Sheikh Ali bin Rashed Al Maktoum launches Hong Kong family office

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WHAT WE’RE TRACKING TODAY

THIS MORNING: Your passports will last longer + CERAWeek continues in Texas

Good morning, friends. We have another relatively brisk issue today, with a mixed bag of updates spanning capital markets, energy, and transport.

The biggest stories leading the news well this morning:

The Family Office of Sheikh Ali bin Rashed Al Maktoum inaugurated its first office outside of the UAE in Hong Kong — another indication of the UAE’s growing bullishness on Asia;
Adnoc secured another LNG supply agreement for its Ruwais project;
Abu Dhabi is planning a 25km road to link Abu Dhabi island with the mainland.

So, when do we eat? Maghrib is at 6:33pm in Dubai, and 6:36pm in Abu Dhabi. Fajr prayers are at 5:06am in Dubai and 5:10am in Abu Dhabi.

PUBLIC SERVICE ANNOUNCEMENT-

Emirati passports will now have a longer shelf life: The validity of Emirati passports for individuals aged 21 or above was extended to 10 years, from five years previously, at a cabinet meeting yesterday, reports state news agency Wam. Cabinet also expanded passport benefits to include further facilities and digital services for citizens.

HAPPENING THIS WEEK-

#1-S&P Global’s CERAWeek resumes in Houston, Texas, until Friday. Adnoc CEO, Industry and Advanced Technology Minister, and UAE Special Envoy for Climate Change Sultan Ahmed Al Jaber will be on stage along with the chiefs of ExxonMobil and BP. Al Jaber is joined by a who’s who of senior US and international policymakers, global energy and services executives, leaders of national oil companies.

This year’s big themes: The outlook for energy markets, policy and geopolitics, net-zero supply chains, the green transition in power markets, paying for the transition to greener energy, and climate and sustainability. Check out the full agenda here and the live stream here.

From day one: Aramco CEO Amin Nasser thinks the world needs to “abandon the fantasy of phasing out oil and gas,” according to statements picked up by Reuters. “We should abandon the fantasy of phasing out oil and gas, and instead invest in them adequately, reflecting realistic demand assumptions, as long as essential,” he said, adding that investments in alternative energy have yet to take the place of hydrocarbons at scale.

“All this strengthens the view that peak oil and gas is unlikely for some time to come, let alone 2030,” he said, forecasting instead that developing economies will boost demand well into 2045. Nasser sees demand hitting a new record of 104 mn bpd this year.

#2- The Souq Al Freej Ramadan market is open in Sharjah National Park until 4 April, as part of the latest Sharjah Ramadan Festival, reports Wam. The heritage-centered market spotlights local fashion and accessories and Emirati-inspired products from international brands daily from 7:30pm to 1am.

ALSO THIS WEEK- The US Federal Reserve’s Federal Open Markets Committee kicks off a two-day meeting today. Market watchers will be parsing every word when the Fed’s updated economic projections are made public tomorrow after the meeting.

WATCH THIS SPACE-

Agthia still looking to make Egypt an export hub: ADQ-owned F&B company Agthia plans to set up an export facility in Egypt to serve markets in the Gulf and North Africa, Mubarak Al Mansoori, head of the company’s snack sector and government relations, told the Middle East News Agency. No details were given on the project’s value, location, or timeline. Last year, Agthia announced its plans to make Egypt an export hub for its products.

The plan is part of a wider expansion strategy for Agthia to grow its foothold in large consumer markets such as Egypt and Saudi Arabia, according to Mansoori.

ALSO- Agthia is poised to kickstart operations at its new Nabil protein manufacturing facility in Jeddah within the next three months, Mansoori said, adding that the factory was expanded with an investment of nearly AED 84 mn. Agthia had announced the expansion in May 2022, saying that it will pour AED 90 mn into the construction of the factory “in response to strong demand from local customers.”

DATA POINTS-

#1- Subscriptions to telecom services in the UAE were up 5.5% y-o-y to 26.1 mn in 9M 2023, Al Bayan reports, citing data from the Telecommunications and Digital Government Regulatory Authority. Mobile phone subscriptions comprised 78% of total subscriptions during the period at 20.4 mn (up 6.5% y-o-y), with mobile prepaid subscriptions reaching 15.9 mn (up 5.9% y-o-y) and mobile postpaid subscriptions reaching 4.6 mn (up 8.7% y-o-y) in 9M 2023. Internet subscriptions covered 14% of total subscriptions at 3.7 mn in 9M 2023, while landline subscriptions made up 7% at 1.9 mn (up 1.2% y-o-y).

Mobile phone subscriptions saw a penetration rate of some 220 lines per 100 people in 9M 2023, while internet subscriptions recorded a penetration rate of 40 subscriptions per 100 people, and landline subscriptions charted a penetration rate of 20.8 lines per 100 people.

#2- UAE crypto investors reeled in c.USD 204 mn in capital gains in 2023, amid a strong global market recovery, blockchain data firm Chainalysis said in a press release. BTC was the preferred choice for UAE investors, contributing to 70% of their gains, followed by Ethereum at 24%, and XRP — the Ripple network’s native token — at 3%.

The UAE ranked second in the GCC for the highest absolute gains made by crypto investors, with Saudi Arabia leading with gains of USD 351 mn. No other GCC countries made it to Chainalysis’ top 50 countries globally. Chainalysis calculated that in 2023, investors in the global crypto market collectively earned USD 37.6 bn, compared to USD 127.1 bn in losses recorded in 2022.

#3- Dubai International Chamber attracted 34 new multinationals in 2023, an increase of 580% y-o-y, according to the Dubai Media Office. Asian and Australian multinationals comprised half of that figure, while Latin American and European companies and Middle Eastern and Eurasian companies accounted for 23.5% of new multinationals, and African companies made up 3%.

Multinationals offering financial services accounted for 18% of newly attracted companies during the year, followed by those in trade and logistics (15%), IT (12%), and retail, fashion, travel, and tourism (9%) sectors. Companies operating in manufacturing, mobility, and real estate sectors came in last.

Background: The chamber inaugurated 16 new international representative offices in 2023, as part of an initiative to launch 50 offices by 2030, bringing the total number of international offices to 31.

THE BIG STORY ABROAD-

Benjamin Netanyahu is sending a team to Washington after Joe Biden on Monday said that an assault on Rafah “would be a mistake.” The Israeli delegation will arrive in DC “with alternative plans for the next stage of its offensive against Hamas in Gaza.”

The story leads global front pages this morning, along with a global food monitor’s stark warning that mass death due to starvation is now imminent in Gaza “without an immediate ceasefire and surge of food to areas cut off by fighting. See: Financial Times | Reuters.

AND- Donal Trump can’t get a bond to cover the USD 454 mn civil-fraud judgment against him, the Wall Street Journal reports.

Also worth knowing about this morning: The FT wonders whether UBS can “become Europe’s Morgan Stanley”, another key exec is “joining an exodus of top female talent” from Goldman Sachs.

MEANWHILE- Tensions are again boiling between Algeria and Morocco, which cut off diplomatic relations back in 2021. Bloomberg has a good backgrounder if you want to get up to speed.

FINALLY- An internet outage affecting West Africa could take up to five weeks to resolve as crews scramble to repair a damaged undersea cable, Semafor reports. Among those impacted: Nigeria, Ghana, Senegal and Côte d’Ivoire, where websites and online banking portals are down.

CIRCLE YOUR CALENDAR-

Abu Dhabi’s industrialists career expo set for April: The Industry and Advanced Technology Ministry and Adnoc are teaming up to host the second edition of the Industrialists’ Career Exhibition set to take place between April 22 and 23 at the Abu Dhabi Energy Centre, Wam reports.

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

New USD 500 mn Al Maktoum family office inaugurated in Hong Kong

Al Maktoum Office is in Hong Kong: The Family Office of Sheikh Ali bin Rashed Al Maktoum has inaugurated a new family office in Hong Kong, making it the first Emirati family office outside the UAE, Chairman Sheikh Ali Rashed Ali Saeed Al Maktoum and Vice Chairman Eleanor Mak told Bloomberg (watch, runtime 8:45). The Hong Kong office — which is running with a fund of up to USD 500 mn — is looking to provide financing for companies across various sectors in Asia, in fields such as AI, construction, fintech, tourism, and electric vehicles, Mak said, without specifying a target size for investment tickets.

The office is poised to make its first investment in the construction and real estate sectors within this year, Sheikh Ali and Mak said, with discussions already underway with potential target companies. The two did not disclose further details on the companies they are eyeing or the expected size of the transaction.

Why Hong Kong? The city is “advanced in so many aspects and has so much to offer in terms of investment opportunities and business expansion,” according to Sheikh Ali, who also praised the city’s legal and investment management services, as well as its connection to mainland China.

The family office’s scope extends beyond Hong Kong, welcoming technologies from any countries or regions that hold potential for scalability in the UAE, according to Mak.

Background: Hong Kong is looking to attract high net worth individuals amidst its economic recovery efforts and escalating US-China relations, according to Bloomberg. With tax and residency incentives, it aims to bolster its appeal to family offices, countering Singapore’s growing dominance in hosting family offices.

Adnoc secures 15-year LNG supply agreement for Al Ruwais

Adnoc to supply SEFE subsidiary with 1 mn tons of LNG: Abu Dhabi National Oil Company (Adnoc) signed a preliminary 15-year agreement with SEFE Marketing & Trading Singapore, a subsidiary of Germany’s state-owned energy firm Securing Energy for Europe (SEFE), to supply it with 1 mn tons of liquefied natural gas (LNG) per year, Wam reports. The LNG will be sourced from Adnoc’s Ruwais LNG project, with deliveries set to commence in 2028 once the facility is operational.

What’s next? A finalized agreement will be subject to receiving regulatory approval and the companies reaching a definitive sale and purchase agreement. Adnoc is yet to make a final investment decision on the Ruwais project, expected to be reached in 1H 2024. With the facility set to double the firm’s LNG export capacity, Adnoc will use its own funds to further expand production.

ICYMI- Adnoc awarded an early engineering, procurement, and construction contract for the Ruwais project last week to a JV between engineering companies Technip Energies and JGC Corporation, and National Marine Dredging Company subsidiary National Petroleum Construction Company.

Adnoc is lining up Ruwais supply agreements: Adnoc inked a similar 15-year agreement with China’s ENN Natural Gas in December to deliver some 1 mn tons of LNG annually from the new plant. Adnoc Gas had also inked a 10-year contract with India’s state-owned natural gas company Gail to supply it with 500k tons of LNG per year, without specifying where the LNG will be sourced from.

The company also inked LNG export agreements valued between USD 9.4 and 12 bn in 2023, including a 14-year LNG supply agreement with the Indian Oil Corporation, a three-year agreement with Total Energies, and a five-year agreement with Japan Petroleum Exploration.

Abu Dhabi greenlights AED 3 bn road projects, including 25km road to Abu Dhabi island

Abu Dhabi’s Integrated Transport Center will allocate AED 3 bn to new trafficimprovement projects, aimed at slashing commute times, making roads safer, and improving connectivity between regions, it said on X (watch, runtime: 0:56).

The largest upgrade will be the establishment of a 25 km road, four to five lanes wide, connectingAbu Dhabi Island to themainland via a string of intermediary islands, state news agency Wam reported. The road will have capacity for 8-10k vehicles per hour in both directions, and looks to connect developments throughout Abu Dhabi while relieving congestion along axes linking Abu Dhabi island to the mainland, Wam said.

The project will progress in two phases: The first phase will link Al Saadiyat Island and Umm Yifienah Street, to Sheikh Zayed bin Sultan Street and Al Reem Island, while the second phase connects Umm Yifeenah Island to Al Raha Beach, the E10 road, Al Khaleej Al Arabi Street E20, and Madinat Zayed.

Other projects: The projects also include improvements to Al Khaleej Al Arabi Street and Musaffah Road, and the development of bridges on Abu Dhabi-Al Ain Road and 79th street in Mohamed bin Zayed City.

Shuaa Capital moves one step closer to capital increase

Shuaa Capital is asking bondholders to restructure some USD 150 mn in outstanding bonds owed by a special purpose vehicle it owns, saying in a DFM filing (pdf) that the “amended terms and conditions” have already been agreed by 25% of bondholders.

Why this matters: The bonds are due on 31 March. The investment bank’s board said yesterday that it was asking bondholders to allow it to stretch payment terms as part of a wider restructuring that it says is a checkpoint on the road to a “capital injection that will restore business stability and continuity.”

Reading between the lines: It seems bondholders are being asked to convert at least some of their debt holding into equity in Shuaa. “The proposal also offers the best available option to noteholders by offering cash settlement and the opportunity to participate in the equity of the company.” The statement doesn’t make clear the specifics of what Shuaa is offering bondholders.

Shuaa said in its 3Q earnings presentation (pdf) that this was coming: 93% of bondholders had agreed at the time to extend the maturity of the USD 150 bn bond until the end of 1Q 2024. Shuaa is looking to then go forward with a “capital reduction and rights issue” to increase its capital.

The company expects to wrap up the restructuring process by June as it repositions itself to focus on asset management and investment banking, it said as it released its preliminary FY 2023 results.

Refresher: Shuaa approved the bonds back in October 2020 (pdf), priced at a coupon of 7.5% and listed on the London Stock Exchange’s International Securities Market.

ADX, DFM rebalance benchmark indices + S&P rebalances two UAE indices

The ADX and the DFM have completed their semiannual rebalance, adding new companies to their indices and adjusting the weights of others.

FTSE ADX indices welcome five new entrants: The Abu Dhabi Securities Exchange added five companies to its benchmark FTSE ADX General Index and FTSE ADX 15 (FADX15) Index, according to a statement. The FTSE ADX 15 counts the top ADX listed companies according to a combination of free float adjusted market cap and median daily trading value, according to an ADX FAQ sheet (pdf).

The new entrants: E7 Group, Investcorp Capital, and Phoenix Corp were all added to the FTSE ADX General Index, while Pure Health Holdings and Phoenix Corp were added to the FTSE ADX 15 index.

DFM updates share weights: The Dubai Financial Market (DFM) also adjusted the weights of listed shares on its General Index (DFMGI) and Shari’a Index (DFMSI) as part of its semiannual rebalance, the bourse said in a statement.

The heavyweights: The rebalance saw 10 companies account for 73.48% of the general index, with Emirates NBD, Dubai Islamic Bank, Emaar Properties, and Dubai Electricity and Water (Dewa) maintaining their weight at 10% each, followed by the Commercial Bank of Dubai with 6.5%, Air Arabia with 5.97%, Dubai Investments with 5.57%, and Emaar Development with 5.43. Air Arabia’s weight was adjusted from December’s 6.19%.

A technical glitch in the FTSE ADX 15 index led to an erroneous reading of an initial market increase of over 6% after the index’s semi-annual rebalancing, Asharq Business reports. The index was up 0.73% at the close of trading.

S&P REBALANCES TWO UAE INDICES-

S&P also completed the quarterly rebalancing for two indices last week, removing one security and adding one to its S&P UAE Domestic Shariah Liquid 35/20 Capped Index. The rebalancing also included a switch of three constituents from the S&P UAE BMI Liquid 20/35 Capped Index.

S&P Shariah Liquid 35/20: Ghitha Holding was added to the index, while Deyaar Development Company was rotated out, Abu Dhabi-based asset management firm Lunate Capital — which has an exchange-traded fund for the S&P index — said in a DFM disclosure (pdf).

S&P UAE BMI Liquid 20/35: Al Seer Marine Supplies & Equipment Co, Ghitha Holding, and Salik Company were all added to the index, while Arkan Building Materials, Dubai Financial

Market, and Taaleem Holdings were removed, according to a separate DFM disclosure (pdf).

SOUND SMART- So what exactly is rebalancing, you ask? Rebalancing is a form of index maintenance that adjusts the constituents (fancy-talk for the traded companies that make up the index) to make sure representation is in line with the index’s overall goal, whatever it might be. The ADX and DFM each set inclusion rules based on freefloat market capitalization and trading activity, which are designed to create an index that includes companies or constituents that are both large and actively traded.

Masdar secures EUR 488 mn to fund Baltic Eagle wind farm acquisition, eyes acquisitions in India

Masdar secures funds for Baltic Eagle acquisition: UAE renewables firm Masdar has reached financial close on EUR 488 mn in funding to secure its 49% acquisition of the 476 MW Baltic Eagle wind farm off the coast of Germany, according to a statement published on Friday. The lending package marks Masdar’s largest EUR-denominated financing.

Refresher: Masdar entered a strategic agreement with Spanish utility provider Iberdrola last July to co-invest in the purchase of the EUR 1.6 bn project.

About the wind farm: Baltic Eagle is currently being built off Germany’s northeastern coast and will comprise 50 wind turbines, each with a 9.53 MW generation capacity. The project — which is slated to kick off initial operations by the end of 2024 — will produce 1.9 TWh of clean energy once it achieves full production capacity, providing renewable power to some 475k homes and offsetting c. 800k tons of carbon emissions annually. 100% of Baltic Eagle’s production volume has already been sold via long-term offtake agreements.

Who’s backing the transaction? ABN AMRO, Credit Agricole CIB, ING, Santander, and Siemens Bank have contributed to the lending package, and Santander acted as financial advisor.

Masdar is expanding its EU presence: Masdar also finalized the acquisition of a 49% stake in the UK’s 3 GW Dogger Bank South wind farm from German energy giant RWE earlier this month. The company agreed with RWE to co-develop the Dogger Bank South wind farm which will be split across two sites with 1.5 GW of capacity each. The first 800 MW of electricity is expected to come online in 2029. Masdar and RWE are also operating the 630 MW London Array offshore wind farm.

IN OTHER MASDAR NEWS-

#1-Masdar is among six investors exploring acquiring majority stakes in India’s Ayana Renewable Power, a clean energy company owned by the Southeast Asian country’s National Investment and Infrastructure Fund (NIIF), Indian outlet The Economic Times reports, citing sources it says are in the know. The sale of a majority stake is expected to value Ayana at USD 1 bn in equity, with an enterprise value of USD 2.5-3 bn. Non-binding bids are expected by mid-April.

REMEMBER- Masdar is also eyeing an undisclosed stake in Turkish wind producer Fiba Yenilenebilir Enerji.

#2- Another Uzbekistan venture: Masdar signed an agreement with Uzbekistan’s state hydroelectric power producer JSC Uzbekhydroenergo to explore the feasibility of developing large-scale pumped storage hydro projects across Uzbekistan, according to a statement released on Friday.

Pumped storage hydro? Pumped storage hydro is crucial for stabilizing the intermittent supply from renewable sources like solar and wind, offering a utility-scale storage solution. Masdar already connected 1.4 GW of renewable energy from wind and solar projects to Uzbekistan’s grid last December.

RAKBank taps Mohamed Omran Alshamsi as its new chairman

The National Bank of Ras Al Khaimah (RAKBank) board of directors voted to tap Mohamed Omran Alshamsi (LinkedIn) as chairman of itsboard of directors, according to an ADX disclosure (pdf). RAKBank’s board also elected Shaikha Amneh AlQasimi as vice chairman of the board.

Du secures fintech license + Dubai is getting a new university

FINTECH-

EITC obtained licenses from the CBUAE to provide digital finance services: Emirates Integrated Telecommunications Company (EITC) — more commonly known as du — received licenses from the Central Bank of the UAE to offer new digital financial services, according to a press release. The licenses will allow telecommunications company du to provide a variety of digital financial services “that align with the evolving needs and preferences of customers in the digital era,” according to the release.

EDUCATION-

Dubai will establish a new university backed by a AED 400 mn donation from luxury real estate firm Sobha Realty as part of the Mother’s Endowment fund, an X post by Dubai’s crown prince.

The Sharjah National Oil Corporation will fund six research projects within the American University of Sharjah’s College of Engineering, after the two inked an agreement yesterday, reports Wam. The projects focus on zero-emission fuel cell electric vehicles, hydrogen infrastructure, sustainable wastewater treatment, and ultrasonic and microwave non-destructive testing for pipe inspection. A portion of the funds will go towards developing a sustainability index model to guide the selection of sustainable contractors.

INFRASTRUCTURE-

#1- Dubai’s Roads and Transport Authority (RTA) is expanding a project aimed at cutting down response times to road accidents, according to a statement. By the end of 2024, the Traffic Incident Management Unit project will integrate four more main road corridors, expanding coverage to 17 traffic corridors and streets from 13 currently. The project involves the introduction of temporary traffic detours, aid for drivers, and assistance in managing traffic during events. There will be strategically positioned rapid response vehicles to promptly reach accident sites, with a goal of achieving a 10-minute response time and 15-minute clearance time.

#2- The RTA also completed the third phase of its accessible facilities project, according to the Dubai Media Office. Around 26 facilities, including the head office, bus stations, parking terminals, customer centers, administrative buildings, and Al Jaddaf Marine Transport Station, now meet set standards.

LOGISTICS-

Emirati port operator DP World is set to develop a new USD 50 mn logistics center in South Korea’s Busan New Port, according to a statement released last week. Construction on the DP World Busan Logistics Centre (BLC) is slated to begin at the end of the year with operations kicking off by 2Q 2026, the statement notes.

What we know: BLC will cover 75k sqm and have the capacity to process some 80k TEUs of cargo a year by 2028. The facility will provide assembly, processing, and packaging to local and regional customers while specializing in the handling of key South Korean exports including cars, automotive parts and materials, fishery equipment, and machinery, the statement said.

HEALTHCARE-

#1- Healthcare services platform Burjeel Holdings plans to become carbon neutral and is aiming for zero waste to landfill by 2040, as part of its new environmental, social, and governance (ESG) strategy, state news agency Wam reports. The company also plans to reduce water consumption by 10%, implement patient education programs, and secure accreditations for its hospitals.

#2- Hayat to ramp up healthcare delivery in Kenya: Abu Dhabi-based pharma firm Hayat Biotech inked an agreement with Kenya BioVax Institute to bolster vaccine manufacturing in Kenya, according to the Abu Dhabi Media Office. The agreement will see the health players swap expertise and establish task forces and educational grant programs to boost capacity building, with monitoring and evaluation systems implemented to track progress.

#3- More supplements coming to the UAE: Chicago-based healthcare group Cosmos Health received a Consumer Product Registration Certificate from Dubai’s Public Health and Safety Department, allowing it to sell its Sky Premium Life vitamins and supplements in the UAE for five years, it said in a statement.

BUSINESS-

ADCCI and ADGM ink agreement to strengthen Abu Dhabi’s business environment: The Abu Dhabi Chamber of Commerce and Industry (ADCCI) inked an agreement with Abu Dhabi Global Market (ADGM)’s Registration Authority to bolster the business and investment environment in Abu Dhabi, according to a press release. This collaboration focuses on simplifying the registration and licensing processes for freezone companies and easing their membership into the chamber. It also emphasizes collaboration in exchanging information, sharing data, producing economic reports, and organizing events to boost dialogue and networking.

REAL ESTATE-

#1- Aldar sells Abu Dhabi penthouse for AED 137 mn: Abu Dhabi-based real estate developer Aldar Properties sold the emirate’s “most expensive apartment“ for AED 137 mn at its beachfront project, Nobu Residences on Saadiyat Island, according to a press release (pdf). Spanning 1.4k sqm, the three-bedroom penthouse was sold at over AED 96k per sqm “[representing] the highest price achieved in the emirate,” the press release reads.

#2- Adrec teams up with Bayut, Property Finder to improve real estate regulatory environment: Abu Dhabi Real Estate Centre (Adrec) inked two MoUs with real estate platforms Bayut and Property Finder to improve real estate data accuracy and help streamline property purchasing for customers, according to a statement from the Abu Dhabi Media Office. The partnerships will see Adrec cooperate with the two platforms to organize programs and workshops geared towards gathering market insights from sector players, monitoring property advertisements, addressing regulatory issues, and promoting real estate locally and internationally.

ENERGY-

#1- Lootah + UAE partner on biofuels: The Energy and Infrastructure Ministry and Lootah Biofuels have signed an MoU to develop, promote, and utilize biofuels in the UAE, according to a statement. Lootah and the ministry will collaborate on research and development efforts to establish a biofuels market in the UAE and exchange knowledge through workshops and seminars for industry stakeholders.

Not their first partnership: The ministry signed an agreement with Lootah last month to collaborate on energy initiatives, promote the use of biofuels, raise awareness about sustainable fuel alternatives, and facilitate knowledge exchange in the biofuels sector.

#2- The UAE is now a member of the Response and Assistance Network, an International Atomic Energy Agency (IAEA) network geared towards international nuclear and radiological emergency assistance, Wam reports. The UAE’s capabilities in radiation survey, analysis, radiological assessment, medical support, and nuclear installation assessment will now be accessible to all IAEA Member States.

SPORTS-

Kalm sets up shop in Abu Dhabi: Esports consultancy for player development Kalm inaugurated its global headquarters in Abu Dhabi, with support from Abu Dhabi Investment Office ’s Access Abu Dhabi program, according to the Abu Dhabi Media Office. Kalm will use its new office in the emirate to network with government, private sector, federation, and team stakeholders, and promote its data science and AI-powered athlete health and wellbeing strategy in the region.

About Access Abu Dhabi: The program fast-tracks global reach for companies — particularly those founded by women and “minorities” — by providing them with expansion windows to Abu Dhabi.

FOOD AND BEVERAGE-

Biggest caviar packing facility launched in Abu Dhabi: GCC conglomerate OJO Group and Elevate Investments launched a caviar packing facility in Abu Dhabi under the Numero Uno brand, a press release reads.

KSA’s Public Investment Fund is reportedly in talks to acquire Saudia

PIF eyes Saudia acquisition: Saudi Arabia’s sovereign wealth fund Public Investment Fund (PIF) is reportedly in early talks to acquire the kingdom’s national carrier Saudia as soon as next year to add it to its aviation assets portfolio, Bloomberg reports, citing sources it says have knowledge of the matter.

What we know: The ownership of the flagship airliner would be taken over by PIF from thegovernment with the intention of improving its efficiency and profitability, the sources said. The flagship carrier could be either privatized or merged with Riyadh Air — a second flagship carrier being set up by PIF, they added.

Details are scant: There is no clarity as to how Saudia would be valued by PIF, which has received government-owned assets at no payment in the past as an intermediary step towards their privatization, Bloomberg said. There are also no firm decisions as of yet, with talks still at an early stage, and it is possible that the acquisition may be put off or canceled altogether, sources told the outlet.

PIF wants Riyadh Air to be the Gulf airlines boss: The sovereign wealth fund launchedRiyadh Air in March last year in efforts to compete with regional rivals Emirates and Qatar Airways. It is set to kick off its operations next year and has a target of operating flights between 100 destinations by 2030. Saudia will also bid adieu to capital Riyadh by 2030 to make way for Riyadh Air and will instead shift its focus towards operations in Jeddah’s King Abdulaziz International Airport.

THE MARKET THIS MORNING-

Asian markets are solidly in the red this morning, with traders sitting tight ahead of interest rate decisions later today from Japan and Australia. European and US stock futures all slid overnight, suggesting that key Wall Street and continental benchmarks will follow suit later today.

ADX	9,289	+0.7% (YTD: -3.0%)
DFM	4,275	+0.3% (YTD: +5.3%)
Nasdaq Dubai UAE20	3,727	+0.7% (YTD: -3.0%)
USD : AED CBUAE	Buy 3.67	Sell 3.67
EIBOR	5.2% o/n	5.4% 1 yr
TASI	12,772	+0.1% (YTD: +6.7%)
EGX30	29,091	-6.3% (YTD: +16.9%)
S&P 500	5,149	+0.6% (YTD: +8.0%)
FTSE 100	7,723	-0.1% (YTD: -0.1%)
Euro Stoxx 50	4,983	-0.1% (YTD: +10.2%)
Brent crude	USD 86.89	+1.8%
Natural gas (Nymex)	USD 1.72	+0.8%
Gold	USD 2,161	0.0%
BTC	USD 67,549	-1.3% (YTD: +56.8%)

THE CLOSING BELL-

The DFM rose 0.3% yesterday on turnover of AED 389.6 mn. The index is up 5.4% YTD.

In the green: Al Firdous Holdings (+12.1%), Emaar Properties (+2.2%), and GFH Financial Group (+1.9%).

In the red: Orascom Construction (-7.5%), Watania International Holding (-3.2%) and Salik Company (-3.0%).

Over on the ADX, the index is up 0.7% on turnover of AED 940 mn. Meanwhile, in Nasdaq Dubai, the index closed up 0.7%.

CORPORATE ACTIONS-

E7 Group Company intends to initiate a share split and share buyback, according to an ADX disclosure (pdf), which does not disclose further details on the size of the split and buyback program. The matter will be discussed at the company’s upcoming board meeting scheduled for 25 March.

RAKBank’s board approved distributing AED 623.6 mn in dividends for 2023, equivalent to 31 fils per share, according to an ADX disclosure (pdf).

President Mohamed bin Zayed Al Nahyan meets Angolan counterpart. PLUS: FinMin reps join Opec Fund Ministerial Council session

President Mohamed bin Zayed Al Nahyan met with Angola’s President João Manuel Gonçalves Lourenço yesterday to discuss ramping up bilateral cooperation in economy, trade, investment, development, and renewable energy, Wam reports.

Finance Ministry representatives joined the ministerial council session of the OPEC Fund for International Development yesterday, receiving updates on the agenda for the upcoming Ministerial Council Meeting, according to a Finance Ministry statement.

CALENDAR

MARCH

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

21 March (Thursday): Parkin shares begin trading.

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

25 March (Monday): E7 board of directors meeting to approve share split and buyback.

26 March (Tuesday): Chimera JPMorgan UAE Bond UCITS ETF to debut on the ADX.

APRIL

TBC April: DRIFTx, Abu Dhabi.

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

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

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

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

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

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

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

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

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

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

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

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

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

MAY

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

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

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

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

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

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

14-16 May (Tuesday-Thursday): The Airport Show, Dubai World Trade Centre.

15 May (Wednesday): HFM Summit, DIFC.

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

19 May (Sunday): Investopia Europe, Milan.

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

JUNE

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

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

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

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

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

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

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

JULY

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

SEPTEMBER

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

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

OCTOBER

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

NOVEMBER

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

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

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

DECEMBER

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

9-10 December (Saturday-Sunday): The Bitcoin Mena Conference, Adnec Centre Abu Dhabi.

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

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