Mubadala launches maiden sukuk

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WHAT WE’RE TRACKING TODAY

THIS MORNING: More IPO activity ahead + Another blow for RedBird IMI

Good morning, wonderful people, and happy hump day. We have a tight issue for you this morning, with the biggest story of the day being Mubadala’s debut USD 1 bn sukuk issuance.

ALSO WORTH READING- We have coverage of Mercer’s salary increase expectations — we’re looking at 4.1% increases this year — and a PwC wrap-up of M&A activity in the UAE and the region over the past year. We also have an interesting read from a media roundtable hosted by Visa earlier this month, which saw top risk and fraud execs at the firm talk genAI in the financial sector and the most common fraud scams of the past year.

So, when do we eat? Maghrib prayers are at 6:36pm in Dubai and 6:39pm in Abu Dhabi, and you have until 5:01am to hydrate and caffeinate ahead of Fajr in Abu Dhabi, and until 4:57am in Dubai.

SPORTS-

⚽ The UAE beat Yemen 3-0 in the World Cup 2026 qualifiers, securing its place in the third round with 12 points at the top of its group.

PUBLIC SERVICE ANNOUNCEMENTS-

#1-Al Reem Island businesses are exempt from ADGM registration fees until November: Abu Dhabi Global Market (ADGM) will exempt businesses established on Al Reem Island and operating in the retail and non-financial sectors from license registration fees until 31 October to encourage them to transition to the ADGM, according to a press release. “This will help mitigate any potential disruptions that these businesses might encounter when moving from an ADDED license to an ADGM license, enabling them to operate within ADGM's jurisdiction, swiftly,” says ADGM Registration Authority CEO Hamad Sayah Al Mazrouei.

Remember- ADGM expanded to the jurisdiction of Al Reem Island under a cabinet decree in November 2023.

#2-Applications for the 12-month National Experts Program opened yesterday. The program will offer mentorship and technical training for 20 Emirati technical experts across different sectors, covering economic growth, social development, as well as sustainability and infrastructure, with one applicant selected to represent each sector, according to the Abu Dhabi Media Office. This year’s edition will feature a nine-month academic program followed by a three-month rotation module, providing successful applicants with options to customize their coursework.

HAPPENING THIS WEEK-

#1- The Sharjah Commerce and Tourism Development Authority will be on the agenda for the Sharjah Consultative Council (SCC) when it meets tomorrow, Wam reports. The SCC will discuss unspecified recommendations related to the authority based on an SCC report.

SPEAKING OF THE SCC- Is Sharjah getting a rental disputes center? The SCC’s Legislative and Legal Affairs, Appeals, Suggestions, and Complaints Committee reviewed yesterday a draft bill to establish a rental disputes center in the emirate, reports Sharjah 24. The law was referred to the SCC by Sharjah’s Executive Council, after the Sharjah Consultative Council gave it the greenlight earlier this month.

What they discussed: The committee reviewed the law’s definitions, objectives, competencies, and related entities against its overarching aim to “achieve complete justice and quality of rulings,” Sharjah 24 said. They also discussed how the potential center’s tasks and responsibilities would be managed, ensuring it fits with internal regulations.

#2- Louvre Abu Dhabi opened the doors to its latest exhibition, From Kalīla wa Dimna to La Fontaine: Traveling through Fables, in collaboration with Bibliothèque nationale de France, France Muséums, and Van Cleef & Arpels, according to the museum’s website. The exhibition showcases over 130 artworks highlighting the evolution of Eastern and Western storytelling traditions, and allows visitors to create their own fable through AI-powered touch tables. Tickets for the showcase, which will wrap on 21 July, can be purchased here.

WATCH THIS SPACE-

#1 Dubai eyes Alec IPO: The Investment Corporation of Dubai (ICD), the primary investment entity of the Dubai government, is reportedly in preliminary discussions regarding a potential IPO listing of its construction firm Alec, Bloomberg reports, citing people familiar with the matter. No details on the size and timing of the IPO were provided, and ICD might not follow through on the listing, according to Bloomberg.

The potential IPO would come against the backdrop of steep Dubai property prices and rents, after a “years-long slump” in market activity, the business information notes.

BACKGROUND- The country just saw its first IPO of the year last week with Dubai’s Parkin’s debut on the DFM. The IPO raised AED 1.57 bn after seeing 165x oversubscription.

There’s more in the pipeline: At least four companies have expressed plans to move forward with IPOs this year, including edtech firm Alef Education and supermarket chain LuLu group, both of which have tapped banks to advise on their transactions. Talk of Etihad Airways potentially tapping public markets also gained traction. Amanat Holdings is also reportedly looking to list its healthcare unit, while Spinneys Dubai and shisha producer Advanced Inhalation Rituals are both eyeing IPOs.

ALSO- The ADX could be seeing more IPOs this year from companies in new sectors, ADX President Abdulla Salem Al Nuaimi told CNBC Arabia in an interview, without disclosing further details. Al Nuaimi noted that several companies have already approached the ADX with IPO plans.

#2- Abu Dhabi-backed RedBird IMI’s takeover bid of the Telegraph has received another blow after the UK’s House of Lords passed an amendment that would block foreign state ownership of media outlets, the Telegraph reports. The law would still need to pass the Commons and receive Royal Assent, but could become ratified within weeks.

RedBird IMI is still assessing its options: The investor has reportedly been considering a sale of the magazine, or a dilution of its stake — potentially down to 25% — with Rupert Murdoch’s News Corp and owner of the Daily Mail, General Trust. This could ease UK watchdogs’ concerns. It has until 2 April to prepare its defense and address the government’s concerns.

#3- London-based hedge fund Gemcorp Capital is looking to open a trading office in Abu Dhabi in 2024, Bloomberg reports, citing a representative at the firm. The firm, which manages some USD 1.2 bn worth of assets, plans to employ 15 employees in the office, with a focus on private credit. The office will also have an eye on Africa and other emerging markets, the source said. Gemcorp already operates a representative office in neighboring Dubai and also aims to launch a USD 1 bn fund for investment in Saudi Arabia.

Background: Abu Dhabi has become a haven for hedge funds as of late, as it looks to offer incentives to finance professionals that will attract them to the Abu Dhabi Global Market.

DATA POINTS-

#1- The UAE's investments in Africa outstrip the global average, totaling USD 44.5 bn, Asharq Business reports, citing fDi Markets. The UAE outperformed the US, China, Britain, and France in its investments in the continent.

#2- The Central Bank of the UAE’s (CBUAE) latest AED-denominated T-Sukuk auction was 7.1x oversubscribed, pooling AED 7.73 bn in bids, Wam reports, citing the Finance Ministry. The three- and five-year tranches saw strong demand, with the T-Sukuk sold at 4 bps over US treasuries.

Background:The CBUAE launches regular AED-denominated Shariah-compliant sukuk auctions in a bid to strengthen the local currency’s yield curve in capital markets. More information on the program is available here.

#3- Bank branches in the UAE are leading the Gulf region in revenue generation, averaging some USD 18.6 mn per branch for retail services, head of financial services at global management consulting company Roland Berger Saumitra Sehgal told Wam. High margins come on the bank of digital transformations that slash costs and allow for fewer branches, with 157 branches merged or reduced in the country from 2019 to 2022. Banks in the country top the Gulf in terms of scaling down the number of branches.

GCC banks could save up to USD 3 bn annually by merging branches, adds Sehgal. He projects the UAE may slash branches by a further 10-15% within two years on the back of continued digital transformation in the banking sector, while Gulf banks could collectively shed 623 branches.

#4- The Dubai International Chamber attracted 104 new small and medium-sized enterprises (SMEs) in 2023, up 550% y-o-y, reports the Dubai Media Office. Middle Eastern and Eurasian SMEs comprised 32% of that figure, while Asian and Australian companies accounted for 29% and Latin American and European companies made up 26% of new SMEs, and African companies made up 13%.

SMEs offering trade and logistics services accounted for 17% of newly attracted companies during the year, followed by those in IT (12%), food and agriculture (10%), healthcare and pharma (9%), public services (7%), and financial services (6%). Companies operating in real estate and retail, fashion, travel, and tourism sectors came in last (4%).

CIRCLE YOUR CALENDAR-

The Dubai World Cup, a global horse racing event held at Meydan Racecourse takes place on 30 March, featuring USD 30.5 mn in total prize money.

The government-organized AI summit Machines Can See is scheduled to take place on Wednesday, 17 April at the Museum of the Future in Dubai. The one-day event will discuss the use of AI to transform urban systems and services, outlook on AI investments, and explore the risks of AI.

Dubai Esports and Games Festival (DEF 2024) kicks off on 19 April and runs through 5 May, with several events around the emirate.The event features GameExpo, offering gaming experiences, tournaments, meet-ups with gaming celebrities, and educational events for students.

Gulf Information Security Expo and Conference will take place between 23 and 25 April at the Dubai World Trade Centre. The event will gather hundreds of cybersecurity firms, government officials, and cyber experts from 130 countries. You can book your ticket here.

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

UAE salaries are expected to outpace inflation with a 4.1% average increase in 2024

UAE salaries are set to grow at a faster pace than living costs in 2024, with global human capital consultancy Mercer predicting a 4.1% average salary increase, exceeding the 2.3% inflation rate, Khaleej Times reports, citing data from the Mercer Middle East Total Remuneration Survey for the current year.

Sector breakdown: The survey indicates a 4.3% salary increase for employees in energy companies this year. Staff at consumer goods firms are expected to receive a 4.1% remuneration bump on average, while life sciences and tech companies are planning to raise salaries by around 4%, according to the survey.

That tracks with other pundits’ forecasts: GCC HR advisory firm Cooper Fitch expects salaries to jump 4.5% y-o-y this year, as the non-oil sector continues to strengthen and OPEC+ oil production increases.

Hiring plans: Mercer’s data also shows that 16.3% of UAE companies intend to grow their workforce, while 7.8% plan workforce reductions in 2024. Some 3.8% of companies in the UAE anticipate a rise in their turnover rate for 2024, while 11.4% expect their staff to stay put. Cooper Fitch’s report had seen more than half of respondents report plans to expand their workforce.

Cost of living is still a concern, especially in light of an increase in rental prices: The inflow of foreign workers post-pandemic has led to a surge in rent prices in the UAE, Mercer principal of careers in the MENA region Andrew El Zein said. He highlighted the stable job market in the UAE but expressed concern over the escalating cost of living, particularly the surge in rents over the past few years. The Real Estate Regulatory Authority’s recently adjusted rent calculator, which allows landlords to charge higher rents, also has the potential to impact employees financially.

UAE firms are facing heightened competition to attract skilled workers locally and regionally, El Zein added. To retain talent, companies are implementing various long-term and short-term incentive programs. Emiratisation initiatives, especially targeting Emirati women, are also a focus for private sector organizations.

Mubadala debuts maiden USD 1 bn sukuk

Abu Dhabi sovereign wealth fund Mubadala has debuted USD 1 bn 10-year sukuk at 70 basis points over US treasuries, according to a document seen by Reuters. This was tightened from an initial guidance of 100 bps over treasuries, after pooling some USD 7 bn in orders, the document said.

Background: The issuance — which is the first Sharia-compliant issuance for Mubadala — was issued through its subsidiary, Mamoura Diversified Global Holding (MDGH), as part of MDGH Sukuk Limited's newly established trust certificate issuance program.

ADVISORS- Our friends at HSBC, alongside Abu Dhabi Commercial Bank (ADCB) and First Abu Dhabi Bank (FAB), are global coordinators for the issuance. Abu Dhabi Islamic Bank, BOFA Securities, Citi, Emirates NBD Capital, Mitsubishi UFJ Financial Group, and Standard Chartered Bank were selected as the joint lead managers and bookrunners for the issuance.

UAE led the region in terms of M&A activity in 2023 –PwC

The UAE was among the top three countries in the region for M&A volumes in 2023, closing the most cross-border agreements in comparison with Saudi Arabia and Egypt, with 189 transactions,according to the latest PwC 2024 TransAct Middle East report (pdf). The three countries accounted for 381 transactions or 85.2% of the total transaction volume in the region, according to the consulting firm.

On the downside: All three countries saw a y-o-y drop in the number of transactions closed during 2023, with the UAE seeing a 14% y-o-y decline in transaction volumes. Regional M&A activity dropped 30% y-o-y by the end of 2023, largely attributed to the 60% y-o-y decline in Egypt’s transaction volumes.

Despite the decline, regional transactions held up well compared to global figures over the past two years, which saw volumes plummet by half, from over USD 5 tn in 2021 to USD 2.5 tn in 2023. The consulting firm attributed the comparative regional resilience to strong market fundamentals, and a supportive government policy environment.

The region favored smaller-sized transactions in 2023: Transactions valued at USD 100 mn or less comprised around 92% of disclosed volumes, according to the report, while transactions exceeding USD 500 mn accounted for less than 2%. Favoring smaller sized transactions was seen as a hedge against rising global interest rates and tightened debt market conditions.

Sovereign wealth funds and government entities drove activity, with UAE wealth funds looking to invest in “forward-looking sectors” both at home and abroad. The technology and renewable energy sectors, in particular, are drawing significant investments, according to the report. The private sector’s role is also gaining traction, with structural reform initiatives and increased IPOs contributing to investor interest in the region.

Transactions in technology, media, and telecoms saw a notable increase, according to the report, emphasizing increased investments in cybersecurity, cloud computing, and e-commerce. In the UAE, robust fiber connectivity and tech adoption make it a data center hub, attracting investments from Equinix and Moro Hub, according to the report.

Momentum expected to continue in 2024: “We anticipate that 2024 will be a year of growth and activity will be driven by economic diversification goals, decarbonisation, and a focus on localisation and value creation, as organizations transform their business models and look to expand capabilities,” PwC transactions markets leader Romil Radia said.

ON THE IPO FRONT-

Regional IPO activity also remains steady, with a promising pipeline expected in 2024, PwC Transactions Services Leader Imad Matar said.

REMEMBER- The UAE saw eight IPOs during the year, the second highest figure in the region, the report said, adding that it also saw the largest listing of the year — Adnoc Gas’ USD 2.5 bn IPO.

The most common payment scams in 2023, according to Visa

With the rise in digital payments comes a series of questions and concerns, including how to protect and secure those payments and financial data — especially as cyberattacks become more frequent. Businesses and consumers in emerging markets especially are popular targets for these types of attackers, many of whom are not as scam-savvy as they believe. A recent survey (pdf) conducted by Visa found that 90% of individuals in the Central Europe, Middle East and Africa region are likely to miss warnings of fraud.

Visa’s Regional Risk Officer for CEMEA, Charles Lobo (Linkedin), Global Head of Fraud Services Michael Jabbara (LinkedIn), and Head of Products and Solutions at Visa Europe, Mehret Habteab (LinkedIn), dove into the reasons behind the rise in scams and attacks on financial transactions in recent years, and how it works to combat them, during a media roundtable on the sidelines of its annual CEMEA security summit earlier this month.

By the numbers: Global data breaches increased 20% y-o-y in 2023, writes the Harvard Business Review, with ransomware gang activity in the Middle East surging a whopping 77%. The global cost of cybercrime is set to reach USD 10.5 tn in 2024, Visa forecasts. To put this in perspective, if it were a sovereign nation, it would be the world’s third largest economy, Jabbara said at the roundtable.

MOST COMMON SCAMS-

The financial system in CEMEA has seen an estimated USD 1 tn in financial losses due to cyberattacks in 2023, according to Visa’s survey. Its latest Spring 2024 report (pdf) on top payment threats in the world cited pig butchering scams — combining deepfakes and phishing with investment scams — as one of the most common scams over the past period, alongside inheritance scams, humanitarian relief scams, and triangulation fraud, which involves the creation of fake websites and businesses that promote bargains.

There has also been an increase in purchase return authorization attacks, as well as a 67% increase in ransomware attacks as a service; a 71% increase in brute force attacks at financial institutions, where hackers try out a huge amount of card numbers with the intention of guessing an accurate one; and a 33% increase in transaction laundering, according to Lobo.

WHY WE’RE SEEING MORE FRAUD-

While fraud is actually falling the more digital payments grow as companies work to secure transactions, fraudsters are becoming more sophisticated in how they target and attack consumers, Lobo said. The more complex financial ecosystem of today’s world has evolved beyond the classic “four-party model” — comprising a card issuer, an acquirer to process transactions, a merchant, and a consumer — which has, in turn, made it more difficult to secure transactions.

“We’ve seen 50% growth in payment facilitators who claim to bring more merchants,” Lobo said, adding that this adds a need for more outsourcing control, KYC, and vetting.

“The amount of data going around is growing in the hundreds of percentages,” Lobo said. The use of deepfakes and generative AI is rising in tandem as cyberattackers look to harvest some of that data, he added.

WHAT CAN BE DONE?

Visa managed to block some USD 40 bn in online fraud last year, according to its report. The company has invested USD 10 bn over the past five years into tech and innovation to help it mitigate those risks, it added.

One tool in their repository is the very tool that attackers use to breach payments and transactions: generative AI. The company has been developing a predictive model that uses genAI and network data to identify enumeration activity before it results in fraud, dubbed Visa Account Attack Intelligence (VAAI). “My hypothesis is that, when we roll VAAI out, it will do to enumeration fraud what the chip did to counterfeit fraud,” Jabbara said at his keynote address at the summit, Gadget reports. “Essentially. it will eliminate it.”

The tool will be available in the CEMEA region next year, after it is rolled out in the US this year, Jabbara said.

Visa also uses a cloud-based surveillance platform — HawkAI — to investigate suspicious incidents, Gadget added.

Baker McKenzie relocates London funds partner to Abu Dhabi

Global law firm Baker McKenzie has relocated partner James Burdett (LinkedIn) from London to Abu Dhabi, as the firm looks to expand and improve its services for MENA-based investment funds and private equity firms, according to a press release (pdf). Burdett, who led the firm’s London investments funds group for almost 20 years, will join the firm’s UAE team starting 1 April.

The move comes as Baker McKenzie looks to keep pace with the “increasing activity in the region amongst our institutional and sponsor clients, alongside a growing appetite for expanding their investment remit globally, and into ever-more complex [transactions],” Burdett said.

Our friends at Mashreq’s board of directors re-elected Abdulaziz Al Ghurair (LinkedIn) as chairman, and tapped Ahmad Al Khallafi (LinkedIn) as vice chairman, according to a DFM disclosure (pdf).

Abu Dhabi approves AED 3.5 bn residential project

REAL ESTATE-

#1- Abu Dhabi is getting a AED 3.5 bn housing project: Abu Dhabi Crown Prince Sheikh Khaled bin Mohamed bin Zayed Al Nahyan has greenlit the launch of the Yas Canal residential project in Al Raha Beach, valued at at AED 3.5 bn, reports Wam. The development — spanning 1.8k sqm — will house over 1k residential villas for UAE nationals, and will offer housing loans from the Abu Dhabi Housing Authority, and several amenities.

The timeline: The project expects to welcome residents by 4Q 2027. Abu Dhabi Housing Authority and Abu Dhabi Centre for Projects and Infrastructure will oversee its development under a public-private partnership with ICT Real Estate Development Company, which will handle design, construction, and infrastructure.

#2- Dutco and Ellington Properties have broken ground on their AED 1.2 bn waterfront residential development in Business Bay,dubbed One River Point, according to a press release. The project — which was announced in November 2023 — will include studios, apartments, penthouses, and exclusive duplexes. It is slated for handover in 2Q 2027.

INVESTMENT-

Mubadala has confirmed its investment in India’s Avanse Financial Services yesterday, Wam reports. Mubadala, along with Avendus PE, led the funding round through its affiliate Alpha Investment Company, providing funds to enable Avanse to improve its position in education financing, prioritizing customer experience and sustainable growth. Wam did not disclose financial details, but Indian media had earlier pegged the funding round at some USD 133 mn, valuing Avanse at INR 80 bn (USD 965 mn).

SECURITY-

E7 Group secured three new one-year contracts in Africa and Latin America valued at a total of nearly AED 12.9 mn, according to a press release (pdf). The contracts involve providing advanced electronic identification and driving license ID solutions. With these new one-year contracts, E7 extends its operations to a total of 25 countries worldwide.

NBFS-

Mercury to offer retail payment solutions: Dubai-based payment platform Mercury Payments Services has received in-principle approval from the Central Bank of the UAE to obtain a retail payment services license, the firm said. Upon receiving the license, Mercury will expand its service offerings by providing money transfer and digital retail payment services to its customers.

AVIATION-

The UAE’s General Civil Aviation Authority (GCAA) launched a new cargo monitoring platform, dubbed the Cargo Data Reporting System (Cards), providing data analysis to government agencies, airlines, ground handling agents, and express service providers, Wam reports. The platform will provide an analytical view of air cargo movements to, from, and through the UAE, analyzing performance of national airlines, ground handling agents, and express service providers.

The system will allow stakeholders to identify their strengths and weaknesses to boost their competitiveness, the UAE’s Economy Minister Abdullah bin Touq Al Marri said.

FINTECH-

Dubai-based payments services provider MBME Pay has partnered with Al Futtaim’s lifestyle app Blue Rewards to optimize digitization services, advance customer satisfaction, and promote MBME's expansion, an ADX filing (pdf) reads.

HEALTHCARE-

American Hospital Dubai launches hernia care center: American Hospital Dubai has inaugurated a new comprehensive care center dedicated to treating hernia patients, set to be the first facility in the region to offer computer-assisted hernia and abdominal wall reconstruction, Al Khaleej Times reports. The center will work with specialized medical staff in rehab medicine, physical therapy, sports medicine, interventional radiology, clinical nutrition and orthopedic surgery to provide treatment for various hernia types.

BANKING-

Fitch Ratings has affirmed Ajman Bank’s long-term issuer default rating (IDR) at BBB+ with a stable outlook, and its viability rating at b+, amid favorable operating conditions for banks expected to continue through 2024, the rating agency said in a statement.

ESG and climate change take the backseat for infrastructure + energy pragmatism in Larry Fink’s letter

Finance will be “key to addressing two of the mid-21st century’s biggest economic challenges,” BlackRock boss Larry Fink writes in his annual letter to shareholders, zeroing in on infrastructure in general (and energy infrastructure in particular) and how to pay for retirement when a growing percentage of the world’s population is aging.

Why it matters #1: Fink co-founded and leads a business that he’s grown from an eight-person shop into the world’s largest asset manager. His writing is cogent and he has consistently put a ton of effort into making his annual letter to shareholders into exercises in strategic thinking. He’s not just his generation’s Warren Buffett, in that sense — his notes are now scrutinized at least as carefully as the Oracle of Omaha’s were back at the height of his influence.

Why it matters #2: Fink’s past letters made climate change and “stakeholder capitalism” (as it is now trendy to call ESG investing) mainstream topics on Planet Finance.

What’s in it for folks who live, do business, or invest in our part of the world? The infrastructure piece, right now. And the retirement issue, too — if we’re smart. (More on the retirement bit in another Planet Finance column to come.)

On infrastructure: Fink argues that “as countries decarbonize and digitize their economies, they’re supercharging demand for all sorts of infrastructure, from telecom networks to new ways to generate power. In fact, in my nearly 50 years in finance, I’ve never seen more demand for energy infrastructure.”

Citing trips to nearly 20 countries worldwide, he writes that countries “have twin aims: They want to transition to lower-carbon sources of power while also achieving energy security.”

His solution will sound awfully familiar if you live in Egypt, Saudi Arabia, or the UAE: “The future of infrastructure is public-private partnership,” he writes, and the adoption of an “energy pragmatism” approach — embrace renewables, yes, but don’t abandon the fossil fuels we need to cool our homes and grow our economies until the moment is right.

BlackRock is a big investor in both renewable energy and hydrocarbon companies, and Fink knows that pragmatism will expose him to arrows from both sides. His argument that energy pragmatism is real “path to decarbonization” will ring true to Saudi ears — and to folks in Germany and Texas, which he cites as examples of the policy in action.

Putting his money where his mouth is: BlackRock said in January that it was going after the USD 1 tn infrastructure market by acquiring Global Infrastructure Partners to create a “world-leading infrastructure private markets investment platform.”

Read for yourself: Fink’s letter is online here.

Read what others are saying: Financial Times | Wall Street Journal | New York Times | Business Insider

THE MARKETS THIS MORNING-

Asian markets are mostly in the red this morning, with just the Nikkei bucking the trend. US stock futures are edging higher after the S&P 500 recorded its third straight day of losses, suggesting there’s a chance it will break into the green today. Futures for major European benchmarks trended mostly lower overnight.

ADX	9,318	0.0% (YTD: -2.7%)
DFM	4,246	-0.8% (YTD: +4.6%)
Nasdaq Dubai UAE20	3,749	-0.6% (YTD: -2.4%)
USD : AED CBUAE	Buy 3.67	Sell 3.67
EIBOR	5.1% o/n	5.3% 1 yr
TASI	12,586	-0.6% (YTD: +5.2%)
EGX30	29,058	-1.0% (YTD: +16.7%)
S&P 500	5,229	+0.2% (YTD: 9.7%)
FTSE 100	7,931	+0.2% (YTD: +2.6%)
Euro Stoxx 50	5,064	+0.4% (YTD: +12.0%)
Brent crude	USD 85.86	-0.5%
Natural gas (Nymex)	USD 1.58	-2.5%
Gold	USD 2,200.40	+0.1%
BTC	USD 69,908.36	-0.4% (YTD: +65.3%)

THE CLOSING BELL-

The DFM fell 0.8% yesterday on turnover of AED 503.6 mn. The index is up 4.6% YTD.

In the green: Islamic Arab Ins. Company (+4.4%), Amanat Holdings (+3.8%), and GFH Financial Group (+3.7).

In the red: BHM Capital Financial Services (-10.0%), Commercial Bank of Dubai (-4.5%) and Ithmaar Holding (-4.0%).

Over on the ADX, the index stayed flat, trading on turnover of AED 956.8 mn. Meanwhile, Nasdaq Dubai closed down 0.6%.

CORPORATE ACTIONS-

Umm Al Qaiwain General Investments has approved a dividend payout of AED 21.8 mn for 2023, equivalent to 6% of its paid up capital, according to an ADX disclosure (pdf).

Al Dhafra Ins. is paying out AED 35 mn in dividends for 2023, equivalent to 35 fils per share, the firm said in an ADX disclosure (pdf).

Takaful Emarat has raised the permitted percentage of foreign ownership in the company to 49%, up from 25% previously, according to a DFM disclosure (pdf). The increase is effective today.

Waha Capital’s board agreed to pay AED 188.4 mn in dividends for 2023, amounting to 10 fils per share, according to an ADX disclosure (pdf).

Dubai Financial Market is offering shareholders 3.5 fils per share in dividends for 2023, it said in a filing (pdf).

RAK Ceramics approved a dividend payout of 10 fils per share for both 1H 2023 and 2H 2023, bringing the total amount of dividends for the year to 20 fils per share, according to an ADX disclosure (pdf).

FM Abdullah bin Zayed Al Nahyan talked bilateral ties with Czech PM

Foreign Minister Abdullah bin Zayed al Nahyan met with Czech Prime Minister Petr Fiala during a working visit to Prague, where they discussed strengthening bilateral ties, state news agency Wam reports. The minister also toured the National Museum in Prague on the sidelines of his visit.

CALENDAR

MARCH

11-31 March (Monday-Sunday): Nad Al Sheba Sports Tournament, NAS Sports Complex.

14 March-14 April (Thursday-Sunday): Dakakeen Festival, Khorfakkan Amphitheatre.

21 March-10 April (Thursday-Wednesday): Ramadan Nights 2024, Expo Centre Sharjah.

26 March-21 July (Tuesday-Sunday): ‘From Kalila wa Dimna to La Fontaine: Traveling through Fables’ exhibition, Louvre Abu Dhabi.

30 March (Saturday): The Dubai World Cup, Meydan Racecourse.

APRIL

4-8 April (Wednesday- Monday): The Mina Cup, JA sports center.

9-10 April (Tuesday-Wednesday): End of Ramadan, public holiday.

8-12 April (Monday-Friday): Eid Al Fitr, public holiday.

15-16 April (Monday-Tuesday): Blockchain Life Forum 2024, Festival Arena, Dubai.

17 April (Wednesday): Machines Can See, Museum of the Future, Dubai.

16-18 April (Tuesday-Thursday): World Future Energy Summit, Abu Dhabi National Exhibition Centre.

16-18 April (Tuesday-Thursday): EcoWaste Exhibition and Forum, Abu Dhabi National Exhibition Centre

16-18 April (Tuesday-Thursday): Middle East Coatings Show, Dubai World Trade Centre.

16-18 April (Tuesday-Thursday): Middle East Energy, Dubai World Trade Centre.

19 April-5 May (Tuesday- Sunday): Dubai Esports & Games Festival (DEF 2024).

23-25 April (Tuesday-Thursday): Connecting Green Hydrogen MENA, Madinat Jumeirah Conference Centre.

23-25 April (Tuesday-Thursday): Argus Fertilizer Asia Conference, Abu Dhabi.

24-26 April (Wednesday-Friday): Global Education & Training Exhibition.

24 April-1 May (Wednesday-Wednesday): Abu Dhabi Mobility Week.

24-25 April (Wednesday-Thursday): Ras Al Khaimah Investment and Trade Summit, Rak Exhibition Centre.

25 April (Thursday): Bayanat AI and Yahsat simultaneous general assembly meetings

25-26 April (Thursday-Friday): DRIFTx, Abu Dhabi.

29-30 April (Monday- Tuesday): Dubai World Ins. Congress, Atlantis, The Palm.

MAY

1-5 May (Wednesday-Sunday): The Sharjah Animation Conference, Expo Centre Sharjah.

6-7 May (Monday-Tuesday): Dubai Fintech Summit 2024, Madinat Jumeirah.

7-9 May (Tuesday-Thursday): AIM Congress 2024, Abu Dhabi.

8-9 May (Wednesday-Thursday): Innovative Finance Expo, Jumeirah Emirates Towers.

8-12 May (Wednesday-Sunday): Schmetterling Annual Conference, Al Ain and 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.

15 May (Wednesday): HFM Summit, DIFC.

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

19 May (Sunday): Investopia Europe, Milan.

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

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

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.

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

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

JULY

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

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.

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.

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