PureHealth shares to begin trading on the ADX today

1

WHAT WE’RE TRACKING TODAY

UAE non-oil exports rose in 1H 2023 + Mashreq customers now have access to Visa Direct Account

Good morning, wonderful people, and a very happy Wednesday. The news cycle has slowed down just a touch on the home front, although we can’t quite say it’s a slow news day.

THE BIG STORY AT HOME? For the first time in many days and many nights, it’s not capital markets-related. Non-oil exports out of the country rose 15% y-o-y in the first half of the year, recent data from the Federal Competitiveness and Statistics Center. That’s very good news, considering recent forecasts from Oxford Business Group that next year’s GDP growth is going to be underpinned in large part by expansion in the non-oil economy.

THAT DOESN’T MEAN THERE’S NO CAPITAL MARKETS NEWS- Today will be the first day of trading for PureHealth’s shares on the ADX. The healthcare giant reeled in massive investor interest during its bookbuilding, reporting a 49x oversubscription rate for the institutional portion of the offering, while the retail portion was some 483x oversubscribed.

Our friends at Mashreq partnered with Visa to allow Mashreq’s customers to send money across44 markets in Europe, North American and South-East Asia faster and more efficiently through the Visa Direct Account feature. This partnership makes Mashreq the first bank in the GCC to leverage Visa’s feature, according to a press release. “This enhancement allows for global money transfers in near real-time, highlighting Mashreq’s ongoing commitment to consistently improve customer experience through innovative solutions,” Mashreq Head of Payments and Consumer Lending at Kartik Taneja said.

Business growth is getting a (digital) shot in the arm: Telecoms giant du and ADGM are working together to push forward on digital transformation and set up an innovation hub to drive business growth in Abu Dhabi, according to a press release. The partnership will see the two offering an array of services, including advanced telecommunications solutions, innovative 5G technologies, and tailored business offerings.

Pay your tolls online: The Dubai toll gate operator Salik inked an MoU on Monday to integrate its amenities into the Abu Dhabi government service platform TAMM, according to a DFM disclosure. Salik will also levy the resources of the Abu Dhabi digital payment platform Abu Dhabi Pay to allow users to manage their Salik balances online.

A HANDFUL OF SUSTAINABILITY

Bee’ah brings forward its net-zero target to 2040: Waste management company Bee’ah Group has set a target to reach net zero emissions by 2040 within its operations, according to a company statement. The company is close to reaching carbon neutrality in the Sharjah Emirate alone, where Bee’ah’s zero-waste strategies have enabled a 90% landfill waste diversion rate.

Your commute just got greener: Sharjah property developer Arada inaugurated the Yalla e-mobility platform offering environmentally friendly e-bikes and e-scooters, reports Sharjah 24. The rentals are available to adults (over 18) residing in Aljada, with parking and charging stations spread across the community.

Remember: Aljada, Sharjah’s largest urban-mixed project, uses a sustainable framework, solar power solutions, waste management, and a sustainable lane for electric vehicles.

New marine mission? The Environment Agency of Abu Dhabi (EAD) inked an agreement yesterday to use OceanX, M42, and Bayanat’s marine research technologies to explore environmental conservation parameters, according to a statement. The EAD and OceanX-provided vessels will gather data on Emirati fisheries and biodiversity while M42 conducts assessments and Bayanat assists with AI-powered surveys.The EAD partnered with global ocean explorer OceanX, Bayanat and G24 earlier in November to develop a map of the UAE’s marine environment.

** You’re reading Zero Issue #16 of EnterpriseAM UAE.

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BIG STORIES ABROAD

THE BIG BUSINESS STORIES ABROAD: Global shipping woes dominate the headlines — we have everything you need to know in this morning’s news well, below.

AROUND THE REGION- Emirati startups raised 65% less in 2023 than they did last year, lining up just USD 638 mn in new capital commitments. And the final nuclear reactor at the Emirates’ Barakah nuclear plant is now ready to go live, EnterpriseAM UAE reports.

ALSO- Colorado won’t let Trump on the ballot. And Google will pay a USD 700 mn fine and loosen its control over the Play Store to settle a US lawsuit.

WAR WATCH-

Sixty-one more injured Palestinian children arrived in Abu Dhabi, flying in from Egypt’s Al Arish International Airport to receive medical treatment in Emirati hospitals, reports Wam. This is the sixth group of wounded Palestinians to arrive in the UAE after President Al Nahyan issued a directive in November to provide medical care for 1k injured children and 1k cancer patients from the Gaza Strip.

Catch up on our aid to Gaza-

The “Gallant Knight 3” initiative established a UAE-run 150-bed field hospital in Gaza, accompanied by 14k tons of relief supplies.
We’ve launched three water desalination plants in Egypt’s Rafah region, supplying 600k gallons of water daily and covering the needs of 300k displaced Palestinians.
The government presented scholarships to 33 students from the besieged strip to continue their studies here.

CIRCLE YOUR CALENDAR-

This week: Matteo Bocelli, opera singer, musician, and son of the world-famous tenor Andrea Bocelli, performs at the Dubai Opera tomorrow.

Chris Brown and Sean Kingston will be hitting the state of Dubai’s Coca Cola Arena on Friday.

This weekend: The World Tennis league is coming to Abu Dhabi’s Etihad Arena from tomorrow through to Sunday. Men’s World No 3 Daniil Medvedev and Women’s World No 1 Iga Swiatek head up an impressive draw.

If tennis isn’t for you, the event will see performances from major music stars, including Neo, Akon, and 50 Cent.

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

UAE non-oil exports rise 15% y-o-y in 1H 2023

The UAE’s total non-oil exports rose 15% y-o-y in terms of value in 1H 2023, rising to AED 199.6 bn, according to data (pdf) from theFederal Competitiveness and Statistics Centre (FCSC).

Export values for major commodities in 1H 2023: Gold exports amounted to AED 79.8 bn, unwrought aluminum to AED 14.3 bn, with tobacco products and substitutes at AED 8.5 bn, according to FCSC figures. Jewelry exports during the period were valued at AED 8.4 bn with copper wire at AED 6.9 bn.

Switzerland ♥️ our goods: Switzerland topped the list of the top five countries receiving the highest value of non-oil goods from the UAE in 1H 2023, with exports amounting to AED 22.1 bn. The Swiss were followed by Turkey with AED 18.8 bn, Saudi Arabia with AED 17.2 bn, India with AED 16 bn, and Macedonia with AED 12.5 bn.

We also exported around AED 106 bn worth of industrial exports to 213 international markets in 1H 2023, Al Bayan reports. This marks a twofold increase in the number of markets reached, with the country expanding exports to several European, Asian, and African markets in recent years.

By sector: Metal exports comprised 50.6% of total industrial exports, coming particularly through Abu Dhabi and valued at AED 53.2 bn. Food exports followed as the second-highest contributor, constituting 14% of the total, with exports exceeding AED 14.8 bn. Plastic and rubber exports comprised 10.1% of total industrial exports, at a value of AED 10.7 bn. Chemical industry exports stood at AED 8.6 bn, while exports of tools, recording devices, and precision instruments surpassed AED 8.1 bn. Paper and leather goods exports amounted to AED 4.9 bn, stone and ceramic exports reached approximately AED 2 bn, and transport equipment exports stood at AED 1.7 bn.

Bayanat + Yahsat agree on all-share merger

Debuting the first AI-powered space-tech company: The boards of AI-company Bayanat and satellite comms company Yahsat agreed on an all-share merger creating what would be the first AI-powered space technology company in the MENA region, according to ADX disclosures by Bayanat and Yahsat.

The new merged entity will have a market cap of AED 15 bn (c.USD 4 bn), based on the closing share prices of both companies the day before the merger announcement on Monday, as well as the issuance of 21% freefloat shares by Bayanat, according to a press release on the new entity’s website.

More details on the transaction: The merger will be carried out via a share swap, designating Bayanat as the surviving legal entity. Post-transaction, Bayanat’s shareholders will hold around 54% of the new company, with Yahsat’s shareholders claiming 46%.

Shareholder structure:G42, the owner and majority shareholder of Bayanat, will retain a 42% ownership stake in the new entity. Abu Dhabi state fund Mubadala, of which Yahsat is a subsidiary, will hold 29%. The International Holding Company (IHC), which has a 15% stake in Bayanat, will retain an 8% share in the new entity.

The merger is currently pending regulatory approvals from the Securities and Commodities Authority and the ADGM Registration Authority, as well as the approval of shareholders, who have 75% of the voting rights at the general assembly meeting of both companies.

Advisors: Houlihan Lokey counseled Bayanat with FTI Capital Advisors offering advisory support to Yahsat.

ENEC concludes final phase of Barakah nuclear energy plant

The Barakah nuclear plant’s final reactor is ready to go live: The Emirates Nuclear Energy Corporation (ENEC) revealed the completion of the Barakah nuclear power plant after the last of the plant’s four nuclear reactors was fully loaded with fuel, ENEC said in a statement yesterday. ENEC’s operating and maintenance subsidiary, Nawah Energy Company, concluded loading fuel assemblies into the reactor, bringing the UAE’s first nuclear power plant to the brink of operational capacity.

The nuclear energy watchdog greenlit Nawah’s license last month: The Federal Authority for Nuclear Regulation (FANR) granted Nawah a license in November, authorizing it to operate the fourth reactor of the Barakah nuclear plant for 60 years, Wam reported.

About Barakah: Built by the Korea Electric Power Corporation (KEPCO), ENEC launched the plant’s commercial operations in 2021, making it the first nuclear power station in the region. The three currently operational reactors, which were launched in three consecutive years from 2021 to 2023, provide around 30 TW of clean energy annually. Once operational, the fourth reactor will raise the plant’s capacity to 5.6 GW, enabling the Barakah plant to generate 25% of the country’s total electricity until at least 2083, according to ENEC. The third unit added 1.4 GW to the UAE grid back in February. Once all four reactors are fully operational, the Barakah power plant is expected to offset up to 22 mn tons of emissions annually.

ENEC still wants more: The government and ENEC have entered into talks with South Korean nuclear energy developers to build two additional reactors, at a total value of USD 15.3 bn, Pulse News, a Korean press outlet, reported in August. The Barakah One Company — a JV between ENEC and Kepco — had refinanced the 5.6 GW Barakah nuclear plant with help from Abu Dhabi Commercial Bank and First Abu Dhabi Bank in July.

UAE is loving nuclear energy: ENEC had inked three agreements in May with Chinese nuclear energy firms to cooperate in nuclear energy, high temperature gas-cooled reactors, and nuclear fuel supply and investment. ENEC also signed an agreement last week with small modular reactor (SMR) developers Moltex Flex and Ultra Safe Nuclear Corporation to scale the usage of SMR nuclear technologies both in the UAE and abroad.

What’s next? ENEC is expected to commence operating the fourth reactor in 2024. Once connected to the electricity grid, Nawah will continue to raise the fourth phase’s power levels in a process known as Power Ascension Testing (PAT). The reactor will be monitored until it reaches its maximum production capacity.

Gov’t rolls out new media regulations

New media regs: The government has introduced a number of regulations under a new federal law to promote the UAE as a media hub and streamline the Emirati media sector, Wam reports. The decree covers all forms of media, from visual, audio to digital — and also includes production, circulation, printing, and publishing of media content.Chairman of the Media Council Sheikh Zayed bin Hamdan Al Nahyan approved the law during a meeting of the council’s BoD at the National Media Office headquarters in Abu Dhabi, according to an Abu Dhabi Media Office statement.

The new law is designed to push forward transformation in the media field and provide “incentives to develop an economically impactful content industry… an emerging sector that possesses enormous growth potential, locally and regionally, and can contribute to our media and economic goals,” according to the statement

The lowdown:

The legislative framework defines the role of the Emirates Media Council and other government institutions overseeing media regulation.
The Emirates Media Council is the sole governing body authorized to issue permits for films, video games, books, and social media content. They are also responsible for determining the age ratings and age restrictions for all forms of published entertainment and media.
Individuals working in social media advertising or media content will be granted their licenses to work by the council.
The decree emphasized that all media content must align with national standards, including respect religious belief, and protection of the country’s sovereignty, symbols and institutions, and steering clear of any content that provokes violence, breaches state policies, or spreads misinformation.
The cabinet will grant practitioners in the media and entertainment industry a one-year grace period, starting from the date the law enters into force, to comply with the new regulations.

New media strategy + framework: The meeting also saw the adoption of the council’s priorities for the next three years, which includes discussing new frameworks, and the acceleration of the modernisation of the media legislative system, the statement said.

Human Resources Ministry pushes private sector companies on Emiratisation

Your business will be required to pay up if you’re not complying with Emiratisation targets by next month: The Human Resources and Emiratisation Ministry (MoHRE) urged private sector companies with 50 or more employees to meet the 2% growth target in Emiratisation for skilled jobs by 31 December, according to a ministry statement. Companies that “fail to comply with annual Emiratisation targets will be required to pay financial contributions starting from January 2024,” the statement read. Companies falling short of the target are encouraged to use the Nafis platform to access a database of qualified UAE nationals to fill private sector positions.

It’s best not to try to side-step the regs or muddle your figures: The ministry cautioned against efforts to sidestep Emiratisation commitments and emphasized the effectiveness of its inspection system. Since mid-2022, the MoHRE’s inspection team has identified 916 companies violating Emiratisation regulations, attempting to bypass Emiratisation targets, or posting inaccurate Emiratisation information. Some 18k companies adhered to the regulations, bringing the number of Emiratis in the private sector up to 88k.

New benefits were introduced for private companies committed to Emiratisation: Companies that meet the target will be prioritized for government procurement contracts, the ministry said in a statement. They will also be enlisted in the Emiratisation Partners Club and given access to Nafis company and employee benefits such as financial support and the Nafis Pension Program.

Careem enhances international remittances with iPiD partnership

Careem joined forces with tech provider iPiD to elevate the international remittance feature of Careem Pay, according to a press release. Careem Pay customers will now simply provide their receiver’s account number, and the “Breeze” feature will automatically verify the account number and display the receiver name for confirmation.

Careem eyeing up Philippines + Egypt remittance market: Careem Pay recently extended its remittances services to India and plans to expand further in the upcoming months to the Philippines and Egypt.

REMEMBER- Telecom giant e& acquired a majority stake in Careem’s super app — which includes Careem’s fintech services among other things — for USD 400 mn according to a bourse filing on the ADX. The transaction was inked back in April with the creation of a new entity dubbed “Careem Everything App,” which separates Careem’s ridesharing business, fully owned by Uber, from its non-rishesharing business.

OTHER TECH NEWS-

UAE-China cross-border remittances are now available through Botim: Astra Tech partnered with Tencent Financial Technology to allow PayBy-equipped users of its Ultra messenger app, Botim, to send international transfers to Weixin users in China, according to a press release. Botim users can notify recipients of the remittance with Weixin’s exclusive one-click ShareLink feature.

How it works: The transferred funds are deposited in Weixen’s in-app wallet or bank cards linked to the platform, depending on the recipient's choice. Weixen allows users to monitor the status of the remittance.

About the partners: The region’s leading consumer technology holding group Astra Tech acquired PayBy, Rizek, and the VoIP app Botim under a Botim umbrella operating in 155 countries. Tencent's fintech division, Tencent Financial Technology, offers mobile payment and financial services in addition to Weixen in an open ecosystem connecting consumers globally. Botim users in the UAE can send transfers to over 170 countries, owing to Astra Tech’s previous partnerships with financial service company MoneyGram and Egyptian e-payment platform Fawry. The app also features bill payments and Emirati visa services.

Investor interest in UAE tech startups is waning

Tech startups weren’t as popular for investment: Emirati tech startups collected USD 638 mn in funding year-to-date (YTD), down 65% y-o-y, Zawya reports, citing the 2023 Tracxn Geo Annual Report on UAE Tech.

Decrease in early and late-stage funding: Early-stage funding declined by 66% y-o-y to reach USD 240 mn YTD. Late-stage financing had an even larger drop, plunging 80% y-o-y to USD 175 mn. The seed stage experienced little change in support, gathering USD 223 mn YTD (a less than 10% y-o-y decline).

Acquisitions were also down: A total of sixteen acquisitions were recorded this year, marking an 11% drop from the 18 acquisitions reported last year, according to the report.

Tech startups do better in Dubai? Dubai-based tech startups racked up USD 579 mn in funding, while those in Abu Dhabi managed to squeeze USD 54 mn from investors. Umm Al Quwain-based startups had less luck, collecting only USD 5 mn.

Who were the investors? In5, Hub71, and MBRIF had the most love for UAE-based tech startups.

Fintech companies outperformed their sector, with FinTech leading the race with USD 174 mn collected in funding y-t-d. Environment Tech was runner-up with USD 168 mn, followed by Blockchain Technology, which amassed USD 167 mn.

Shaista Asif to lead PureHealth

PureHealth has a new CEO ahead of ADX listing: Healthcare giant PureHealth has appointed Shaista Asif as its Chief Executive ahead of the company’s debut on the ADX, taking over the role from Farhan Malik who was named as the conglomerate’s managing director, according to a statement a statement from the Abu Dhabi Media Office. During her tenure at PureHealth, Asif served as the group’s chief operating officer, overseeing multiple acquisitions including Abu Dhabi Health Services (SEHA), The National Rehabilitation Center (NRC), The National Health Insurance (Daman),

ICYMI- PureHealth is IPOing on ADX: PureHealth is offering a 10% stake (1.11 bn shares) on the ADX, with shares set to begin trading today. The transaction is valued at AED 3.62 bn, with each share at AED 3.26. The healthcare giant closed the subscription period last week with over AED 265 bn in orders.

What we’ve been following in UAE X-world

This morning in X-land: We’ve seen build outcry to bring the war in Sudan to an immediate end with the hashtag “ السودان # ”. We’re also seeing the hashtag الدعم السريع# “Rapid Support Forces” a hashtag that tracks the news and support of one of the factions currently at war in Sudan.

Aryam is also trending: The Sharjah born singer is also filling up our feeds today with the hashtag اريام_عجزت_اشرحلك#.

Slightly sportier: It’s transfer time for Cricket fans, so we’re noticing a lot of traction around #iplauction2023.

UAE in the News on 20 December 2023

Former Austrian Chancellor Sebastian Kurz penned an article praising the UAE’s relationship with Israel, saying it should be the model for all Middle East cooperation. (The Jerusalem Post)

Dubai-based Dutco Group also got noticed for purchasing a high-end Scottish hotel, saving it from administration. (Business Sale Report | React News)

Yellow Door to power Aldar properties + Mubadala announces new gas find in Indonesia

ENERGY-

Aldar Properties is partnering with Yellow Door Energy to power 45 of Aldar’s properties with 34 MW of solar energy, Wam reported. Yellow Door Energy will handle the construction, logistics, operations, and maintenance of the systems across the entirety of Aldar’s assets for the next two decades.

Aldar’s solar shift: Aldar has been embracing solar power as part of its Net Zero Plan, launched earlier this year to eliminate 560k tonnes of CO2 emissions by 2050. The average clean energy consumption across Aldar's entire portfolio is set to rise by 12%.

Mubadala strikes gas in Indonesia: Mubadala Energy reported a gas discovery from its Layaran-1 Exploration well off the coast of North Sumatra in Indonesia, which has 170 bn cubic meters in prospective gas resources, The National writes. This marks the company’s second big gas find in the Andaman area, following one at the Timpan-1 well in July of last year.

Masdar and the US are eyeing MENA, Africa, and Central Asia’s renewables market: State-owned renewable energy developer Masdar has signed an agreement with the US International Development Finance Corporation to explore renewables projects that can be funded across Africa, the Middle East, and Central Asia, the company said. The launch date of the project and how much each side plans to allocate were not disclosed. The Emirati and US governments launched their Partnership for Accelerating Clean Energy (PACE) back in November, aiming to jointly channel USD 100 bn for clean energy and carbon management projects, including carbon capture and storage and direct air capture ventures, by 2035.

MANUFACTURING-

A green aluminum plant comes to KEZAD: Abu Dhabi-headquartered Kings Aluminium Industries began construction on its AED 750 mn aluminum production and recycling facility at AD Ports’ Khalifa Economic Zones on Monday, Wam reports. A timeline for the project’s operational launch date was not provided.

The details: The aluminum smelting and repurposing plant will span 100k sq meters and be leased for 50 years by KEZAD Group. The facility will source raw materials from its neighbor, Emirates Global Aluminium, to convert virgin aluminum and aluminum waste into high-quality reusable metal products, cutting back on operational costs alongside emissions, whilst also aligning with Abu Dhabi's environmental goals.

ELECTRIC VEHICLES-

EHang moves into Abu Dhabi’s SAVI cluster: Chinese eVtol outfit EHang has partnered with Wings Logistics Hub, the eVtol-focused subsidiary of UAE investor EIH Ethmar International, to roll out Ehang’s autonomous eVtol aircraft in the UAE, according to a statement. The partnership will see Ehang move into Abu Dhabi’s Smart and Autonomous Vehicle Industries (SAVI) Cluster and coordinate with Wing Logistics Hub to streamline certification and operations of its EH216 series eVTOLs in the UAE. Wing Logistics plans to purchase up to 100 EH216 units from Ehang with variants for aerial logistics, transport, and firefighting. Deliveries are set to commence in the 1Q 2024, the statement said.

AVIATION-

Mongolian airline Hunnu Air commenced direct weekly flights from Ulaanbaatar, Mongola to Dubai. (Akipress)

DEBT WATCH-

NWTN Motors lands EV financing from ADIB: Abu Dhabi International Bank (ADIB) has partnered with UAE-based green mobility company NWTN Motors to provide financing for the purchase of the Emirate’s first locally manufactured EV, the Rabdan One. (Statement)

TECH-

Digital assets get ins.: Dubai Ins. is partnering with Asian insurtech company OneDegree to secure digital assets in the UAE — initially to offer commercial liability ins. — but also including professional indemnity and directors and officers insurance, according to a press release. Additionally, the entities plan to make custodial wallet insurance available, awaiting regulatory approval. Dubai Ins. also made an undisclosed investment in OneDegree as part of the union.

KSA’s Foodics aims to hit the one-billion-dollar valuation in 2024

It’s an unusually quiet morning in the MENA corner of Planet Finance as execs across the region eye the calendar and calculate how many hours are left until they can start their end-of-year holidays.

WATCH THIS SPACE- KSA’s Foodics is looking to IPO on the Tadawul — and is hoping to hit a USD 1 bn “unicorn” valuation in 2024. The company hasn’t set at timeline for its IPO. The fintech company aims to become one of the first Saudi players in the industry to make its public markets debut, GM Kamal Marghlani said in an interview yesterday.

What’s Foodics? The company is a platform that helps restaurants run everything from payments to orders, reservations, and kitchen inventory.

SPEAKING OF KSA: S&P expects the country’s economy to return to growth next year, it said in its latest report (pdf) on emerging markets. While the Kingdom’s red-hot non-oil economy continued to grow, GDP as a whole contracted slightly this year on the back of oil production cuts. Oil accounts for c. 45% of Saudi’s economy.

On the other side of the ocean: Growing optimism about the US economy (fuelled by expectations of a Fed rate cut in 2024) continues to drive up stocks and bonds, with the Dow hitting its fifth record high in as many days. The S&P and Nasdaq also closed in the green yesterday.

PREOCCUPYING TRADERS this morning:

Sneering at the ESG crowd over Tennessee’s lawsuit against USD 9.1 tn asset manager BlackRock, where the state alleges its focus on ESG was “misleading” and not in the interest of consumers;
Envying the bonuses of Goldman traders, who are taking home bigger cheques even as revenues fell;
Thinking through how to trade on shipping disruptions in our corner of the world (see this morning’s news well, above).

LOOKING AHEAD- Asian markets are in the green in early trading this morning. Europe and the Nasdaq look set to follow suit, while the S&P and Dow could open down slightly from yesterday’s high.

ADX	9,494	- 0.2% (YTD: - 7%)
DFM	3,998	- 0.2% (YTD: + 19.8%)
Nasdaq Dubai UAE20	3,776	- 0.5 % (YTD: + 6.04%)
USD : AED CBUAE	Buy 3.67	Sell 3.67
EIBOR	5.1% o/n	6.2% 1 yr
TASI	11,713	- 0.3% (YTD: + 11.79%)
EGX30	25,076	- 1% (YTD: + 71.77%)
S&P 500	4,768	+0.6% (YTD: +24.2%)
FTSE 100	7,638	+0.3% (YTD: -2.5%)
Euro Stoxx 50	4,535	+0.3% (YTD: +19.6%)
Brent crude	USD 79.23	+1.6%
Natural gas (Nymex)	USD 2.57	+3.0%
Gold	USD 2,053	0.0%
BTC	USD 42,339	-1.0% (YTD: +156.0%)

THE CLOSING BELL-

The ADX rose 0.2% yesterday on turnover of AED 337.6 mn. The index is up 19.8% YTD.

In the green: Gulf Cement (+9.9%), ADC Acquisition Corporation (+6.5%) and Burjeel Holdings (+4.8%).

In the red: Gulf Medical Properties (-8.4%), Emirates Driving Company (-8.3%) and Bidco (-4.8%).

UAE and China ink MoU on smart energy development

UAE, China to partner in smart energy: The Department of Energy in Abu Dhabi signed an agreement on Tuesday with the State Grid Corporation of China (SGCC) to establish a smart energy and power system running on diversified clean and renewable energy sources. The MoU will see our domestic power network upgraded with new underground gas-insulated cables and integrated AI-powered smart grids. The Gulf Cooperation Council Interconnection Authority (GCCIA) was also a signatory.

UAE + Egypt ink MoU to boost data center projects in Egypt: The Investment Ministry and Egypt’s Communications and Information Technology Ministry signed an MOU to establish a framework for investments in digital infrastructure, centered on data center projects in Egypt, according to a press release. The agreement looks to develop bilateral relations between public and private bodies, implement incentives, and streamline the development of data centers with a targeted capacity of 100 megawatts capacity in the first phase, ramping up to 1k megawatts in the future, the statement said.

President Sheikh Mohamed bin Zayed Al Nahyan congratulated Egyptian President Abdel Fattah El Sisi on his re-election, and expressed his commitment to enhance UAE-Egypt ties, in a statement on Twitter. President El Sisi was elected to a third term in office, and will take the oath of office in early 2024 for a six-year tenure as Egypt’s president until 2030. Initially elected in 2014, the incumbent secured 89.6% of the vote, receiving 39.7 mn votes.

CALENDAR

DECEMBER

8-31 December: Abu Dhabi MOTN Entertainment Festival

8 December-14 January: Dubai Shopping Festival, City wide.

December 21-23: Abu Dhabi World Tennis League

2024

JANUARY

1 January (Monday): New years day, national holiday.

9-11 January (Tuesday-Thursday): Dubai International Pharmaceuticals and Technologies Conference and Exhibition, Dubai World Trade Centre.

9-11 January (Tuesday-Thursday): Gulf Print and Pack, Dubai World Trade Centre.

21-23 January: World of Coffee Dubai, Dubai World Trade Centre.

29 January- 1 February: Arab Health, Dubai World Trade Centre.

FEBRUARY

12-13 February (Monday-Tuesday): Breakbulk Middle East conference, Dubai Trade Centre.

12-14 February (Monday-Wednesday): Sustainable Aviation Futures MENA Congress, Hotel Dubai Mall.

7-8 February (Wednesday-Thursday): Sharjah Investment Forum, Al Jawaher Reception and Convention Centre.

26-28 February (Monday-Wednesday): Management and Sustainability of Water Resources, Marriott Hotel Al Jaddaf.

27-28 February (Tuesday-Wednesday): Dubai Association Centre Conference, Dubai World Trade Centre.

28-29 February (Wednesday-Thursday): Ras Al Khaimah Investment and Trade Summit, Rak Exhibition Centre.

28 February-1 March (Wednesday-Friday): MENA Transport Congress and Exhibition 2024, Dubai.

Signposted to happen sometime in February:

World Trade Organization Ministerial Conference, Abu Dhabi, UAE.

MARCH

5-6 March (Tuesday-Wednesday): MRO Middle East, Dubai Trade Centre.

5-7 March (Tuesday-Thursday): World Police Summit, Dubai World Trade Centre.

5-8 March (Tuesday-Friday): Forbes’ Third Annual 30/50 Summit In Abu Dhabi During International Women’s Day

12 March (Tuesday): Start of Ramadan, public holiday.

APRIL

11 April (Thursday): End of Ramadan, public holiday.

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

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

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

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

MAY

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

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

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.

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.

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.

DECEMBER

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

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

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