Mubadala gets US regulatory clearance for Fortress acquisition –FT

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WHAT WE’RE TRACKING TODAY

THIS MORNING: US Energy Secretary is in town + Seamless, Airport Show, Acres, and more happening this week

Good morning, lovely people, and welcome to a new workweek. We’re — thankfully — being eased into the week with a rather slow news day, but we don’t expect it to last too long with the roster of conferences slated to take place later in the week…

THE BIG STORY here at home is an update on Mubadala’s long-time-coming USD 3 bn bid for a majority stake in US asset manager Fortress. The sovereign wealth fund has reportedly received clearance from the US’ Committee on Foreign Investment in the United States. We have more in the news well, below.

IN MEMORIAM- Sheikh Hazza bin Sultan bin Zayed, brother of President Sheikh Mohamed bin Zayed Al Nahyan, passed away last Thursday, Wam reports. He was the son of the late Sheikh Sultan bin Zayed Al Nahyan and grandson of Sheikh Zayed.

WEATHER- We’re in for another hot and sunny day. The mercury hits 41°C in Abu Dhabi today, with an overnight low of 25°C, while temperatures will hit 40°C In Dubai, with an overnight low of 27°C.

HAPPENING TODAY-

#1- The Abu Dhabi Global Healthcare Week begins today and wraps on Wednesday at the Abu Dhabi National Exhibition Centre. Hosted by Abu Dhabi’s Department of Health, the event will bring together around 5k attendees, 100 exhibitors, and 1k delegates specialized in healthcare. Featured topics include AI, biotech, and genomics. You can find the event brochure here (pdf).

HAPPENING THIS WEEK-

#1- US Energy Secretary Jennifer Granholm will make her first diplomatic trip to the UAE and Saudi Arabia this week, focusing on climate cooperation and energy diversification in the region, Reuters reports citing two Biden administration officials. Granholm will land in the UAE tomorrow and will head to Saudi Arabia later, with her trip wrapping on Thursday, one of the sources said.

Discussions will cover topics like climate collaboration, energy diversification, and global oil production, though Granholm will reportedly not discuss oil policy during this visit.The visit will also involve participation in a meeting of the Net-Zero Producers Forum, which aims to reduce emissions and advance clean energy initiatives.

What’s the Net-Zero Producers Forum? Launched in 2021, it’s part of a bid to boost cooperation between some of the biggest global oil producers on methane abatement, carbon capture, and use and storage technologies. Founding members include Saudi Arabia, the US, Canada, Norway, and Qatar. The UAE joined the group in 2022. NPF members account for 45% of global oil production and 40% of natural gas production, according to the US Energy Department website.

#2- Dubai will host The Airport Show from tomorrow through to Thursday, 16 May at the Dubai World Trade Center.The event brings together airport suppliers, airport service providers, aviation executives, and regional decision makers to explore current innovations and new technologies.

#3- Seamless Middle East will kick off tomorrow at the Dubai World Trade Center, and run until Thursday, 16 May. The three-day event includes a conference welcoming over 500 speakers to cover the latest trends, market disruptors, and technologies in digital commerce, and a multi-brand exhibition hosting over 700 exhibitors in the digital commerce industry.

#4- The Gulf Petrochemicals and Chemicals Association Supply ChainConference will kick off on Wednesday and will wrap on Thursday, 16 May, at the Address Sky View Hotel in Dubai. The conference will bring together industry players under the theme Harnessing Connectivity for a Sustainable Tomorrow, discussing supply chain connectivity and AI integration in the industry.

#5- The Acres Real Estate Exhibition is set to kick off on Thursday, and will run until Sunday, 19 May, at the Dubai World Trade Center. The event will gather leading property developers, investors, brokers, and experts, to showcase the latest projects and technologies in the real estate industry.

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WATCH THIS SPACE-

#1- FAB to set up Paris office: The UAE’s largest lender, First Abu Dhabi Bank, is set to open a new office in Paris, {Bloomberg} quotes French Finance Minister Bruno Le Maire as saying. The lender’s expanded presence in France is expected to facilitate investment in the GCC region for French companies.

#2- Tencent-backed fintech company Airwallex is looking to secure a license within the next 6-12 months to operate in the UAE, CEO Jack Zhang told Bloomberg. The Aussie company is currently in talks with GCC sovereign wealth funds including Abu Dhabi’s Mubadala and the Abu Dhabi Investment Authority, as well as Saudi Arabia’s Public Investment Fund, and UAE’s Mubadala Investment as it pushes through with its MENA expansion plans, Zhang said.

It’s looking at others in the GCC: With 20 offices around the globe, the startup is also looking to secure a license in Saudi Arabia in the next 18 months and it has Qatar and Bahrain on its radar.

#3- Iran is set to launch two maritime tourism routes connecting the Iranian islands of Kish and Qeshm with Dubai and Oman, in a bid to improve maritime tourism and passenger transportation, Iran’s Mehr news agency quotes the Iranian Supreme Council of Freezones Secretary Hojjat Abdolmaleki as saying. The development of the routes comes in response to demands from the country’s private sector, Abdolmaleki added.

DATA POINTS-

#1- The UAE had poured investments worth USD 30 bn into Egypt prior to unveiling the USD 35 bn Ras El Hekma project, Secretary-General of the UAE International Investors Council Jamal bin Saif Al Jarwan told Asharq Business on the sidelines of the Annual Investment Meeting (AIM) Congress. Jarwan highlighted that the Emirates’ investments in Egypt currently stand at over USD 65 bn, positioning the country as the UAE’s second-largest investment market after the US.

ICYMI- Sovereign wealth fund ADQ has inked a USD 35 bn agreement to develop Ras El Hekma on Egypt’s North Coast in February, in a move that helps Egypt plug its FX and funding gaps and that marks the largest ever direct investment agreement in Egypt.

#2- Some 46k units are expected to be added to Dubai’s property market this year, according to a report by ValuStrat. With the current level of supply and growing demand, analysts project that prices are unlikely to fall soon as city-wide sales prices rose 20% y-o-y in 1Q 2024 — marking the 15th consecutive quarterly increase — and surged 66% above pre-covid-19 prices, Khaleej Times reports.

Capital values of residential and commercial units rose 24.7% y-o-y, and 6.7% q-o-q, driven mostly by increased value among affordable apartments, according to ValuStrat’s price index.

The emirate saw some 2.9k transactions in the commercial market during the quarter, rising 3% y-o-y, according to the latest report (pdf) by Commercial Real Estate, which cites data from the Dubai Land Department. The total sales value of office transactions climbed to AED 22.3 bn, marking a 16% y-o-y increase from 1Q 2023.

The Dubai International Financial Center’s (DIFC)’s regulator handed out more licenses in 2023, marking a 25% y-o-y uptick andbringing the total number of licensed firms in the center to 791, state news agency Wam reports, citing the Dubai Financial Services Authority’s (DFSA) annual report for 2023. Licensing applications increased 50% y-o-y during the period, driven by the wealth management sector, including private banks, asset managers, and fund management companies, alongside over 40 domestic fund registration applications.

The DFSA also saw growth across environmental, social, and governance (ESG) securities listings during the year, with the total value of new ESG bonds and sukuk listed amounting to USD 11.72 bn. Total outstanding ESG securities stood at USD 27 bn in 2023.

OUR NEXT CONFERENCE IN CAIRO-

Foreign investors are falling in love with Egypt again… Foreign investors we speak with (debt, equity, and strategic alike) have growing appetite for Egypt. They’re buying into local debt, eyeing promising shares, and committing bns of USD to both new ventures here and the growth of their existing businesses. They like the Egypt story that’s taking shape after the float of the EGP, and its competitive advantages are clear to many of them: It’s a massive consumer opportunity and a regional export hub of tomorrow.

The Enterprise Optimism Forum 2024 will do exactly what it says on the tin: Spark conversations about a future that sees Saudi Arabia, Egypt, and the the UAE at the heart of a more vital Middle East economy — and provide an early, actionable roadmap for those who are “long Egypt.”

We’ll be talking with you about the agenda over the coming couple of weeks.It features speakers from Egypt and abroad who are future-proofing their businesses and angling to capture tomorrow’s opportunities — and who aren’t afraid to answer some tough questions.

*** Interested in attending? Tap or click here to let us know. Seating is limited.

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THE BIG STORY ABROAD-

It’s a reasonably quiet morning in the global business press, as is often the case on Mondays.

Some 300k Palestinians are on the move in Gaza after being forced out of Rafah by the Israeli army. “Many say they have nowhere to go,” writes the New York Times in the understatement of the year. Hamas troops, meanwhile, are pinning down the IDF in northern Gaza and other areas that the IDF had claimed to have cleared of the group, the WSJ notes.

CLOSER TO HOME: Kuwait’s foreign minister as well as its ministers of petroleum and finance retained their posts after Prime Minister Sheikh Ahmad Abdullah Al-Sabah formed a new cabinet just a couple of days after the country’s emir dissolved parliament.

Go deeper: Kuwait’s state news agency Al Anba has more of Sheikh Meshal’s remarks. The story is getting ink from the Financial Times and Bloomberg.

ELSEWHERE- Shakeup in Russia. Russian President Vladimir Putin has appointed a civilian economist to run the Defense Ministry in a surprise shakeup,

WHAT TO EXPECT THIS WEEK-

#1- Washington powerbrokers, lobbyists, and diplomats the world over will be watching closely as US Senator Bob Menendez goes on trial for allegedly taking “bribes to influence state and federal prosecutors to go easy on his associates, aid the government of Egypt and help seal a deal between an associate and an investment company led by a member of the Qatari royal family.” Politico and the New York Times have more. Menendez was chair of the Senate Foreign Relations Committee at the time of his arrest late last year.

#2- Arab League heads of state will gather in Bahrain on Thursday for a summit — one day after Nakba Day.

#3- Dueling reports: Opec’s oil report is out tomorrow, setting up its June production meeting, while the IEA’s monthly oil market report is due out Wednesday.

#4- The Cannes film festival gets underway and the US presidential campaign heats up: Prosecutors are hoping to finish presenting their case against Donald Trump in a hush money trial even as Agent Orange schedules a big fundraising event for tomorrow, and Joe Biden has a number of public events scheduled.

CIRCLE YOUR CALENDAR-

TheMiddle East Petroleum and Gas Conference is set to take place from 20-22 May in Dubai, hosted by the Emirates National Oil Company and under the organization of S&P Global Commodity Insights. The theme of the conference is “Evolving Core Energy Markets within a Sustainable Landscape.”

The International Exhibition of National Security and Resilience2024 Conference is happening on 21-22 May 2024 at Adnec Abu Dhabi, coinciding with the International Exhibition of National Security and Resilience, Wam reports. The conference is set to gather top CEOs, leaders, and experts from different fields to discuss security challenges and promote strategic partnerships.

The Dubai Business Forum in Beijing, China is set to take place between 21-22 August, Wam reports. Hosted by Dubai Chambers, the event aims to attract foreign direct investments by presenting investment prospects.

The Mohammed Bin Rashid Space Center is set to host Geo-Spatial Week from 6-11 April 2025 in Dubai with the International Society for Photogrammetry and Remote Sensing, according to a Dubai Media Office statement. The week-long event will welcome experts in photogrammetry, remote sensing, and spatial sciences.

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

Mubadala's USD 3 bn investment in Fortress gets US regulatory clearance –report

Mubadala is one step closer to acquiring a majority stake in Fortress: The Committee on Foreign Investment in the United States (Cfius) granted approval for Mubadala Capital to acquire a 70% majority stake in US asset manager Fortress, after agreeing to concessions regarding data security and operational control, the Financial Times reports, citing three people with knowledge of the matter. The US investor manages some USD 48 bn assets, with significant investments in US rail infrastructure.

The concessions: Mubadala agreed to ensure that data and technology associated with the company to stay within the US, while also relinquishing day-to-day management of Fortress, according to the FT.

The acquisition has been a long time coming: Mubadala and Fortress’ management had agreed to buy a 90% stake from Fortress’ parent company, Japanese tech conglomerate SoftBank, in May 2023. The Financial Times had previously reported that Cfius was scrutinizing the transaction last July, amid concerns over the UAE’s ties to China.

Background:

The UAE has had to toe the line with the US over several Chinese investments: State AI group G42 had offloaded all its stakes in Chinese businesses in a bid to appease US partners, including a USD 100 mn stake in TikTok parent company ByteDance. The company was also prepared to give up use of Huawei equipment. These moves made way for a USD 1.5 bn investment from Microsoft in April.

TNI divests shares in National Catering Company

The National Investor (TNI) is offloading its 10% stake in the National Catering Company, after TNI accepted a binding offer from an undisclosed buyer to acquire its shares, according to an ADX disclosure (pdf). Shareholders at TNI’s annual general assembly signed off on the offer last month, according to the disclosure.

The financials: The offer — which the disclosure only says was presented by “related parties” — values the National Catering company at AED 250 mn, reflecting a 14% markdown from its book value.

About The National Investor: TNI is an Abu Dhabi-based investment management and advisory firm specialized in asset management, merchant banking, and real estate investments.

Amarak to set up USD 50 mn plant nutrients facility in Jafza

New USD 50 mn plant coming to Jafza: Amarak Chemicals — a subsidiary of Indian fertilizer manufacturer Aries — is set to develop a USD 50 mn plant nutrients manufacturing facility in DP World’s flagship freezone, Jebel Ali Freezone (Jafza), according to a statement from Dubai Media Office.

The details: The facility will span an area of 16k sqm in the Chemical Zone of Jafza South and is expected to produce 60k tons of sulfur and value-added raw agricultural products annually. The plant is slated to commence operations in early 2025.

What was said: “The agricultural inputs produced by Amarak will supply cost-effective and sustainable solutions to farmers in India, the GCC region and beyond while making a positive impact on food security,” DP World GCC Parks & Zones CEO Abdulla Al Hashmi said.

Abu Dhabi issues decree limiting noise and air pollution

New standards on pollution limits: Businesses operating in Abu Dhabi will be required to obtain an environmental license from the Environment Agency of Abu Dhabi (EAD) and comply with new caps set for noise and air pollution under a new decree issued by EAD Chairman Sheikh Hamdan bin Zayed Al Nahyan, according to the Abu Dhabi Media Office. The statement did not clarify when the new requirements will go into effect, nor did it specify the exact limits that businesses will be required to comply with.

The requirements: The decree mandates environmental licensing for all stationary or mobile projects and establishments operating in Abu Dhabi. Owners must comply with maximum concentration limits for noise and air pollution set by the EAD but can apply for a temporary exemption permit under specific conditions.

The EAD’s role: The EAD will be responsible for setting standards, monitoring air pollutants, and ensuring compliance with established concentration limits, according to the statement. The agency will also be responsible for conducting awareness workshops on air protection and implementing research projects with research centers and universities to promote the use of environmentally friendly technologies. The agency is also tasked with leveraging modern tech and AI and coordinating with authorities to manage a database of air quality, noise, and emissions, the statement added.

Another step towards greenifying Abu Dhabi: The emirate rolled out a similar decree last month making it mandatory for businesses licensed by the EAD to report their environmental data — including power usage and emissions — every year.

Abu Dhabi National Hotels, Rak Ceramics, and Al Ansari Financial Services report 1Q earnings

ABU DHABI NATIONAL HOTELS-

Abu Dhabi National Hotels (ADNH) Group’s bottom line jumped 590% y-o-y to AED 1.02 bn in 1Q 2024, according to the company’s earnings release (pdf). The group’s net income for the quarter was padded by the recognition of the equity interest gain of AED 916 mn from the acquisition of its remaining stake in its JV with Compass Group, ADNH Compass, for AED 227 mn in March. The transaction saw ADNH acquire Compass’ entire 50% stake in the company

The group’s consolidated revenue increased 1.8% y-o-y to AED 455 mn during the quarter, primarily driven by the company’s hotel segment, which booked AED 386 mn in revenue, similar to the previous year. ADNH’s transport company’s revenues for 1Q 2024 amounted to AED 76 mn, up 9% y-o-y.

ARAMEX-

UAE-based logistics outfit Aramex’s net income rose 95% y-o-y to AED 46.6 mn in 1Q 2024, according to an earnings release (pdf).The company recorded AED 1.54 bn in revenues, up 8% y-o-y, buoyed primarily by new clients, seasonal trends, and improved sales, especially in international and domestic express operations.

Looking ahead: Aramex anticipates ongoing y-o-y volume growth in 2Q and 3Q 2024, taking seasonal patterns into consideration, according to CEO Othman Aljeda. The company also aims to reduce its debts by approximately USD 50 mn to USD 70 mn in 2024, aiming to lessen expenses related to debt servicing, he added.

AL ANSARI FINANCIAL SERVICES-

Al Ansari Financial Services’ net income fell 25.8% y-o-y to AED 98.7 mn in 1Q 2024, due to an increase in overhead expenses and the introduction of corporate tax, according to the company’s earnings release (pdf). The company’s operating income dipped by 4.3% y-o-y to AED 274.7 mn, driven by a 3% y-o-y dent in remittance operating income due to challenges in key remittance markets like India, Egypt, and Pakistan.

What they said: “Looking ahead, we're encouraged by several key developments. The parallel market conditions in critical markets have stabilized, and the increased remittance fees implemented in April position us for significant future growth. We're confident these initiatives will translate into improved financial performance in the coming quarters,” CEO Rashed Al Ansari said.

ALSO- A 15% fee hike expected to come into effect in 2Q 2024 could improve margins, deputy group CEO Mohammed Bitar said.

RAK CERAMICS-

Rak Ceramics reported a net income after tax of AED 62.9 mn in 1Q 2024, down 21.5% y-o-y, according to an earnings release (pdf). The company’s revenue fell 11.4% y-o-y to AED 781.6 mn, which the company attributed to geopolitical challenges and market conditions in key markets, with the exception of the UAE.

Abu Dhabi’s ATRC launches centralized R&D portal

R&D-

The UAE is getting a centralized resource portal to coordinate research efforts with government agencies, higher education institutes, research organizations, and industry partners, courtesy of a new partnership between Abu Dhabi’s Advanced Technology Research Council (ATRC), the Education Ministry, and the Emirates Research and Development Council, according to the Abu Dhabi Media Office.

About the tool: The tool, dubbed the UAE Research Map, provides comprehensive information on R&D activities, funding windows, training programs, expert networking, and career windows. It seeks to spotlight UAE-based publications, researchers, and R&D centers, allowing users to post their R&D windows on the platform.

More to come: ATRC plans to upgrade the portal with an up-to-date publications section, an expert finder, and a fortified commercialization section to facilitate the transfer of ideas from lab to market.

ENERGY-

Dubai Electricity and Water Authority (DEWA) subsidiary Etihad Energy Services Company plans to establish a Super Energy Services Company (ESCO) in Bahrain, after signing an agreement with Bahrain’s Electricity and Water Authority to help implement Bahrain’s Kafa’a Program, according to a Dubai Media Office statement. The Kafa’a program aims to decrease electricity usage in buildings with high consumption levels, across both public and private sectors, through collaboration with ESCOs.

HERITAGE-

Dubai’s executive council has approved the second phase of a project to preserve Dubai’s architectural heritage, state news agency Wam reports. This phase will focus on preserving 35 areas and buildings dating between the 1960s and 1990s, with the first phase focusing on older neighborhoods.

PORTS-

Dubai port operator DP World has completed the expansion of Dubai’s Mina Al Hamriya port, according to a Friday statement. The expansion project — launched in 2022 — looked to enhance the port’s capacity, attract new business, and boost trade between Dubai and other emirates.

The details: The upgrades included the construction of an additional 1,150 meters of quay wall, as well as adding five berths, bringing the total to 14. The improvements also included dredging work that deepened the port’s draft to 8.5 meters, allowing it to accommodate larger vessels and higher volumes of cargo, boosting throughput. The expansion also boosted storage capacity to 403k sqm.

BANKING-

CBUAE links up with Indonesia: Governor of the Central Bank of the UAE (CBUAE) Khaled Mohamed Balama inked an MoU with his Indonesian counterpart, Perry Warjiyo, to promote the use of local currencies for bilateral transactions, according to a statement (pdf). It includes a framework for cross-border trade transactions in AED and IDR that outlines eligible transactions and paves the way for hedging and liquidity management activities in both currencies.

Fast fact: Non-oil trade between the UAE and Indonesia doubled between 2017 and 2023 to over AED 16 bn.

HEALTHCARE-

AI to detect Legionella in Dubai: The Dubai Central Laboratory has rolled out AI technology to detect Legionella pulmonary bacteria, a cause of acute respiratory infections, making it the first in the region to do so, reports Wam. The AI method identifies live colonies of Legionella bacteria and quantifies bacterial counts with a 99% accuracy rate, and is accredited globally by the European Water Testing Network. It has slashed processing time for results to 48 hours from traditional 14-day methods.

AVIATION-

Emirates to resume flights to Edinburgh: Emirates will reinstate its daily Edinburgh service effective 4 November, Wam reports. Following the reinstatement, Emirates will operate 14 weekly flights between Scotland, including its current A380 daily flight to Glasgow.

REAL ESTATE-

Al Reem Island gets first branded residence: Ohana Development has launched its Elie Saab Waterfront on Abu Dhabi’s Al Reem Island, according to a press release. The 39-floor residential tower is the first branded residence to be set up on the island. It offers 174 apartments ranging from AED 2-45 mn, with the project's first phase already sold out.

There’s opportunity in a looming global EV shakeout

Planet Finance feels more than a little China-obsessed this morning in the latest sign that post-covid economic policy is running headlong into the long-simmering “new Cold War” between Beijing and some western capitals.

Car assembly is among the first industries it could up-end as many governments — not all of them western — complain that Chinese manufacturers are dumping EVs on their markets at cut-rate prices. Here’s what you need to know this morning:

#1- Allegations that China unfairly subsidizes EVs continue to get plenty of attention, triggered by the USD 441 mn IPO this past Friday of EV maker Zeekr. The Geely unit saw its shares pop 34% in the biggest US debut for a Chinese company since 2021.

Zeekr went public as the Biden administration gets ready to slap tariffs of up to 100% on Chinese EVs, prompting the Financial Times to note that rising protectionism makes “the outlook for Chinese automakers in Europe and the US is highly uncertain.”

That will likely see Chinese car makers push to set up shop abroad, CNBC says that Thailand, which bills itself as the “Detroit of the East,” could benefit. Byd and rival Neta Auto could start producing in Indonesia soon, as we noted last week.

Sound like a familiar playbook? It’s effectively what Japanese automakers did in the 1980s to smooth-over tensions with the US as imports threatened the American car industry.

#2- Speaking of huge subsidies: A “USD 81 bn subsidy surge” is fuelling the global battle for chipmaking supremacy between China and the West, Bloomberg writes in a deep dive this morning.

#3- Fast-fashion retailer Shein is looking at a possible London IPO after it was rebuffed by the United States, Reuters reports.

THE MARKETS THIS MORNING-

Major Asian benchmarks have started the trading week in the red. It’s anybody’s guess what’s driving sentiment this morning — the Monday blues? Earnings season ennui? — but CNBC suggests it’s because investors are “assessing China’s stronger-than-expected April inflation data.” Whatever the sheep’s entrails suggest…

US and European stock futures are largely unchanged this morning, and CNBC thinks there’s room for US equities in particular to extend last week’s gains. “Earnings estimates may have become too pessimistic leading into 1Q 2024 results, and widespread beat-and-raise throughout reporting season appears to have catalyzed a turnaround in sentiment,” it quotes one analyst as saying.

ADX	9,090	-0.3% (YTD: -0.5%)
DFM	4,173	-0.2% (YTD: +2.8%)
Nasdaq Dubai UAE20	3,570	-0.2% (YTD: -7.1%)
USD : AED CBUAE	Buy 3.67	Sell 3.67
EIBOR	5.1% o/n	5.4% 1 yr
TASI	12,218	-0.6% (YTD: +2.1%)
EGX30	25,156	-3.3% (YTD: +1.1%)
S&P 500	5,223	+0.2% (YTD: +9.5%)
FTSE 100	8,434	+0.6% (YTD: +9.1%)
Euro Stoxx 50	5,085	+0.6% (YTD: +12.5%)
Brent crude	USD 82.79	-1.3%
Natural gas (Nymex)	USD 2.25	-2.1%
Gold	USD 2,375	+1.5%
BTC	USD 61,207	+0.3% (YTD: +44.8%)

THE CLOSING BELL-

The ADX fell 0.3% yesterday on turnover of AED 784.4 mn. The index is down 0.5% YTD.

In the green: Aram Group (+15%), Hayah Ins. Company (+15%) and E7 Group (+4.2%).

In the red: Commercial Bank International (-10.0%), Abu Dhabi Ship Building Co. (-3.0%) and National Corporation for Tourism and Hotels (-2.4%).

Over on the DFM, the index fell 0.2% on turnover of AED 341 mn. Meanwhile Nasdaq Dubai also closed down 0.2%.

FM responds to Netanyahu’s claims of UAE involvement in Gaza governance

Foreign Minister Sheikh Abdullah bin Zayed Al Nahyan denounced Israeli Prime Minister Benjamin Netanyahu’s comments in an interview last week that suggested that Gulf countries — including the UAE and Saudi Arabia — could be involved in aiding a future Gazan government. “The UAE stresses that the Israeli prime minister does not have any legal capacity to take this step, and the UAE refuses to be drawn into any plan aimed at providing cover for Israeli presence in the Gaza Strip,” he said in an X post on Saturday.

The Foreign Ministry also condemned Israeli settler attacks on a Jordanian aid convoy and the United Nations Relief and Works Agency for Palestine Refugees in the Near East headquarters in Jerusalem in a statement on Friday, calling for an urgent investigation and penalty for those responsible. In its message, the ministry also renewed calls for an immediate ceasefire in Gaza and stressed the importance of providing humanitarian relief in the Strip.

AND- The ministry welcomed the United Nations General Assembly vote to grant Palestine full membership in the council in a statement on Saturday. The vote — which saw a majority of hands in favor — calls on the Security Council to reconsider Palestine's application for membership.

OTHER DIPLOMACY NEWS-

Foreign Affairs Minister Sheikh Abdullah bin Zayed Al Nahyan congratulated his new Serbian counterpart Marko Đurić for his appointment as minister, and discussed avenues for development and cooperation. (Wam)
Omar Shehadeh, a Special Envoy of the UAE Foreign Affairs Minister, held discussions in Trinidad and Tobago with Prime Minister Keith Rowley to boost bilateral relations in various sectors. (Statement)

CALENDAR

MAY

12-16 May (Sunday-Thursday): European Film Festival, Cultural Foundation, Abu Dhabi.

13-15 May (Monday-Wednesday): The Abu Dhabi Global Healthcare Week, Abu Dhabi.

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

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

16-19 May (Thursday-Sunday): Acres Real Estate Exhibition, Dubai World Trade Centre.

15 May (Wednesday): HFM Summit, DIFC.

15 May (Wednesday): UAE and Indian officials are set to meet for the first time on the India-Middle East-Europe Economic Corridor.

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

19 May (Sunday): InvestopiaEurope, Milan.

19 May (Sunday): RTA’s Deadline for bids to design and build Dubai Metro's Blue Line.

20-22 May (Monday-Wednesday): Middle East Petroleum & Gas Conference, Dubai.

21-23 May (Tuesday-Thursday):International Exhibition for National Security & Resilience, ADNEC Centre Abu Dhabi.

24-25 May (Friday-Saturday): Baby Expo, Dubai World Trade Centre.

27-29 May (Monday-Wednesday): Arab Media Forum, Dubai.

30 May (Thursday):Abu Dhabi Family Office Summit, Saadiyat Rotana Resort, Abu Dhabi.

JUNE

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

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

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

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

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

5 June (Wednesday): Deadline for Sidara to resubmit or withdraw its takeover bid to John Wood Group.

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

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

Signposted to happen sometime in 1H 2024:

Spinneys inaugurates its first store in KSA

JULY

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

AUGUST

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

SEPTEMBER

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

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

OCTOBER

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

NOVEMBER

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

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

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

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

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.

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

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

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.

Signposted to happen sometime in 2028:

Abu Dhabi to host the 47th Chess Olympiad

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