Non-oil business activity continues slowing growth trend in June

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WHAT WE’RE TRACKING TODAY

THIS MORNING: Another Adnoc acquisition? + Sharjah sets final yield on USD 1 bn sukuk auction

Good morning, friends. The news cycle has picked up a little since we last wrote to you, with a lot of news coming from Adnoc, fresh PMI data, and a healthy dose of M&A updates.

THE BIG STORY here at home is the non-oil private sector seeing slower growth in June, as businesses suffer from accumulated backlogs due to the April storms and heightened competition.

HAPPENING TODAY-

A high-level ministerial delegation arrived in Astana, Kazakhstan yesterday for the Shanghai Cooperation Organisation’s two-day summit, Wam reports. Ras Al Khaimah Ruler Saud bin Saqr Al Qasimi is leading a delegation, which also consists of Energy Minister Suhail Al Mazrouei, Economy Minister Abdullah bin Touq Al Marri, and State Minister Ahmed bin Ali Al Sayegh, among others. SCO members expected to be in attendance include China, Russia, India, Pakistan, Kazakhstan, Kyrgyzstan, Tajikistan, Uzbekistan, and Iran.

PUBLIC SERVICE ANNOUNCEMENTS-

Samsung users can now upload their drivers’ license and vehicle registration onto their Samsung Wallet, after Dubai’s Roads and Transport Authority (RTA) incorporated licenses and registrations onto Samsung via its app in partnership with Samsung Gulf Electronics, according to a statement.

WATCH THIS SPACE-

#1- Lunate mulls USD 5 bn in funding to accelerate acquisitions: Abu Dhabi-based alternative asset manager Lunate could tap international and regional banks for a USD 5 bn subscription credit facility to back potential acquisitions, Bloomberg reports, citing sources it says are in the know. The funding would allow Lunate to boost its USD 105 bn assets under management without asking for additional capital from its backers.

Uh, Enterprise… what’s a subscription credit facility? Subscription credit facilities are revolving loans secured against the capital commitments of the funds’ investors. They offer funds and asset managers a faster way of accessing capital, instead of the traditional capital calls, which could take over 10 business days to process.

ICYMI- Lunate’s expansion has been going strong: Lunate reportedly reached out to key shareholders of Adnoc’s gas pipeline unit last month to up their stake from the 40% they acquired from US private equity giants BlackRock and KKR & Co in April. Lunate also acquired a minority stake in US healthcare firm Linden Capital Partners in May and secured a 24.5% stake in Dubai’s largest office tower ICD Brookfield Place in April.

#2- Another Adnoc acquisition in the works? Adnoc and Saudi Aramco are reportedly both studying bids for Australian oil and gas firm Santos, Bloomberg reports, citing sources it says are in the know. The company has a market value of some USD 16.7 bn, and has liquefied natural gas projects in Australia, Papua New Guinea and Timor-Leste.

Adnoc has been expanding its investments abroad: The energy giant acquired a 10% stake in a concession Mozambique’s Rovuma basin, and an 11.7% stake in the first phase of sustainable liquefied natural gas (LNG) producer NextDecade’s USD 18 bn Rio Grande LNG export facility in Texas. It is also now in formal discussions for a potential takeover of German chemical company Covestro.

#3- Genesis Digital Assets eyes US listing: Dubai-based crypto miner Genesis Digital Assets (GDA) is in talks with advisers over a potential IPO in the US, Bloomberg reports, citing people it says are familiar with the matter. The company is also considering launching a pre-IPO funding round in the coming weeks, one of the sources said.

About GDA: GDA was founded in 2021 by Marco Streng and Marco Krohn, co-founders of Genesis Mining, one of the first and largest cryptocurrency businesses. Genesis received over USD 1 bn investment from Sam Bankman-Fried’s crypto trading firm Alameda Research. Currently, the crypto miner operates 20 data centers across North America, Europe, Central Asia, and South America, with offices in Dubai and Houston.

#4- Gulf Data Hub mulls offloading a minority stake: UAE-based data center operator Gulf Data Hub tapped JP Morgan Chase as an adviser for a potential sale of a minority stake to investors, Bloomberg reports, citing people it says are in the know. While the company has not reached a final decision yet on the timing or the value of the sale, it could be looking to bag as much as USD 1 bn and wrap it as early as 3Q 2024. Several global private equity firms have reportedly voiced their interest in the company.

#5- Sharjah set the final yield of its five-year AED 1 bn unsecured sukuk issuance at 5.5%, Arabian Business reports, citing an arranging document. The sukuk auction is now open for orders.

ADVISORS- Standard Chartered will act as the sole auction coordinator and bookrunner. Our friends at Mashreq, First Abu Dhabi Bank, and HSBC, alongside Abu Dhabi Commercial Bank, Abu Dhabi Islamic Bank, Bank of Sharjah, Dubai Islamic Bank, Emirates NBD Capital, Investbank, and Sharjah Islamic Bank will be the placement agents of the auction.

#6- Dubai’s Sidara requested an extension until 31 July to submit another offer to UK engineering firm Wood Group, Reuters reports. Sidara previously offered to acquire Wood Group at GBP 2.3 per share in June, valuing the company at GBP 1.59 bn, which it said would be its final offer after Wood Group rejected its three earlier bids. The firm was given access to due diligence last month.

#7- AD Ports files bid for container terminal at India’s Chidambaranar Port: A consortium spearheaded by AD Ports Group has reportedly filed initial bids on a state-run Chidambaranar Port Authority tender to build a USD 845 mn, 4 mn TEU capacity container terminal at the port, Indian news outlet the Economic Times reports, citing people it says have knowledge of the matter. DP World is unlikely to proceed past the initial bid stage due to security concerns regarding its operation of a container terminal at Pakistan’s Karachi Port and its business ties with Cosco Shipping in, the sources told ET.

#8- Amazon is working closely with UAE authorities to expedite its rollout of electric vehicles for deliveries, the National reports. They are also addressing challenges, such as the impact of extreme heat on battery performance with partners to ensure the successful implementation of their goal to use 100k EVs for last-mile deliveries globally by 2030. “In this region, because of the extreme heat, there is not yet a scalable, fully-proven commercial electric vehicle model. Right now that is a challenge because of the temperature and the batteries,” Prashant Saran, director of operations at Amazon Turkey and MENA told the National.

The initiative has kicked off with pilot testing, though a launch timeline has not been set. “We are already working with delivery service partners who are using electric scooters to deliver in some of the dense areas,” Amazon MENAT Operations Director Prashant Saran told the National.

THE BIG STORY ABROAD-

Politics is still dominating front pages in the foreign press, as more speculation on the potential outcome of French, British, and US elections swirls amid a fresh batch of polls.

In the US: Biden is losing more ground in the presidential race with Donald Trump seeing a 6 percentage point lead in the Wall Street Journal’s latest opinion poll, speculations that Vice President Kamala Harris could be taking his place, and calls for him to step aside growing louder. Biden seems to be growing more aware that his candidacy is at risk, according to a New York Times report, though the White House has rejected claims that he is willing to step aside.

Across the pond: The Labour party is set for a landslide victory when voters go to the polls today in the UK, polls suggest, according to the Financial Times.

Over in France: France’s far-right Resemblement National is unlikely to secure a majority in upcoming snap elections, potentially leaving the country with a political gridlock with no party able to secure enough seats to form a government, the polls show, according to the Financial Times.

NON-ELECTIONS NEWS GETTING ATTENTION-

#1- A potentially “catastrophic” category 5 hurricane — Hurricane Beryl — is heading towards Jamaica after killing at least seven people amid widespread destruction in the southeast Caribbean. (CNBC | AP | FT)

#2- Israel and Hamas are approaching a potential ceasefire and hostage release agreement, with negotiators set to meet in the coming days, an Israeli source said. (CNN)

IN THE BUSINESS PRESS- A couple of stories are getting ink:

Saks Fifth Avenue clinched an agreement to buy rival Neiman Marcus for USD 2.65 bn, with help from Amazon. (WSJ)
The US Federal Reserve’s June meeting minutes signal that the Fed is in no rush to begin cutting rates as it awaits more signs that inflation is on a downward trajectory. (CNBC)

Non-oil business sees slower growth in June amid increased competition and accumulated backlogs

The UAE’s non-oil business expanded at its softest rate since February 2023 on the back of competitive pressures and lower output, continuing a slowing growth trend that began at the start of the year, according to S&P Global’s UAE Purchasing Managers’ Index (pdf). The index dipped to 54.6 last month, down from 55.3 in May, still remaining above the 50.0 threshold that separates growth from contraction.

Companies saw a “record accumulation” of backlogged orders due to strong demand, the persistent impact of April’s floods, and the ongoing Red Sea shipping crisis. However, the record inventory is “showing signs of easing, a trend that is likely to continue as the country recovers from April’s floods and supply chains adapt to the current situation in the Red Sea,” S&P Global Market Intelligence Senior Economist David Owen said.

Still, robust demand is driving sustained expansion: “Companies are still enjoying strong customer demand and robust sales pipelines, which are sustaining output expectations and driving purchasing activity,” Owen said. Strong demand meant businesses saw exports rise at their sharpest level since October last year on the back of increased acquisition of new clients.

Increased inflationary pressures led to price hikes: Businesses raised their selling prices for the second consecutive month, albeit modestly, as they continued to pass increased costs amid inflationary pressures — the highest seen in two years, according to purchasing managers — on to consumers. Alongside the rise in prices, salaries also saw an uptick.

Heightened competition is also driving firms to raise their prices, as businesses are “feeling the pain on their balance sheets and having to protect their margins,” Owen highlighted.

Staffing levels grew last month but at the slowest rate since January as companies look to manage higher costs.

Businesses are still optimistic: Despite falling slightly from May, business sentiment was still “among the best observed in the past four years,” according to the survey. Expectations for future demand growth prompted businesses to hike input purchasing.

DUBAI-

Dubai’s PMI also slowed to its lowest level since February 2023 last month, falling to 54.3 in June, down from 54.7 in May. Despite new orders expanding in June, business activity grew at its most sluggish pace in three years, on the back of “high market competition that had limited their ability to take advantage of strong demand conditions.”

Inflation pushed input prices to rise at their fastest pace in two years, leading to companies charging higher prices for the second consecutive month. On the other end, supplier performance saw a marked improvement, accompanied by an increase in staffing levels and positive sentiment.

ELSEWHERE IN THE REGION-

Saudi Arabia’s PMI slumped to 55.0 in June, its lowest level in over two years, according to S&P’s PMI (pdf) ;
Qatar’s PMI (pdf) expanded at its fastest pace in almost two years to 55.9 in June, amid improved business conditions.

Indian crypto unicorn acquires Dubai’s BitOasis

India’s first crypto unicorn, CoinDCX, acquired 100% of Dubai-based platform BitOasis for an undisclosed sum, a press release reads. CoinDCX had already invested an undisclosed sum in the crypto firm in August 2023.

The details: BitOasis investors are receiving equity in CoinDCX as part of the transaction, a CoinDCX spokesperson told TechCrunch, adding that the terms of the transaction were profitable for BitOasis backers.

What’s next for the companies? While the CoinDCX team will join BitOasis, the crypto firm will retain its brand and leadership following the acquisition. The acquisition will help BitOasis provide improved crypto services, access to additional tokens, higher liquidity, and an enhanced trading experience, according to the statement.

This comes as part of CoinDCX’s regional expansion push: The acquisition is part of CoinDCX’s strategy of targeting regions with clear crypto regulatory frameworks, leveraging mergers and acquisitions to grow, CoinDCX Co-founder Sumit Gupta told Bloomberg. The acquisition gives it a “formidable foothold across the MENA region, catering to a diverse range of retail and institutional clients,” he said.

A favorable tax regime means crypto trading is easier here than in other locations: CoinDCX experienced a hit to its revenues in India after the implementation of a tax regime in 2022, which included a 1% transaction tax and a 30% tax on crypto gains. The UAE’s more relaxed tax policies have encouraged ongoing trading activities here, Gupta stated

About BitOasis: Established in 2016 and based in Dubai, BitOasis offers trading and custody services for more than 60 tokens, facilitating transactions with fiat currencies such as AED, SAR, and USD. The firm recently obtained a license from the Central Bank of Bahrain, allowing it to function as a broker-dealer.

IN OTHER M&A NEWS-

Ghitha acquires 100% of Arabian Farms Investment for AED 240 mn: Ghitha Holding’s subsidiary, Al Ain Farms for Livestock production, acquired 100% of Saudi Sedco Holding’s Arabian Farms, including its assets in both the UAE and KSA, for AED 240 mn, according to an ADX disclosure (pdf).

Ghitha has been on an acquisition roll: Two of its subsidiaries kicked off plans for cross-border acquisitions earlier this year, with Ghitha Aeroinvest entering into a share purchase agreement to acquire a 44% stake in Turkish air freight cargo company MNG Havayollari ve Tasimacilik for USD 211.2 mn, and its trading arm, Invictus Investment, saying it plans to acquire 60% of Zalar Holding’s stake in Moroccan agriculture trader Graderco.

IHC unit withdraws from Zambian copper bid: International Holding Company’s (IHC) mining investment arm, International Resources Holding (IRH), withdrew its USD 1 bn bid for Mumbai-based Vedanta ‘s stake in Zambia’s Konkola Copper Mines, Reuters reports. Vedanta was reportedly only willing to sell a minority stake for nearly double the amount IRH offered for a larger shareholding, unnamed sources told the news outlet.

Adnoc + e& to develop giant 5G wireless network

Adnoc + e& to develop giant 5G wireless network: Telecoms giant e& is building a private 11k sqkm 5G wireless network, expected to be the largest in the energy industry, for Adnoc, the oil and gas firm said in a statement. The project is expected to generate USD 1.5 bn (AED 5.5 bn) in value during its first five years of operation, and is scheduled to be completed next year.

The details: The network will expand connectivity across Adnoc’s onshore and offshore operations, the statement said, adding that this will support the energy firm’s plans to integrate its AI solutions at its remote facilities. The project will also help reduce costs, improve efficiency, minimize emissions, and increase safety, and comes as part of Adnoc’s strategy to “become the world’s most AI-enabled energy company.”

How it will work: The 5G network will transmit information from sensors embedded in more than 12k wells and pipelines to autonomous control rooms. The project will also help digitize wellheads and offer visibility operations in efforts to improve productivity across the company’s value chain.

Adnoc Drilling secures USD 733 mn contract

Adnoc Drilling secures USD 733 mn contract: Abu Dhabi National Company (Adnoc) Offshore handed Adnoc Drilling a USD 733 mn contract to operate and drill three new island rigs at the offshore Zakum field, in partnership with Hong Kong-based Honghua Group (HH), according to a company statement (pdf). The rigs, which will be constructed by HH, will operate on existing and newly built artificial islands, and will expand Adnoc Drilling’s fleet to 148 by 2026.

The details: The rigs, which will cost some USD 210 mn to acquire, are set for delivery and operation in 2026. HH and Adnoc Drilling will also work with Adnoc’s AI venture with G42, AIQ, to integrate AI and performance data into the rigs’ operations.

Adnoc has been ramping up drilling operations recently: The oil giant raised its crude oil production capacity to 4.85 mn bbl / d from 4.65 mn bbl / d earlier in May. It also recently resumed operations at its Ras Al Sadr field in Abu Dhabi, and set up a JV to unlock “unconventional” energy resources in the emirate. It invested more than USD 2.2 bn into its drilling fleet since 2021.

Remittance outflows from the UAE fell 3% y-o-y in 2023 -World Bank

Outward remittances from the UAE were among the highest in the world in 2023, despite slowing 3% y-o-y to USD 38.5 bn, according to data (pdf) from the World Bank and Knomad. The slowdown was attributed to a “correction from the pandemic-related distortion,” the World Bank and Knomad said in a report (pdf). Outflows were second only to the United States, which saw some USD 85 bn in outflows, according to the data. Saudi Arabia came in third at USD 38.39 bn, according to the data.

Yes, but: While the UAE ranks among the top sources of remittances globally, it plays an intermediary role in a lot of cases. “The country increasingly serves as an important international financial center through which funds flow. A significant percentage of the funds may not necessarily originate from migrants working in the UAE,” World Bank Lead Economist Dilip Ratha told EnterpriseAM UAE.

Remittance outflows from the GCC fell 13% y-o-y in 2023, marking a reversal from earlier upward trends, the report reads. The decline was mainly attributed to post-covid adjustments and Saudi Arabia’s new policies allowing migrant workers to bring their families to the Kingdom.

The cost of sending remittances from the UAE rose, with Bangladesh seeing the highest surge (172%) in 4Q 2023, while sending USD 200 from the UAE to the Philippines was also 7% more expensive on a y-o-y basis. This was in line with a wider trend that saw remittance costs for USD 200 jump during the year.

On the flip side, sending money within the region is less costly: The cost of sending USD 200 from the UAE to Egypt fell in 2Q 2023 compared to 2Q 2022, according to the report. Sending money within the region, including GCC countries, remains affordable — below 3% in some corridors.

ELSEWHERE IN THE REGION-

Remittance inflows in the MENA region fell 15% y-o-y in 2023 to USD 55 bn. The drop in regional remittances was mainly attributed to the decline of flows to Egypt, which saw some of its FX inflows diverted towards unofficial channels.

But the trend is expected to reverse to an increase of 4.3% y-o-y in 2024 and 5.5% in 2025, according to the World Bank. Oil exporters in the region, such as Iraq and Algeria, are poised to benefit from rising hydrocarbon prices, contrasting with challenges faced by oil-importing nations like Egypt, Jordan, Lebanon, Morocco, and Tunisia in their remittance outlook, according to the report. Egypt’s recent economic reforms and UAE investments boost confidence in formal remittance channels.

Baker McKenzie names UAE Managing Partner

Baker McKenzie MENA appointed Mohammad Al Rasheed (LinkedIn) as UAE managing partner, according to a statement. Al Rasheed most recently served as a partner at the firm advising on mergers and acquisitions, IPOs, and private placements, and boasts over 20 years of experience, according to the company’s website.

Fidelity United Ins. named Ahmed Nasef (LinkedIn) as its new CEO, according to an ADX filing (pdf). Nasef has over two decades of experience in ins., having previously worked at Chubb, AXA, RSA and Liva Group.

Adnan Anwar (Linkedin), currently the deputy CEO of the National Bank of Fujairah, will assume the role of CEO on 1 October, succeeding Vince Cook (Linkedin), who will resign effective September, according to a statement (pdf). Anwar has been with the bank for 19 years, previously serving as CFO and taking on the role of deputy CEO in 2020.

Burjeel launches a new research center in New York

HEALTHCARE-

Burjeel establishes a US research center: Healthcare provider Burjeel Holdings inaugurated a medical research center, the Burjeel Institute for Global Health, in New York yesterday, according to a statement. The center seeks to foster international collaboration in healthcare research and drug development, with a special focus on cancer treatment.

ALSO FROM BURJEEL- The healthcare provider inked an MoU with Abu Dhabi University (ADU) to collaborate on clinical research projects, launch new innovative labs, and offer conferences, workshops, and academic training programs for students, Wam reports. The agreement also seeks to facilitate access to international and local grants for ADU students and faculty members.

DEBT-

Fitch affirms Emaar’s BBB rating: Fitch Ratings affirmed Emaar Properties’ long-term issuer default rating at BBB with a stable outlook, according to a statement. Emaar’s solid order book, growing revenue, and strong business profile underpinned the decision.

What they said: “The solid orderbook of Emaar Development division (ED), which provides good revenue visibility over the next four to five years, together with the strong performance of the Emaar malls and a growing international development division, are key rating strengths,” the credit rating agency said.

REAL ESTATE-

Invest Bank establishes a new real estate asset management company: Sharjah-based Invest Bank launched a property asset management division after securing approval from the Central Bank of the UAE, an ADX filing (pdf) reads. The new unit will focus on property leasing, management, valuation, and private asset services.

TECH-

Adobe teams up with ALC to better its understanding of Arabic language typography: Renowned software developer Adobe signed an MoU with the Abu Dhabi Arabic Language Centre (ALC) to facilitate the integration of the Arabic language in its future products, according to an ALC statement. The US company will work with the center to conduct research to improve its understanding of the language’s complex typography, primarily pertaining to Adobe’s design-related products.

LOGISTICS-

#1- Aramex to offer special logistics services for businesses in the Dubai Chamber of Commerce: Dubai-based logistics firm Aramex inked an MoU with Dubai Chambers to offer comprehensive logistics services for businesses registered with the Dubai Chamber of Commerce, according to a statement from the Dubai Media Office. No further details were provided on the type of services covered in the packages.

#2- Emirates Post is getting more branches: Emirates Post, the postal arm of 7X and the UAE’s official postal services provider, plans to expand its network of 87 outlets by opening new branches, Wam reports. Meanwhile, EMX, 7X’s courier and parcel arm, plans to expand its reach by adding new destinations. EMX operates a fleet of more than 600 couriers and ten delivery centers.

Remember: 7X was formerly known as Emirates Post Group before its rebranding earlier this year.

MARITIME-

West Nautical sets up shop in Dubai: UK-based yacht brokerage firm West Nautical opened an office in Dubai at the Business Bay commercial district, according to Boat International. The office location streamlines access to Dubai’s marinas, yacht clubs, and waterfront developments, the yachting news outlet wrote.

SUSTAINABILITY-

Tadweer launches four subsidiaries: Abu Dhabi-based waste management firm Tadweer Group has launched four new subsidiaries, Wam reports. The breakdown:

Tadweer Environmental Services and Solutions will manage waste collection activities and oversee the launch of tenders;
Tajmee’e will provide waste pre-collection services;
UpCycle will implement advanced technological solutions in waste treatment and recycling facilities;
Tahweel will provide waste-to-energy solutions.

TRANSPORT-

Dubai + Ohio state join forces to develop mass transport: Dubai’s Roads and Transport Authority signed an MoU with the US Southwest Ohio Regional Transit Authority to cooperate on developing their public transport and roads, as well as autonomous transport, through knowledge exchange, Wam reports.

B’naire Jeff Bezos offloads USD 5 bn worth of Amazon shares

B’naire Jeff Bezos is planning to offload around USD 5 bn worth of shares in Amazon, according to a Securities and Exchange Commission filing (pdf). Bezos — Amazon’s biggest shareholder holding a 9% stake — has already sold around USD 8.5 bn in shares earlier this year, bringing the total of his share sales to USD 13.5 bn. This move comes shortly after Amazon’s market value exceeded USD 2 tn last month, placing it as the fifth most valuable company, behind fellow tech giants Microsoft, Google’s parent company, Alphabet, Apple, and chipmaker Nvidia.

Even with the USD 5 bn share sale, Bezos would still rank as the company’s largest shareholder, with the former CEO still holding around 912 mn shares following the share sale — equivalent to 8.8% of Amazon, according to calculations by Bloomberg.

Bezos intends to sell a total of 50 mn shares in 2024, Bloomberg reports, citing its b’naires Index.

Why are Amazon’s shares spiking? Amazon shares have surged by a third this year, driven by investor excitement around AI’s potential to boost the retail giant’s cloud division, the salmon-colored paper writes.

Market reax: The retail giant’s shares closed down 1.2% yesterday.

Bezos is not the only b’naire riding the upward trend in tech stocks: Nvidia CEO Jensen Huang cashed in on 1.3 mn shares of the chipmaker for USD 169 mn this month alone, Bloomberg reports. His executives and directors also offloaded USD 700 mn worth of shares in the first six months of 2024. Nvidia’s shares are up 150% since January.

ALSO FROM PLANET FINANCE-

Some EU nations are getting cold feet about Chinese EV tariffs: Proposed additional EU tariffs on Chinese-made EVs due to be voted on today have been seeing resistance from some members of the bloc. Nations like Germany have opposed the move over fears that retaliatory moves could affect sales in one of the German auto industry’s largest export markets, while other regional auto industry heavyweights, including Italy, Spain, and France, seem to still be firmly backing the move. (Reuters)

MARKETS THIS MORNING-

Asian markets are up in early trading, with Japan’s Topix hitting an all-time high as investors celebrate positive data on wages in the country. Hong Kong’s Hang Seng is also up 0.8% despite purchasing managers’ index data pointing to slower growth in business activity, while mainland China’s CSI 300 remained flat. Wall Street markets are closed today for the 4 July holiday, after the S&P 500 and Nasdaq notched record highs at close yesterday.

ADX	9,094	+0.1% (YTD: -5.1%)
DFM	4,079	+0.4% (YTD: +0.5%)
Nasdaq Dubai UAE20	3,501	0% (YTD: -8.8%)
USD : AED CBUAE	Buy 3.67	Sell 3.67
EIBOR	5% o/n	5.4% 1 yr
TASI	11,595	– 0.1% (YTD: -3.1%)
EGX30	28,161	+0.6% (YTD: +13.1%)
S&P 500	5,537	+0.51% (YTD: 16.1%)
FTSE 100	8,171	+0.6% (YTD: +12.8%)
Euro Stoxx 50	4,966	+1.2% (YTD: +9.8%)
Brent crude	USD 87.34	+1.3%
Natural gas (Nymex)	USD 2.42	+0.2%
Gold	USD 2,365.60	+1.4%
BTC	USD 59,600.80	-3.8% (YTD: +41.4%)

THE CLOSING BELL-

The DFM rose 0.4% yesterday on turnover of AED 426.7 mn. The index is down 8.8% YTD.

In the green: Al Salam Sudan (+15%), Al Firdous Holdings (+10.4%) and BHM Capital Financial Services (+9.8%).

In the red: Dubai Islamic Insurance and Reinsurance Co.(-2.3%), GFH Financial Group (-1.8%), and Ithmaar Holding (-1.7%).

Over on the ADX, the index rose 0.1% on turnover of AED 1.3 bn. Meanwhile Nasdaq Dubai closed down 0.02%.

CALENDAR

JULY

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

AUGUST

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

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

Signposted to happen sometime in mid-August:

New regulations around telemarketing calls will go into effect

SEPTEMBER

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.

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

OCTOBER

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

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.

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

4-7 November (Wednesday-Saturday): 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.

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.

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.

FEBRUARY 2025

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

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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