Masdar inks more agreements at COP29

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WHAT WE’RE TRACKING TODAY

THIS MORNING: LuLu Retail to debut on ADX + Abu Dhabi to acquire Pakistani airline?

Good morning, lovely people. It’s nearly the end of the week and the news cycle has yet to let up — we have more updates from Masdar from COP29, a couple of M&As, and tons of investment news. Shall we?

WEATHER- Dubai will see a high of 34°C and a low of 28°C. In Abu Dhabi, expect a high of 29°C and an overnight low of 28°C today.

HAPPENING TODAY-

Lulu Retail’s shares will begin trading on the ADX today under the ticker LULU. The IPO — the UAE’s biggest this year — raised AED 6.3 bn, with over AED 135 bn in orders, as well as AED 1 bn from cornerstone investors. The final share price was set at AED 2.04 per share, giving the company a market cap of AED 21.1 bn.

#1- The UAE is participating in COP29, which kicked off on 11 November in Baku, Azerbaijan, and runs until 22 November, Wam reports. The event aims to limit global warming to 1.5°C and boost climate finance. As the host of last year’s COP, the UAE will present a national pavilion and over 60 side sessions on topics such as climate finance, decarbonization, renewables, and AI-powered food and water solutions.

#2- Dubai Arbitration Week is underway at the Waldorf Astoria in the Dubai International Financial Center and wraps tomorrow. The event features a series of panel discussions, workshops, and presentations focused on the latest developments and challenges in international commercial arbitration.

#3- The Sharjah Chamber of Commerce and Industry’s trade mission to Kenya and Uganda kicked off on 11 November, aiming to boost UAE-East Africa trade ties in oil, gas, infrastructure, logistics, food, and automotive sectors. The Sharjah Exports Development Centre is representing the chamber.

The agenda: Starting in Kenya with an investment forum and business meetings, the mission moves to Uganda tomorrow for another forum on Uganda's infrastructure and oil growth, plus meetings and local site visits. The mission concludes today.

#4- The Paperworld Middle East and Gifts & Lifestyle Middle East exhibitions are underway at Dubai World Trade Center and will wrap up today. The events will gather more than 12k visitors from over 100 countries, including distributors, retailers, wholesalers, and franchisees in the paper and stationery industry.

#5- The Lease Conference Dubai 2024 is on its second and final day at the Jumeirah Creekside Hotel. The event brings together key players in the leasing industry across the Middle East and Africa.

#7- Malaysian Deputy PM Datuk Seri Dr Ahmad Zahid Hamid is in the UAE on an official visit, which began yesterday and will conclude on 19 November, Malaysian national news agency Bernama reports. The visit — marking the first high-level engagement between the UAE and Malaysia this year — aims to ramp up bilateral ties and increase cooperation in key sectors, including the halal industry, technical and vocational education and training, and AI.

WATCH THIS SPACE-

#1- Trump’s policy on Iran is a key point of concern for Gulf states: Gulf states are wary of US President-elect Donald Trump’s approach to Iran, with mixed opinions on whether he can effectively end a year of war in the Middle East. UAE’s Presidential Advisor Anwar Gargash stressed the need for Trump to adopt a “comprehensive” strategy, rather than relying on “reactive and piecemeal” policies during a conference in Abu Dhabi this week, the Financial Times reports.

It’s unclear which path Trump will pursue: Elise Stefanik, Trump’s pick for US ambassador to the UN, welcomed “a return to President Trump’s Maximum Pressure campaign against Iran” in an X post earlier this week. The stance raises concerns that escalating tensions could spill over into the Gulf states. “If Trump puts you in a situation where you have to decide [which side to take], because he’s going against Iran, it’s a big problem. Trump is not the kind of guy who takes ‘no’ for an answer,” an anonymous senior Arab diplomat told the salmon-colored paper.

ICYMI- Others are more hopeful: The New York Times reported last week that the UAE and other Gulf states view Trump as a reliable business ally, with Trump developing a “personal rapport" with both UAE President Sheikh Mohamed bin Zayed and Saudi Crown Prince Mohammed bin Salman, as opposed to more formal relations with current US President Joe Biden and his VP Kamala Harris.

#2- Abu Dhabi to acquire Pakistani airline? The Pakistani government could sell a majority stake in Pakistan International Airlines to the government of Abu Dhabi or Qatar, as it moves forward with its plan to privatize the flag carrier, Pakistani news outlet Aaj reports. Takeover proposals, with pre-agreed conditions, are already underway, the outlet reports. The Pakistani government is accepting expressions of interest for the sale until 30 November.

Background: The government-to-government sale comes after the airline received only a single bid of PKR 10 bn (USD 36 mn) for a 60% stake in the bidding process — below the minimum price set by the government. The bid was submitted last month by a consortium led by Pakistani real estate developer Blue World.

#3- FAB to provide end-of-service benefits to UAE employers: First Abu Dhabi Bank (FAB) received preliminary approval from the Human Resources and Emiratisation Ministry and the Securities and Commodities Authority to offer its End of Service Benefits Funds to UAE-based companies, state news agency Wam reports. The product aims to facilitate UAE employees' access to the new government alternative savings scheme. Lunate and Daman also got the greenlight to operate under the scheme earlier this year.

#4- DWTC kicks off AED 10 bn exhibition center expansion: Dubai World Trade Centre (DWTC) started the first phase of its AED 10 bn expansion plan for the Dubai Exhibition Center at Expo City Dubai, set to make it the largest indoor events venue in the region once complete, Wam reports. The first phase will add 64k sq m of permanent exhibition halls and 30k sq m of temporary halls, bringing the total event space to 140k sq m by 2026, and doubling the city’s capacity for large-scale exhibitions.

DATA POINTS-

#1- SME Export Matching report 2024 export results: Fourteen participating SMEs in the Abu Dhabi Department of Economic Development's (Added) SME Export Matching program reported a 44% increase in exports for 2024, with an expected export value of AED 387 mn, Wam reports. The SMEs entered international markets, including Saudi Arabia, Oman, Kuwait, Bahrain, Qatar, Egypt, the US, India, and Canada, across 14 sectors such as engineering, construction, and pharma.

#2- Dubai’s public parking operator Parkin’s market value rose to AED 12 bn by the end of 3Q, up from AED 6.3 bn in March, the company’s CEO Mohammed Al Ali told CNBC Arabia (watch, runtime: 9:07). The company has added 4.4k new parking spaces across six development areas in Dubai, bringing its total to 24.5k spaces.

More to come: Parkin has a five-year plan underway to further expand public parking, in partnership with the Dubai Roads and Transport Authority.

Parkin is considering expanding into Saudi Arabia, Qatar, and Bahrain, Al Ali told Asharq Business (watch, runtime: 6:55). The parking operator is assessing potential partnerships in these markets, though no final decisions have been made.

PSA-

Registration is now open for Clean Energy Certificates: Emirates Water and Electricity Company opened registration for the Clean Energy Certificates (CECs) 4Q 2024 auction, which closes on 13 December, according to Wam. The CECs, issued by the Abu Dhabi Department of Energy in units of 1 MWh, certify that the electricity consumed by Abu Dhabi-based entities originates from renewable or clean energy sources.

THE BIG STORY ABROAD-

Not much has changed: US president-elect Donald Trump’s cabinet choices continue to top the front pages this morning. His latest appointments — Tulsi Gabbard as director of national intelligence and Matt Gaetz as attorney general — further cement the view that Trump is relying more on loyalty than qualifications to guide his choices. Many of his picks lack a CV with clearly relevant or sufficient prior experience, while other nominations — such as Marco Rubio as secretary of state — are “sprinkled in” as “more conventional selections.” Trump is also reportedly looking at what would be an “unprecedented shakeup” at the Pentagon, after talking about purging “woke generals” as part of his campaign. (Reuters | Bloomberg | Financial Times)

ELSEWHERE- Brazil evacuated its supreme court after two bombings in Brasilia that killed the suspected bomber. The explosions come a few days before the G20 summit is scheduled to kick off in Rio de Janeiro in a few days. (Reuters | Bloomberg)

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Masdar inks agreement for 1 GW wind farm in Uzbekistan

More from Masdar in Uzbekistan: UAE renewables giant Masdar and Uzbekistan's Energy Ministry signed an agreement to develop a 1 GW wind farm in Mingbulak during COP29, according to a press release. The wind farm is expected to create 1k construction jobs and provide clean energy to 300k homes. The project marks the first phase of a broader plan — agreed in May last year — to build 2 GW of wind capacity across Uzbekistan.

Masdar has been heavily investing in Asian green energy projects, signing an agreement with Malaysia to proceed with the development of 10 GW worth of clean energy projects late last year. The company is also developing 1 GW worth of solar and wind projects in Azerbaijan, and developing projects in Indonesia, including a plan to triple the size of its Cirata 145 MW floating solar plant and to explore green hydrogen projects. It also signed an agreement with Kyrgyzstan’s Ministry of Energy to establish 3.6 GW of hydropower and renewable energy projects.

Masdar also yesterday signed an investment agreement with Kazakhstan's government to develop a 1 GW wind farm in the Central-Asian country, set to be one of the biggest of its kind in Central Asia.

Solidarity Bahrain acquires 25% stake in Alliance Insurance

Solidarity Bahrain snags 25% stake in Alliance Ins.: Bahrain-based ins. company Solidarity Bahrain acquired a 25% stake in DFM-listed Alliance Ins. for AED 112.5 mn, according to a disclosure (pdf) to the Bahrain Bourse. The transaction received approval from both the Central Bank of the UAE and the Central Bank of Bahrain.

The details: Solidarity purchased 250k shares at AED 450 per share, funding the transaction through a mix of debt and equity.

What they said: “The acquisition presents a strategic [window] for Solidarity Bahrain to establish a strong presence in the UAE, leveraging Alliance’s established market position,” the statement reads.

Al Nowais purchases EUR 62.5 mn stake in Italian NextChem

UAE investor buys into Italian NextChem: UAE investor Yousef Al Nowais acquired a 5% stake in Italian industrial group Maire’s sustainable tech solutions subsidiary NextChem for EUR 62.5 mn, based on an enterprise value of EUR 1.3 bn, according to a press release (pdf). Al Nowais purchased the stake from Maire Investments (MI), reducing MI’s stake to 12.9% and leaving Maire with an 82.1% holding.

The investment will drive NextChem’s expansion in the GCC via Al Nowais’ multiple subsidiaries across various sectors in Abu Dhabi. Al Nowais’ investment “will bolster [NextChem’s] development in a strategic area such as the Middle East, which is already playing a fundamental role in the energy transition,” Maire CEO Alessandro Bernini said.

Al Nowais and Maire are no strangers: The UAE investor already holds a 4.7% stake in NextChem’s parent company.

Maire already operates in the UAE: Adnoc awarded Maire a USD 8.7 bn contract in October 2023 to install gas processing and sulfur recovery units for the Hail and Ghasha project, in addition to utilities and pipelines. The offshore venture aims to capture 1.5 mn tonnes of carbon per year and produce low-carbon hydrogen.

Market reax: Maire’s shares surged 6% on the Milan Stock Exchange yesterday, closing up 1.3% at EUR 7.1.

The news got ink in Reuters

ADIA employs new data science strategies to boost investments

Data science for investments? The Abu Dhabi Investment Authority (ADIA) has been transforming its investment strategy over the last five years to make it a faster and more data-driven process that maximizes returns, Bloomberg reports, citing people it says are familiar with the matter.

The details: The wealth fund currently utilizes a 125-person data scientist team to guide its investment actions, with a greater focus on private credit and equity investments instead of portfolio liquidity and conservative investments such as government bonds and real estate.

The rationale: “There are now fewer market inefficiencies, traditional asset class boundaries are blurring, and opportunities are shorter-lived and require faster execution,” ADIA's Strategy and Planning Director Jean-Paul Villain said.

ADIA poured heavy investments into private credit throughout this year, including increasing its commitment to British asset manager Cheyne Capital to USD 831 mn back in March. The wealth fund also invested USD 1 bn in Barclays and AGL Credit Management’s new private credit fund in the following month. It continued that trend with an AUD 300 mn investment in Australian real estate private credit company Qualitas Diversified Credit Investments. It also invested an undisclosed amount in a South Korean real estate credit fund managed by alternative asset manager SC Lowy two months ago.

It was among the first movers: “We have been able to quickly scale into private credit while conditions are favorable, without adopting a one-size-fits-all approach across asset classes,” said Hamad Shahwan Aldhaheri, executive director of private equities.

The wealth fund has also introduced an internal performance assessment strategy called total portfolio management. This new method shifts away from a relative return focus with individual departmental targets to absolute and total return elements for assessing performance — meaning outperformance of a benchmark is not the only metric it uses.

Investindustrial to set up headquarters in ADGM

Investindustrial to establish presence in ADGM with ADCP backing: Abu Dhabi Catalyst Partners (ADCP), a JV between Mubadala Capital and investment firm Alpha Wave Global, invested an undisclosed amount in the first closing of European investment group Investindustrial ’s eighth private equity fund, which follows a buyout strategy focused on industrial businesses, a press release reads. As part of the arrangement, the firm will set up shop in the ADGM.

Details: The strategy targets international expansion and bolt-on acquisitions, as well as industrial repositioning.

Investindustrial’s debut regional office in Abu Dhabi will serve as the company’s Middle Eastern headquarters, “a strategic and operational bridge between Investindustrial’s European and Asian offices,” according to the statement. It marks the firm’s eighth international office.

About Investindstrial: The group’s EUR 15 bn in assets include several brands already operating in the UAE, such as Italian luxury fashion group Ermenegildo Zegna, Italian restaurant and culinary marketplace Eataly and designer Flos B&B Italia Group.

IN CONTEXT- With a USD 1.7 bn capital base, part of ADCP’s goals is to attract businesses to ADGM. The JV has invested in US-based tech-focused private equity firm Haveli Investments in June and France-based asset manager Ardian, and is helping to create 400 new jobs in the ADGM. ADCP currently aims to finalize four to eight new transactions, Mubadala Capital Solutions Co-Head Fatima Al Noaimi previously said.

Mashreq’s global Climb2Change initiative expands to Egypt

Mashreq’s Climb2Change environmental cleanup initiative is heading to Egypt this month: Our friends at Mashreq are set to begin clean-up of three designated zones in Egypt’s Wadi Degla in November, as part of their wider Climb2Change global ESG initiative focused on sustainability-linked financing and environmental preservation, the bank said in a statement (pdf). The initiative aims to scale and clean up 14 mountain sites around the world, reaching seven peaks and seven base camps.

The details: Led by Egyptian adventurers Omar Samra and Manal Rostom, the project will focus on waste management and conservation efforts. Mashreq employees from Egypt and its global network will participate in the clean-up after receiving on-ground training in waste management.

This comes after Mashreq’s recent success in Pakistan: The Egypt expedition builds on Mashreq’s recent efforts in Pakistan, where the team achieved one of the highest-altitude clean-ups ever recorded at 23.8k feet on K2. Mashreq collected 1.7 tons of waste from various peaks and base camps, benefiting over 100 community members and 47 local businesses.

Salik, Investcorp, Dubai Investments, and more report 3Q earnings

SALIK-

Salik’s net income increased by 8.8% y-o-y to AED 277.3 mn in 3Q 2024, according to its financials (pdf). The company’s revenue rose by 7.3% y-o-y to AED 546.1 mn in this quarter. This performance came on the back of a 5.7% y-o-y increase in revenue-generating trips, CEO Ibrahim Sultan Al Haddad said in the earnings release (pdf).

On a 9M basis, net income climbed by 2.4% y-o-y to AED 822 mn, while revenues increased by 6.2% y-o-y to AED 1.6 bn, on the back of sizable growth in several revenue streams, including toll usage fees, fines, and tag activation fees.

What’s next? The company will operate two new toll gates at the Business Bay Crossing and Al Safa South on Sheikh Zayed Road in Dubai starting from 24 November, which is expected to contribute positively to revenue growth, Al Haddad mentioned.

ADNOC LOGISTICS & SERVICES-

Adnoc Logistics and Services saw its bottom line grow 18% y-o-y to USD 175 mn in 3Q 2024, while revenues grew 32% y-o-y to USD 928 mn, according to its earnings release (pdf). On a 9M basis, net income increased 27% y-o-y to USD 576 mn, while revenues grew 38% to USD 2.7 bn.

Driving growth: The company saw increased revenues from its shipping segment on the back of strong charter rates for tankers and dry bulk, as well as additional revenues from newly acquired carriers. Its services segment also saw improvements on the back of increased volumes in petroleum port and onshore terminal operations.

Looking ahead: The Adnoc subsidiary’s acquisition of Navig8 is set to boost earnings per share by at least 20% in the first full year. The acquisition is set for completion by the end of March 2025.

SHARJAH CEMENT AND INDUSTRIAL DEVELOPMENT-

Sharjah Cement and Industrial Development reported a net income of AED 11.9 mn in 3Q 2024, a turnaround from a net loss of AED 5.8 mn during the same period last year, according to its financials (pdf). The company’s revenues increased by 3.2% y-o-y to AED 162.1 mn in this quarter.

On a 9M basis, net income reached AED 21.5 mn, compared to a net loss of AED 11.6 mn in 9M 2023, while revenue rose by 9.1% y-o-y to AED 500 mn. This was attributed to an increase in sales volume, a decrease in energy costs, and an increase in income from investment properties, according to an earnings release (pdf).

UNION INS.-

Union Ins.’s net income amounted to AED 9.8 mn in 3Q 2024, a turnaround from a net loss of AED 11.3 mn during the same period last year, according to its financials (pdf). The company’s ins. revenue decreased by 5% y-o-y to AED 144.4 mn in this quarter. On a 9M basis, net income increased by 950.6% y-o-y to AED 22.7 mn, while ins. revenues fell 6.3% y-o-y to AED 442.2 mn.

ALSO- The ins. firm will sell a plot of land in Ras Al Khor Industrial Area 1 for AED 75 mn, expecting it to contribute to its net income for FY 2024, according to a disclosure (pdf). The sale comes as part of Union’s plan to divest “non-productive assets” and strengthen its balance sheet, with the transaction slated to be closed before year-end.

NATIONAL GENERAL INS.-

National General Ins.’s net income decreased by 29.3% y-o-y to AED 27.8 mn in 3Q 2024, according to its financials (pdf). The company’s ins. revenue increased by 11.1% y-o-y to AED 216.8 mn in this quarter. On a 9M basis, the net income rose by 74.8% y-o-y to AED 108.7 mn, while the revenue climbed by 22% y-o-y to AED 660.4 mn.

INVESTCORP CAPITAL-

Investcorp Capital’s bottom line dropped 7.7% y-o-y to USD 12 mn in 1Q of its fiscal year starting in July, according to its financials (pdf). Gross operating income rose to USD 20 mn during the period, up 5.3% y-o-y. The company — the investment vehicle of Investcorp Holdings — has a fiscal year that runs from July-June.

DUBAI NATIONAL INS. AND REINS.-

Dubai National Ins. and Reins. Co.’s net income increased by 4.5% y-o-y to AED 6.7 mn in 3Q 2024, according to its financials (pdf). The company’s ins. revenues rose 7.1% y-o-y to AED 120.6 mn in this quarter. On a 9M basis, net income decreased by 10.4% y-o-y to AED 30.9 mn, while ins. revenues declined marginally to AED 341.4 mn.

DUBAI INVESTMENTS-

Dubai Investments saw its net income rise 12.7% y-o-y to AED 235.6 mn in 3Q 2024, according to its financials (pdf). The company booked AED 932.2 mn in revenues during the quarter, down 3.7% y-o-y. On a nine-month basis, Dubai Investment’s bottom line dipped 16.1% y-o-y to AED 637.1 mn, while its revenues inched down 1.2% y-o-y to AED 3 bn during 9M 2024.

AMANAT HOLDINGS-

Amanat Holdings recorded AED 10.8 mn in net loss in 3Q 2024, according to the company’s financials (pdf), compared to a net loss of 8.2 mn. The company’s revenues rose 5.8% y-o-y to AED 132.8 mn in 3Q. On a 9M basis, Amanat’s net income was down 11% y-o-y to AED 78.4 mn. Amanat saw its revenues rise 14.4% y-o-y to AED 566.3 mn during 9M.

AL FUJAIRAH NATIONAL INS.-

Al Fujairah National Ins. Company recorded a net income of AED 2.4 mn in 3Q 2024, compared to AED 100.8k in 3Q 2023, according to its financials (pdf). The company’s ins. revenues climbed 42.5% y-o-y to AED 112.4 mn during the same period. On a nine-months basis, the firms posted AED 15.9 mn in net income in 9M 2024, up from a recorded AED 13.4 mn in net loss during the same period last year. The firm booked AED 291 mn in revenues in 9M, up 44.6% y-o-y.

ABU DHABI NATIONAL TAKAFUL COMPANY-

Abu Dhabi National Takaful Company reported AED 26.9 mn in net income, down 2.6% y-o-y in 3Q 2024, according to the company’s financials (pdf). The firm saw its revenues inch up 2.9% y-o-y to AED 197.2 mn in 3Q. On a 9M basis, the firm saw its bottom line decrease 3.6% y-o-y to AED 55.4 mn in 9M 2024, while its revenues climbed 17.4% y-o-y to AED 563.6 mn.

Aliph Capital taps MD + Knowledge and Human Development Authority gets new department heads

Investment firm Aliph Capital appointed Gaurav Wadhwa as managing director, according to a press release (pdf). Wadhwa has over 20 years of experience in private equity, investment banking, corporate finance, and business strategy — and was involved in over USD 3 bn of fundraising across capital markets, M&A and private equity. Before joining Aliph, he was the CEO of agribusiness firm Al Dahra India.

Dubai crown prince appoints department CEOs at KDHA: Dubai’s Executive Council Chairman Sheikh Hamdan bin Mohammed Al Maktoum appointed Fatma Belrehif (LinkedIn) as CEO of the Education Quality Assurance Agency and Wafi Ali as CEO of the strategy and institutional efficiency sector at the the Knowledge and Human Development Authority, according to a statement.

A look at Dubai’s lush Earth Course + DP World’s lifeline to P&O Ferries

The New York Times spotlights the challenge of maintaining Dubai's Earth Course at Jumeirah Golf Estates, keeping it “lush green” in the midst of the emirate's desert climate. The piece looks at the strategies for upkeep, including water conservation methods, to ensure the course remains in top condition year-round.

P&O Ferries lands multi-mn loans from DP World amid financial and political strain: Port operator DP World has extended a series of loans worth GBP 365 mn loans to subsidiary P&O Ferries since 2022, the Financial Times reports, citing recent filings it has seen. The loans were handed out after the subsidiary incurred GBP 249 mn in losses due to breaches on external debt clauses and contention over the firing of 800 shipping workers.

Chinese firms to establish manufacturing plants at Abu Dhabi’s Kizad

MANUFACTURING-

#1- Chinese companies to set up factories at Kizad: Around 40 Chinese firms plan to establish manufacturing plants at the China-UAE Industrial Capacity Cooperation Demonstration Zone (JOCIC Park) in Khalifa Industrial Zone Abu Dhabi (Kizad), Zawya reports. The projects are part of the Belt and Road Initiative (BRI) initiative, with investments in the zone currently standing at USD 10 bn, Jianzhong Gong, vice president of JOCIC, said. Some of the companies have already signed MoUs for their planned facilities with others expected to sign agreements at the Chinese Industrial Products Exhibition at JOCIC Park next week.

#2- Saudi Delmon set to build a manufacturing plant in Abu Dhabi for oil and gas products: Saudi Arabia-based Delmon Industrial Complex signed a 50-year ground lease agreement with Khalifa Economic Zones Abu Dhabi (Kezad Group) to set up a AED 50 mn manufacturing facility for oil and gas products, according to a statement from Kezad. The facility will be established in the ICAD III (Kezad Musaffah) area, focusing on supplying oil and gas companies with processed products.

DEBT-

EDB finances YDE’s solar projects: Emirates Development Bank (EDB) signed a USD 27 mn financing agreement with Yellow Door Energy (YDE) to support the development and operation of over 60 solar plants across the UAE, according to a statement. Yellow Door will use the funds to lease solar power plants through solar leases — also known as power purchase agreements — to industrial firms.

Part of EDB’s strategy? The lender was planning in May to provide AED 30 bn (c. USD 8.2 bn) in financing to over 13.5k companies for renewable energy and food security, amongst other industries, by 2026. EDB also signed an agreement with the International Renewable Energy Agency to extend AED 1.3 bn (c.USD 350 mn) in financing to support Irena’s Energy Transition Accelerator Financing platform last year.

REAL ESTATE-

#1- Al Seeb Developers launched a AED 500 mn residential project in Dubai's Business Bay area, Royal Regency Suites, according to a press release. The project, which features two towers housing a total of 235 units, according to the developer’s website, is scheduled for completion by 31 March, 2027.

#2- Iman Developers launched the AED 320 mn One Park Square mixed-use residential project in Jumeirah Village Circle, according to a press release. This marks the company's 14th development and is scheduled for completion in 2Q 2028. The 24-story project features 266 residential units and three retail units.

STARTUPS-

Pemo bags USD 7 mn funding: Dubai-based fintech firm Pemo raised USD 7 mn in a pre-series A round led by UK fintech fund Augmentum Fintech and Abu Dhabi-based Shorooq Partners, according to a disclosure from Augmentum. Augmentum contributed USD 4 bn to the investment round, which saw participation from existing investors, such as Cherry Ventures, Speedinvest, and Fintech Collective. The investment will see Perry Blacher, a partner at Augmentum, join Pemo’s board.

Pemo will use the funding to advance its platform and expand into new high-growth markets across the Middle East.

About Pemo: Pemo provides management and business payment solutions via corporate cards, with a focus on UAE-based SMEs. The company is headquartered in Dubai and has offices in Saudi Arabia and Egypt.

UTILITIES-

Dewa receives eight bids for pumping stations tender: Dubai Electricity and Water Authority (Dewa) received eight bids for the Ghafat Idah Reservoir Complex Pumping Station and the Endurance Road Pumping Station Phase 1, Stream A, Zawya reports. The tender covers electro-mechanical works and the development of supervisory control and data acquisition systems. The project is expected to take two years to complete.

The interested bidders are UAE-based firms Binghalib Technology, Danway Electrical and Mechanical Engineering, Emarat Aloula Contracting, Green Oasis General Contracting, Gulf Contracting and Landscaping, Saudi Arabia’s Al Sawaed Al Qafelah General Contracting, Japan’s Torishima Pump, and India’s Kalpataru Projects International.

The submitted bids ranged from AED 85 mn to AED 247 mn, with bidders choosing either or both pumping stations.

TECH-

Beeah, Khazna, SCTA team up to launch the largest Tier III data center in Sharjah: Beeah Group partnered with Khazna Data Center and the Sharjah Communication Technologies Authority (SCTA) to set up the largest Tier III data center at the Sharjah Freezone for Communication Technologies in Kalba, among other data centers across the emirate, according to Wam. Khazna Data Centres will develop the facilities, while the SCTA will provide regulatory support, allocate land, and establish energy infrastructure.

CAPITAL MARKETS-

Brokerage and investment firm Al Ramz launched a new tradingplatform, offering access to both regional and global markets, including IPO subscriptions, according to a press release. The Al Ramz app also features an AI-powered robo-advisory providing personalized financial guidance. Users can also share insights via a social forum. The platform plans to introduce a rewards program in the future.

TELECOMS-

e& UAE signed an MoU with Dubai Airports to mull the deployment of a private 5G network at its airports, which could potentially place Dubai as the first in the region to implement 5G connectivity for operations at its airports, according to a press release. The 5G network is expected to enhance operational efficiency through improved journey management and luggage handling, in addition to reducing passenger congestion at boarding gates.

HEALTHCARE-

Dubai Health has approved plans for a new diabetes center set to open in 2026, more than doubling the current facility's size to 53k square feet, according to a statement. The new center aims to increase patient capacity by 100% over the next decade. The expected cost was not disclosed.

Traders still see the Fed slashing rates at next meeting despite US inflation edging up

US inflation data shows the US moving further away from the Fed’s 2% target as Trump prepares to re-enter the Oval Office: US inflation saw a slight increase in October to 2.6%, in line with expectations and 0.2 percentage points above the 2.4% recorded in September, according to the US Bureau of Labor Statistics. Core inflation, which excludes food and energy, remained steady at 3.3% but showed a third consecutive monthly increase of 0.3%, signaling persistent underlying price pressures. October’s data comes at a critical point for the US economy, as the Fed weighs its next move ahead of President-elect Donald Trump taking office early next year.

But traders don’t see the rise in inflation hampering the Fed’s road to monetary easing: Traders are pricing in an 80% chance of another rate cut when the Fed meets next to decide interest rates in mid-December, Bloomberg reports. During its last meeting earlier this month, the Federal Reserve cut rates by 25 bps, after having kicked off its easing cycle in September with a half a percentage point cut.

Some are already warning that Trump’s policies could complicate the Fed’s fight against inflation: Trump’s reelection and his proposed policies — tariffs, tax cuts, and mass deportations — could potentially push inflation higher. Economists are concerned that such measures could fuel price pressures while adding uncertainty, making the Fed’s task of achieving a “soft landing” even tougher. (Financial Times | BBC | New York Times | Guardian)

Market reax: Two-year Treasury yields, which are more sensitive to Fed decisions, fell as much as 10 bps after inflation data was released.

BTC HITS ANOTHER HIGH-

Another day, another BTC peak: BTC hit a fresh high of USD 93.2k yesterday before reversing some of its gains to sit at USD 88.9k at midnight, driven by inflation concerns and a strong post-election rally. (Reuters | Bloomberg | CNBC)

The cryptocurrency has been on a Trump-driven rally since Trump was reelected to the Oval Office on 5 November. We dove deeper into the rally in a Planet Finance published earlier this week.

MARKETS THIS MORNING-

Asian markets are starting mostly in the green during early trading this morning, with Japan’s Nikkei up 0.5%, followed by Korea's Kospi at 0.4% in the green, and Hong Kong’s Hang Seng at 0.1%. China’s Shanghai index is trading in the red at -0.1%.

ADX	9,372	-0.5% (YTD: -2.2%)
DFM	4,733	+0.7% (YTD: +16.6%)
Nasdaq Dubai UAE20	3,918	+0.2% (YTD: +2.0%)
USD : AED CBUAE	Buy 3.67	Sell 3.67
EIBOR	4.6% o/n	4.5% 1 yr
TASI	11,931	-1% (YTD: -0.3%)
EGX30	31,433	-0.5% (YTD: +26.3%)
S&P 500	5,985	+0.02% (YTD: +25.5%)
FTSE 100	8,030	+0.1% (YTD: +3.8%)
Euro Stoxx 50	4,740	-0.1% (YTD: +4.8%)
Brent crude	USD 72.28	+0.5%
Natural gas (Nymex)	USD 2.98	-0.3%
Gold	USD 2,586.50	-0.8%
BTC	USD 88,897.70	+0.7% (YTD: +110.4%)

THE CLOSING BELL-

The ADX fell 0.5% yesterday on turnover of AED 1.4 bn. The index is down 2.2% YTD.

In the green: Ghitha Holding (+3.1%), Abu Dhabi Ship Building (+2.8%) and Bank of Sharjah (+2.4%).

In the red: Umm Al Qaiwain General Investments (-3.9%), Abu Dhabi National Building Materials (-3.5%) and Al Dar Properties (-3.4%).

Over on the DFM, the index rose 0.7% on turnover of AED 784.3 mn. Meanwhile, Nasdaq Dubai closed up 2.0%.

CORPORATE ACTIONS-

International Holding Company’s AED 5 bn share buyback program will run until 19 June 2025, with the goal of boosting shareholder value through increased earnings per share, according to a bourse filing (pdf). Supported by strong cashflow, the Abu Dhabi conglomerate will cancel shares after repurchasing them. The program, launched in June , representing 0.6% of IHC’s total share capital, may be extended beyond one year pending ADX approval.

CALENDAR

NOVEMBER

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

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.

13-14 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

18-19 November (Monday-Tuesday): Apex Invest Abu Dhabi, The Hilton, Abu Dhabi.

18-19 November (Monday-Tuesday): The OECD Middle East and North Africa Senior Budget Officials Meeting, Abu Dhabi.

19-27 November (Tuesday-Wednesday): Subscription period kicks off for the retail portion of Talabat’s IPO.

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

18-20 November (Monday-Wednesday): MIHAS@Dubai, Dubai World Trade Center, 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.

19-21 November (Tuesday-Thursday): Air Expo, Adnec, Abu Dhabi.

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.

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): 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.

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.

FEBRUARY 2025

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.

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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