Masdar snaps up stake in Spanish renewables firm

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WHAT WE’RE TRACKING TODAY

THIS MORNING: Indian importers cease imports of silver and platinum from the UAE + Chilean president to visit the UAE next week

Good morning, wonderful people, and welcome to the end of the workweek. It’s also the final Friday in July, which means we’re nearing the end of summer — we hope you’ve all been able to book some time off ahead of the fall season.

We have another packed issue for you this morning, with a major acquisition from renewables giant Masdar, which has bought a c.50% stake in a Spanish renewables firm, leading the news well. We also have news of the Abu Dhabi Investment Authority looking to offload a USD 400 mn stake in an Indian investment firm, and a deluge of fresh earnings. Plus: we have news that silver and platinum exports to India are falling.

UAE duty-free silver and platinum exports to India halted: India has terminated its duty-free imports of silver and platinum from the UAE, following a reduction in import taxes to below the tax agreed between the countries under their economic partnership agreement, Reuters reports, citing Indian government officials.

The Indian government has slashed import duties on gold and silver from 15% to 6%. With the duty now lower than the 8% tax under the economic agreement with the UAE, “nobody is importing silver,” Prithviraj Kothari, president of the India Bullion and Jewellers Association told Reuters.

In context: The UAE accounts for nearly half of India’s silver imports, as importers made use of the lower 8% tax, with shipments surging from 133 tonnes to almost 2k tonnes over the first five months of 2024.

HAPPENING NEXT WEEK-

Chilean President Gabriel Boric Font will land in the UAE next Monday in his first ever visit to the country, Wam reports. Font is set to meet with UAE President Sheikh Mohamed bin Zayed Al Nahyan to discuss potential areas of cooperation including the economic, commercial, and development sectors.

PUBLIC SERVICE ANNOUNCEMENTS-

#1- Residential communities in Dubai are getting “silent radars” to catch traffic violations, Khaleej Times cites a top official as saying, without clarifying when they will be rolled out. The radars will detect speeding and other violations like illegal u-turns, mobile phone usage, and failure to wear seat belts.

#2- A fire at Al Dhaid Sharia Market in Sharjah early yesterday destroyed dozens of small shops, Gulf News reports. The business owners affected will receive alternative premises within three days and financial compensation, Wam reports. The new stores will be fully-furnished and air-conditioned.

The emirate will also construct a new concrete market with over 60 stores to replace the previous market, which featured 16 shops made of palm leaves and wood.

WEATHER- We have another hot and sunny day in Dubai with a peak of 42°C, and an overnight low of 36°C. Over in Abu Dhabi, the mercury is set to hit 38°C before cooling to 36°C in the evening.

WATCH THIS SPACE-

#1- Ewec launches tender for battery storage project: Emirates Water and Electricity Company (Ewec) has issued a request for proposals (RFP) for eligible developers to submit their bids to develop, finance, operate, and maintain a 400 MW greenfield battery storage system power project in Abu Dhabi, according to a statement. The RFP is open to the 27 bidding firms and consortiums that passed Ewec’s expression of interest stage last April, with bids due by 4Q 2024.

The details: The project will provide 800 MWh of storage capacity, and will offer ancillary services, including frequency response and voltage regulation. The project is set to boost the emirate’s solar photovoltaic (PV) capacity to 7.5 GW by 2030 and reduce carbon intensity to an estimated 190 kg/MWh by 2030, down from 330 kg/MWh in 2019.

#2- The UAE’s GDP is projected to expand at a 3.9% clip in 2024, accelerating to 6.2% in 2025, buoyed by growth in tourism, real estate, and trade, as well as an increase in capital spending, according to the Arab Monetary Fund’s (AMF) Arab Economic Outlook report (pdf).

This is in line with other pundits’ forecasts: The World Bank and the Central Bank of the UAE also see the economy growing 3.9% this year.

The regional outlook: The AMF sees Arab economies growing 2.8% in 2024, and expanding further at a 4.5% clip in 2025, supported by lower interest rates, controlled inflation, and stable high oil prices. Arab oil exporters in particular are expected to benefit from higher energy prices, driving their economies to grow at 3.7% in 2024 and 5.1% in 2025.

#3- Sukuk issuances are set to fall in the summer months before picking up in 4Q 2024 as governments continue to pursue diversified funding for projects and look to plug budget deficits, Fitch Ratings said in a report. Lower interest rates towards the end of the year and lower oil prices could also boost issuances in the final quarter.

REMEMBER- Sukuk and bond issuances by GCC countries grew 38% y-o-y to USD 75.5 bn in 1H 2024, with Saudi Arabia leading the pack with almost half of the total issuances. The UAE came second with a 27% share of issuances, raising USD 20.6 bn in 64 transactions. Global outstanding sukuk grew 10.2% yoy to about USD 888 bn at the end of 1H 2024, Fitch says.

THE BIG STORY ABROAD-

It’s a mixed bag of macro, AI, and politics in the foreign press today, with updates on the US’ economy and the latest tech rout, OpenAI unveiling its new search engine, and more news from US presidential hopeful Kamala Harris’ campaign.

#1- The US’ economy grew 2.8% in 2Q 2024 in the latest sign that the Federal Reserve has succeeded in on track to achieve a “Goldilocks” scenario, with inflation down but consumer demand still growing. (FT | WSJ | WaPo | The Guardian)

#2- OpenAI said it’s testing out its AI-powered Google rival and search engine prototype SearchGPT in a blog post. The service will be rolled out to just 10k test users for now, according to The Verge. If you want to be one of them, you can sign up for the waitlist here.

#3- Wall Street extended its rout yesterday with persistent sell-offs in Big Tech and a shift towards small-cap stocks. The tech-heavy Nasdaq was down 0.9% yesterday, while the S&O 500 closed down 0.5%.

THE LATEST IN POLITICS- Harris’ stance on Israel’s war in Gaza is in the limelight as another poll — the New York Times/Siena College poll — puts Trump narrowly in the lead as she secures more votes than her predecessor Joe Biden. Here is everything you need to know:

Harris says she pushed for a ceasefire in her meeting with Israeli Prime Minister Benjamin Netanyahu yesterday, saying she will “not be silent” about the humanitarian crisis the war had caused. (Bloomberg)
Trump could be pushing away key voters with attacks on Harris that can be seen as sexist and racist, Bloomberg reports, as he looks to pivot his campaign after Biden’s withdrawal.

Masdar snaps up c. 50% of Spanish solar energy firm for AED 3.27 bn

State-owned renewable energy developer Masdar is set to acquire a minority c. 50% stake in Spanish renewables assets for AED 3.27 bn, in what’s being billed as one of Spain’s biggest ever renewables transactions, it said in a statement yesterday. The transaction hands Masdar a stake in Spanish power firm Endesa’s subsidiary, EPGE Solar, which holds an enterprise value of EUR 1.7 bn, according to a statement from Endesa parent company Enel.

What Masdar is getting: This will make Masdar a partner in 48 solar plants with 2.5 GW capacity in Spain once the transaction closes in 4Q 2024.

What Endesa is getting: Complete ownership of the energy generated by the solar projects, under 15-year power purchase agreements between the two companies. It can also see a battery energy storage system hybridization developed on the portfolio of plants with up to 0.5 GW of incremental capacity, according to the statement.

The two companies also agreed to explore an alliance that would develop renewable energy projects in Spain, the statements said.

Not Masdar's first foray into Spain: Masdar’s portfolio includes a 1.2 GW solar plant in the Castilla La Mancha region of Spain, dubbed Almenara, the statement said.

And part of a wider push into Europe: The renewables giant recently acquired an initial 67% stake in Greece’s Terna Energy as it looks to make “big acquisitions” in order to meet its goal of reaching 100 GW of renewables capacity by 2030. It also reached financial close to secure its 49% acquisition of the 476 MW Baltic Eagle wind farm off the coast of Germany earlier in March and finalized the acquisition of a 49% stake in the UK’s 3 GW Dogger Bank South wind farm from German energy giant RWE.

UAE, China boost economic ties in the energy sector

Adnoc expands partnership with China: Industry Minister and Abu Dhabi National Oil Company (Adnoc) CEO Sultan bin Ahmed Al Jaber inked several agreements with Chinese government officials and private sector players during a visit to China, Wam reports.

#1- Adnoc signed a strategic alliance agreement with the China National Petroleum Corporation to boost cooperation in oil and gas exploration and production, oilfield services, and crude oil and liquefied natural gas trading.

#2- Adnoc secured an agreement with China National Offshore Oil Corporation to advance new energy and low-carbon projects, towards strengthening global energy security while “fostering a sustainable and equitable energy future,” Adnoc said in a statement.

The meetings centered on bolstering cooperation in oil, gas, renewable energy, and logistics to serve the mutual interests of both nations.

ICYMI - Adnoc also inked a USD 1.9 bn contract with China’s Wanhua Chemical, Jiangnan Shipyard, and CSTC for 11 dual-fuel carriers to enhance its capacity to transport lower-carbon energy sources earlier this week. Also during the week, Adnoc, Borouge, and Austrian Borealis agreed to conduct a feasibility study to develop a polyolefins complex in China, through a JV with Wanrong New Materials.

Adia to sell a USD 400 mn stake in India’s Cube Highway Trust

Adia to offload USD 400 mn stake in Indian infrastructure investor: Abu Dhabi Investment Authority (Adia) and US infrastructure investor I Squared Capital have tapped JP Morgan and Axis Capital to advise on the the sale of up to USD 400 mn of their combined 59.5% stake in Cube Highways Trust, an India-based infrastructure investment firm, Moneycontrol reports, citing sources familiar with the matter. The two bankers have reportedly initiated talks with potential buyers.

BACKGROUND- Adia first bought into the Indian firm — which invests in road and highway assets in India — in 2017, acquiring a minority stake that was valued at USD 1 bn. In April 2023, Cube raised USD 630 mn from Abu Dhabi sovereign wealth fund Mubadala.

UAE fintech startup Mamo secures USD 3.4 mn funding

Mamo raises USD 3.4 mn: Local fintech Mamo has closed a USD 3.4 mn funding round led by existing investor and Africa focused VC firm 4DX Ventures and the Dubai Future District Fund (DFDF), it said in a statement (pdf). Oman- and UAE-based venture capital firm Cyfr Capital also took part in the funding round.

Where’s the money going? Mamo will use the freshly-secured funds to fast track its regional expansion and add more services to its platform. The funds will also be used to launch product testing in Saudi Arabia, as the startup looks to expand into new regional markets.

About the company: Founded in 2016 by Asim Janjua (LinkedIn) and Imad Gharazeddine (LinkedIn), Mamo helps SMEs save on transaction fees by consolidating their financial services under one platform, offering payment collection, corporate cards, and expense management. The fintech has raised USD 13 mn to date.

What investors see in the startup: “Mamo’s localized product lines serve as an infrastructure for SME payments and spend management in UAE, a segment that is underserved by the country's current banking infrastructure. The team has taken a product-first approach to consolidating SMEs' financial journeys and building a fintech solution deeply embedded in a business's core operations,” Managing Director of DFDF’s Investment Team Amer Fatayer said.

Mashreq, FAB, NBF, CBI, and UAB latest to report solid 2Q 2024 earnings

The latest in a stream of earnings: Our friends at Mashreq, First Abu Dhabi Bank, and United Arab Bank reported solid 2Q 2024 earnings. Meanwhile, Dubai Taxi, Emirates Driving, and NMDC posted their results.

Fast facts: The net income of 10 UAE-listed banks increased by 12.3% y-o-y to AED 35.6 bn in 1H 2024, with Emirates NBD comprising the lion’s share of net income with a bottom line of AED 13.78 bn, according to Al Bayan data. DFM-listed lenders saw profitability rise by 12.9% y-o-y to AED 18.85 bn during the period, while banks listed on the Abu Dhabi bourse logged a slightly lower 12% y-o-y climb in net income to AED 16.8 bn.

MASHREQ-

Our friends at Mashreq posted AED 2.01 bn in net income after tax, up 4% y-o-y in 2Q 2024, driven by an increase in net interest income, which is the difference between returns on loans and payouts on deposits, according to the bank’s earnings report (pdf). The bank’s net interest income and income from Islamic financing increased 11% y-o-y to AED 2.08 bn, while its total operating income rose 15% y-o-y to AED 2.98 bn.

On a six-month basis, Mashreq saw its net income jump 14% y-oy to AED 4.05 bn. The lender logged AED 6.13 bn in total operating income for 1H 2024, marking a 20% y-o-y increase compared to 1H 2023. Net interest income rose 17% y-o-y during the six-month period to AED 4.22 bn on the back of a “substantial expansion of the balance sheet supported by healthy client margins.”

The bank’s total assets rose 20% y-o-y to AED 253.47 bn, with loans and advances growing 22% y-o-y to a cumulative AED 162.97 bn. Meanwhile, customer deposits climbed 21% y-o-y to AED 153.96 bn.

What they said: “Our results demonstrate that, despite the challenging global environment, we are making excellent progress on our strategic priorities and achieving industry-leading financial performance. This progress was primarily driven by sustained, strong net interest income, while our high customer activity across the business led to a significant uplift in non-interest income, resulting in a 2Q return on equity of 27.6%,” our friend Group CEO Ahmed Abdelaal said.

FIRST ABU DHABI BANK-

First Abu Dhabi Bank reported a bottom line after tax of AED 4.27 bn in 2Q 2024, up 1% y-o-y and 3% from the previous quarter, according to the bank’s financials (pdf). The UAE’s largest lender attributed the performance to a “strong liquidity profile and solid asset quality,” as well as growing net interest and non-interest income, according to an earnings release (pdf). Revenues rose 14% y-o-y to AED 7.76 bn during 2Q, with total assets reaching AED 1.2 tn as of 1H 2024

On a six-month basis, FAB saw its net income rise 3% y-o-y to a record AED 8.41 bn in 1H 2024. Operating income jumped 16% y-o-y to AED 15.73 bn, driven by an increase in the bank’s net interest income, including a 20 bps y-o-y improvement in net interest margins, and solid business volumes.

A boost in net interest income + loans and deposits: Net interest income grew 11% y-o-y to AED 9.76 bn, while non-interest income increased 26% y-o-y to AED 5.96 bn, and made up 38% of total revenue on the back of an increase in fees on loans, trade, and credit cards. Meanwhile, loans, advances, and Islamic finance were up 6% y-o-y to AED 513 bn, while deposits grew 1% y-o-y to AED 766 bn.

Looking ahead: “We remain on track to meet our 2024 and medium-term guidance, and to deliver sustainable shareholder returns,” CEO Hana Al Rostamani said.

NATIONAL BANK OF FUJAIRAH-

The National Bank of Fujairah (NBF) saw its net income after tax grow 5.5% y-o-y to AED 190.1 mn in 2Q 2024 on the back of cost management, improvement in impairment positions, and a high interest rate environment, it said in its earnings release (pdf). NBF booked AED 590.34 mn in operating income, marking a 5.6% y-o-y growth. Net interest income saw a 3.1% y-o-y increase during the quarter, reaching AED 434 mn, according to its financial statements (pdf)..

In 1H 2024, the lender’s net income after tax increased 33% y-o-y to AED 441.2 mn, while operating income over the six-month period rose 8.2% y-o-y to AED 1.2 bn.

UNITED ARAB BANK-

The United Arab Bank (UAB) saw its net income after tax grow 7% y-o-y to AED 70 mn in 2Q 2024, according to its financials (pdf). Net interest income in 2Q rose 10% y-o-y to AED 111 mn, while total income fell 9% y-o-y to AED 137 mn.

In 1H 2024, the bank posted AED 139 mn in net income after tax, up 15% y-o-y, and AED 243 mn net interest income, up 26% y-o-y. Total income came in at AED 300 mn, posting a 10% y-o-y jump. Meanwhile, UAB’s total assets jumped 37% y-o-y to AED 19.8 bn in 1H 2024, attributable to growth in the lender’s lending book and a growth in customer deposits.

COMMERCIAL BANK INTERNATIONAL-

Commercial Bank International saw its net income inch up c. 1% y-o-y to AED 44.9 mn in 2Q 2024, according to its financials (pdf). Net operating income grew 6% y-o-y to AED 129.7 mn.

In 1H 2024, the bank posted a 3% y-o-y increase in net income to AED 81.5 mn, while operating income fell 7% y-o-y to AED 250.1 mn.

NATIONAL MARINE DREDGING COMPANY-

The National Marine DredgingCompany(NMDC) saw its net income climb 42% y-o-y to AED 820.2 mn in 2Q 2024, while revenues increased 91% y-o-y during the quarter to AED 6.78 bn, according to the company’s financials (pdf).

On a six-month basis, NMDC’s net income increased 66% y-o-y in 1H 2024 to AED 1.46 bn, driven by cost optimization measures and technological advancements. Its top line rose 79% y-o-y to AED 12.13 bn, as the company was awarded “several significant contracts” during the period.

NMDC is eyeing an over AED 75 bn project pipeline: NMDC is currently participating in tenders for projects worth AED 75 bn within and outside the Mena region, the company’s CEO Yasser Zaghloul told Asharq Business (watch, runtime, 8:10). NMDC has secured its first project in Europe, and plans to expand its footprint further in the continent and other active global markets, Zaghloul said, without disclosing further details.

DUBAI TAXI-

Dubai Taxi recorded a 14% y-o-y drop in net income to AED 79.4 mn in 2Q 2024, according to its financials (pdf). Revenues grew 12% y-o-y to AED 531.2.

On a six-month basis, the company saw its net income inch up 1% y-o-y to AED 187 mn, while revenues climbed 12% y-o-y to AED 939 mn. The flat income growth was attributed to the impact of corporate tax and finance costs, DTC said in its earnings release (pdf).

The firm approved a dividend payout of AED 159.3 mn, equivalent to 6.37 fils per share for its 1H 2024 earnings.

Looking ahead: “Our outlook is positive, supported by Dubai’s continued success as a leading business and leisure destination, with strong macroeconomic tailwinds enabling population growth and urban expansion, which we see driving long-term, sustainable demand growth for our services,” CEO Mansoor Rahma Alfalasi said.

EASYLEASE-

ADX-listed mobility solutions outfit and International Holding Company (IHC) subsidiary EasyLease’s bottom line halved to AED 5.2 mn in 2Q 2024, according to its financial statements (pdf). The company’s top line grew 34% to AED 92.4 mn during the same period. On a six-month basis, Easy Lease’s bottom line rose 11% y-o-y to AED 18.2 mn in 1H 2024, while revenues grew 36% y-o-y to AED 189.7 mn.

EMIRATES DRIVING-

Emirates Driving’s net income after tax in 2Q 2024 fell 9.5% y-o-y to AED 55.3 mn, according to its financials (pdf). Revenues inched up 6.2% y-o-y to AED 85.6 mn.

In 1H 2024, net income after tax fell 4% y-o-y to AED 119.3 mn, according to the statements.Its revenues grew 3% y-o-y to AED 175.8 mn.

Invest Bank taps new CEO + Sharjah appoints two new department heads

Sharjah-based Invest Bank has named Edris Mohammad Al Rafi as its new CEO, according to a disclosure (pdf). Al Rafi enters the role with over 25 years of experience in banking and investment, previously holding senior positions at Goldman Sachs and First Gulf Bank. Prior to his appointment, Al Rafi served as Invest Bank’s vice chairman.

Sharjah Ruler Sheikh Sultan bin Muhammad Al Qasimi promoted Abdullah Ibrahim Al Zaabi to head of Sharjah’s Department of Human Resources, Wam reports. The Sharjah Ruler also enlisted Al Zaabi as a member of the Sharjah Executive Council.

ALSO- The Sharjah Ruler reassigned Omar Khalfan bin Huraimel Al Shamsi to head the emirate’s department of municipal affairs, Wam reports separately. Al Shamsi will also serve as a member of the Sharjah Executive Council under the decree.

Mashreq receives raft of awards for SMEs segment and innovation + more Finance Derivatives awards

Our friends at Mashreq received a slew of awards recognizing its governance, and its innovative banking and SME segments in recent weeks. Among the awards:

SME bank of the year from Asian Banking and Finance ;
Best retail bank, best bank for ESG and sustainable development, and best innovative banking products in the UAE from the Finance Derivatives Awards ;
Best corporate governance from the World Finance magazine.

Also receiving awards from Finance Derivatives:

Sukoon Ins. was recognized as the most customer centric ins. company, and the best online ins. firm in the UAE, while Sukoon Takaful got the most customer centric takaful company in the country;
The Joyalukkas Exchange was recognized as the best FX and remittances exchange in the UAE;
Investment firm Genero Capital got the best SME financial advisor in the UAE award;
Foo received the best fintech in the UAE award;
Aafiya was recognized as the best health ins. third party administrator in the UAE.

ALSO- Aldar’s active residential living project in Dubai, Athlon, received the UAE’s first leadership in energy and environmental design (LEED) platinum certification for its sustainable community planning and design. (Press release, pdf)

Abu Dhabi’s Department of Culture and Tourism was awarded a special achievement award at the 2024 Environmental Systems Research Institute User Conference for its development of the Abu Dhabi Historic Environment Record platform, which serves as a comprehensive digital repository of heritage legacy data. (Abu Dhabi Media Office)

Gulf investors’ heightened interest in European assets gets ink

Gulf investors have announced or completed over USD 24 bn in transactions in Europe so far this year, a sharp increase from the USD 4.9 bn recorded during the same period last year, Reuters reports. Among them is Adnoc’s ongoing pursuit to acquire German chemical firm Covestro, which, if successful, will mark the largest acquisition of a European firm by a Middle Eastern buyer in 16 years.

What’s driving the surge? European companies have relatively low company valuations compared to the US, which, coupled with a favorable regulatory environment, is making “Middle East strategic investors much more confident investing in Europe,” David Martin, corporate partner at Linklaters told Reuters. The investments are also welcomed, being met with “a need in Europe, especially on some of the very large infrastructure projects, for deep pocketed investors.”

There are caveats: Increased protectionism and concerns over foreign security have meant more scrutiny into Gulf investments (which ultimately led to the scrapping of Abu Dhabi-backed RedBird IMI’s acquisition of the Telegraph).

Abu Dhabi agrees to student accommodation project PPP

CONSTRUCTION-

Abu Dhabi hands out contracts for largest student accommodation PPP project: The Abu Dhabi Investment Office and Khalifa University of Science and Technology awarded a student accommodation project to KUnnected Living, a consortium led by construction firms Plenary Group, Besix and Abu Dhabi-based investor Mazrui International, according to the Abu Dhabi Media Office. The project is the largest student accommodation project in the GCC developed under a public-private partnership (PPP) model.

About the project: Under the 23-year concession, the consortium will design, build, finance, and maintain over 3.2k technology-enabled student rooms and communal facilities at Khalifa University’s main campus and Sas Al Nakhl campus. The project is part of Khalifa University’s broader 10-year strategic plan to ramp up its educational and residential offerings.

AVIATION-

Mubadala-owned Sanad will exclusively service Air Mauritius’ Airbus A330 engines for three years under a partnership agreement inked between the aerospace engineering firm and the airline at the Farnborough International Airshow, Wam reports. The agreement will see Sanad provide maintenance, repair, and overhaul services for the fleet, which uses Rolls Royce Trent 700 engines.

CUSTOMS-

Dubai-based developers can now build AI-powered systems for customs and logistics sectors, courtesy of the new Dubai Customs AI Platform, an open source platform of AI models launched by the Ports, Customs, and Free Zone Corporation, according to the Dubai Media Office. The platform offers tools and integrated programs — focusing on supply chains, risk analysis, and more — for companies without AI systems, in a bid to improve commercial and logistics supply chains using AI. It also spotlights startups and global AI companies’ technological innovations in the customs and logistics sectors, and allows them to swap expertise and ideas on the platform.

MANUFACTURING-

EGA automates metal analysis certification: Mubadala-backed Emirates Global Aluminium has digitally linked its metal quality analysis system to the London Metal Exchange’s (LME) digital credentials register, LMEpassport, becoming the first LME-listed brand to automate the issuance of certificates of analysis for metals shipped to and from its warehouses, according to a statement. The exchange has required all aluminum manufacturers to have a digital record of its certificates of analysis as of October.

FINANCE-

#1- The UAE now has a “family office as a service” player — dubbed Octagon — offering services like asset management and business development through an outsourcing model, according to a press release (pdf). The company has already made a soft launch for its product several months ago, with operations spanning across Europe, Asia, North and South America, and Southern Africa.

#2- The General Pension and Social Authority will team up with the Abu Dhabi GlobalMarket Academy to offer financial advice and training to Emiratis, focusing on investment and asset management, Wam reports.

CRYPTO-

Roma to offer crypto brokerage services in Dubai: Digital asset platform Roma received an operational virtual asset service provider (VASP) license from Dubai’s Virtual Assets Regulatory Authority, according to a press release. The VASP license permits Roma to offer virtual asset trading, brokerage, and over-the-counter trading services to clients in the UAE. With the license, Roma plans to roll out a local infrastructure supporting AED for on-ramps and off-ramps, enabling users to purchase cryptocurrency using AED.

TRADE-

The Abu Dhabi Chamber of Commerce and Industry has signed an MoU with the Benin Chamber of Commerce to boost bilateral trade and investment cooperation between the emirate and the West African country, Wam reports.

REMEMBER- The Abu Dhabi Chamber plans to ink 100 partnerships with other chambers of commerce and business offices across MENA, Asia, Europe, Australia, Africa, and Latin America by the end of 2024.

LOGISTICS-

Dubai’s Sustainable City will see delivery robots delivering orders from restaurants and shops in its plaza area — within 30 minutes — starting this month, as part of a trial, according to the Dubai Media Office. The trial operations will launch with three autonomous on-demand delivery robots developed by Dubai Future Labs, with systems powered by Lyve Global.

US equities are seeing a buffalo market, says Bank of America

When bulls get tired, you get a buffalo market: The current volatility in US stock markets signals a “buffalo market,” Bank of America says, according to CNBC — meaning it’s a bull market that can occasionally “wander” and “roam” after rallies or during the summer months. Elections season will also see more choppy markets, especially later in the year.

Buffalos are still in the bull family, which means stocks will end the year on a higher note, according to BoA. Fundamentals like earnings, interest rates, and current financial conditions and investment cycles will boost stocks later in the year.

Earnings and policy > politics: A strong earnings season and the policies that will be implemented under the next US president will trump political conditions in the final market rotation of the year.

ALSO WORTH KNOWING ABOUT FROM PLANET FINANCE- Meta is set to be slapped with its first EU antitrust fine in a few weeks on claims that it’s giving Facebook Marketplace an unfair advantage by rolling it into the social media platform, Reuters reports.

MARKETS THIS MORNING-

Asian markets are relatively mixed, though most are rebounding following sell-offs that saw the indices hit their lowest levels in months yesterday amid a wider sell-off of chip stocks. South Korea’s Kospi rose 0.62%, while small cap Kosdaq gained 0.33% and Hong Kong’s Hang Seng index climbed 0.61%. Japan’s Nikkei flatlined as traders mulled fresh inflation data out of Tokyo.

Wall Street futures are inching up after another bad day for the Nasdaq and S&P 500, with the stocks poised to end the week at a decline.

ADX	9,303	+0.4% (YTD: -2.9%)
DFM	4,237	+0.2% (YTD: +4.4%)
Nasdaq Dubai UAE20	3,670	+0.1% (YTD: -4.5%)
USD : AED CBUAE	Buy 3.67	Sell 3.67
EIBOR	4.9% o/n	5.0% 1 yr
TASI	12,026.	-0.6% (YTD: +0.5%)
EGX30	29,090	-0.4% (YTD: 16.9%)
S&P 500	5,399	-0.5% (YTD: +13.9%)
FTSE 100	8,186	+0.4% (YTD: +5.9%)
Euro Stoxx 50	4,811	-1.0% (YTD: +6.4%)
Brent crude	USD 82.61	+0.3%
Natural gas (Nymex)	USD 2.08	+1.8%
Gold	USD 2,417	+0.7%
BTC	USD 66,401	-0.0% (YTD: +50.3%)

THE CLOSING BELL-

The ADX rose 0.4% yesterday on turnover of AED 976.8 mn. The index is down 2.9% YTD.

In the green: Agthia Group (+8.5%), Julphar (+4.5%) and National Bank of Umm Al Qaiwain (+2.0%).

In the red: E7 Group (-4.7%), Presight AI Holding (-2.8%) and Al Seer Marine Supplies and Equipment (-2.4%).

Over on the DFM, the index closed up 0.2% on turnover of AED 546.9 mn.

Al Marri talks boosting cooperation with Tamil Nadu officials

UAE bolsters relations with Tamil Nadu: Economy Minister Abdullah bin Touq Al Marri met with the Chief Minister of the Indian state of Tamil Nadu MK Stalin and Tamil India’s Industries Investment Promotions and Commerce Minister TRB Rajaa as part of a two-day state visit, Wam reports.

The talks focused on enhancing collaboration in emerging sectors, tourism, entrepreneurship, SMEs, transport, and fintech. Al Marri and Rajaa discussed the flexible economic policies in place aimed at strengthening bilateral business ties. The two ministers also discussed opportunities to establish new projects across various sectors.

OTHER DIPLO NEWS-

The Telecommunications and Digital Government Regulatory Authority hosted the latest meeting of the Executive Bureau of the Arab Telecommunications and Information Council of Ministers yesterday, discussing coordination in the Arab region to improve the ICT sector. The meeting also promoted the role of digitalization and AI in key sectors, such as smart learning, healthcare, and digital commerce. (Wam)

My Morning Routine: Fahmi Al Shawwa, founder and CEO of Immensa

Fahmi Al Shawwa, CEO of Immensa: 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 Fahmi Al Shawwa (LinkedIn), founder and CEO of Immensa. Edited excerpts from our conversation:

I’m the CEO and founder of Immensa, which was founded almost eight years ago, and is interlinked with my story. I wanted to study engineering, but my father did not agree. I ended up studying finance, and spent four or five years working in mergers, acquisitions, and advisory, but it wasn't for me.

I decided to take some time off to reflect, and I came across 3D printers, and that was it. It really excited me what you could do with these things. You could produce anything. So I went to London Business School and Singularity University, and somewhere in Utah to take courses on additive manufacturing, design engineering, and industrial manufacturing, and came back to Dubai and decided I want to do something in this field.

When we started, we did prosthetic limbs, surgical guides, dental parts, parts for airlines, racing boats — anything you could imagine. At one point we realized we have to specialize. We decided if we want to do something that's cutting edge, we need to pick something that the region is very strong in, where they're the leaders. It was either construction or oil and gas. We figured oil and gas, we have a good chance. Nobody was doing it, so we started dabbling with that and slowly got more sucked into it after Covid-19. [Immensa currently manufactures spare parts and equipment for oil and gas manufacturers like heat exchangers and motor parts.]

There's a lot of bankruptcies happening in the 3D printing ecosystem, and a lot of it is the machine manufacturers. These guys used to fly in, tell people you can 3D print anything and everything, sell these machines, and leave. Now we’re seeing a lot of these companies go under, and I think it's cleaning up, because the value is not in the machines. It’s in the knowledge, the expertise, and what you're producing. At the same time, the acceptance and the shift of where we’re seeing 3D printing being applied is extremely exciting. We’re at the cusp of massive adoption.

My job is to support everyone [at Immensa]. Everyone who works at Immensa, I would say, is definitely intellectually smarter than I am. Each one knows much more in their field than I do — [whether it’s] the engineers, the digitalization team, the manufacturers, or the marketing guys. My role is to offer support, and if I can’t, I just stay out of the way, and push on the adoption of new technologies and trying new things.

I start my mornings by dragging myself out of bed by force — in pain and kicking and screaming — and I get myself in the car, and drive to the gym. For the first 20 minutes, I'm complaining and moaning that I'm in the gym. I finish my workout, buy my two coffees — an espresso and an americano — and head to the office. Usually the first hour is just catching up on serious work that I want to do.

The best way to explain a typical workday is very agile. The best days are the unscripted, unscheduled days. My calendar tends to be very fluid, and work tends to be extremely fluid in nature. I sit behind the desk probably two to three hours a day, and spend a couple of hours on the phone, tackling challenges, opportunities, and problems.

A constant in my week is [going to] the gym. I don't do it for health or for how I look, I just treat it as it is. If I don't go to the gym, I can't function and I just can't focus, so I go to force myself to wake up. Another constant is I typically have lunch at my desk for half an hour, just before getting on a call. The third constant in my days is I always make it a point to be home by 6:30-7pm maximum to have dinner with the kids.

On a personal level, my aim is to be the fittest I've ever been at 50, and that's for longevity. I'll be 50 next year, so I think I'm getting there.

On a professional level, I have a very big purpose in life to enable and empower others to achieve what they want to achieve. Whenever we hire someone to join the team, the first thing we do is ask, what do you want in life? What is your aim? Is it to buy a private jet, open a vineyard, climb Kilimanjaro? Give us your personal objective, not your career objective, so we can map it out and make sure that we can make your dream come true. That is sort of my bigger purpose, and why I love what I do.

I think I'm really good at balancing work with life. I'm not as structured where work is work and personal life is personal life, but weekends are weekends. I probably send an email every couple of hours, but I think balance is very important.

To switch off from work, I used to love running. It used to be my meditation. I used to go on long runs, but I can't do that anymore. Now switching off is playing with my kids. I get in on whatever they're doing, [even if that means] I jump in with a lego.

I [like to] read multiple books at the same time, but I don't think I've finished a book in quite a while. I love the Prisoners of Geography series. I found it extremely interesting.

The best advice I've gotten is stop thinking of what others are going to think. One of my mentors repeated this to me two weeks ago, and it stuck with me. The best thing is to try to do things for yourself. It’s sort of cliche, but I think it’s best to never take anything personally. Someone at the company [once] said, if you get offended or take it personal, that’s your problem — and that’s true.

CALENDAR

JULY

31 July (Wednesday): Deadline for Sidara to submit another takeover bid to Wood Group.

AUGUST

2 August (Friday): Abu Dhabi Extreme Championship, Mubadala Arena, Abu Dhabi.

3 August (Saturday): UFC Fight Night, Etihad arena, Abu Dhabi.

14 August (Wednesday): UAE to participate in ceasefire talks co-mediated by the US and KSA between the warring factions in Sudan.

20-21 August (Tuesday-Wednesday): The World ESG Summit, Dubai.

21-22 August (Wednesday-Thursday): Rex Fuels Global Expo & Conference 2024- Bitumen, Petrochemicals & Products, Dubai.

21-22 August (Wednesday-Thursday): Dubai Business Forum in Beijing, China.

25 August (Sunday): Deadline to register for the AI Challenge.

Signposted to happen sometime in mid-August:

New regulations on telemarketing calls will go into effect

SEPTEMBER

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

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

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

10-11 September (Tuesday-Wednesday): MENA District Cooling Projects & MENA Cool Forum, Grand Hyatt Dubai, Dubai Healthcare City, Dubai.

11-12 September (Wednesday-Thursday): MENA oil and gas digitization conference, Abu Dhabi.

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

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

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

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

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

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

OCTOBER

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

NOVEMBER

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

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

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

4-7 November (Wednesday-Saturday): ADIPEC Decarbonisation Accelerator, Abu Dhabi.

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

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

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

11-14 November (Monday-Thursday): Abu Dhabi International Petroleum Exhibition & Conference, Abu Dhabi.

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

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

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

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

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

Signposted to happen ahead of ADIPEC:

Changemakers Majlis, Abu Dhabi.

DECEMBER

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

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

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

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

9-12 December (Saturday-Thursday): Abu Dhabi Finance Week, Abu Dhabi.

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

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

JANUARY 2025

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

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

FEBRUARY 2025

24-25 February (Monday-Tuesday): 3rd World Passenger Experience Forum, Dubai.

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

APRIL 2025

16-17 April: Global Ports Forum, Dubai.

OCTOBER 2025

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

Signposted to happen sometime before the end of the year:

Spinneys inaugurates three more stores in KSA

Signposted to happen in 2025:

6-11 April (Sunday-Friday): Geo-Spatial Week 2025, Dubai.
3-4 June (Tuesday-Wednesday): Make-A-Wish International’s Global Wish summit, Abu Dhabi.
TBD: The Middle East Electric Vehicle Show, Expo Center Sharjah.
TBD: e& will complete Adnoc’s private 5G network.

Signposted to happen sometime in the fall of 2025:

2025 Games of the Future, Dubai.

Signposted to happen sometime in 2028:

Abu Dhabi to host the 47th Chess Olympiad.

Signposted to happen sometime in 2029:

Dubai to host the International Conference on Computer Vision.

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