Saudi Tadawul Group acquires strategic stake in Dubai Mercantile Exchange

1

WHAT WE’RE TRACKING TODAY

It’s the last day of Davos + Saudi Tadawul Group snaps stake in Dubai Mercantile Exchange

Good morning, ladies and gentlemen, and welcome to a rather busy (and investment-heavy) news morning with which to round out the week.

THE BIG STORY here at home is Saudi Tadawul Group’s acquisition of a stake in Dubai Mercantile Exchange, which is now rebranding as the Gulf Mercantile Exchange. We have the full story in this morning’s news well, below.

It’s the final day of the World Economic Forum at Davos, following a busy few days that saw many regional heavyweights take to the stage to discuss the state global economy today and the road ahead. You can find the full program of the final day here.

FROM DAY FOUR-

We’re eyeing infrastructure investments in Brics nations: Joining Brics will bring us a lot of investments, Economy Minister Abdulla Bin Touq Al Marri said during a panel (watch, runtime: 39:04) on the Brics’ expansion at the World Economic Forum yesterday. The UAE has committed “a sum of money” into the Brics’ New Development Bank. Al Marri said, without clarifying the exact amount, adding that we’ll be looking at working on infrastructure developments for Brics countries.

“Joining Brics is not a political stance; it’s an economic stance,” Al Marri said. The UAE’s focus is to ramp up supply of essential products and services, and it will do so by putting a “South-South” agenda alongside the Brics nations, and continuing to engage with the West, Al Marri said.

ALSO- The UAE has the most resilient labor market in the Middle East region, with a ranking of 33 out of 126 countries on Whiteshield’s Global Labor Resilience Index (pdf) unveiled during the World Economic Forum.

WATCH THIS SPACE-

#1- Some oil tanker traffic is creeping back towards the Red Sea, with two Aframax tankers that had initially diverted away from the waterway turning back and passing through Bab Al Mandab on Wednesday, Reuters reports, citing tracking data from LSEG and Kepler. The two tankers — one flying the Marshall Islands’ flag and the other with the Indonesian flag — last called at Fujairah, although their final destination remains unclear.

Oil markets can endure Red Sea disruptions in the short term but there could be tanker shortages if the situation persists, as tanker fleets contend with longer voyages and delays, Aramco CEO Amin Nasser told Reuters at Davos. Demand growth and tighter stocks — after consumers used up 400 mn barrels of reserves in the past two years — are expected to further tighten markets, Nasser said. Nevertheless, spare capacity in OPEC could fill shortfalls in the market, he added.

#2- We’re going to see 300 cloud seeding missions this year from the Research Program for Rain Enhancement Science to address water scarcity and boost rainfall, Al Arabiya reports, citing an official from the National Center of Meteorology, which manages the research program. The country deploys around the same number of missions annually depending on the availability of “amenable clouds.” Scientists use several methods for the seeding process and use unmanned aerial vehicles and AI for experiments.

Cloud seeding has been a big thing in the UAE for nearly a decade: The country set up a research centre in 2015 to support new tech developments in the field, which has funded 11 projects, including one focused on the use of nanotechnology to develop cloud seeding materials.

MARKET WATCH-

E7 Group has successfully de-SPACed: Abu Dhabi-based E7 Group — a security solutions, commercial printing, distribution, and sustainable packaging company — is now trading on the Abu Dhabi Securities Exchange under the ticker E7, following a successful listing through its special purpose acquisition company (SPAC) merger with ADC Acquisition Corporation, according to a press release.

ICYMI- E7, formerly known as United Printing & Publishing Sole Proprietorship and part of the ADQ holding company, became a public company after it listed its shares on ADX in November via the inaugural SPAC in the MENA region, which raised AED 1.1 bn.

FAST FACT- ADX is the first MENA market with comprehensive SPAC listing rules under the new UAE regulatory framework.

THE BIG STORY ABROAD-

US Congress signed off yesterday on a short-term spending bill that will stave off a partial government shutdown, after the bill earned approval from the Senate earlier in the day. The bill will now make its way to US President Joe Biden for approval and will allow for the extension of government spending on federal agencies at their current level until early March. (Financial Times | Reuters | Bloomberg | Wall Street Journal)

DATA POINTS-

#1-A record 15.37 mn tourists visited Dubai in the first 11 months of 2023, up 20% y-o-y, according to Dubai’s Department of Economy and Tourism. The bulk of tourists (c.19%) came from Western Europe, followed by 13% from Russia and Eastern Europe, according to the data.

#2- Dewa saved nearly 920 mn liters of water since the launch of Smart Ball: Dubai Electricity and Water Authority (Dewa) has caught 81 leaks in Dubai’s water transmission network since installing its Smart Ball technology in April 2021, saving close to 920 mn liters of water (equivalent to AED 9.66 mn) in a little over a year and a half, reports state news agency Wam. The authority cut water network losses to 4.5% by the end of 2022, beating comparable North American figures, which recorded 15%.

SOUND SMART- Smart Ball technology employs sensitive acoustic sensors to screen over 35 km of underground water transmission pipelines per day for leaks and anomalies — all without disrupting water flow. The devices catch nicks before they escalate, reducing operational costs.

#3-Individuals without access to government aid have received AED 17.8 mn worth of assistance from Sharjah Charity International (SCI) over the past year,reports Sharjah 24. The aid, which benefited 11.3k people, was sourced from SCI’s Zakat fundand dispersed monthly to HQs and subsidiary departments in Al Madam, Al Dhaid, Kalba, Khorfakkan, and Dibba Al Hisn.

#4-The UAE’s laboratory equipment market is expected to reach USD 1.5 bn by 2027, growing 7% annually in the next three years on the back of an influx of new residents, the prevalence of chronic disease, and ongoing investments in healthcare, according to a Grand View Research report. The local clinical diagnostic market will also expand to USD 592 mn by 2030, up from its current value of USD 345 mn.

CIRCLE YOUR CALENDAR-

Empower is heading to Chicago: District cooling firm Emirates Central Cooling Systems Corporation (Empower) will attend the American Society of Heating, Refrigerating and Air-Conditioning Engineers conference in Chicago, tomorrow through to next Wednesday, 24 January, according to a DFM disclosure (pdf). The company plans to finalize an agreement related to refining the district cooling guide that the two sides initiated at the COP28.

World of Coffee Dubai kicks off on Sunday, 21 January at the Dubai World Trade Center, bringing together stakeholders in the UAE’s coffee industry, including producers, retailers and traders. The event — which includes lectures and workshops, as well as a barista championship — runs until Tuesday, 23 January.

The IAAPA Middle East Trade Summit is set to take place from next Monday-Wednesday (22-24 January) on Yas Island in Abu Dhabi. The event will feature a trade connections area with 41 companies as well as sessions, events and tours.

Abu Dhabi will host Transport Middle East from next Tuesday through to Thursday, 25 January at the InterContinental. The event will see more than 30 speakers come together to tackle the current challenges in global transportation and logistics.

Young entrepreneurs can pitch their early education startup ideas at the AbuDhabi Youth Challenge: Techstars Startup Weekend, running for three days from Friday, 2 February, to Sunday, 4 February at Cloud Spaces ADGM in Abu Dhabi. Participants get 54 hours to develop startup ideas under the mentorship of founders and investors, form teams with which they can develop a demo or prototype, and then present their ideas to a panel of judges. The top three teams will get AED 30k.

The Middle East Bunkering Convention will take place from Monday, 5 February through to Wednesday, 7 February at the Hilton Dubai Jumeirah. The event will bring together industry experts to tap into issues affecting the global marine fuel sector, including supply chains, decarbonization, and new fuels.

The UAE Tour Women will take place from 8-11 February starting in Dubai and ending in Abu Dhabi. The event will feature three sprint stages and a mountain climb up Jebel Hafeet, spanning 468 km from Dubai to Abu Dhabi. Riders will compete for the competition’s Red, Green, White and Black jerseys.

The Sustainable Aviation Futures MENA will kick off on Monday, 12 February through to Wednesday, 14 February at Kempinski Central Avenue. The event will see 80 expert speakers and upwards of 200 high level attendants and will handle topics pertaining to regulation, financing, and investments in Sustainable Aviation Fuels (SAF) in MENA.

The UAE will host the Future Warehouse & Logistics 2024 Conference from Monday, 12 February to Wednesday, 14 February in Dubai. The event will handle means for supply chain leaders to boost resilience and overcome challenges, with discussions on disruptions, sustainability, Internet of Things (IoT), automation, workplace management and other topics.

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

WE WANT TO HEAR FROM YOU

Do you want to send us a press release, pitch us a story, or send in comments, criticism, or suggestions? Email us on uae@enterprise.news and we’ll be in touch directly. Feel free to pass this email on to your comms professionals or agency and ask them to reach out to us or put us on their distribution list.

AND- We’re open to interview pitches, so do get in touch.

ALSO- We’re happy to let you know that the EnterpriseAM UAE website is up and running with all of our back issues online.

Having trouble getting the website to open or clicking through to a page? Hit CMD-shift-R in your browser on a Mac or Ctrl-F5 on a PC. Do that a couple of times and you should be good to go.

*** Were you forwarded this email? Tap or click here to subscribe and receive you own copy of EnterpriseAM UAE at 7am UAE time — available without charge thanks to the support of our friends at Mashreq.

*** Do you want to be among the first readers of our upcoming KSA edition? Tap or click here to get EnterpriseAM Saudi on our first day later this month.

Saudi Tadawul Group acquires strategic stake in DME, rebrands to Gulf Mercantile Exchange

Saudi Tadawul Group (STG) is acquiring a 32.6% stake in Dubai Mercantile Exchange (DME) for USD 28.5 mn, according to a press release. The acquisition will see STG acquiring the strategic stake in DME’s parent company, DME Holdings Limited, making it the company’s largest shareholder, along with financial services company CME Group, Reuters reports. Other DME Holdings Limited shareholders include Oman Investment Authority and Dubai Holding. The agreement also grants STG the option to increase its ownership in the future.

The fine print: After the STG investment, DME will continue to operate out of the Dubai International Finance Center, and will remain under the regulation of the Dubai Financial Services Authority. CME Group will continue offering its CME Globex trading technology and clearing services to Gulf Mercantile Exchange. The CFTC’s oversight of CME Clearing’s operations will remain unaffected.

Cementing regional role: As part of the agreement, STAG is rebranding DME to Gulf Mercantile Exchange, which the company says is meant to emphasize DME’s role as a major commodities exchange in the Middle East with global significance, according to the press release.

Keeping the DME Oman contract out of it:The agreement stipulates that no changes will occur to any aspect of DME Oman contract and that “no Saudi Arabian crude oil contract will be traded, sold or bought on, or indexed to, nor will Saudi crude be delivered against, the DME Oman contract via DME” to maintain neutrality and price discovery.

What is the DME Oman contract? DME hosts the DME Oman contract, the world’s largest physically delivered crude oil generator. This contract ranks as the third most important global benchmark for crude oil and is utilized by five national oil companies in GCC countries.

OTHER M&A NEWS-

Seventy Second Investment Company secures approval for stake acquisition in India’s Manipal Health Enterprises: India’s competition watchdog has granted a unit of Mubadala’s Mamoura Diversified Global Holding approval to obtain a stake in one of India’s major healthcare facilities, Business Standard reported, citing a filing by the Competition Commission of India. Mubadala’s investment vehicle — dubbed Seventy Second Investment Company — will acquire the undisclosed stake in the company.

About Manipal Health Enterprises: The Manipal Education and Medical Group (MEMG) subsidiary and healthcare provider has a network of 33 hospitals spanning 17 cities, according to its website.

Dubai and Pakistan ink USD 3 bn framework agreements to cooperate on rail and a new economic zone

The government of Dubai has signed two investment framework agreements worth USD 3 bn with Pakistan to cooperate on railways, economic zones and infrastructure, according to a statement by Pakistan Railways Chairman Syed Mazhar Ali Shah.

The details: The agreements cover the development of a dedicated rail-based freight corridor, multi-modal logistics park, and freight terminals, according to the statement. Infrastructure improvement at Pakistan’s Qasim International Container Terminal will be carried out and an economic zone near the terminal will be developed at Port Qasim.

Who is doing what: DP World will serve as a developer on behalf of the Dubai government, and Pakistan Railways and Port Qasim Authority will work on behalf of the Pakistan government, the statement notes.

More about the freight corridor: A 50 km rail-based dedicated freight corridor will run from Karachi Port to the Pipri Marshalling Yard, passing through Karachi, in a bid to improve efficiency, transport times and reduce the overall cost of logistics, the statement notes.

And the new economic zone: DP World will develop a new economic zone at Port Qasim in a bid to attract some USD 3 bn investments, the statement notes. As part of the agreement, DP World will also carry out dredging to improve Qasim International Container Terminal’s infrastructure.

The UAE ♥️ Pakistan: The government also agreed to roll over two USD 1 bn deposits owed by Pakistan for a second year this week, and inked a slew of MoUs for investments in logistics and port operations last November.

IN OTHER DP WORLD NEWS- The company inked a MoU with Pakistani investment conglomerate JW Holdings to develop trade and logistics infrastructure in Pakistan, Pakistan’s Industries and Production Minister Gohar Ejaz said on X. No details regarding the investment ticket or a project timeline were disclosed.

Details: The pair will collaborate to develop and operate special economic zones, logistics parks, and other infrastructure. The move looks to improve logistics and industrial competitiveness, attract investments, and create jobs, Ejaz said.

G42 invests big in new edge computing company

International Holding Company-backed AI and tech group G42 launched an edge computing company, Analog, during the World Economic forum in Davos yesterday, it said in a press release. No details were provided on how much G42 invested in the startup or whether the startup is backed by other investors.

About Analog: The startup will operate out of Abu Dhabi, and will focus on developing AI-driven solutions for edge computing, including by incorporating smart sensors to “establish a seamless connection between people, places, and things,” the press release said. The startup is headed by Alex Kipman, who formerly led the Microsoft team that developed its augmented reality headset, and was behind the Xbox Kinect motion controller.

Uh, Enterprise, what’s edge computing? Edge computing entails processing data near where it’s being generated through a network of devices, as opposed to processing data through a distant server, resulting in faster and more immediate results.

What they said: “We will be harnessing data coming from [mns] of sensors to help businesses grow their bottom line while devising solutions that are human-centric in approach,” Kipman said.

Analog is not looking for more funding at the moment, the National quoted Analog CEO Alex Kipman (LinkedIn) as saying. “We are a made-in-the-UAE company and, initially, we want to focus on this market only as we see massive potential here … gradually, we will decide on expanding to new markets,” he said.

Finance ministry issues new PPP regulatory framework

PPPs now have a legislative framework: The Finance Ministry has set a new legislative framework to regulate public-private-partnerships (PPPs) in a push toward boosting the role of the private sector in national projects, according to a ministry statement. The law came into effect on 1 December.

The details: The new law aims to boost investments in valuable government initiatives, and leverage private sector expertise and technology to increase the efficiency of strategic projects, state news agency Wam reports. It will also “accelerate the implementation of projects that offer an added value for public funds, minimize financial and operational risks on the government, transform the management of some infrastructure projects and public services, and enhance the competitiveness of projects in local, regional, and global markets,” Wam said.

What are the types of partnerships subject to the new law? The law applies to any partnership project “proposed by a federal entity and wholly or partially funded by the private sector.” According to NR Doshi and Partners, those can include:

Build, operate, transfer (BOT) frameworks;
Build, own, operate, transfer (BOOT) frameworks;
Build, own, operate (BOO) frameworks;
Build, own, lease, transfer (BOLT) frameworks;
Financial benefit from assets;
Management contracts.

Exemptions: The law excludes public asset and privatization projects, supply and procurement contracts related to national security, as well as public companies and government-affiliated bodies and projects. The law also will not be applied retroactively.

Background: Before this law existed, public-private partnerships were governed by a decree (pdf) the cabinet had issued in 2017. The Dubai and Abu Dhabi governments had also individually adopted PPP laws, with the former issuing a law in 2015 and the latter issuing one in 2019.

OTHER LEGISLATION NEWS-

Umm Al Qaiwan Chamber of Commerce and Industries will undergo a restructuring under a new decree issued by Umm Al Qaiwan Ruler Sheikh Saud bin Rashid Al Mu’alla, Wam reports. The restructuring comes in a bid to elevate the emirate’s economic growth by attracting new investments and developing local industries, Wam said. The law is expected to come into effect after it gets published in the Official Gazette.

Amea Power expands in Africa with USD 150 mn solar plant in Mozambique

Amea Power’s Mozambique project valued at USD 150 mn: Amea Power has partnered with Mozambique’s Hidropower to establish a USD 150 mn, 125 MW Matambo solar plant, capable of powering 150k homes, according to a statement by Dubai International Chamber (DIC). The project was originally signed with Mozambique’s Banco Nacional de Investimento on the sidelines of COP28 and is expected to offset around 233k tons of CO2 annually.

What they said: “The demand for renewable energy in Mozambique and the Southern African region as a whole is increasing; this solar photovoltaic project will not only help meet this demand, but also significantly reduce carbon emissions,” said Amea Power Chairman Hussain Al Nowais.

More African expansion for Amea: Amea Power announced in December a 50 MW solar power plant in the Ivory Coast after signing a concession agreement and a 25-year power purchase agreement (PPA) in January. The company is also building South Africa’s 120 mn, 120 MW Doornhoek solar energy plant.

B2B travel tech platform Tumodo raises USD 35 mn to fuel growth

UAE-based B2B travel tech platform Tumodosecured USD 35 mn in a pre-seed funding round,led by MENA-focused angel investors, according to a press release. The funding will support Tumodo’s growth in the UAE market, product development, and exploration of partnerships in the MENA market.

It will also help its expansion plans: Tumodo aims to expand its platform to 25 more countries by 2026, the press release said. The company is also working on an AI feature to streamline the trip booking process, it added.

About Tumodo: Established in 2023, Tumodo streamlines the process of booking flights and hotel accommodation for businesses. The platform has been utilized by 100 businesses in the MENA region, providing access to bookings on 400 airlines and some 2 mn accommodation options.

Sharjah Islamic Bank’s net income rose 31% to AED 841.5mn in 2023

Sharjah Islamic Bank (SIB)’s net income rose 31% y-o-y to AED 841.5mn in 2023, Sharjah24 reports. The bank’s operating bottom line also rose 23% y-o-y to AED 2 bn in 2023.

Breakdown: Net income from financing and investment products rose 20% y-o-y to AED 1.5 bn. Net fees, commissions, and other income totaled AED 275.5 mn during the year, up 23% y-o-y.

The bank increased its impairment provisions 26.4% y-o-y to AED 439 mn amid challenging global economic conditions, as the bank’s management looked to take a “proactive risk management approach.” The bank maintains a strong liquidity position, with a 21% liquidity ratio at AED 13.7 bn and a financing-to-deposits ratio of 73%.

Dividends: The bank’s board of directors recommended a 10% dividend, pending approval at the upcoming general assembly meeting.

UBP Middle East has a new CEO + Sharjah Government appoints new dep’t heads

Union Bancaire Privee Middle East has a new CEO: Swiss private bank Union Bancaire Privee has named Mohamed Shoukry (LinkedIn) as the new CEO of its Dubai-based subsidiary, UBP Middle East, Zawya reports. Shoukry previously served in senior roles at Citi, JP Morgan, National Bank of Abu Dhabi (now FAB), and with our friends at Mashreq Bank.

He will succeed Mohamed Hamed Abdellatif, who held the position since 2015, while Abdellatif takes on the role of co-head of the bank’s Middle East and Africa region division alongside Walid Shash.

Two Sharjah government departments have appointed new heads:

#-1 Sharjah Crown Prince Sultan bin Mohammed bin Sultan Al Qasimihas appointed engineer Lamia Al Shamsi as director of the Sharjah Digital Department, reports Wam. Al Shamsi was previously serving as the director of the Sharjah government’s development department.

About SDD: The government launched SDD this month in place of the Sharjah E-Government Department and the Sharjah Digital Office. The office provides electronic channels for government-to-government and government-to-citizen interactions, according to its LinkedIn.

#2- Al Qasimi appointed the previous director of the Municipal Affairs Department,Salem Abdullah Dhahi Al Kaabi, as director of Sharjah’s agriculture and livestock department, reports Sharjah 24. The move was carried out under the government’s new special jobs system.

DET awards the sustainability stamp to 70 hotels

70 hotels in Dubai got a sustainability stamp: The Dubai Department of Economy and Tourism (DET) awarded 70 hotels in Dubai the Dubai Sustainable Tourism Stamp due to their adherence to DET’s 19 sustainability requirements, according to a press release. The requirements span sustainable practices, energy and resource management plans, guest education, the creation of sustainability committees, and corporate social responsibility, the press release adds.

Eleven of the hotels got the gold stamp, which reflects the highest standards of sustainability, including Raffles, Rove City Walk, and Pullman Dubai Downtown. The bronze stamp went to 31 hotels, while 28 got the silver stamp, the press release adds. You can find the full list of hotels here.

Asian Cup + Pakistan and Iranian tensions on UAE X

In sporting news, there was plenty of chatter on #الامارات_فلسطين (The Emirates vs Palestine), in relation to the Asian Cup match that ended in a 1-1 draw.

Meanwhile, X users also discussed the recent escalations between Iran and Pakistan, with top hashtags in Farsi, #پاکستان_کا_جوابی_وار (Pakistan’s war of retaliation) circulated heavily in support of more military action against Iran.

!_InsertUAESponsorBlock_!

Dubai is getting its second-tallest building soon + crypto watchdog greenlights BTB Prime license

REAL ESTATE-

#1- Real estate developer Azizi Developments has broken ground on a USD 1.5 bn tower in Dubai, poised to become the city’s second tallest structure, according to a press release. The project, which is located on Sheikh Zayed Road, encompasses a vertical mall, luxury residences, penthouses, a 7-star hotel and restaurants. The tower is expected to be completed in four years

#2- Dubai-based capital-raising firm Greenstone Equity Partners has become the sole GCC distributor for North American real estate investment firmTrez Capital after inking an agreement with the company, according to a press release. The agreement will grant the firm’s investor partners in the GCC access to Trez Capital’s short-duration, income-oriented private real estate funds in the US.

INFRASTRUCTURE-

Industrial facilities in Fujairah will be connected to the emirate’s natural gas network as part of an agreement between the Fujairah Oil Industry Zone and the Emirates General Petroleum Corporation (Emarat), according to Wam. The agreement will cover the extension of Fujairah’s natural gas network in a bid to encourage the use of natural gas in industry, commerce, and energy, as the country works to move towards a net zero carbon economy.

CRYPTO-

Dubai’s crypto watchdog greenlights license for BTB Prime: Crypto liquidity provider B2B Prime ’s subsidiary B2B Prime Digital MENA obtained initial approval ahead of being granted the official virtual asset services provider (VASP) license from Dubai’s Virtual Assets Regulatory Authority, according to a press release. VARA’s initial approval enables B2B Prime to complete the VASP licensing procedures that will allow it to offer its virtual asset services in Dubai.

E-COMMERCE-

Cari to offer Khalifa Fund F&B companies delivery service benefits: Food delivery app Cari will offer Abu Dhabi-based Khalifa Fund for Enterprise Development -affiliated food and beverage companies with exclusive benefits to help them optimize delivery operations, according to a press release. Under the partnership, Cari will dedicate specific account managers for the businesses, as well as waive registration and renewal fees, and reduce customer acquisition costs charged to clients to AED 36 from AED 48 for restaurants and to 12 AED from 48 AED for cafes.

WASTE MANAGEMENT-

Recycling initiative coming to Jebel Ali: Emirates Global Aluminium (EGA) and Lebanon-based waste management startup Nadeera have partnered up to bring Nadeera’s community recycling initiative to areas near EGA’s plant in Jebel Ali, according to a press release. Nadeera’s Yalla Return app — which incentivizes communities to recycle with tech-enabled bins and a rewards program — will be rolled out to some 4k houses near the plant.

TELECOMS-

Dubai-based telecom operator Dulaunched a new network assurance platform for its enterprise customers, dubbed Care Connect, according to a press release. Designed to collect and categorize network data, the platform will help companies with their IT operations to eliminate the need for third-party data collection applications.

UAE State Minister holds talks with Bosnia Presidency Member on strengthening collaboration

State Minister Ahmed bin Ali Al Sayegh and Bosnia Presidency Member Zeljka Cvijanovic discussed potential cooperation in tourism, education, health, and aviation during a meeting yesterday, Wam reports. The leaders also signaled their interest in exploring areas of common interest for future cooperation.

Reddit could IPO this March

Social media platform Reddit is looking to sell a 10% stake in an IPO York this March and has “drawn up detailed plans” to push forward its plans to go public, which have been in the making since 2021, Reuters reports, citing sources with knowledge of the plans. The company had “filed confidentially for its IPO in December 2021 [and] is planning to make its public filing in late February” before kicking off the IPO roadshow and completing the roadshow in March, Reuters’ sources said.

The transaction has previously hit bumps in the road — and could be pushed back again, the sources said, after the company previously decided to shelve its IPO plans “until it came closer to profitability.” Reddit had also delayed going public as market conditions “shut down the IPO market for much of the last two years,” Reuters notes.

ADX	9,719	-0.1% (YTD: +1.5%)
DFM	4,052	-0.9% (YTD: -0.2%)
Nasdaq Dubai UAE20	3,833	-0.6% (YTD: -4.5%)
USD : AED CBUAE	Buy 3.67	Sell 3.67
EIBOR	5.1% o/n	5.1% 1 yr
TASI	11,959	-0.9% (YTD: -8.32%)
EGX30	26,842	+0.3% (YTD: +7.8%)
S&P 500	4,780	+0.9% (YTD: +0.2%)
FTSE 100	7,459	-0.2% (YTD: -3.5%)
Euro Stoxx 50	4,453	+1.1% (YTD: -1.5%)
Brent crude	USD 74.00	-0.1%
Natural gas (Nymex)	USD 2.70	+0.3%
Gold	USD 2,025.90	+0.21%
BTC	USD 41,265.18	-3.3% (YTD: -6.7%)

THE CLOSING BELL-

The ADX fell 0.1% yesterday on turnover of AED 1.16 bn. The index is up 1.5% YTD.

In the green: Al Wathba National Ins. (+14.9%), Umm Al Qaiwain General Investment (+13.6%) and Rak CO. (+10.3%).

In the red: Abu Dhabi National (-3.7%), Q Holding (-3.3%) and Apex Investment (-3.3%).

Over on the DFM, the index fell 0.9% on turnover of AED 304.8 mn.

CALENDAR

JANUARY

16-20 January (Tuesday-Saturday): The Sharjah Real Estate Exhibition, Expo Centre Sharjah.

17-20 January (Wednesday-Saturday): Acres Real Estate Exhibition 2024, Sharjah Expo Centre.

19 January (Friday): The Abu Dhabi Extreme Championship 2 (ADXC 2), Mubadala Arena.

21-23 January (Sunday-Tuesday): World of Coffee Dubai, Dubai World Trade Centre.

22-24 January (Monday- Wednesday): IAAPA Middle East Trade Summit, Yas Island in Abu Dhabi.

23-25 January (Tuesday-Thursday): The Unmanned Systems Exhibition (UMEX) and the Simulation and Training Exhibition (SimTEX), Abu Dhabi National Exhibition Centre (ADNEC), Abu Dhabi.

24-25 January (Wednesday-Thursday): WFC FinTech Dubai 2024.

26-28 January (Friday-Sunday): Dubai Challenge Cup, Al Maktoum Stadium, Dubai.

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

31 January – 6 February (Wednesday-Tuesday): Emirates LitFest, InterContinental Hotel Festival City.

FEBRUARY

1 February (Thursday): New amendments banning trucks weighing over 65 tonnes to take effect.

1-15 February (Thursday-Thursday): InClassica Dubai International Music Festival 2024, Dubai Opera.

2-4 February (Friday-Sunday): Sharjah Classic Cars Festival.

2-4 February (Friday-Sunday): All Africa Festival Abu Dhabi.

2-4 February (Friday-Sunday): Abu Dhabi Youth Challenge Techstars Startup Weekend, ADGM, Abu Dhabi.

3-11 February (Saturday-Sunday): Mubadala Abu Dhabi Opening, Zayed Sports City’s International Tennis Centre.

5-7 February (Monday-Wednesday): Middle East Bunkering Convention, Dubai, UAE.

5-8 February (Monday-Thursday): Medlab Middle East, Dubai.

6-7 February (Tuesday-Wednesday): The Middle East ProcureTech Summit, Dubai, UAE.

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

8-9 February (Thursday-Friday): International Crop-Science Conference & Exhibition 2024, JW Marriott, Marquis Dubai.

8-11 February (Thursday- Sunday): The UAE Tour Women.

9 February (Friday): Abu Dhabi International Airport to be renamed to Zayed International Airport.

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.

12-15 February (Monday-Thursday): Future Warehouse & Logistics, Dubai, UAE.

19-23 February (Monday-Friday): Gulfood 2024, Dubai World Trade Centre.

22-24 February (Thursday-Saturday): International Freight Forwarders Conference 2024 Dubai, Hyatt Hotel.

23-25 February (Friday-Sunday): Taste of Dubai Festival, Skydive Dubai.

23 February – 3 March (Friday-Sunday): Maritime Heritage Festival Abu Dhabi.

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.

26-29 February (Monday-Thursday): World Trade Organization Ministerial Conference, Abu Dhabi, UAE.

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

28-29 February (Wednesday-Thursday): UAE delegation attends ‘Invest in Austria’ conference, Vienna.

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

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.

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

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

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

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

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

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

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

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

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

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

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

JULY

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

SEPTEMBER

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

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

OCTOBER

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

NOVEMBER

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

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

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

DECEMBER

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

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

Sections

About

Privacy & Support

Get EnterpriseAM daily