Post-flood disruptions weigh on non-oil sector in May

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WHAT WE’RE TRACKING TODAY

THIS MORNING: Sidara gets access to due diligence on Wood Group

Good morning, friends. It’s a relatively calmer news day here at home, with the big story being the performance of the non-oil sector in May, along with a few updates on M&A stories we’re following and a healthy dose of startup news.

WATCH THIS SPACE-

#1- Sidara gets access to due diligence on Wood Group: UK engineering firm Wood Group has decided to engage with Dubai’s Sidara after its fourth and final offer was submitted last week, granting it access to due diligence, it said in a disclosure yesterday. The firm said it made its decision after weighing “all relevant factors, including, in particular, feedback received from Wood shareholders.” Wood had earlier rejected three of Sidara’s offers for “significantly undervaluing the company.”

The offer: Sidara had offered to acquire the Irish engineering firm at GBP 2.3 per share, valuing it at GBP 1.59 bn. The bid marks a 4.5% premium over its last bid in late May.

REMEMBER- Wood is in a tight spot: The company’s shareholders have urged it to consider listing in the US or selling the company after negotiations with buyout group Apollo to buy the company fell through. Apollo’s bid — which it withdrew last month — had valued the company at GBP 1.66 bn at the time. Wood’s shares had fallen about 25% over the past year, Bloomberg reports, giving it a market value of GBP 1.1 bn.

#2- Dubai-based developer and global arm of Saudi Arabia’s Dar Al Arkan, Dar Global, is looking to expand its footprint in the GCC, in a bid to grow its annual revenue to USD 3 bn from USD 700 mn today, Dar Global CEO Ziaad El Chaar told Zaywa. The company is in talks with parties to launch two “mega projects” in the UAE, El Chaar said, without providing further details.

The UAE isn’t the only destination: “Saudi is also a market we are actively expanding into, where we will facilitate the international buyer who is looking to invest in the kingdom,” El Chaar added.

Dar Global is also eyeing growth in London: The LSE-listed company is engaged in “active talks” with an undisclosed UK developer for a joint venture to build projects in Central London’s Zone One, El Chaar added.

ICYMI- Dar Global revealed plans to launch a new AED 900 mn luxury residential development in Ras Al Khaimah earlier this week. The project is slated for completion by December 2028, and will be developed in collaboration with Dubai-based developer Aarvees Group.

#3- Dubai Science Park is increasing its storage and logistics capacity by 147% to cater to the growing demand for Grade-A spaces in the life, energy, and environmental science industry, according to a Dubai Media Office statement. The 200k square foot expansion will be completed next year.

DATA POINTS-

#1- Dubai ranked first globally for foreign direct investment (FDI) capital inflows into cultural and creative industries (CCI) projects in the 2023 FDI Index, surpassing global centers including London, New York, and Singapore, Wam reports, citing the Financial Times’ fDiMarkets report. The emirate racked up AED 11.8 bn in FDI capital inflow, up 60% y-o-y, with a total of 898 new projects into CCI attracted during the period. Greenfield FDI projects comprised 78.7% of total FDI in Dubai's CCI in 2023, according to data from the Dubai FDI Monitor and the Dubai Framework for Cultural Statistics classification.

Where did FDI stem from? The US shelled out the most funds into CCI in Dubai during the year, comprising 33.2% of total FDI capital inflow, followed by the UK (12.4%), India (9.1%), Hungary (4%), and Denmark (3%).

Dubai also topped the list globally for creating jobs in CCI sectors in 2023, with some 21.6k new job windows created through FDI in the sector, up 74% y-o-y, according to data from the FDI Markets report.

#2- UAE reeled in USD 52 bn in international tourism receipts in 2023, ranking as sixth top tourism earner on UN Tourism’s World Tourism Barometer (pdf). Regionally, the Middle East recorded “the strongest relative growth” in tourist arrivals, climbing 36% above pre-pandemic levels in 1Q 2024, the UN’s tourism agency said.

#3- Dubai Chamber of Commerce analysis shows Indian businesses led non-Emirati new memberships in 1Q 2024, with 4.3k companies setting up shop in the country, Wam writes. Pakistan followed with 2.2k companies setting up shop, while 1.4k Egyptian companies came to the emirate. The trade and services sector dominated new memberships, accounting for 42.3% of the total.

HAPPENING TODAY-

#1- Dubai Chamber in Morocco: The Dubai International Chamber is in Morocco as part of its African roadshow aimed at promoting and expanding Dubai-based companies’ foothold in the continent, according to a statement. The trade mission’s agenda will include holding meetings between Dubai-based companies and their counterparts in Morocco, with a focus on exploring collaboration, expansion strategies, and forging new partnerships and trade agreements.

#2- The Hotel Show is on its final day at the Dubai World Trade Centre. The three-day event welcomes visitors from across the hospitality supply chain to source products from global and regional exhibitors and discuss developments within the industry.

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THE BIG STORY ABROAD-

US chipmaker Nvidia passed Apple in market cap yesterday, becoming the world’s second-most valuable public company behind Microsoft with a market capitalization of USD 3 tn. The company’s shares rose over 5% yesterday to close at a record USD 1,224.40 each triggered by the artificial intelligence boom. (CNN | Reuters | Bloomberg | CNBC)

Number one next? “It may be a foregone conclusion that Nvidia will overtake Microsoft as well. There's a lot of retail [investor] money that's piling in on what they see as a straight shot up,” Longbow Asset Management CEO Jake Dollarhide said, adding that “Nvidia is making money on AI right now, and companies like Apple and Meta are spending on AI.”

DATA POINT- This makes Nvidia the third company in the US to cross the USD 3 tn mark, after Apple and Microsoft.

Nvidia’s gains pushed S&P 500 to a fresh high, with the index rising 1.18% to close at 5,354 — it has gained 12.3% since the beginning of the year.

AND- Canada has become the first G7 country to cut rates: The Bank of Canada (BoC) cut its interest rate by 25 bps yesterday, pushing rates to 4.75% after almost a year of holding them at 5%. The move makes Canada the first G7 member to slash rates.

In perspective: Canada’s decision to cut rates contrasts with the US Federal Reserve, which is widely expected to cut rates once this year, thanks to “stickier” inflation. “There are limits to how far we can diverge from the United States, but we're not close to those limits,” BoC Governor Tiff Macklem said. (FT | Reuters | Bloomberg | Wall Street Journal | Globe and Mail)

The European Central Bank could follow suit today when it meets to review rates — see this morning’s Planet Finance, below.

AND YOUR DAILY DOSE OF ELECTION COVERAGE- The AP takes note of the dissatisfaction among voters as we approach the halfway point of one particularly election-heavy year.

IN CLIMATE NEWS- The Associated Press lists all the climate records that have been broken recently and ask the question: How worried should we be?

CIRCLE YOUR CALENDAR-

The AI Retreat is set to take place on 11 June at Dubai’s Museum of the Future, according to a Dubai Media Office statement. Organized by the Dubai Centre for Artificial Intelligence, the event will gather over 1k AI experts, policymakers and business leaders to explore the potential and challenges of AI at both local and global levels.

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

UAE’s non-oil activity slows to a 16-month low in May as firms cope with post-flood disruptions

Non-oil business activity softened to a 16-month low in May, as businesses continued to face the knock-on effects of April’s record flooding, according to S&P Global’s UAE Purchasing Managers’ Index (pdf). The index remained flat at 55.3 in May, still well above the 50.0 threshold that separates growth from contraction.

April’s storms weighed on business activity, with businesses reporting continued disruptions and backlogs of work staying on a steep upward trajectory — rising at the fastest pace since the survey began in 2009. Disruptions and attacks in the Red Sea and administrative challenges also weighed on activity, the report notes. Despite this, vendors were able to trim their delivery times more quickly than April.

Price pressures were high…: Purchasing expenses grew to their highest since last November, as firms raced to meet output requirements against the backdrop of robust sales pipelines. Some firms also reported having to restock items that were damaged during the floods, which led to higher input spending, while rising fuel prices and higher wages — which grew at the fastest pace in six years — also intensified price pressures.

…and consumers got the brunt of it: Average prices increased for the first time in seven months as firms passed input costs onto clients, S&P Global said. The uptick was marginal, but was still the fastest in over three years.

Post-flood recovery will take some time: “Firms have a lot of work to do to get on top of their workloads, including rebuilding output levels, hiring workers and boosting inventories,” S&P Global Market Intelligence Senior Economist David Owen said.

Demand perked up in May after companies faced a slowdown in April, with several firms citing improvements in client spending and tourism, according to the report. Some firms reported slowly recovering sales volumes, with new orders rising at the second-weakest pace since August 2023, while other firms reported operations were still on hold.

AND- Staffing levels picked up to a three-month high as businesses took on additional labor in May.

The outlook is still positive: “The focus for the next few months looks to be the recovery of the sector from this crisis. Nonetheless, with demand still strong, firms should be in a good position to resume their robust growth once capacity has been restored,” he added.

Business confidence towards future output also strengthened due to hopes of more stable economic conditions, higher sales, greater earnings, and heightened marketing activity.

DUBAI-

Dubai’s PMI still in decline: Dubai’s business activity slumped to a 15-month low, falling to 54.7, down from 55.1 in April — remaining in expansion territory. The index signaled a “strong improvement in business conditions,” as new orders inched up after recording a 13-month low in April, with some firms reporting higher client activity after the April disruptions.

Inflationary pressures accelerated in May on the back of an increase in raw materials and petrol prices. Overall input costs surged to a 22-month high, leading to the first increase in output prices during the period.

ELSEWHERE IN THE REGION-

Egypt’s non-oil private sector activity picked up to its highest level in almost three years in May, rising to 49.6 ;
Saudi Arabia’s business activity growth fell to 56.4 in May, marking its second-lowest PMI reading in 22 months;
Qatar’s PMI rose to an eight-month high of 53.6 in May up from 52 in April;

Emirates Islamic lists debut sustainability-linked USD 750 mn sukuk lists on Nasdaq

Emirates Islamic listed its debut USD 750 mn five-year senior sustainability sukuk on Nasdaq yesterday, bringing its total sukuk listings on the exchange to USD 2.02 bn across four listings, according to a statement. The issuance is part of a broader USD 2.5 bn certificate issuance program.

ICYMI- The lender raised USD 750 mn from its debut sustainability-linked sukuk last month, with over USD 2.1 bn in orders. The order book was 2.8x oversubscribed, allowing Emirates Islamic to tighten the net income rate to a little over 5.4% annually, at a spread of 100 basis points (bps) over US treasuries. The lender narrowed the price guidance for the five-year sustainability sukuk to 100 bps from an initial price guidance of 130 bps over US Treasuries.

ADVISORS- Emirates NBD Capital and Standard Chartered Bank were appointed as joint global coordinators, while First Abu Dhabi Bank, Abu Dhabi Islamic Bank, Dubai Islamic Bank, and the Islamic Corporation For The Development of the Private Sector were tapped as joint lead managers and joint bookrunners for the transaction.

Pilot central bank digital currency platform reaches MVP stage

Central banks including the Central Bank of the UAE unveiled the initial operational prototype of a multi-central bank digital currency (CBDC) platform for early use, a press release (pdf) reads. The Bank of International Settlements-led trial — a collaboration between the UAE, Hong Kong, China, and Thailand — is developing a platform that can facilitate cross-border digital currency transactions using the code China's e-CNY is built on.

The platform is also now compatible with the Ethereum Virtual Machine, which forms the backbone of the network on which the Ether cryptocurrency operates.

The minimum viable product (MVP) stage is the first phase of the CBUAE’s broader CBDC strategy, with the second phase poised to introduce domestic CBDC payments and boost cross-border fund transfers. The platform comes as part of the CBUAE's financial infrastructure transformation program (pdf), which aims to accelerate the digitization of the financial services sector.

Remember: Vice President Sheikh Mansour bin Zayed Al Nahyan marked the CBUAE’s fiftieth anniversary by initiating the first cross-border transaction using its digital currency, the Digital AED, earlier this year. The transfer saw AED 50 mn sent to China through mBridge.

AND- Saudi Arabia has joined the trial, the Bank of International Settlements said in a statement. The Kingdom’s participation as the world’s largest oil exporter means we could start seeing significantly more commodity settlement in currencies beyond the USD, Josh Lipsky, who runs a global CBDC tracker, said.

Both Saudi Arabia and the UAE have already been working on boosting trade transactions in local currencies, with Saudi signing a currency swap agreement with China in December. The UAE has also begun to accept INR payments for oil as of last year.

UAE startups secured USD 353 mn in debt funding last year

UAE-based startups bagged USD 353 mn in venture debt financing in 2023, marking a 222% y-o-y jump, according to venture data platform Magnitt’s FY 2023 Venture Debt report. Despite seeing six transactions, a 25% y-o-y decline, the UAE ranked first in terms of transaction volumes taking place over the year.

Middle East startups attracted a record USD 757 mn in venture debt in the past year, with Saudi startups securing 53% of the region’s total debt, attracting USD 400 mn, a 602% y-o-y jump, the report reads. Meanwhile, Egypt saw venture debt funding slump 86% y-o-y, with USD 4 mn going to Egyptian startups. Egypt saw an annual decline of 75% y-o-y in terms of volume, with only two transactions, while Saudi Arabia saw the number of venture debt transactions double to four in 2023.

The standout sectors: Fintech accounted for 79% of MENA's total VD lending in 2023, owed in large to UAE-based BNPL giant Tabby and KSA-based Tamara, which together raked in USD 600 mn of the total USD 601 mn financing for fintech players. Transport and logistics followed with USD 150 mn, and e-commerce had a seat at the table with USD 3 mn.

A changing financing ecosystem: Venture debt lending to equity financing ratio shifted to 28% in 2023, from just 1.4% in 2020.

More investors got on board: The investor pool expanded in 2023 from one active investor to eight, with US investors leading the participation, while local investors from the UAE and Saudi Arabia also chipped in, SME10 ’s coverage of the report says. Goldman Sachs made its entry into the MENA VD market, leading in both transaction volumes and invested capital.

Investor appetite is on the rise: “Investor interest has grown notably, with new funds established through investment from the Jada Fund of Funds in Partners for Growth, as well as Shorooq Partners’ latest Private Credit Fund, indicating a strong and growing confidence in the venture debt market,” Magnitt CEO Philip Bahoshy said.

AI startup qeen.ai secures USD 2.2 mn in pre-seed round

AI startup qeen.ai secures USD 2.2 mn in pre-seed round: UAE-based startup qeen.ai acquired USD 2.2 mn in pre-seed funding from international and regional investors, according to a press release. The funding round was led by Emirati venture capital firm Wamda Capital. Contributions came from both international and regional investors, including 10x Founders, Aditum, Dara Holdings, Jabbar Group, Phaze Ventures, and Eureka 460.

Where the money is going: qeen.ai plans to use the funding to increase the accessibility and user friendliness of AI solutions for e-commerce businesses with no-code multilingual native GenAI solutions.

About qeen.ai: The startup was founded in 2023 in the Emirates by Dina Alsamhan (LinkedIn), Ahmad Khwileh (LinkedIn) and Morteza Ibrahimi (LinkedIn), queen.ai’s AI products aim to boost online sales and customer lifetime value for e-commerce businesses through copy and content generation and localization and AI-powered recommendation tools. The startup claims its customers have seen a 30% conversion rate on their platforms since using qeen’s solutions.

National Cement appoints new vice chairman

Dubai’s National Cement has elected Mazen Al Khatib as vice chairman, and re-elected Rashid Al Ghurair as chairman of the board, according to a disclosure (pdf). Al Khatib was appointed (pdf) as a board member at National Cement late May.

Etihad Airways and China Eastern Airlines form a JV

AVIATION-

#1- Etihad Airways and China Eastern Airlines are forming a joint venture to boost air connectivity between the UAE and China, marking the first JV between a Middle East and a Chinese airline, according to a press release. Passengers will have more travel options between major Chinese cities like Shanghai, Beijing, Xi’an, and Kunming, and across the MENA region. The JV is set to launch early 2025, with both airlines planning to offer full reciprocity in their frequent flyer programs, by the end of 2024.

The details: Under the JV, both airlines will collaboratively oversee flight capacity, synchronize schedules, and share revenues on certain routes, Etihad CEO Antonoaldo Neves told Reuters. There will be no equity investment or cost-sharing involved, he added.

REMEMBER: Etihad Airlines and China Eastern Airlines inked an MoU to boost commercial and operational cooperation later last year. The partnership aims to offer travelers more options, better services, and added value, while supporting sustainable aviation.

#2- Fitch Ratings has upgraded Dubai Aerospace Enterprise’s (DAE) long term issuer default rating (IDR) to BBB with a stable outlook, from BBB-, according to a statement by the credit rating agency. DAE Funding’s senior unsecured debt rating and its sukuk program and debt ratings have also been elevated to BBB from BBB-.

#3- Emirates Airlines expects to receive its Boeing 777X orders in 2026, after being postponed to 4Q 2025 from an original handover date of 2020, Emirates Airlines President Tim Clark told Asharq Business (watch, runtime: 10:27) yesterday.

Addressing the delay: Emirates has doubled down on its efforts to modernize its aircraft fleet to address the delay, earmarking some USD 2 bn to modernize 191 aircraft. Adel Al Redha, COO and VP at the carrier, earlier said the airline has already invested USD 3 bn into the program. The company also placed a USD 6 bn order for 15 A350-900 aircraft from Airbus and is on track to receive 65 Airbus A350 aircraft starting in August and through the end of 2027.

INFRASTRUCTURE-

Ajman inks road development contracts worth AED 101 mn: The Ajman Municipality and Planning Department signed AED 101 mn contracts with infrastructure solutions provider Aims Group for its Al Salam Street and Sheikh Zayed Road development projects, Ajman News reports. The projects seek to boost connectivity between residential communities, and improve traffic flow and street capacity.

The details:The first project, which is valued at AED 48 mn, targets lane expansions, improved cycleways, lighting works, and rainwater drainage network completion in the Ajman Industrial Area and Al Mowaihat Area. The second project — costing AED 53 mn — will expand Sheikh Zayed Road in the Al Helio area, and includes service roads, parking lots, intersection organization, lighting works, and rainwater drainage network completion. Improvements on Al Salam Street will last one year, while those on Sheikh Zayed Road will wrap a month later.

TRAVEL-

#1- Traveltech company Tumodo has partnered with Saudi Arabia’s fintech firm Tabby to integrate its services into Tabby’s travel management platform, according to a press release.

#2- Transreport to set up shop in the UAE: Accessible travel technology company Transreport will expand into the UAE, after bagging GBP 10 mn in a series A funding round led by the UK’s Puma Private Equity and Pembroke VCT, according to a press release. The company’s passenger assistance technology suite streamlines travel processes for disabled and older passengers.

HEALTHCARE-

#1- M42 to launch Amana Healthcare in Bahrain: Abu Dhabi-based G42 healthcare arm M42 partnered with Bahrain Mumtalakat Holding Company (Mumtalakat) to launch its subsidiary, Amana Healthcare, in Bahrain, according to the Abu Dhabi Media Office. The facility — featuring a dedicated laboratory, radiology, and therapy rooms — will offer long-term care services for people with complex medical needs, plus tailored social programs and non-clinical services to help patients and families adjust to life after hospitalization. It is slated to go live in 2025.

#2- Abu Dhabi DoH signed an MoU with Takeda to strengthen rare disease and oncology research: Abu Dhabi (DoH) inked an MoU with Takeda to advance research efforts in rare diseases and oncology, Wam reports. The two sides will work to establish regional treatment guidelines and advisory boards that can address gaps within the healthcare sector in the region. They will also work on integrating patient support programs that work on targeted, proactive interventions for rare disease patients, and will organize public awareness campaigns around rare disease symptoms.

#3- Abu Dhabi’s Department of Health inked an MoU with gene therapy firm OpusGenetics to jointly conduct research and clinical trials to develop gene therapies for patients with rare inherited retinal diseases in the UAE, according to a statement.

FINANCE-

Fitch Ratings has affirmed DFM-listed GFH Financial Group’s long-term issuer default rating (IDR) at B with a stable outlook, the rating agency said in a statement. Fitch also affirmed the senior unsecured long-term rating for the firm’s USD 500 mn certificates at B.

AUTOMOTIVE-

#1- GWD announces significant global expansion in Dubai: Leading India-founded industrial and automotive supplier Gulf Worldwide Distribution (GWD) opened its new headquarters in Jebel Ali Free Zone, Gulf News reports.

#2- Bulgarian drone company Dronamics is shelling out USD 100 mn for its joint venture with the UAE’s Strategic Development Fund (SDF), which will produce Black Swan drones in Abu Dhabi, CEO of Dronamics Svilen Rangelov told CNN Business. Initial production for the cargo drones will be geared at meeting demand in the UAE and the GCC, with potential expansion beyond.

REMEMBER- The SDF inked a terms sheet with Dronamics last November to form a joint venture to manufacture the Black Swan cargo drones by 2025. The JV will set up the company’s first serial production plant for the Dronamics Black Swan airplane in the UAE, with the facility expected to have the capacity to produce some 300 Black Swan drones a year.

INVESTMENT-

Abu Dhabi crown prince discusses investment prospects with Blackstone CEO: Abu Dhabi’s Crown Prince Sheikh Khaled bin Mohamed bin Zayed Al Nahyan met with US alternative investment management firm Blackstone’s CEO Stephen Allen Schwarzman to discuss boosting cooperation and exploring investments in Abu Dhabi, Wam writes.

EDUCATION-

Dubai Islamic Bank pledged AED 11 mn to the Knowledge Fund Establishment’s Dubai Schools project, according to the Dubai Media Office. The project sees the Dubai government establish schools that are then operated by private institutions in the emirate.

CRYPTO-

Amsterdam-based blockchain intelligence firm Crystal opened a new office at the Dubai World Trade Centre, seeking to expand its services in the region, according to a press release. Crystal provides compliance solutions to financial institutions, law enforcement and regulators to ensure compliance with anti-money laundering regulations.

SUSTAINABILITY-

Dubai’s Ports, Customs, and Freezone Corporation launched the Emirates’ first AED 2 mn fixed air quality monitoring station in Jebel Ali, Wam reports. The station features 11 sensors measuring 101 air pollutants, seeking to improve Dubai’s air quality through the provision of precise data and periodic reports.

Today’s rate cuts could revive the EU’s economy, but the path forward is murky

ECB set to cut rates today: Economists see the European Central Bank (ECB) cutting interest rates today for the first time in five years. A 25 bps cut is likely in the cards now, but analysts wonder how much further the ECB can go: The economy needs the relief rate cuts offer, but inflation remains “stubbornly” high, the Financial Times reports.

Recovery is afoot: A downward path for rates will “breathe life” into the eurozone’s housing markets, push businesses to borrow more to fund investment, and boost consumer spending, Holger Schmieding, chief economist at German bank Berenberg told the salmon-colored paper.

The downside risk: Move too fast while inflation is high and wages are growing quickly, and the ECB will just fuel more inflation.

The consensus? A symbolic cut today, but none in July. Persistent inflation in the Eurozone — it rose to 2.6% in May — won't stop the ECB from cutting interest rates, but “it is unlikely that the ECB will move with another cut in July,” Jack Allen-Reynolds, an economist at Capital Economics, told FT last month. Economists polled by Delano concurred that the ECB will hold rates steady in July.

“Markets have almost fully ruled out a July cut, and now only see around two cuts in total by year-end. As things stand, we believe an ECB cut this week may soon be viewed as a policy mistake,” Gabriele Foa, a portfolio manager at Algebris Investments, told Bloomberg.

A policy mistake? A cut today would mark the first time Europe diverges from the United States in five years, potentially backfiring as the ECB lowers the interest rates ahead of the US Federal Reserve, Mathilde Lemoine writes for the Financial Times. The rate cut is expected to weaken the EUR, possibly causing a surge in import prices, including energy imports, which might prevent businesses from investing in the short-term.

The longer the Fed waits to push ahead with cuts, “the more difficult it can be eventually for the ECB,” Frederik Ducrozet, head of macroeconomic research at Pictet Wealth Management told the New York Times.

MARKETS THIS MORNING-

Asian markets are all in the green this morning as traders welcome both the prospect of the ECB’s rate cut and the Bank of Canada’s cut yesterday. All major Asian benchmarks we follow are in the green, with the Nikkei (+1.1%) and the Kospi (+1.0%) leading the way. European stock futures are all solidly in the green this morning and Wall Street futures inched up overnight after the S&P 500 closed at another AI-fuelled (or maybe “Nvidia-fuelled”?) record high yesterday.

ADX	8,948	+0.3% (YTD: -6.6%)
DFM	3,980	-0.1% (YTD: -2.0%)
Nasdaq Dubai UAE20	3339.7	-0.6% (YTD: -13.07%)
USD : AED CBUAE	Buy 3.67	Sell 3.67
EIBOR	5.1% o/n	5.3% 1 yr
TASI	11,553	-0.5% (YTD: -3.5%)
EGX30	26,634	-1.3% (YTD: +7.0%)
S&P 500	5,340	+0.9% (YTD: +11.7%)
FTSE 100	8,246	+0.2% (YTD: +6.6%)
Euro Stoxx 50	5,035	+1.7% (YTD: +11.4%)
Brent crude	USD 78.25	+0.9%
Natural gas (Nymex)	USD 2.74	+6.0%
Gold	USD 2,374.6	+1.2%
BTC	USD 71,149	+1.0% (YTD: +68.3%)

THE CLOSING BELL-

The ADX rose 0.3% yesterday on turnover of AED 1.02 bn. The index is down 6.6% YTD.

In the green: Al Ain Alahlia Insurance Co. (+11.1%), Manazel (+7.2%) and Rapco Investment (+4.1%).

In the red: Foodco (-8.9%), Ras Al Khaimah Co. for White Cement and Construction Materials (-5.3%) and Americana Restaurants (-4.3%).

Over on the DFM, the index fell 0.1% yesterday on turnover of AED 417.2 mn. Meanwhile Nasdaq Dubai fell 0.6%.

Abu Dhabi deputy ruler meets with US’ Jake Sullivan

Tahnoon bin Zayed meets with the US National Security Advisor: Deputy Ruler of Abu Dhabi Tahnoon bin Zayed met yesterday with the US National Security Advisor in Washington DC, to discuss strengthening relations between the UAE and the US, as well as cooperating on international and regional issues, Wam reports.

UAE rulers congratulate the re-election of Indian PM Modi: President Sheikh Mohamed bin Zayed Al Nahyan and Vice President Sheikh Mohammed bin Rashid Al Maktoum congratulated Indian Prime Minister Narendra Modi on his re-election yesterday, according to a statement posted on X by the President, and a statement posted by the VP.

UAE President congratulates Kuwait on new crown prince appointment: President Sheikh Mohamed bin Zayed Al Nahyan congratulated Kuwait's Emir Sheikh Mishal Al-Ahmad Al-Jaber Al-Sabah on appointing Sheikh Sabah Khaled Al-Hamad Al-Mubarak Al-Sabah as crown prince, Wam writes.

CALENDAR

JUNE

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.

3-7 June (Monday-Friday): Dubai International Chamber’s trade mission to Senegal and Morocco.

10 June (Monday) Alpha Dhabi holds shareholder vote on the sale of a 49% stake in Alpha Dhabi Construction to ADQ.

11 June (Tuesday): The AI Retreat, Museum of the Future, Dubai.

12 June (Wednesday): Alef Education shares begin trading.

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

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

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

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

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

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

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.

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.

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.
3-4 June (Tuesday-Wednesday): Make-A-Wish International’s Global Wish summit, Abu Dhabi.

Signposted to happen sometime in 2028:

Abu Dhabi to host the 47th Chess Olympiad

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