Mair Group plans ADX direct listing next month

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WHAT WE’RE TRACKING TODAY

THIS MORNING: Dubai is getting the Gulf’s first large-scale brewery + ADGM’s assets under management grew more than 200% in 3Q

Good morning, wonderful people, and happy FRIDAY. We also wish you all a very happy UAE national day, and hope you all have fun plans for the long weekend.

SPEAKING OF- A quick programming note: EnterpriseAM UAE will be off on Monday and Tuesday next week for the holiday. We will be back in your inbox on Wednesday, 4 December.

We have a brisk issue to close out the week, with news of a new IPO on the ADX next month, Masdar closing its acquisition of Greece’s Terna Energy, and macro data on consumer spending in 3Q 2024.

WEATHER- Expect more windy conditions today: Partly cloudy conditions are expected to persist across the country through the weekend, accompanied by blowing winds and dust and a drop in temperatures, according to the National Center of Meteorology (pdf). Dubai will see the mercury hit 28°C, with an overnight low of 23°C, while temperatures will hit 25°C in Abu Dhabi, with an overnight low of 23°C.

WATCH THIS SPACE-

#1- Dubai is set to become home to the Gulf's first large-scale brewery, courtesy of a joint venture between Heineken and Maritime and Mercantile International (MMI), Bloomberg reports, citing a company statement. The JV, named Sirocco, confirmed plans to begin construction of the brewery in late 2025, with expected completion date in 2027. All necessary permits for the project have been obtained. Sirocco intends to increase its workforce from 60 to 190 full-time employees.

REMEMBER- Dubai — widely viewed as a cosmopolitan hub and a tourist city — has been loosening regulations over the sale of alcohol for a while. The emirate scrapped a 30% sales tax on alcohol and a liquor license fee in 2023. The UAE, at a wider scale, is also working on attracting more tourists with megaprojects like Wynn Resorts’ Wynn Al Marjan Island casino project in Ras Al Khaimah.

#2- State-owned International Holding Company (IHC) maintained its outlook on investments in Adani Group despite the founder’s recent fraud charges, Reuters reports, citing an IHC statement. “Our team continues to evaluate developments. At this time, our outlook on these investments remains unchanged,” the statement mentioned, without clarifying future plans for the investments.

Adani’s shares have been paring their losses, which narrowed from USD 34 bn to USD 12.5 bn as of yesterday amid persistent support from some investors and partners, including the State Bank of India, which reportedly said it would continue to lend to ongoing Adani projects that are nearing completion, two sources told Reuters.

Refresher: US prosecutors charged Adani and seven others with involvement in a USD 265 mn bribery and fraud scheme, with the charges also including raising capital through false and misleading statements.

REMEMBER- IHC is not the only UAE investor exposed to Adani: The Abu Dhabi Investment Authority (Adia) invested in Adani Energy Solutions’ secondary share sale in July, which was worth up to USD 1 bn. The UAE entity, along with other GCC sovereign wealth funds, was also in discussions with Adani Enterprises to raise USD 2 bn from a qualified institutional placement (QIP).

#3- Engineering contractor Drake and Scull International (DSI) submitted AED 4 bn worth of bids for infrastructure projects, with a current project backlog of AED 559 mn, it said in a press release (pdf). The projects include water treatment initiatives as well as mechanical, engineering, and plumbing.

ICYMI- Drake and Scull International turned to the black in 3Q 2024, reporting a net income of AED 5.9 mn from a loss of AED 34.9 mn in the same period last year. The company relisted on the DFM following a restructuring plan involving a capital increase and a write-off of AED 4 bn in debt in March.

REMEMBER- DSI’s subsidiary Passavant Energy and Environment inked a USD 48 mn design and construction contract earlier this year, to develop a 200k cubic meter wastewater treatment plant in Al Khobar, Saudi Arabia.

#4- Dubai will allocate AED 750 mn for the second phase of its R&D program, aimed at positioning Dubai as a global leader in research and development by 2033, after the Dubai Executive Council approved the budget, state news agency Wam reports. The program aims to contribute AED 20 bn a year to Dubai’s economy. The Council also adopted three key strategies:

A Dubai resilience strategy to boost the emirate's ability to withstand challenges;
A food security strategy to secure a sustainable food supply;
A penal enforcement system to modernize justice and enforcement mechanisms.

#5- The UAE’s net wealth grew 10% y-o-y to reach USD 2.9 tn in 2023 and it is expected to hit USD 4.4 tn by 2028, according to a press release, citing Boston Consulting Group's annual global wealth report. The UAE’s net wealth calculation included financial wealth, real assets, and liabilities.

The breakdown: Financial wealth rose by 7.6% annually from 2018 to 2023, reaching USD 1 tn in 2023, with expectations for an annual increase of 7.3%, amounting to USD 1.5 tn by 2028. Meanwhile, real assets grew by 9.1% annually from 2018 to 2023 and are predicted to increase by 8.5% annually to reach USD 3.1 tn by 2028. Liabilities remained the same at USD 180 bn in 2023 and they are expected to reach USD 240 bn by 2028.

The GCC country is the world’s seventh largest booking center, and it may become “the sixth largest by 2028,” Head of Financial Institutions in the Middle East Lukasz Rey said. Individuals with assets exceeding USD 100 mn make up 29% of the UAE's total financial wealth, more than double the global average of 14% for the same wealth segment.

#6- Healthcare chain Aster is reportedly nearing an agreement to merge with India’s Blackstone-backed Quality Care, with the agreement potentially taking place today, Bloomberg reports, citing people it says are familiar with the matter. Shareholders of Aster are poised to own around 57% of the merged entity, while Quality Care’s shareholders would hold the remaining 43%. The new entity would have 10k beds, making it one of India’s biggest hospital chains in terms of revenue and bed capacity.

Background: Blackstone has been eyeing a merger or acquisition for Aster’s India unit since last year. The two were reportedly in talks since September.

#7- UAE to get one or two large-scale solar projects every year until 2030, the National reports, citing statements from Energy Minister Suhail Al Mazrouei at the RAK Energy Summit. The country is now seeing “probably the highest demand” for energy as the economy continues to grow, Al Mazrouei said. The push is also part of an overall effort to achieve net zero by 2050 and 30% energy from renewables by 2030. The UAE currently generates around 6 GW of renewable energy and plans to increase this to at least 15 GW by 2030.

We have a few in the pipeline: The Emirates Water and Electricity Company (Ewec) invited developers and consortiums to submit an Expression of Interest (EOI) for the development of the 1.5 GW Zarraf solar plant in Abu Dhabi’s Al Dhafra Region in October. This followed previous projects, including the now-operational 2 GW Al Dhafra solar plant, the 1.5 GW Al Ajban solar plant, which is still underway, and the 1.5 GW Khazna solar plant, which is still in the tendering process.

#8- Green Coast eyes USD 50 mn in investments in Egypt over next three years: Dubai-based Green Coast is planning to invest some USD 50 mn in Egypt in the next three years, with a focus on renewables and infrastructure, CEO Mohammed Abdul Ghaffar Hussain told Asharq Business. The company is currently investing USD 10 mn in pipe producer EGFCO, a JV between the Swiss GF Piping Systems and Green Coast’s investment arm Corys Investments.

DATA POINTS-

#1- ADGM’s assets under management grew 215% y-o-y in 3Q 2024, with the total number of fund and asset managers reaching 128, according to a statement (pdf). Some 759 new business licenses were handed out, marking a 33% y-o-y increase. Among the new joiners: USD 1.3 tn asset manager PGIM, Nuveen, and Elysium Management.

#2- The Abu Dhabi Chamber of Commerce and Industry (ADCCI) reported a 19% increase in food and beverage exports from the UAE in the first half of 2024, projecting sector revenues to reach AED 141 bn, according to an ADCCI statistics report. Some 2.5k new companies in the food sector joined ADCCI between January and October 2023, accounting for some 8.2% of total membership.

Looking ahead: Consumer spending in the sector is expected to rise by 6.3% in 2024, while online sales of food and beverages in Abu Dhabi are expected to hit AED 2.3 bn next year, driven by e-commerce growth, the report added.

PSA-

#1- Salik is set to introduce variable road toll pricing at the end of January 2025, and a variable parking tariff policy by the end of March 2025, Wam reports. The new policy includes parking fees for parking during events. The breakdown:

For road tolls:

Peak hours (weekdays, 6-10am, 4-8pm): AED 6;
Off-peak hours (weekdays, 10am-4pm, 8pm–1am): AED 4;
No toll fees between 1-6am daily, and all day Sunday except during public holidays or major events.

Parking tariffs:

Peak hours: AED 6 per hour for premium parking, and AED 4 per hour for standard parking;
No parking fees between 10pm-8am and all day on Sundays;

Event-specific parking: AED 25 per hour for public parking near event zones, with an initial rollout at Dubai World Trade Center during major events starting February 2025.

#2- Where to go (and not go) for UAE national day: Khalifa Square will be temporarily closed between 28-30 December in preparation for UAE National Day celebrations, Khaleej Times reports. Meanwhile, Louvre Abu Dhabi will offer entry without charge on Monday, 2 December, according to a press release. The museum will host a variety of activities showcasing Emirati heritage, including live screenings of Emirati films and access to permanent galleries.

HAPPENING TODAY-

The Big 5 Global Exhibition wraps today at the Dubai World Trade Center. The exhibition will feature key players and experts in the construction industry to discuss recent innovations and showcase available investment prospects.

THE BIG STORY ABROAD-

Less than two days since the ceasefire took effect, Israel has opened fire in Lebanon on what it says were “suspects” that arrived in the southern zone, while Hezbollah pointed fingers at Israel for attacking people “returning to the border villages.” The Israeli army has been warning against Lebanese returning to specific areas. The ceasefire seems to continue to hold despite the incidents, but it remains unclear how mns of displaced Lebanese will return home. (Reuters | Bloomberg | NY Times)

Australia just introduced the world’s first social media ban for children under 16, with the ban expected to take effect in November 2025. The ban will force social media firms to impose age-control verifications or face fines of up to USD 32 mn. (AP | Reuters | CNN | Guardian)

OIL WATCH-

Opec+ postponed its meeting to 5 December from 1 December since several ministers of member nations will be attending the Gulf Summit in Kuwait City on the same day, CNBC reports, citing the Opec Secretariat.

ICYMI- Member countries are in discussions to potentially delay their plan to phase out oil supply cuts in January due to the threat of oversupply, after delaying it initially from October.

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CIRCLE YOUR CALENDAR-

The International Desalination and Water Reuse World Congress will take place between 8-12 December at the Adnec Center in Abu Dhabi. The event will feature discussions on innovations in water desalination and reuse technologies, decarbonization efforts, integrated water resources management, and best practices for rationalizing water consumption.

The WORLDEF Dubai 2024 forum will take place on 4-5 December at Dubai CommerCity. The event will gather over 5k representatives from leading organizations in digital commerce.

The European Arab Medical Congress will take place on 11-12 December at the headquarters of Zayed Higher Organisation for People of Determination in Abu Dhabi. Hosted by the Emirates Scholar Center for Research and Studies, the event will host 50 speakers and feature 40 scientific sessions covering the latest innovations in medicine and medical technology.

Investopia 2024 will take place on 28-29 February at the St. Regis Abu Dhabi in Saadiyat Island, under the theme Emerging Economic Frontiers: Investing in the New Economy Growth Sectors. The event will feature discussions on global investment opportunities and trends shaping the economy over the next decade. Attendees will engage with leaders, investors, and stakeholders from various sectors.

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

Newly consolidated investment firm Mair Group plans direct listing on ADX on 9 December

Mair Group to list on ADX in December: Abu Dhabi investment firm Mair Group will directly list on the Abu Dhabi Securities Exchange (ADX) on 9 December, according to a press release. The company reported AED 1.2 bn in revenue during 1H 2024 and distributed AED 135 mn in dividends, representing 12.1% of its share capital, to its over 12k shareholders.

About the company: Mair Group specializes in food retail and commercial real estate, operating over 100 stores under the Adcoop and Spar brands and managing over 12 shopping centers, including the Mall of Al Ain and Makani Community Centres, boasting a 95% occupancy rate. The firm has grown through acquisitions, including Abu Dhabi Cooperative Society and Makani Real Estate.

REMEMBER- The company was recently consolidated, with Adcoop and Makani Real Estate moving under its wing in September.

ADX’s has been busy: LuLu Group’s retail arm, Lulu Retail, raised AED 6.3 bn from its IPO on ADX in November, while Abu Dhabi National Hotels’ ADNH Catering raised AED 864 mn from its IPO in October. The stock market rush was also joined by Abu Dhabi-based edtech firm Alef Education which raised AED 1.89 bn in June.

THERE’S MORE TO COME-

Etihad Airways is set to make its debut sometime next year;
while Alpha Data set to debut in a potentially USD 200 mn IPO on the ADX soon.

Masdar finalizes acquisition of 70% of Greece’s Terna Energy

Masdar completes acquisition of Greek renewables giant Terna Energy: State-run renewables giant Masdar completed its acquisition of a 70% stake in Greece’s Terna Energy for EUR 20 per share, valuing the company at EUR 3.2 bn, and marking one of the largest acquisitions in the EU renewables industry, according to a statement. Madar — now Terna Energy’s majority shareholder — plans to seek regulatory approval for an all-cash, mandatory offer to buy the remaining stakes of the Greek company.

REFRESHER- Masdar reached a final agreement to purchase an initial 67% stake in Greece’s Terna Energy earlier in June, with plans to buy the remaining stakes once the transaction is completed.

The bigger picture: The move pushes Masdar closer to achieving its goal of 100 GW of global energy capacity by 2030, the statement says. Terna — the largest investor in Greece’s renewables sector — aims to achieve 6 GW of operational renewables capacity by 2029 while its parent company Gek Terna is focused on becoming a leader in diversified infrastructure across Greece and Southeast Europe.

Terna Energy’s current portfolio: The company’s capacity sits at 1.2 GW today, operating across a diverse renewable energy portfolio of wind, solar, biomass, and hydro projects, including the 680 MW Amfilochia pumped hydro project, one of Europe’s largest.

Masdar has been on an acquisition spree this year: The company acquired Spanish renewable energy firm Saeta Yield from Canada-based investment firm Brookfield for USD 1.4 bn in September. It also snapped up a 50% stake in Spanish power firm Endesa’s solar power installations subsidiary EPGE Solar for AED 3.3 bn. Outside of Europe, it acquired a 50% stake in one of the largest independent renewable energy producers in the United States, Terra-Gen Power Holdings

ADVISORS- Masdar appointed Rothschild & Co. as financial advisor and Simmons & Simmons, Bernitsas Law, and Latham & Watkins for legal counsel. Gek Terna and Terna Energy were advised by Morgan Stanley, Reed Smith, and Potamitis Vekris.

Consumer spending remained resilient in 3Q 2024 despite seasonal patterns

UAE consumers increased their spending on fast-moving consumer goods, tech, and durables by 4.8% y-o-y to USD 3.7 bn in 3Q 2024, according to NielsenIQ Reta il Spend Barometer. Fast-moving consumer goods (FMCGs) dominated spending, with a 6.4% y-o-y increase to USD 2.2 bn during the quarter. Tech and durables came in second, growing 2.5% y-o-y to USD 1.5 bn, marking slower growth from last year’s 7.7% growth.

The rationale: The performance was driven mostly by back-to-school sales, as well as an increase in demand for convenience retail due to the influx of expats, Retail Lead of NIQ Middle East David Cantatore said.

On a q-o-q basis, the figure marks a decline from USD 3.8 bn spent on fast-moving consumer goods (FMCGs) and tech and durables in 2Q 2024. FMCG spending saw a moderate adjustment after strong growth in the first half of the year, which is attributed to typical seasonal patterns. Meanwhile, tech and durables also saw a gradual decline q-o-q, with product launches like that of Samsung Galaxy S24 in 1Q 2024 boosting performance during that quarter.

Online shopping + healthier options are growing more popular: Purchase trends are displaying a rising preference for healthier and sustainable products. They also show an increase in the usage of online and quickcommerce grocery shopping platforms, especially among young and busy professionals.

Aafaq Islamic Finance receives two awards + Mashreq snags private banking award. Plus: GME named Middle East Exchange of the year

Aafaq Islamic Finance snagged two awards at the 2024 MEA Finance Awards: The company took home the Best Digital Transformation Implementation award for its strides in streamlining financial services, while CEO Hisham Hamoud was recognized as most influential leader in transformation for his innovative approach to Islamic finance, according to a press release.

Our friends at Mashreq snagged an award for the digital offering under its private banking unit from the Wealthbriefing MENA Awards, the bank said on LinkedIn.

Gulf Mercantile Exchange (GME) was named Middle East Exchange of the Year by Futures and Options World, an award recognizing regional exchanges for exceptional performance and innovation, according to a press release.

Five Holdings reports increase in hospitality revenues in 3Q

Five Holdings reported a 79% y-o-y increase in net income to AED 69.4 mn in 3Q 2024, according to the company's consolidated financial statements (pdf). Revenue for the quarter climbed 81.9% y-o-y to AED 630.4 mn.

On a 9M basis: The company booked a 52.6% y-o-y decline in net income to AED 106.5 mn. Revenues rose 32.7% y-o-y to AED 1.5 bn.

The breakdown: Hospitality segment revenues rose 156.3% y-o-y to AED 507.5 mn in 3Q 2024, while real estate development revenues fell 17.2% y-o-y to AED 122.9 mn during the quarter.

HSBC Holdings taps Selim Kervanci as new Middle East CEO

HSBC Holdings named Selim Kervanci (LinkedIn) as CEO for the Middle East, according to a press release. Reporting to Surendra Rosha (LinkedIn) and David Liao (LinkedIn), co-CEOs for Asia and the Middle East, Kervanci steps into the role with nearly three decades at HSBC, including more than 10 years on the MENAT ExCo, and having most recently served as CEO of HSBC Turkiye.

Refresher: HSBC’s Middle East operations are now paired up with Asia Pacific after the lender kicked off its first major restructuring in more than a decade under new CEO Georges Elhedery.

Non-profit organisation Family Business Council Gulf appointed Sheikha Hind Bahwan as chairperson of its board and Hassan Jameel as vice chairman, according to a press release.

Tetra Pak, Union Paper Mills to establish UAE’s first carton recycling facility

SUSTAINABILITY-

#1- Tetra Pak and Union Paper Mills launch UAE’s first carton recycling line: Tetra Pak has partnered with Union Paper Mills to introduce the UAE's first recycling line for carton packages, according to a press release. The AED 2.5 mn facility is designed to process up to 10k tonnes of carton waste annually.

#2- Adafsa, TII to tackle agri challenges: The Abu Dhabi Agriculture and Food Safety Authority (Adafsa) signed an agreement with the Technology Innovation Institute (TII) to address key agricultural challenges, Wam reports. The agreement targets boosting productivity, improving crop quality, and introducing disease-resistant, high-nutrition crop varieties.

#3- Agthia Group to exclusively supply Capital Catering with water and food products: ADQ-owned Agthia Group will exclusively provide water and food products, including plant-based water bottles, to Capital Catering, a supplier for Etihad Airways and Adnec, under a new memorandum of understanding, Wam reports.

FMCG-

Abu Dhabi is getting a fish farming facility: ADQ and Finnish aquaculture technology company Finnforel will establish a land-based fish farming facility in Kezad’s dedicated aquaculture zone in Abu Dhabi, according to a press release.. The facility will have an annual production capacity of 3k tons of rainbow trout. It will use recirculating aquaculture systems (RAS), the first commercial-scale implementation of RAS in the UAE, enabling efficient water reuse, zero biowaste, and year-round fish cultivation, regardless of environmental conditions.

Timeline: Feasibility and planning are expected to be completed by early 2025, with construction starting in 2Q 2025 and full operations commencing in 2027.

The partnership is part of ADQ’s food resilience initiatives, aiming to reduce reliance on seafood imports, which currently account for 70% of UAE consumption, including 10k tons of salmon annually.

BANKING-

#1- Dubai Chambers and Standard Chartered signed an MoU to provide integrated banking services for international companies establishing operations in Dubai, as well as local businesses, according to the Dubai Media Office. Standard Chartered will offer trade finance services to UAE businesses seeking international expansion and assist multinational companies in setting up bank accounts in Dubai. Dubai Chambers will support Standard Chartered’s clients who are looking to establish a presence in Dubai.

#2- National Bank of Fujairah launches Collect app for instant payment services: National Bank of Fujairah has launched instant payment services via its Collect application, according to a press release. Developed in collaboration with Pine Labs, the app integrates with the Central Bank of the UAE’s Ani payment platform, allowing retailers to generate QR codes to accept customer payments. Malabar Gold & Diamonds, a leading jewelry retailer, will be the first company to use the app for collecting payments.

#3- Financial services provider Reem Finance tapped Temenos to power its new digital community bank in the UAE, according to a statement. The lender will integrate Temenos’ cloud-based core banking solution into its platform.

REAL ESTATE-

#1- Arabian Hills Real Estate Development launched the second phase of the Arabian Hills Estate project, valued at AED 22 bn, Wam reports. The Arabian Hills Estate is located along the Dubai-Al Ain Road and covers an area of 244 mn square feet.

#2- UAE-based real estate firm The Luxe Developers launched a AED 2.3 bn luxury development on Al Marjan Island in Ras Al Khaimah, dubbed La Mazzoni, according to a press release. The project is designed by Dewan Architects + Engineers and spans 1.5 mn sqft.

MOBILITY-

Salik partnered with the parking operator Parkonic to integrate its e-wallet payment solution across Parkonic’s 107 locations and any of its potential future locations in the UAE, according to a press release (pdf). The contract between both parties will run for five years, and Salik eWallet will be available across Parkonic’s c.135k parking spaces by 1Q 2025. The five-year agreement will see Parkonic promote Salik’s eWallet as the preferred payment option, with Salik receiving a percentage of the parking revenue generated through the system. This marks Salik’s first expansion beyond Dubai.

Parkonic has ambitious expansion plans, aiming to extend its operations beyond Saudi Arabia, Egypt, Qatar, and the UAE into new regional and global markets. The company targets managing 350k parking spaces by the end of 2025, according to CEO Imad Alameddine, Al Khaleej reports. Parkonic is also considering an IPO, with plans for a potential listing currently under review, Alameddine added.

FINTECH-

#1- Payment solutions provider Magnati partnered with Aafaq Islamic Finance to launch an embedded financial solutions platform, aimed at supporting small and medium-sized enterprises (SMEs) in the UAE, according to a press release. The platform uses real-time point of sale (POS) transaction data to streamline the loan application process, offering a range of services including business loans, invoice and equipment financing, POS and receivables financing, and ins.

#2- Indian non-profit tech and trade association Nasscom and DIFC signed an MoU to connect Indian tech firms with Dubai’s fintech ecosystem, according to a press release. The agreement includes plans for webinars, roundtables, and networking events to offer Nasscom members access to DIFC’s Innovation Hub and Dubai AI Campus.

ENERGY-

#1- The Energy and Infrastructure Ministry and the Industry and Advanced Technology Ministry launched an Industry Registry where manufacturers will be required to annually update their industrial data, in a bid to boost sustainability in the sector, state news agency Wam reports.

#2- Adnoc-Presight JV AIQ partnered with World Wide Technology to advance AI in the global energy sector, according to a press release. The collaboration will streamline the transition from concept to large-scale implementation and expand AI innovation through their AI Lab as a Service program, offering access to computing infrastructure and AI talent.

STARTUPS-

Business Incubator Bedayat partnered with the Hamdan Innovation Incubator to launch the Emirati Tech Founder Program tailored for Emirati entrepreneurs, state news agency Wam reports. Over eight weeks, participants will engage in workshops, receive mentorship, and access collaborative spaces to help develop their business models.

BUSINESS-

UAE-based law firm Habib Al Mulla and Partners expanded into Iraq with a new office in Baghdad, in partnership with Al Nesoor Law Firm, Economy Middle East reports. The office will focus on facilitating foreign investment and addressing legal needs in Iraq's growing market. The partnership will offer services in corporate governance, investments, dispute resolution, compliance, and more.

US regulators greenlight round-the-clock stock exchange

The US Securities and Exchange Commission (SEC) granted 24 Exchange, a platform supported by Point72 Ventures, approval to operate as a national securities exchange, marking the first step toward 24/7 stock trading, according to a notice (pdf) posted Wednesday. Initially running during standard hours, the exchange plans to extend trading to overnight sessions (8pm-4am, Sunday through Thursday) once infrastructure and funding requirements are met.

What this means: The approval requires 24 Exchange to work with other exchanges to integrate into the consolidated market price feed — the “tape” — ensuring prices are public and official. This step allows the startup to operate in the “lit” market during its overnight sessions.

Sign of the times? The SEC’s decision, following a previously rejected application in 2023, reflects a broader shift in the industry. The New York Stock Exchange also recently filed to extend its trading hours to 22 hours per day, signaling a growing interest in accommodating investors across global time zones.

The move addresses growing demand from retail investors for after-hours trading, inspired by the 24/7 accessibility of cryptocurrency markets. Retail brokers like Robinhood already process after-hours stock trades in private “dark pools,” where transactions lack broader market visibility. “Traders are most at risk when the market is closed in their geographic location. (24 Exchange) will seek to alleviate this problem by facilitating around-the-clock US equities trading,” the Financial Times cites 24 Exchange founder Dmitri Galinov as saying.

But not everyone is on board: Critics warn of potential volatility during low-volume overnight sessions, which could result in exaggerated price swings. “Retail investors trading during an overnight session will be trading in a market where there are few buyers and sellers, and where prices will be more volatile and less favorable than during normal hours,” Benjamin Schiffrin, consumer advocacy group Better Markets’s director of securities policy, said in a statement, Bloomberg reports.

MARKETS THIS MORNING-

Asian markets are mostly down on the back of inflation figures out of Tokyo and industrial production figures from South Korea. The Kospi is down 1.7%, while Japan’s Nikkei fell 0.6%. Over on Wall Street, futures point to a strong open, further boosted by reports that trade tariffs on China will not be as severe as initially thought.

ADX	9,261	-0.3% (YTD: -3.3%)
DFM	4,823	+0.4% (YTD: +18.8%)
Nasdaq Dubai UAE20	3,906	-0.1% (YTD: +1.7%)
USD : AED CBUAE	Buy 3.67	Sell 3.67
EIBOR	4.5% o/n	4.3% 1 yr
TASI	11,641	+0.4% (YTD: -2.7%)
EGX30	30,242	+1.3% (YTD: +21.5%)
S&P 500	5,999	-0.4% (YTD: +25.76%)
FTSE 100	8,281	+0.1% (YTD: +7.09%)
Euro Stoxx 50	4,759	+0.5% (YTD: +5.25%)
Brent crude	USD 73.28	+0.6%
Natural gas (Nymex)	USD 3.30	+2.93%
Gold	USD 2,668.60	+0.14%
BTC	USD 95,133.9	-1.3% (YTD: +124.9%)

THE CLOSING BELL-

The ADX fell 0.3% yesterday on turnover of AED 1.1 bn. The index is down 3.3% YTD.

In the green: Gulf Medical Projects (+8.6%), Al Khaleej Investment (+5.5%) and ESG Emirates Stallions Group (+4.3%).

In the red: Aram Group (-7.8%), Fujairah Cement Industries (-6.9%) and Abu Dhabi National Hotels Co. (-3.0%).

Over on the DFM, the index rose 0.4% on turnover of AED 541.6 mn. Meanwhile, Nasdaq Dubai closed down 0.1%.

My Morning Routine: Sky Kurtz, founder and CEO of Pure Harvest Smart Farms

Sky Kurtz, founder and CEO of Pure Harvest Smart Farms: Each week, My Morning Routine looks at how a successful member of the community starts their day — and then throws in a couple of random business questions just for fun. Speaking to us this week is Sky Kurtz (LinkedIn), founder and CEO of Pure Harvest Smart Farms. Edited excerpts from our conversation:

I'm the cofounder and CEO of Pure Harvest Smart Farms, which we set up in Abu Dhabi in 2017. It is a technology-enabled agribusiness — a vertically integrated, controlled environmental agriculture platform. We design, procure, construct, and then operate farms, and then we market, sell, and distribute the produce that we farm within them across the region.

We started in the UAE, but we've expanded into Saudi Arabia. We export into markets like Kuwait and Oman, and we’re expanding into new markets like Singapore and Morocco, serving the European market. We distribute our produce under our flagship brand, Pure Harvest, and we also offer products like sauces made from our fresh produce.

I’m now, I guess, a serial agripreneur. I started my career in finance, where I worked in private equity and as an investment banker prior to that, but then I decided to become an entrepreneur and ended up leading three different companies, two of which are in the agtech space. One was a company called vence, which is like a Fitbit for cows and sheep. We scaled that business and eventually sold it to Merck Animal Health.

When I was still an investment professional, I was looking at areas where there was white space, where technology had not been adopted in the way it could be. [Agriculture] is a global industry — over 50% of people directly or indirectly work in food, and I thought it's a technology that could touch a lot of people's lives and do a lot of good.

When I was living in Dubai, I was building a different company — a composite materials business — and while I lived here, I experienced the problem. When you're living in this region that's heavily import dependent, you identify there's really two families of product. There's either air freighted — or sometimes sea freighted — fresh produce of a certain quality and variety level that's available, or there's more local or regional seasonal production, which is often perceived as being low-quality, and virtually nothing in between.

I thought, what if you could use technology to control the climate? Could you produce a much higher quality product analogous or better than the stuff you can import from markets like Europe — and at a much lower cost, creating a new affordable, premium local offering? That’s how the idea for Pure Harvest came along.

As CEO, I'm ultimately responsible for the company's strategy and its performance. I am enabled by a really wonderful team of individuals. I always like to say it's a rule of thumb that you spend 10% of your time planning the other 90%. I have a lot of internal meetings that are about coordination, planning, and resource allocation.

We have quarterly board meetings, which everybody does, but we also do two special meetings a year. One is a strategy offsite where we lock everyone in a room for three days to chart a three-year vision, talking about big things in the industry, competitive forces, technological changes, government and non-government forces that are shaping the market, etc. We also do an annual planning meeting that is a rigorous focus on the year-ahead business plan — it’s my job throughout the year to drive that plan forward and support its execution. Finally, I have a big role in things like capital raising, acquisitions, opening in new markets and entering new land partnerships.

I'm an early riser. I'm a big believer in waking up early, especially because farming starts quite early in the day, and I cannot be a bottleneck or slow the organizational speed of the company. I often wake up between 4:30 and 5:30am, and have a couple of hours of uninterrupted time that I call desk time, where I'm reviewing documents, preparing for a strategy session or a negotiation, and also returning communications internally so that when people wake up and hit the office, they already have all of my instructions, my support, and my feedback to continue their days.

Mornings are quite special to me because I have a four year old girl, and I make sure that as long as I'm not traveling, I can see her as much as possible. I’m usually up a couple hours before she’s up. I wake her and get her ready for school, and that's a special time for us. I have breakfast with her and my wife, and often I'll drive her to school, so it's a chance to [spend time with her,] because sometimes I'm getting home after she's already in bed.

To wind down in the evening, my wife and I sometimes have a Netflix show that we binge. She's also a prolific reader and a writer, so sometimes we'll engage on something in her writing, which for me, is fun because I get to be part of something creative and interesting that's totally different from what I do, while helping and supporting her. We try to from time to time to have a social life and go out for dinner with another couple.

I also make fitness a priority, at least to some extent, for my health, so I go to the gym at least two times a week. I would like to go three to four times a week, but sometimes I find that challenging. I'm having to make compromises between spending more time with my daughter or going to the gym. I usually choose my daughter and my waistline reflects it [laughs].

I would like to be better when it comes to balance. I believe life is like a sundial where you're supposed to have three things at any given time that you're focused on. Right now, I would say that's my business, my family, and my health, but I'm hoping over time to have a bit more time for leisure, engaging in things like further learning, more travel, more culture, etc.

The second goal I have is a little more long-term, but one day, I'd like to teach. I’ve led three companies now, and I've been approached by some universities and graduate schools, so I would really love to be a lecturer one day, whether it was while I was continuing to practice as a CEO or doing it full time for a period of time. But for me, some of the most impactful people in my life have been professors, and they were often business practitioners who later went on to teach and pass on their learnings and their passions.

I recently read Multipliers, and my human capital head, Natalie, is deploying a program now inspired by and leveraging the learnings of that book. It's a book about how certain leaders multiply their capacity through their organization by getting the most out of their people. The book has some really interesting insights that's driven by good research.

Another one I’m enjoying is called Mission in a Bottle. It's about Seth Goldman, who built what was at the time called Honest Tea, the ethically-made tea brand that was sold to Coca Cola. Coca Cola struggled with the brand and shut it down and then he relaunched the exact company again, renaming it Just Ice Tea. The book is written like a comic book, and tells the story of how he achieved the successes he had with Honest Tea in 10 years again in just a year, showing that he could repeat the success of building a mission-driven brand. It's a really powerful guide on how to build an authentic brand, which is something we’re striving to do at Pure Harvest.

The best piece of advice I received was from one of my professors, who unfortunately recently passed. His name is Herb Groesbeck. He famously said: strive to be wealthy, not rich. He said rich people have money, but wealthy people have money and time, so make sure that you make time in your life because otherwise, you'll end up with a lot of regrets.

CALENDAR

NOVEMBER

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

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.

4-5 December (Wednesday-Thursday): WORLDEF Dubai, Dubai CommerCity.

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.

1- December (Tuesday): Talabat’s shares will start trading on the DFM.

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

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

9-13 December (Monday-Friday): World Realty Congress, Palazzo Versace, Dubai.

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

10-11 December (Tuesday-Wednesday): SCALEX 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.

7-9 January (Tuesday-Thursday): 17th edition of the Arab Plast International Trade Fair for Plastics, Recycling, Petrochemicals, Packaging and Rubber Industry, Dubai International Convention and Exhibition Center, Dubai.

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.

11-13 January (Saturday-Monday): The 1 Bn Followers Summit, Dubai.

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

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

14-16 January (Tuesday- Thursday): Intersec, Dubai World Trade Center, Dubai.

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

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

22-25 January (Monday-Saturday): The Sharjah Real Estate Exhibition, Expo Centre, Sharjah.

27-30 January (Monday-Thursday): Arab Health Exhibition 2025, Dubai World Trade Centre, Dubai.

FEBRUARY 2025

1-6 February (Saturday-Thursday): Dubai Fashion Week, Dubai Design District.

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

1-28 February (Saturday-Friday): 3rd Sheikh Mansour bin Zayed Agriculture Excellence Award, Abu Dhabi.

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.

28-29 February (Friday-Saturday): The Investopia 2024, the St. Regis, Abu Dhabi.

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.

NOVEMBER 2025

18-19 November (Tuesday-Wednesday): Dubai Future Forum, Museum of the Future, Dubai.

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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