE are also joint lead managers, while FAB and ADCB are joint lead receiving banks, along with our friends at Mashreq, Dubai Islamic Bank, Emirates Islamic Bank, and Emirates NBD, who are acting as receiving banks. Moelis & Co. is also acting as an independent financial advisor.

The story also got ink in Bloomberg and Reuters.

Adipec day three: More agreements from Adnoc

On the third day of Adipec, Adnoc continued to lead headlines, signing a series of agreements with major companies to ramp up its production of petrochemicals and accelerate the use of AI in its operations. We have a rundown of the agreements below.

PETCHEMS-

Ta’ziz inks AED 7.34 bn contracts to expand Al Ruwais infrastructure: Ta’ziz, a JV between the Abu Dhabi National Oil Company (Adnoc) and ADQ, awarded three engineering, procurement, and construction (EPC) contracts worth USD 2 bn (AED 7.34 bn) for infrastructure development at its chemicals and transition fuels site in Al Ruwais Industrial City, Abu Dhabi, according to an Adnoc statement.

The contracts:

NMDC Group will develop a USD 300 mn chemicals port, facilitating exports of chemicals and transition fuels like low-carbon ammonia and methanol and securing operational connectivity to regional and global markets. The project is expected to be completed within 25 months, according to a bourse disclosure (pdf) ;
Rotary Engineering’s Abu Dhabi division and Advario secured a chemicals terminal contract, covering building storage facilities, pipelines, and liquid product storage;
Al Geemi Contracting is responsible for developing site infrastructure, including internal roads, security fencing and buildings, and utilities like power, steam, cooling water, and water.

A “significant” portion of the value of the EPCs will be injected back into the UAE economy under the national in-country value (ICV) program, aiming to support growth in the Al Dhafra region. The ICV program rewards companies that prioritize localizing supply chains and attracting foreign investments.

Background: Adnoc and ADQ established their joint venture (JV) Ta’ziz in November 2020 to propel industrial project development within the planned Ruwais Derivatives Park. The JV’s first phase selected potential investment projects exceeding USD 5 bn (AED 18 bn).

ICYMI- These aren’t the first EPC contracts awarded for Al Ruwais: In June, Adnoc handed out USD 5.5 bn in EPC contracts to a JV between engineering companies NMDC Energy, Technip Energies and JGC Corporation, for its LNG project in Al Ruwais.

About the site: The Al Ruwais 17 sqkm facility will produce caustic soda, ethylene dichloride, vinyl chloride monomer, polyvinyl chloride, low-carbon ammonia, and methanol, many of which will be manufactured in the UAE for the first time. Production is scheduled to start in 2027, with a target of 4.7 mn tonnes per year by 2028.

LNG EXPORTS-

Adnoc finalizes first long-term LNG agreement with SEFE subsidiary: Adnoc signed a 15-year sales and purchase agreement (SPA) with Sefe Marketing & Trading Singapore, a subsidiary of Germany’s state-owned energy firm Securing Energy for Europe, to supply it with 1 mn tonnes of liquefied natural gas (LNG) per year from its LNG project in Al Ruwais, according to a statement. Deliveries from the project are set to begin in 2028.

Background: Adnoc and SEFE signed the preliminary agreement for the transaction in March, subject to receiving regulatory approval and the companies reaching a definitive SPA.

ICYMI- Al Ruwais has inked offtake agreements for 70% of its total production capacity, including a 15-year agreement with China's ENN Natural Gas to deliver some 1 mn tonnes of LNG annually from the new plant, and a 15-year agreement with German energy giant Energie Baden-Württemberg to supply it with 0.6 mn tonnes of LNG annually. Adnoc also signed long-term LNG supply agreements to deliver 1.6 mn tonnes per year from the new plant, with 1 mn metric tonnes to be supplied to Shell and 0.6 mn tons to be supplied to Mitsui.

MAPPING-

Adnoc awarded a contract valued at up to AED 1.79 bn to BGP, a subsidiary of China National Petroleum Company, to expand its ongoing 3D seismic survey in Abu Dhabi, according to a statement. The contract aims to accelerate data interpretation using AI in a bid to identify additional oil and gas resources in Adnoc’s onshore fields. Over 70% of its value will be reinvested into the national economy through Adnoc’s ICV program.

About the survey: The seismic survey project was launched in 2018 to provide high-resolution data on the region's geological structure. It is the world’s largest continuous 3D seismic survey, spanning 85k sqkm across onshore and offshore areas in Abu Dhabi.

UAE employers to accelerate hiring and ease raises in 2025

Headcounts to rise next year in the UAE: Some 63% of UAE business leaders expect an increase in employee headcount to accommodate growth plans over the upcoming 12 months, according to a study conducted by human resources consulting firm Robert Half.

A slow year for hiring will make way for a busy one: A third of surveyed business leaders said that they were waiting until international elections were finished to obtain a clear global outlook, after many employers paused hiring in 2024. Around 32% of the leaders also said that they are waiting for interest rates to stabilize or decline before finalizing hiring decisions. Meanwhile, 67% of employers are confident regarding their company’s growth next year, which is likely to convert into increased hiring activity.

The rise in available talent due to expat inflow still comes with challenges for employers, as 47% of business leaders believe that despite having access to more workers, it isn’t easy to find suitable candidates with the desired skills. Around 19% of them also confirm that it is challenging to find candidates with previous UAE experience.

Salary raises are expected to be moderate to low over the year, Middle East Director of Robert Half Gareth El Mettouri told Khaleej Times. The legal and technology sectors are projected to take the lead in UAE salary increases next year due to the high demand for legal talent and increased technology adoption, with pay hikes expected to come in the low single digits. He also expects lower salary increases in finance, accounting, and human resources due to the availability of local talent.

REMEMBER- The UAE led the GCC in terms of growth of new jobs in 3Q 2024, with an 8% q-o-q increase in vacancies. The hiring patterns were driven by sizable investments in technology, media, telecommunications, and space commercialization, attracting swathes of international talent, especially in the UAE and Saudi Arabia.

Employee sentiment is shaky: UAE employees are planning moves despite a highly competitive market. This competitiveness led 52% of UAE employees to feel easily replaceable, and 65% of them intend to stay in their role due to necessity rather than preference. However, two thirds of employees are planning to look for new jobs next year.

New role selection for UAE employees is mainly driven by income and development opportunities, with 44% of them suggesting that salary is their top priority. The financials are followed by access to training at 37%, progress opportunities at 34%, and benefits at 34%.

Job satisfaction remains a challenge for employers, as there is a sizable gap in their observations compared to the employee’s experiences. Businesses are reporting a 69% rise in worker satisfaction over the past 12 months, while only 49% of employees suggest the same.

Dubai’s prime commercial offices record a rise in rental rates in 3Q -Savills

Dubai’s commercial office market saw a boom in demand in 3Q 2024, pushing up both rental prices and occupancy rates in prime areas, according to Savills 3Q 2024 Dubai Office Market report (pdf). This surge is driven by a mix of new market entrants and expansion by existing businesses, particularly in banking, finance, technology, media, and telecommunications.

Occupancy rates in prime locations like DIFC, Downtown, and Business Bay now range between 95-97%. New projects are underway to bring 10 mn sqft of Grade A office space by 4Q 2028, with 85% located in free zones.

Grade A + affordable spaces rents are up: The average rent for Grade A offices rose 25% y-o-y quarter, with rents in Business Bay up 44% and Downtown up 36%. DIFC rents rose 21% y-o-y, with certain premium properties seeing rental increases of nearly 25%. Even in affordable zones, rental rates surged, with Dubai Science Park and Dubai Investments Park experiencing a 37% jump.

Demand is shifting toward sustainable and hybrid workspaces, with companies increasingly seeking green lease terms and ESG compliance. Open-plan and co-working setups, especially appealing to startups, are gaining traction due to flexible leases and quick setup options.

Shorooq leads USD 2.6 mn seed funding round for cybersecurity startup Corgea

Investment firm Shrooq led a USD 2.6 mn seed funding round for Corgea, a cybersecurity startup based in California, according to a press release (pdf). The round also saw participation from Y Combinator, Propeller, Decacorn Capital, Unbound Ventures, and angel investors Jawed Karim (co-founder of YouTube) and Sam Kassoumeh (co-founder of SecurityScoreCard).

Where will the funds go? The funding will be used to develop Corgea’s platform further and support its expansion into the US and the Middle East.

About Corgea: Founded by Ahmad Sadeddin (LinkedIn), Corgea 's platform uses AI to “automate the detection, triaging, and remediation of vulnerabilities in complex enterprise ecosystems.” The startup claims to be able to reduce remediation by 80%.

OTHER STARTUP NEWS-

UAE-based AI brand names generator Brands.io raised an undisclosed amount in seed funding, led by unnamed investors, to upgrade its platform, strengthen its presence in the GCC, and expand into Europe, the Middle East, and Africa, according to a press release. Founded in 2024 by Chetan Gera, the startup provides customized domain names for AI businesses, with a client portfolio spanning Nasdaq 100 companies, unicorns, and early-stage startups.

IHC, Dubai Taxi, Agthia, and more report 3Q earnings

INTERNATIONAL HOLDING COMPANY-

State-owned International Holding Company (IHC) saw its net income grow 17.8% y-o-y to AED 5.7 bn in 3Q 2024, according to its financial statements (pdf). The conglomerate’s revenues jumped 57% y-o-y, reaching AED 22.2 bn during the quarter. The marine and dredging segment led revenue growth, recording a 22.5% y-o-y increase to AED 6.8 bn during the quarter, with the property development segment following closely, rising 131.3% y-o-y to AED 3.5 bn in revenues.

On a nine-month basis, the conglomerate’s bottom line climbed 18.3% y-o-y to AED 18 bn. IHC’s revenues stood at AED 64 bn by the end of the 9M period, up 49.4% y-o-y,

Behind the revenue growth: The conglomerate attributed the strong performance to “the positive performance from key segments,” growth in Alpha Dhabi-backed Aldar Properties’ revenues as well as revenues from acquisitions and new construction projects, and the transfer of several assets under Modon Holding, IHC said in its earnings release (pdf ).

DEYAAR DEVELOPMENT-

Dubai’s Deyaar Development’s bottom line rose 17.4% y-o-y increase in net income to AED 139.8 mn in 3Q 2024, according to its financials (pdf). The real estate developer’s revenues reached AED 376.1 mn, up 21% y-o-y in 3Q 2024.

On a nine-month basis, Deyaar posted a 38% y-o-y increase in net income to AED 328.4 mn in 9M 2024. The developer saw its top line rise 10.7% y-o-y to AED 1 bn, driven by “progress on a number of projects,” the developer said in an earnings release (pdf).

AGTHIA-

ADQ-owned F&B firm Agthia Group recorded a 5.7% y-o-y increase in net income to AED 65 mn 3Q 2024, according to its financial statements (pdf). The company’s revenues remained relatively flat during the quarter, standing at AED 1.08 bn, up 1.1% y-o-y.

On a nine-month basis, the company saw its net income increase 24% y-o-y to AED 254.9 mn in 9M 2024, while revenues increased 10.3% y-o-y to AED 3.6 bn, driven by growth in various business segments.

9M breakdown: The company’s snacking segment grew 14.2% y-o-y, bolstered by its coffee category’s strong performance, the company said in its earnings release (pdf). Protein & frozen reported a slight 1.1% y-o-y in revenue, largely due to the impact of Egypt's currency devaluation. Meanwhile, water & food posted a 5.8% revenue boost y-o-y, fueled by a 9.6% jump in UAE water sales, and agri-business’ revenue rose 18.3% y-o-y.

DUBAI TAXI-

Dubai Taxi saw its net income fall 26.1% y-o-y to AED 59.7 mn in 3Q 2024, according to its financials (pdf). The company booked AED 507.3 mn in revenues, up 11% y-o-y. On a 9M basis, the company’s net income stood at AED 247.1 mn, down 7% y-o-y. Meanwhile, revenues climbed 12.9% y-o-y to AED 1.6 bn driven by positive performance across its segments, DTC said in its earnings release (pdf).

Looking ahead, Dubai Taxi expects to grow its market share in the overall taxi and e-hailing sector, thanks to its partnership with Bolt to introduce an e-hailing platform in Dubai. This initiative aims to shift 80% of taxi trips in Dubai to e-booking over the next few years.

WAHA CAPITAL-

Waha Capital saw its net income climb 180.3% y-o-y to AED 249.6 mn in 3Q 2024, according to the company's consolidated financial statements (pdf). The company saw a 109.9% y-o-y increase in its net operating income to AED 376 mn, while revenues from sales came in at AED 33.2 mn, up 12% y-o-y.

On a nine-month basis: The company's net income rose 27.5% y-o-y to AED 519 mn in 9M, on the back of Waha EM Credit Fund gains and increased fee income, according to a separate earnings release (pdf). Net operating income came at AED 905.2 mn, up 33.2% y-o-y, while revenues from sales were up 9.3% y-o-y to AED 111 mn.

Rotana Hotels & Resorts taps Timur Ilgaz as Area General Manager for Dubai and the Northern Emirates

Rotana Hotels & Resorts appointed Timur Ilgaz (LinkedIn) to the position of Area General Manager for Dubai and the Northern Emirates, according to a press release. Ilgaz, who has over 38 years of experience in the hospitality industry, joined Rotana in 2007 as General Manager of Jumeirah Rotana and has since held a number of leadership roles at the company.

Trump’s Gulf ties in the spotlight ahead of White House return

With Donald Trump heading back to the Oval Office, Reuters highlights the ties the American president-elect and his allies have maintained with Gulf countries over the past four years since he left office in 2021, from hosting President Sheikh Mohamed bin Zayed Al Nahyan and Qatar’s emir at his private Florida club and residence Mar-a-Lago last September to the partnership between Saudi developer Dar Global and the Trump Organization to develop Trump Tower Dubai, Trump Tower Jeddah, and a USD 4 bn luxury resort in Oman.

President Al Nahyan and Prime Minister and Dubai Ruler Sheikh Mohammed bin Rashid Al Maktoum, both congratulated Trump on his re-election, Wam reports.

Tadweer + Emsteel to explore alternative fuel use

SUSTAINABILITY-

Tadweer + Emsteel to collaborate on alternative fuel: UAE-based waste management company Tadweer and Emsteel have signed an MoU to manufacture sustainable building materials using alternative fuels and raw materials, according to a press release. Emsteel will use refuse-derived fuels produced by Tadweer, as well as construction and demolition waste, to source raw materials for use in its factories.

TECH-

#1- Microsoft plans to launch a training program to equip 1 mn UAE residents with AI skills by 2027, supporting the country’s ambitions to become an AI hub, according to a statement from the Dubai Media Office. The initiative will target government employees, business leaders, and citizens. The announcement was made during a meeting between Dubai’s crown prince Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum and Microsoft’s President Brad Smith.

More cooperation ahead: The meeting also saw the crown prince and Smith discuss expanding cooperation between the tech giant and the UAE in advanced tech and AI.

Remember: Microsoft is a key AI partner for the UAE, with the company investing USD 1.5 bn in G42, and pledging to set up artificial intelligence centers in Abu Dhabi.

#2- Huawei partnered with the Center of Excellence for Applied Research and Training to establish an Innovation Hub focused on AI, IoT, and 5G, which will serve as a platform for research and training, according to a press release.

ARBITRATION-

Singapore International Arbitration Center partners with ADGM to promote int’l arbitration: The Singapore International Arbitration Center (Siac) signed an MoU with ADGM to promote international arbitration, in addition to setting up conferences and workshops on international arbitration in both countries, according to a statement. The agreement will also see Siac mulling establishing an office in Abu Dhabi.

Background- The MoU builds on a previous agreement between Siac and the ADGM Arbitration Centre from 2021.

DIGITIZATION-

Ras Al Khaimah launched a digital platform for creating and managing data files related to legal cases presented by the Public Prosecution Department and its services, in a bid to speed up judicial procedures, Wam reports. The platform, which uses AI-based and cloud technologies, was developed by several tech giants, including Microsoft, Adobe, Sap, and Wacom.

BUSINESS-

Dubai International Chamber opened a representative office in Almaty, Kazakhstan to facilitate investments and trade between businesses in the two countries, according to a press release. The new office aims to attract companies and investors from Kazakhstan and Central Asia to Dubai by sharing investment information and promoting the emirate. It also aims to provide support for Dubai-based companies expanding into Kazakhstan by offering market insights and connecting them to stakeholders and potential partners.

Trade between the two markets is flourishing: Non-oil trade between both markets grew 82% y-o-y in 2023 to AED 14 bn. Some 187 new companies from Kazakhstan joined the Dubai Chamber of Commerce in 9M 2024, bringing the total number of Kazakhstani member companies to 668.

ENERGY-

Masdar + Sarawak Energy + Gentari consider floating solar project in Malaysia: UAE renewables giant Masdar has signed a joint study agreement with Malaysia’s Sarawak Energy and Malaysian renewables firm Gentari to evaluate the feasibility of a large-scale floating solar plant in Sarawak, Malaysia, according to a press release. The study will assess technical feasibility, environmental impact, and financial viability. The plant would mark Masdar’s second floating solar power plant in Southeast Asia following its 145 MW Cirata plant.

EVs-

Siemens to boost Abu Dhabi’s efforts to integrate EVs in the transport sector: Siemens partnered with the Abu Dhabi Commerce and Industry Chamber to back the emirate’s efforts in boosting the adoption of EVs across its transport sector, according to a press release. Under the agreement, the two parties will work together to organize workshops and training programs for entrepreneurs to inform them on how to use Siemens technologies in the EV sector, as well as market analysis.

M&A-

Ultratech now owns 66% of Rak White Cement: Indian cement manufacturer UltraTech raised it stake in Ras Al Khaimah White Cement (Rak White Cement) from 54% to almost 66% after purchasing an additional 57.7 mn shares, equivalent to a 11.55% stake in the cement firm, according to a bourse disclosure (pdf). Ultratech acquired the stake for AED 80.8 mn at AED 1.4 per share via off market trades, state news agency Wam reports, citing ADX data.

ICYMI- UltraTech raised its total stake in Rak White Cement to 54% by acquiring an additional 25% in July. Prior to the July transaction, the Indian company owned a 29% stake in Rak White Cement, which it had acquired in 2022 as part of a plan to expand the cement manufacturer’s operations locally and globally, and to introduce new products to Rak Cement’s production portfolio.

DEFENSE-

#1- Edge Group's subsidiary Abu Dhabi Ship Building (ADSB) inked an agreement with Kuwait’s Interior Ministry to repair, upgrade, and modernize its naval fleet, as well as provide training to its personnel, according to a statement.

PLUS- ADSB will integrate French decoy systems outfit Lacroix’s decoy system into its newly launched FA-400 Fast attack vessel, according to a company statement.

#2- Edge Group inked a MoU with the Brazilian navy, to develop autonomous surface and aerial defense systems, according to a company statement. The agreement aims to strengthen technical, operational, and logistical cooperation between the two entities, particularly in the development and deployment of advanced anti-drone systems for naval applications.

PAYMENTS-

Mastercard joined Arab payment system Buna to facilitate cross-border payments across the Mena region and globally, according to a press release. Participants from both sides will benefit from Mastercard Move’s network and Buna’s anti-money laundering system.

AVIATION-

Wizz Air Abu Dhabi adds Moldova flights: Budget-friendly airline Wizz Air Abu Dhabi launched a new route connecting Abu Dhabi with Moldova’s capital Chisinau, according to a press release. The service operates three weekly flights on Wednesdays, Fridays, and Sundays.

Equities, currencies, and bonds react to Trump’s reelection

Markets react to Trump’s reelection: Donald Trump has been elected to his second nonconsecutive term at the White House leaving investors, traders, and policymakers speculating what that could mean for financial markets. The reaction to Trump’s win was immediate with equities, currencies, and bonds all seeing wild swings.

Want a recap of what went down yesterday? Wednesday’s issue of EnterprisePM dove into Trump’s victory and what we can expect from another four years of Trump in the White House. Check out the issue here.

Investor sentiment surged following Trump’s decisive win. “For now, investor sentiment is pro-growth, pro-deregulation, and pro-markets,” Bahnsen Group’s David Bahnsen told Bloomberg. “Finally, US stocks may see tailwinds from not only the election results but a retreat in volatility hedging, corporations moving out of their buyback blackout periods as the earnings season winds down, and strong fourth-quarter seasonality factors (particularly in election years),” said Ameriprise’s Anthony Saglimbene.

Stock markets hit record highs: US stocks soared to fresh highs — the S&P 500 climbed 2.5%, setting its 48th high of the year, the Dow Jones surged 3.6%, and the Nasdaq was up 2.7%. The Russell 2000 index of smaller companies outperformed all of its counterparts, rising 5.6% as investors banked on Trump’s stance in favor of domestically concentrated businesses.

The USD soars: The USD surged, posting its best one-day performance since 2022, with the Bloomberg USD Spot Index rising 1.3%. The greenback’s ascent sent major currencies reeling; the EUR fell 1.8%, marking its steepest one-day drop in over four years, while the JPY fell 1.9%. The GBP slipped 1.2%, marking broad pressure on non-USD currencies.

Not all is convinced the USD rally is here to stay: Trump’s policies on trade and tariffs are seen as “USD-positive,” Tradu’s analyst Nikos Tzabouras told Reuters. However, he argued that Trump “had essentially challenged the long standing strong USD mantra, because he prefers a weaker currency to help with exports and American economic activity,” which could temper this rally.

Bond markets brace for volatility: Treasury yields spiked, as investors reassessed the Federal Reserve’s path forward under Trump’s leadership. The 10-year Treasury yield hit its peak in five months, rising 21 basis points to 4.48%, driven by expectations of tax cuts and tariffs potentially triggering inflation.

Crypto rides the Trump wave: BTC soared nearly 9%, hitting a record high of over USD 76k as investors linked Trump’s victory to potential crypto-friendly policies. ETH followed suit, rising 10%. Trump’s support for digital assets during his campaign has fueled optimism in the sector, bolstering market confidence.

Mixed macro outlook as optimism meets caution: While markets are enjoying a wave of optimism, analysts caution that “the backdrop is complex.” Concerns about budget deficits, inflation, and fewer-than-expected Fed rate cuts are acting as counterbalances to the current bullish trend. Thierry Wizman at Macquarie advised traders to be mindful about pushing “the yield story much further,” as anticipated fiscal restraint could alter bond market dynamics.

The international press is abuzz with Trump’s victory and what it means for financial markets: Reuters | Bloomberg | FT | BBC | CNBC | NYT.

MARKETS THIS MORNING-

Asian markets are mixed in early trading this morning, as investors digest Trump’s reelection. The Nikkei is down 0.2%, while the Kospi is up 0.2%. The Shanghai is up 0.4% and Hang Seng is looking at gains of 0.8%.

ADX	9,425	+0.4% (YTD: -1.6%)
DFM	4,616	+0.5% (YTD: +13.7%)
Nasdaq Dubai UAE20	3,863	+0.3% (YTD: +0.5%)
USD : AED CBUAE	Buy 3.67	Sell 3.67
EIBOR	4.7% o/n	4.4% 1 yr
TASI	12,093	+0.7% (YTD: 1.1%)
EGX30	31,045	+0.8% (YTD: +24.7%)
S&P 500	5,929	+2.5% (YTD: +24.3%)
FTSE 100	8,167	-0.1% (YTD: +5.6%)
Euro Stoxx 50	4,801	-1.4% (YTD: +6.2%)
Brent crude	USD 74.92	-0.8%
Natural gas (Nymex)	USD 2.73	-0.7%
Gold	USD 2,669	-0.3%
BTC	USD 75,730	+8.8% (YTD: +79.0%)

THE CLOSING BELL-

The DFM rose 0.5% yesterday on turnover of AED 341.9 mn. The index is up 13.7% YTD.

In the green: Takaful Emarat (+14.7%), National International Holding Company (+13.0%) and Agility The Public Warehousing Company (+8.9%).

In the red: Al Ramz Corporation Investment and Development (-7.7%), BHM Capital Financial Services (-5.0%) and Spinneys 1961 Holding - Freezone (-3.2%).

Over on the ADX, the index rose 0.4% on turnover of AED 1.4 bn. Meanwhile, Nasdaq Dubai closed up 0.3%.

UAE and Australia ink trade agreement

The UAE and Australia signed an economic partnership agreement, marking Australia’s first trade agreement with a country in the Mena region, according to a Foreign Ministry statement and a statement by the Australian Agriculture Ministry. The partnership aims to increase non-oil bilateral trade to over USD 15 bn by 2032.

The agreement will eliminate tariffs on over 99% of Australian exports to the UAE — including significant agricultural products — and includes dedicated chapters on environmental protection, women's empowerment, sustainable agriculture, and animal welfare.

Background: This builds on existing economic relations and a trade agreement that was finalized in November, with bilateral non-oil trade reaching USD 2.3 bn in 1H 2024, marking a 10.1% y-o-y increase. The UAE is Australia’s largest trading partner in the Middle East and 20th globally, with the countries having committed a combined USD 14 bn to each other's economies.

Six further agreements were signed, including one to promote and protect investments and five MoUs on investment cooperation in sectors such as renewable energy, infrastructure development, data centers, artificial intelligence, minerals, mining, and food and agriculture.

Foreign Minister Sheikh Abdullah bin Zayed Al Nahyan met Australian PM Anthony Albanese to discuss bilateral relations, focusing on economy, trade, investment, energy, and climate, state news agency Wam reports. He also met with Deputy Prime Minister Richard Marles and Foreign Minister Penny Wong to address mutual interests and regional developments, and spoke with Trade and Tourism Minister Don Farrell about expanding economic collaboration, Wam reported separately.

e& is still the UAE’s most valuable brand -Kantar BrandZ

e& kept its spot as the UAE’s most valuable brand in 2024 with a brand value of USD 7.3 bn, marking a 23% y-o-y drop in overall value, according to a report (pdf) published by brand equity platform Kantar BrandZ, detailing the top 10 most valuable Emirati and Saudi brands. The brands’ pooled value has surged by 93% over the last five years to reach USD 97 bn in 2024, outpacing the top global 100 brands’ 66% growth rate during the same period, according to a press release.

The top 10 Emirati brands collectively generated a value of USD 31.8 bn in 2024, representing a slight 3% y-o-y decline. The telecom sector led the pack, contributing 28% of total brand value, followed closely by financial services (23%) and travel services (20%). Real estate made up 17%, energy 9%, and hospitals 3%.

Emirati firms rounding out the top 10:

Emirates rose one rank to claim second place, with brand value increasing 15% y-o-y to USD 6.2 bn;
First Abu Dhabi Bank slipped a slot to third place with USD 4.9 bn, down 14% y-o-y;
Emaar climbed one place to fourth position, with a 25% y-o-y increase to USD 4.4 bn;
Adnoc Distribution came in at fifth, down one rank, driven by a 23% y-o-y drop in value to USD 2.8 bn;
Du held onto sixth position, seeing a modest 2% y-o-y increase to USD 1.8 bn;
Abu Dhabi Commercial Bank remained in seventh place, though its brand value rose 20% y-o-y to USD 1.2 bn;
Aldar advanced one spot to eighth place with the largest y-o-y growth at 47%, reaching USD 1.1 bn;
Emirates NBD dropped one ranking to the ninth spot but saw a 30% y-o-y increase, bringing its brand value to USD 1.1 bn;
Burjeel debuted on the list with a brand value of USD 972 mn, replacing Dubai Islamic Bank, which ranked tenth last year.

Drivers of growth: Heightened interest from high-net-worth individuals in luxury residential and hotel developments in the UAE supported Aldar’s rapid growth this year, while the rise in medical tourism pushed Burjeel’s brand value up.

How Saudi stacked up: Saudi Arabia’s top 20 brands reached a collective value of USD 65.5 bn, up 7% y-o-y. Financial services claimed the lion’s share at 59%, led by Al Rajhi Bank, which topped the rankings with a brand value of USD 13.96 bn.

Brand positioning played a key role, with 87% of the top 30 Emirati and Saudi brands recognized for their “meaningful difference,” enabling them to set premium pricing and boost brand value.

CALENDAR

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.

5-7 November (Tuesday-Thursday): 2024 EMEA Stakeholder Conference, Dubai.

5-7 November (Tuesday-Thursday): 10th edition of Gulfood Manufacturing, Dubai World Trade Center.

5-7 November (Tuesday-Thursday): GulfHost, Dubai World Trade Center.

6-8 November (Friday-Sunday): UAE BioTech Symposium, Masdar City, Abu Dhabi.

6-10 November (Wednesday-Sunday): Al Yasat Festival, Al Dhafra, Abu Dhabi.

6-17 November (Friday- Sunday): Sharjah International Book Fair, Expo Center Sharjah, Sharjah.

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

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

11-13 November (Monday-Wednesday): IAOM MEA Conference & Expo, Dubai World Trade Center.

11-15 November (Monday- Friday): Dubai Arbitration Week, Waldorf Astoria, Dubai International Financial Center.

12-14 November (Tuesday-Thursday): The Global Educational Supplies and Solutions, Dubai World Trade Center.

13 November (Wednesday): Registration deadline for Dubai Chamber of Digital Economy’s App Olympics.

13-14 November (Wednesday-Thursday): Lease Conference Dubai 2024, Jumeirah Creekside Hotel, Dubai.

14 November (Thursday): LuLu Group’s shares to commence trading on ADX.

15 November (Friday): Tax amendments that exempt crypto and investments through fund managers from VAT to take effect.

16-17 November (Saturday-Sunday): Gladiator Summit, Dubai World Trade Center, Dubai.

18-19 November (Monday-Tuesday): Dubai Precious Metals Conference, JAFZA One Convention Center, Dubai

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

DECEMBER

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

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

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

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

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

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

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

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

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

9-12 December (Monday-Thursday): World Conference on Desalination and Water Re-use 2024, Adnec Centre, Abu Dhabi.

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

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

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

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

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

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

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

6 December-12 January: Dubai Shopping Festival.

Signposted to happen sometime in December:

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

JANUARY 2025

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

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

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

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

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

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

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

FEBRUARY 2025

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

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

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

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

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

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

Signposted to happen sometime in 1Q 2025:

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

APRIL 2025

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

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

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

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

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

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

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

Signposted to happen sometime in April:

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

MAY 2025

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

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

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

SEPTEMBER 2025

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

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

OCTOBER 2025

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

Signposted to happen sometime in 2025:

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

Signposted to happen sometime in the fall of 2025:

2025 Games of the Future, Dubai.

Signposted to happen sometime in 2026:

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

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