Two real estate companies are investing overseas

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WHAT WE’RE TRACKING TODAY

THIS MORNING: Flight availability puts UAE in fifth place globally for international air connectivity

Good morning, ladies and gentlemen, and happy almost-FRIDAY. As we race towards the weekend, we have a brisk and meaty issue to keep you on your toes, with plenty of news diversity this morning.

THE BIG STORY here at home is two local real estate firms inking contracts overseas — in Bahrain and Egypt — for new real estate projects. Eagle Hills and UDC Real Estate are investing a combined AED 14.7 bn in the two markets, after signing agreements yesterday.

^^We have the full rundown in this morning’s news well, below.

PUBLIC SERVICE ANNOUNCEMENT-

Expect some (extra) traffic in Dubai today: Traffic will be halted for 10-15 minutes along street intersections to make way for cyclists of the UAE Tour 2024, Dubai’s Road and Transport Authority said. The route runs from the Dubai Police Officer’s Club to the harbor, and is set to start at 12:35pm.

HAPPENING TODAY-

#1- The Dubai Dutyfree Championships enters its quarter-final round,with five of the top 10 world players set to compete in the quarterfinals. Today will see World No.1 Iga Swiatek on the court with no. 6 Qinwen Zheng at 5pm. The World Tennis Association tour will run until Saturday, 2 March. You can buy tickets for both the women’s WTA tournament and the men’s ATP here.

Swiatek and Coco Gauff are among those who have made it to the third round, while Aryna Sabalenka made a shock exit yesterday, losing 6-7 (5-7) 6-3 6-0 to Donna Veki.

#2- The world's largest F&B event, Gulfood 2024, continues at Dubai World Trade Centre: The event brings together suppliers, distributors, and chefs, to discuss the future of F&B. The event opened its doors on Sunday and concludes this Friday.

#3- The Step Conference wraps today at Dubai Internet City. The high-profile two-day event will host 400 startups and hundreds of global tech investors for tracks including fintech, wellness, earth, and AI.

#4- UAE Innovates 2024 will head to its final leg in Dubai today, reports state news agency Wam.

#5- The International Freight Forwarders Conference 2024 is on its second day today, wrapping up next Sunday, 24 February. The logistics event brings global freight forwarders to the Hyatt Hotel in Dubai.

#6- The Ajman Real Estate Investment Exhibition also kicks off its second day today,reports El Balad. Organized by Ajman’s Land and Real Estate Regulation department, the three-day showcase includes presentations and dialogue on Ajman’s property sector, to promote investment in real estate projects.

AND TOMORROW-Taste of Dubai opens its doors: The four-day food festival will bring together 16 of the emirates' best restaurants at Dubai Marina’s Skydive Dubai.

WATCH THIS SPACE-

#1- e& expects to close its acquisition of Czech investment firm’s PPF Group’s units in Central and Eastern Europe within the next few weeks after obtaining the final regulatory approvals, e& CEO Hatem Dowidar told CNBC (watch, runtime 4:01), saying that the acquisitions will serve as e&’s gateway to “expand its telecoms footprint… and evaluate potential investments” in Eastern Europe.

ICYMI- Bulgaria’s Competition Protection Commission greenlit e&’s acquisition of Bulgarian mobile operator Yettel Bulgaria and telecoms infrastructure provider Cetin Bulgaria from PPF Group. e& had agreed to acquire a 50% stake plus one share in PPF Group’s telecoms units in Bulgaria, Hungary, Serbia, and Slovakia for EUR 2.5 bn (AED 9.9) last August.

#2-Abu Dhabi close to inking PPAs for Al Ajban: Abu Dhabi’s water and electricity procurer Emirates Water and Electricity Company (Ewec) is in the “final stages” of signing a power purchase agreement with an undisclosed company to develop the 1.5 GW Al Ajban solar plant, The National quotes Ewec’s CEO Othman Al Ali as saying. It is also close to receiving regulatory approvals, Al Ali said.

ICYMI- Ewec appointed last week a consortium of France’s EDF and Korea Western Power to develop the 1.5 GW Al Ajban solar IPP project for an estimated investment ticket of USD 748 mn.

About the plant: Slated for completion in 2026, Al Ajban — Ewec’s third solar power project — is expected to generate enough electricity to power around 160k homes across the country.

MORE FROM EWEC- The company expects its 1.5 GW Khazna Solar farm to become operational by 2026 or 2027, Al Ali revealed.

#3-Emirates Red Crescent’s “Ramadan 2024 Campaign” will target more than 1.8 mn individuals in the UAE and abroad,the humanitarian organization said on X. The campaign provides Ramadan-related assistance — including food and Eid clothing — and will offer some AED 14.7 mn in aid to over 1 mn beneficiaries in the UAE, in addition to aid totaling AED 22.9 mn to over 806k individuals across Asia, Africa, Europe, and South America, reports Emarat Alyoum.

Special aid aims to alleviate Palestinian suffering in Gaza: Emirates Red Crescent plans to hand out 10k Iftar meals in war-torn Gaza daily throughout the month. The organization dispatched lorries carrying over 240 tonnes of relief supplies to Gaza through Egypt’s Al Arish yesterday, state news agency Wam reported.

DATA POINTS-

#1-The UAE ranked fifth in the world for international air connectivity in 1H 2024, according to data from travel and tourism analytics firm Mabrian. The analysis, which is based on available flight schedules, shows the UAE providing 41.8 mn air seats during the six-month period, marking a 12.2% y-o-y increase.

#2- Emirati telcos paid AED 8.2 bn in royalties in 2023: Telecoms operators e& and du paid a total of AED 8.2 bn as federal royalty to the government in 2023, marking a 9.4% y-o-y increase from 2022, Albayan reports. Individually, e& paid some AED 6.3 bn, up 9.7% y-o-y from the AED 5.77 bn paid in 2022, according to the company’s financial statements (pdf), while du paid AED 1.89 bn in royalties, up 8.4% y-o-y, the company said in its financial statements (pdf).

#3- The Human Resources and Emiratisation ministry slapped some 34k companies with fines for violating labor laws in 2023, according to a ministry statement. The ministry foundsome 33k cases of companies failing to pay employees via the wage protection system, as well as false documentation and non-compliant worker accommodation.

#4- Nearly 6.5k new food and beverage companies have registered with Dubai Chamber ofCommerce in 2023,bringing the total number of F&B companies to almost 23k, reports state news agency Wam.

#5- The value of rental contracts in Ajman reached AED 4 bn in 2023, up 39.92% y-o-y,according to The Ajman Municipality and Planning Department ’s annual report. This growth amounted to AED 716 mn, across residential, commercial and investment contracts.

THE BIG STORY ABROAD-

US chipmaker Nvidia reported a 265% y-o-y jump in quarterly revenues on the back of a splurge in AI spending that has now pushed the company’s valuation to USD 1.7 tn — surpassing that of tech goliath and Google parent company Alphabet, reports the Financial Times. Net income also skyrocketed 770% during the same period to USD 12.3 bn.

Wall Street was expecting some impressive numbers, but not quite this: Revenues came in at USD 22.1 bn for 4Q 2023, 8% more than Wall Street forecasts of USD 20.4 bn. Revenues for the current quarter should come in larger still at around USD 24 bn, according to the chipmaker.

A “tipping point” for AI and the big tech landscape: “Accelerated computing and generative AI have hit the tipping point,” Nvidia CEO and founder Jensen Huang said. “Every company is built on their proprietary business intelligence and, in the future, their proprietary generative AI.”

CIRCLE YOUR CALENDAR

Trends Research and Advisory and the International Institute for CulturalDiplomacywill host a conference on Monday, February 26 focusing on advancing cooperation between the UAE and Central Asia,reports Wam. The conference features roundtable discussions and working sessions involving ambassadors from the relevant countries.

Mobility startups can pitch ideas for sustainable transportation solutions at Dubai’s Roads and Transport Authority’s Startups Challenge, held concurrently with UAE Innovates, starting February 26. You can register for the challenge by sending a nomination request here.

The World Trade Organization’s Ministerial Conference is scheduled from Monday, 26 February, to Thursday, 29 February, in Abu Dhabi. Trade ministers are meeting “at a difficult conjuncture” this year, with factors like regional and eastern European geopolitical tensions and upcoming election threatening to hamper negotiations for global trade agreements, Reuters cites WTO Director-General Ngozi Okonjo-Iweala as telling reporters in Geneva.

The Investopia Summit will take place from Wednesday, 28 February, to Thursday, 29 February, in Abu Dhabi. The two-day event will run under the theme “Emerging Economic Frontiers: Investing in Fast-Growing Sectors in the New Economy,” gathering investors, government officials, and entrepreneurs to explore investments in strategic markets.

The MENA Transport Congress and Exhibition 2024 is set to take place from 28 February to 1 March at the Dubai World Trade Centre. Look for 2k attendees and 65 speakers, including industry leaders, researchers, and government officials to be in attendance.

Dubai WoodShow is scheduled to start Tuesday, 5 March, at the Dubai World Trade Centre. The two day event will welcome more than 680 international exhibitors, showcasing the latest trends and technologies in the global wood and woodworking machinery sector, according to a press release.

Beyond Global Trade opens its doors on Thursday, March 7 at the Edition Hotel in Dubai, according to a LinkedIn statement. The event — held in collaboration between the Economy Ministry, LexisNexis and law firm Al Tamimi — will see speakers from the UAE government, the United Nations Commission on International Trade Law, and Emirati businesses discuss trade and tech, including digital trade, e-commerce, data protection, and consumer rights.

Dubai to host the Airport show in May: The largest annual exhibition dedicated to the region's airports industry, the Airport Show, is set to take place in Dubai from 14 to 16 May, 2024, at the Dubai World Trade Centre, according to the event website. The event will showcase around 150 exhibitors from over 20 countries, attracting an expected 7.5k visitors from over 30 countries.

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

Abu Dhabi’s Eagle Hills Bahrain ink agreement for USD 4 bn real estate firm

Lots of overseas real estate investments: Two Emirati developers have inked agreements to invest a combined AED 14.7 bn in real estate projects in Bahrain and Egypt.

#1- Eagle Hills, Bahrain set up USD 4 bn firm: Abu Dhabi-based developer Eagle Hills International signed an agreement with Bahrain to establish a USD 4 bn (AED 14.7 bn) real estate development company dubbed Binaa Al Bahrain, according to Bahrain News Agency.

About Binaa Al Bahrain: The firm was established through a commercial partnership inked with Bahrain’s sovereign wealth fund Mumtalakat ’s real estate arm Edamah, which will see Binaa Al Bahrain operate in Bahrain to develop a portfolio of multi-purpose projects “across strategic locations in the Kingdom,” Eagle Hills Chairman Mohamed Alabbar said.

The new entity comes on the heels of Eagle Hill’s successful projects in Bahrain, such as Marassi Al Bahrain, which was launched “to meet the needs of the Bahraini society and support the kingdom's national economic development efforts,” Alabbar said.

#2- Emirati developer secures land in Egypt’s New Cairo: UAE-based Mohammad Omar Bin Haider Holding Group (MOBH) subsidiary UDC Real Estate Development has received a land plot in New Cairo’s Al Andalus to build a EGP 60 bn (AED 7.13 bn) mixed-use development, according to an Egyptian cabinet statement. The project marks MOBH’s entry into the Egyptian market, with the developer hoping to launch more projects in the country in the future, CEO Mohamed Al Battarni said.

Introducing The Crest: The project — dubbed The Crest — will span some 665k sqm and willfeature residential, administrative, entertainment, commercial, and hospitality units. UDC will work on the project in cooperation with Cairo-based property developer IL Cazar, the statement reads, without specifying what role IL Cazar will play.

UDC is paying in FX for the land, Al Battarni said,as Egypt continues to face a foreign currency shortage. The statement did not clarify whether the total EGP 60 bn investment would go towards acquiring the piece of land.

What’s next? UDC will prepare the project’s general plan and construction schedule and present it before September. The eight-year construction period will kick off once the plan and schedule are approved.

Abu Dhabi-backed RedBird IMI to gain control over Barclays’ UK assets

Abu Dhabi-backed Redbird to hold the Barclays’ UK assets as collateral: Abu Dhabi’s International Media Investments-backed RedBird IMI could gain control over the Barclay family’s businesses in the UK after the family pledged all of its UK assets as security to the GBP 1.2 bn loans provided by RedBird IMI, the Financial Times reports, citing filings from the UK’s Companies House register.

The assets: Six of the Barclays’ companies have registered new transaction fees tied to the RedBird IMI loan, including registered charges by digital retailer The Very Group, the salmon-colored paper said. Securing these assets as collateral gives Redbird IMI the right to take control of the assets in case of default.

Background: The Barclays entered into a debt-for-equity swap with RedBird IMI 2023 to repay the GBP 1.2 bn in debt it owes to Lloyds Bank in order to regain control over the Telegraph. The Abu Dhabi-backed vehicle — a JV between RedBird Capital Partners and UAE-based International Media Investments — agreed in December to repay the Barclays’ debt in full under a GBP 600 mn convertible loan that will see RedBird IMI take over The Telegraph and its sister publication, The Spectator, and another GBP 600 mn loan secured against other assets owned by the Barclays.

ICYMI- The transaction has been contested in the UK, with 73 British MPs including a cabinet minister and frontbenchers from both political parties calling to halt the takeover, followed by UK Culture Secretary Lucy Frazer issuing an order to prevent any further changes to the ownership of The Telegraph until the UK government completes its investigation into the takeover of the newspaper.

The Barclay family is struggling to escape insolvency: The news comes against the backdrop of a Barclay family member selling over 100 real estate properties on the island of Sark in a bid to raise liquidity as he “faces a petition from a leading private bank to declare him personally bankrupt,” the Telegraph reported in January. The Barclays have also been reportedly looking to sell their parcel delivery firm, Yodel.

ICYMI-Abu Dhabi-backed RedBird IMI also finalized an agreement to acquire UK-based media group All3Media from Warner Bros and Liberty for GBP 1.15 bn (AED 5.33 bn), according to a statement last Friday. The purchase of All3Media is the group's fifth and largest acquisition to date. RedBird IMI head and former CNN Global President Jeff Zucker will chair All3Media's board, with group CEO Jane Turton and COO Sara Geater retaining their roles.

IN OTHER M&A NEWS-

nybl + Saudi Basserah set up AI JV: Dubai-based AI startup nybl finalized an agreement to merge and form a JV with Saudi data automation firm and Nomd subsidiary Basserah, integrating the latter’s products, systems, and intellectual property under the nybl brand, according to a press release. The merger will help the companies expand regionally and globally by establishing a “vertically integrated data-AI pipeline,” the press release reads.

About nybl: Launched in 2019, nybl is a machine-learning platform that aims to democratize access to AI technology by offering services to facilitate the development of codeless machine learning models and applications. The platform provides real-time data failure prediction, prescription, prevention, and optimization.

What they said: “nybl and Basserah have demonstrated a long-term commitment to increasing local value and contributing to the economic and technological development of Saudi Arabia and the UAE. Our goal is to establish ourselves as the technological foundation for the world's leading corporations, and this merger has significantly expedited our progress toward achieving this objective,” nybl co-founder and COO Mohammed Shono said.

Edge and Italy shipbuilding giant Fincantieri to establish a JV

Edge and Italy’s Fincantieri team up on naval manufacturing: Defense conglomerate Edge Group and Italian shipbuilding giant Fincantieri have agreed to form an Abu Dhabi-based joint venture to manufacture advanced naval vessels, with a commercial pipeline valued at EUR 30 bn, Edge said in a press release.

Ownership breakdown: Edge will own 51% of the JV, while Fincantieri will own the remaining balance, alongside managing operations of the company.

The details: The JV will focus on engineering and designing frigates and other large maritime vessels, as well as the sales and commercial operations of the vessels, the statement said. It will also establish a dedicated design authority in a bid to develop intellectual property with the help of both Emirati nationals and international contributions. The JV will also create a program for mid-sized submarines.

Who are the vessels for? The JV has priority rights for contracts outside Nato, as well as strategic orders from some Nato members, the statement said, without disclosing who the members are. Edge will use the UAE’s government-to-government arrangements and export credit financing packages for its orders.

FAB launches five-year USD 850 mn debt

First Abu Dhabi Bank (FAB) placed a five-year fixed-income debt issuance at 90 basis points (bps) over US treasuries, Reuters reports, citing IFR. The issuance is worth USD 850 mn, according to Al Arabiya. The bank had tightened pricing from an earlier 120 bps on the back of strong demand, with some USD 2.1 bn in orders.

Advisors: The UAE's largest lender appointed CitiBank, HSBC, ICBC Dubai, Societe Generale, and Standard Chartered Bank as joint lead managers and bookrunners for the transaction.

This marks FAB’s second debt issuance of the year: FAB issued a five-year, USD 800 mn sukuk in mid-January at 85 bps over US treasuries, with a 4.8% yield. The shariah-compliant bonds were part of a USD 5 bn trust certificate issuance program announced last January.

Dewa and Masdar reach financial close for sixth phase of MBR PV park

Dewa, Masdar secure AED 5.5 bn for sixth phase of UAE’s Al Maktoum solar park:Dubai’s Electricity and Water and Authority Dewa and UAE’s state owned renewables giant Masdar have reached financial close on the 1.8 GW sixth phase of the Mohammed bin Rashid Al Maktoum Solar Park in Dubai, according to a statement. The sixth phase will see the total production output increase to 4.66 GW by 2026 — up from the previously reported 4.2 GW — the statement added.

Where the money will come from: The lending group to the project includes Abu Dhabi Commercial Bank, Commercial Bank of Dubai, First Abu Dhabi Bank, HSBC, Standard Chartered Bank, Abu Dhabi Islamic Bank, and Warba Bank.

The project: Dewa established a JV with Masdar for the plant — dubbed Shuaa Energy 4 — with the former holding 60% of the company, allocating some AED 5.5 bn to establish PV panels under an independent power producer (IPP) model. The project — which will be constructed by India’s Larsen & Toubro’s (L&T) construction arm — is expected to kick off operations in phases between 4Q 2024 and 2026. It’s expected to provide clean energy for approximately 540k households and offset about 2.36 mn tons of carbon emissions annually.

Al Mal Capital’s REIT saw net income rise in 2023

Dubai Investments subsidiary Al Mal Capital’s real estate investment trust (REIT) saw its net income rise 73% y-o-y to AED 34.5 mn in 2023, according to the company’s financial statements (pdf). The company’s topline almost doubled, growing 93% y-o-y to AED 44.8 mn over the year. Al Mal Capital’s total assets also jumped 75% y-o-y to AED 624 mn in 2023.

The real estate fund attributed the robust performance to the acquisition of two schoolsthat were leased to Gems Education, resulting in “deployment of a major part of unitholders’ equity, increased lease rental income, and upscaling the dividend payout to achieve the target dividend return of 7%.”

Looking ahead: “The fund is seeking to upscale the unitholders’ capital in 2024 and is working towards a capital offering to shore up the equity base to acquire new assets and grow the portfolio.”

ICYMI- Al Mal recently said it plans to issue 400 mn new units at a price of AED 1.1 per unit, leading to a share capital increase of AED 790 mn if fully subscribed.

Stanislas Brun appointed as Etihad Airways’ vice president of cargo

Etihad Airways appointed Stanislas Brun (LinkedIn) as vice president of cargo, based in Abu Dhabi, according to a press release. Brun will oversee all aspects of cargo commercial operations, including revenue management and network planning. Brun has over two decades of experience in freight air transport, including more than two decades in the EMEA region. He most recently served as senior vice president of global airfreight at logistics firm Geodis, overseeing global air cargo operations.

Abu Dhabi Ship Building appointed Najwa Aaraj (LinkedIn) as a board member,effective from this past Tuesday, 20 February, according to an ADX disclosure (pdf). Aaraj replaces Mansour Al Mulla. Aaraj serves as the chief researcher at the Cryptography Research Center and the Autonomous Robotics Research Center at the Technology Innovation Institute, where her focus is on technological advancement of cryptographic and quantum communication, alongside leading developments in autonomous robotics and self-navigating vehicles.

Fifa boss Gianni Infantino is in town

Yesterday UAE X welcomed FIFA boss Gianni Infantino, who came into town yesterday and met with President Sheikh Mohammed bin Zayed Al Nahyan. In related football news, Al Ain (#نادي_العين) were also trending after making it through to the quarter finals of the AFC champions league, thanks to a goal from Sufian Rahimi (#سفيان رحيمي).

Burjeel expands in Riyadh

HEALTHCARE-

Burjeel to launch surgery centers in Riyadh: ADX-listed healthcare provider Burjeel Holdings plans to launch two specialized day surgery centers in Riyadh by 2025, as part of its regional expansion in Saudi Arabia, according to an ADX disclosure (pdf). The centers will provide minimally invasive services in oncology, gynecology, orthopedics, and neurology, with capex investments of USD 30-40 mn each. The facilities are expected to generate SAR 150-200 mn in revenue when fully operating, according to the disclosure.

HOSPITALITY-

South Korean hotel management company H2O has established its regional headquarters in Abu Dhabi to kick off operations in Europe, the Middle East, and Africa, according to the Abu Dhabi Media Office. The company manages some 680 properties and more than 190k units.

Kleindienst Group’s flagship project The Heart of Europe will launch and operate the InterContinental Resort Portofino in Dubai, after inking an agreement with IHG Hotels & Resorts, Trade Arabia reports. The resort is slated to open in early 2026.

SPACE-

The Mohammed Bin Rashid Space Center completed 50% of the construction andassembly of the MBZ-Sat satellite, slated for completion before the end of June ahead of its launch in 2H 2024, Al Bayan reports. The center has conducted technical tests for all of the satellite’s components, with the majority of components sourced locally. The 800 kg satellite is expected to more than double image capture accuracy with triple data transfer speed, when compared to its predecessor, KhalifaSat. The satellite has been in the works since October 2020. Its operational duration in orbit is expected to last eight years at 613 km.

LOGISTICS-

UAE’s AD Ports Group subsidiary Kezad Group will transfer the management and operation of its built up assets — amounting to around 750k sqm — to Kezad Assets Management Company, according to a press release.

AVIATION-

Etihad Airways has added three new Boeing 787-9s to its fleet, the airline said on Monday. The airline had ordered four Dreamliners to fuel its expansion to new destinations, it said earlier.

National carrierEmirates is introducing daily flights to Colombia,starting from 3 June, according to a statement. The flights to the Colombian capital, Bogota, will take to the air via Emirates’ Boeing 777-300ER aircraft, witha stop in Miami, Florida.

SPORTS-

President Mohammed bin Zayed met Fifa chief Gianni Infantino yesterday at Qasr Al Bahr during his visit to attend the Fifa Beach Soccer World Cup in Dubai, Wam reports. The president discussed with Infantino the prospects of promoting the cooperation between the Emirates and Fifa.

Ether outperforms BTC amid ETF speculation

Move aside BTC, there’s a new cryptocoin boss in town: The Ethereum network’s crypto token Ether — the second largest after BTC — hit the USD 3k mark for the first time since April 2022 yesterday, as investors anticipate the approval of a spot-based Ether exchange-traded fund (ETF), Bloomberg reports.

The view from the (digital) trading floor: Ether has grown at a faster rate in the market than BTC so far this year, with Ether having climbed 28%, compared to BTC’s 21%.

And Ether’s gains are expected to continue: “I expect Ether to continue to outperform BTC in the coming months, at least until April-May when the potential ETF approval looms closer,” digital asset platform OSL’s head of sales trading Stefan von Haenisch told the business information service.

But Ether ETFs are not a sure thing: Analysts are split over whether the approval of BTC’s ETFs in January will pave the way for other cryptocurrencies to follow suit, as some analysts have indicated doubt that the US Securities and Exchange Commission would grant approval to Ether’s ETFs.

ADX	9,389	-0.1% (YTD: -2.0%)
DFM	4,254	-0.5% (YTD: +4.8%)
Nasdaq Dubai UAE20	3,812	-0.6% (YTD: -0.8%)
USD : AED CBUAE	Buy 3.67	Sell 3.67
EIBOR	5.1% o/n	5.3% 1 yr
TASI	12,634	+0.2% (YTD: +5.6%)
EGX30	29,292	-0.1% (YTD: +17.7%)
S&P 500	4,982	+0.1% (YTD: +4.4%)
FTSE 100	7,663	-0.7% (YTD: -0.9%)
Euro Stoxx 50	4,775	+0.3% (YTD: +5.6%)
Brent crude	USD 83.03	+0.8%
Natural gas (Nymex)	USD 1.78	+0.5%
Gold	USD 2,036.60	+0.1%
BTC	USD 51,388.81	-1.3% (YTD: +21.4%)

THE CLOSING BELL-

The ADX fell 0.1% yesterday on turnover of AED 1.3 bn. The index is down 2.0% YTD.

In the green: Dana Gas (+12.8%), National Corporation for Tourism and Hotels (+7.8%) and Palms Sports (+6.5%).

In the red: Bank of Sharjah (-9.9%), Rapco Investment (-9.6%) and Abu Dhabi National Company for Building Materials (-5.7%).

Over on the DFM, the index fell 0.5% on turnover of AED 456.8 mn, while Nasdaq Dubai closed down 0.6%.

CORPORATE ACTIONS-

#1- e& will pay AED 3.48 bn in dividends for 2H 2023, bringing total dividends for 2023 to 80 fils per share, according to an ADX disclosure.

The board is also planning a new progressive dividend policy, with an annual increase of 3 fils per share for the next three years, reaching a dividend per share of 89 fils by 2026, according to the disclosure.

#2- Emirates NBD will pay some AED 7.56 bn in dividends for 2023, the bank said in a DFM disclosure (pdf).

FM explores closer ties with Germany + VP in Turkmenistan

FM explores cooperation with Germany: Foreign Affairs Minister Abdullah bin Zayed Al Nahyan landed in Germany on Tuesday to meet with his German counterpart Annalena Baerbock, as well as Foreign and Security Policy Advisor to the German Federal Chancellor Jens Plötner and Vice Chancellor and German Economic Affairs and Climate Action Minister Robert Habeck, to enhance cooperation in several fields, reports Wam. Al Nahyan also discussed with the two German officials the developments in Gaza, reiterating the importance of a “two-state solution” to establish longstanding peace in the region.

Al Nahyan also discussed developing cooperation in economic and environmental fields with a number of German businessmen and CEOs.

UAE calls for a two-state solution at the ICJ: Permanent representative at the UN Lana Zaki Nusseibeh stressed the importance of the Palestinian right to self-determination and the realization of a two-state solution at the International Court of Justice (ICJ) in The Hague yesterday, reports Wam. This took place during proceedings to obtain the ICJ’s advisory opinion on Israel’s occupation of Palestinian territories. In her testimony, Nusseibeh highlighted the dire consequences of Israel’s unlawful policies in the occupied West Bank and East Jerusalem, as well as in its current war on Gaza.

Nusseibeh’s statement came as the UAE’s mission to the UN said it is “deeply disappointed” with the US’ veto of a UN Security Council resolution calling for an immediate ceasefire in Gaza on Tuesday. President Mohammed bin Zayed’s Diplomatic Advisor, Anwar Gargash, also said the unsuccessful vote “deepens the humanitarian catastrophe” on X.

The Algerian-drafted resolution saw 13 of 15 votes in favor on Tuesday, while the UK abstained and the US was the only country to exercise its veto rights.

In other diplomacy news:

Vice President Sheikh Mansour bin Zayed Al Nahyan met with Turkmenistan’s President Serdar Berdimuhamedow yesterday to discuss boosting bilateral economic and investment ties, as well as cooperation in renewable energy, innovation, and AI, reports Wam.
President Sheikh Mohammed bin Zayed talked bilateral cooperation, with a focus on economic development and investment, with Indonesia President Joko Widodo during a phone call yesterday, Wam reports.

CALENDAR

FEBRUARY

2-29 February (Friday-Thursday): Ras Al Khaimah Art 2024 Festival, Al Jazeera Al Hamra.

15-25 February (Thursday-Sunday): FIFA Beach Soccer World Cup 2024, Dubai.

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

21-22 February (Wednesday-Thursday): Step Conference, Dubai Internet City, Dubai.

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

22-29 February (Thursday-Thursday): UAE Innovates 2024, Dubai.

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

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

23 February-3 March (Friday-Sunday): Sikka Art and Design Festival, Dubai

24 February (Saturday): Ras Al Khaimah Half Marathon, Al Marjan Island.

24-25 February (Saturday-Sunday): Berklee Abu Dhabi Music Summit, Berklee Abu Dhabi.

25 February-2 March (Sunday-Saturday): Abu Dhabi Desert Challenge 2024, Al Dhafra Region.

26 February (Monday): Trends Research and Advisory and International Institute for Cultural Diplomacy joint conference, Abu Dhabi.

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

26-28 February (Monday-Wednesday): RTA Startups Challenge, RTA Research and Innovation Centre for Mobility, Dubai.

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.

28-29 February (Wednesday-Thursday): Third Investopia Summit, Abu Dhabi.

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

28 February-5 March (Wednesday-Tuesday): Xposure International Photography Festival, Expo Centre Sharjah.

29 February-3 March (Thursday-Sunday): Gov Games, Dubai Festival City, Dubai.

MARCH

1 March (Friday): Abu Dhabi Family Office Summit, Saadiyat Rotana.

1-3 March (Friday-Sunday): Art Dubai, Madinat Jumeirah.

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

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

5-7 March (Tuesday-Thursday): Dubai Entertainment Amusement & Leisure Exhibition, Dubai World Trade Center.

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

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

7 March (Thursday): Beyond Global Trade, Edition Hotel, Dubai.

8-9 March (Friday-Saturday): World Triathlon Championship Series 2024 Opening Race, Yas Marina Circuit on Yas Island.

11/12 March (Monday/Tuesday): Start of Ramadan.

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.

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.

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

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.

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.

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.

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