Two UAE-led wind farm projects overseas make headway

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WHAT WE’RE TRACKING TODAY

THIS MORNING: New ministers sworn in + India wants more trade with the UAE to be settled with local currencies

Good morning, nice people. We’re back to your inboxes with a busy issue, filled with plenty of M&A updates and updates on renewables projects overseas.

BUT FIRST- New ministers sworn in: Dubai Crown Prince Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, the newly appointed deputy prime minister and defense minister, was among several ministers sworn in by President Sheikh Mohamed bin Zayed Al Nahyan at Qasr Al Watan in Abu Dhabi yesterday, according to a statement. Also taking the oath for their new roles were Abdullah bin Zayed Al Nahyan, now appointed deputy prime minister, and the new sports and education ministers.

REMEMBER- Al Maktoum’s appointment came as part of a cabinet shuffle in July, which also saw Foreign Affairs Minister Abdullah bin Zayed Al Nahyan named deputy prime minister and former State Minister for Public Education Sarah Al Amiri appointed as the new education minister.

UAE national Muay Thai team player Mohammed Mardi clinched the Arab Belt title in the Welterweight category at the Arab Fight Night Muay Thai Championship in Abu Dhabi, defeating his Algerian opponent Lyes Ouari in the main welterweight title match, Wam reports. Four other Emirati athletes were also crowned champions during the Arab Muay Thai Federation’s event, which saw 28 athletes from 14 Arab nations compete across 15 bouts.

PUBLIC SERVICE ANNOUNCEMENTS-

#1- The minimum you can top up your Nol is now AED 50, up from AED 20, as of last Saturday, the Roads and Transport Authority said in an X post. You can top up your card using the Nol Pay app, RTA website, or at ticket vending machines and top-up stations.

#2- Passport application procedures for Syrians in the UAE will shift online starting 1 September, as part of the Syrian Ministry’s plan to digitize consular services, the Consulate General of the Syrian Arab Republic in Dubai said. The consulate will still be accepting urgent passport applications in person, despite the online transition, the consulate said.

#3- Customers can now submit feedback on the Finance Ministry’s services via the UAE Government portal, and suggest ideas for improvement, courtesy of a new Digital Consultation Initiative launched by the ministry to ramp up customer involvement in the decision-making process, Wam reports. The ministry also rolled out a zero bureaucracy questionnaire, inviting similar feedback to help design and develop its services.

This initiative is part of the Zero Government Bureaucracy program, aimed at slashing 2k government procedures and cutting service durations by 50% by the end of the year.

WATCH THIS SPACE-

Indian banks nudged to settle UAE trade in AED or INR: India’s central bank, the Reserve Bank of India (RBI), has reportedly instructed local banks to settle at least part of their UAE trade payments in INR or AED, in a move to transition away from USD payments for trade, Reuters reports, citing five Indian banking sources.

The details: While no specific targets have been set, banks are required to regularly report the volume of these transactions, and to seek a “matching flow” of AED at other banks before settling transactions, in order to find an AED-INR exchange rate rather than to first convert INR to USD, in a bid to develop an AED-INR market.

REMEMBER- The UAE and India decided to shift their payments for oil trade to their local currencies last year, in a wider move to dedollarize trade among Brics countries. The Indian central bank also began to encourage local corporates to settle trade with the UAE in AED and INR.

DATA POINTS-

#1- Norway’s sovereign wealth fund Norges Bank Investment Management, the world’s largest, funneled some USD 2.33 bn into UAE investments in 1H 2024, with a total of USD 4.1 bn invested in the GCC economies, Arabian Business reported, citing data from the fund. The fund owns stakes in 42 UAE companies, including Taaleem Holding and Emaar Properties.

#2- UAE IPOs raised USD 889 mn in 2Q 2024, the second highest among GCC peers, according to a PwC Middle East latest report. Alef Education led the activity with its USD 515 mn IPO on ADX, followed by Spinneys, which raised USD 375 mn from its DFM debut. Saudi Arabia led the region, raising USD 1.6 bn from 10 listings, with the UAE, Saudi Arabia, and Kuwait being the only markets to see listings during the quarter.

On the debt market front: Sukuk issuances in the GCC region reached USD 10 bn in 2Q 2024, up from USD 2.6 bn during the same period last year, with 64% of the Sharia-compliant debt listed on KSA’s Tadawul. Meanwhile, bond issuances dropped to USD 178 mn in 2Q 2024, compared to USD 1.8 bn in the same quarter last year.

HAPPENING TODAY-

CBUAE to auction AED 19.5 bn m-bills: The Central Bank of the UAE (CBUAE) will offer up to AED 19.5 bn in four m-bills at an auction today, according to a statement (pdf) from the bank. All four are tap issuances and have tenors ranging from 28 to 308 days.

Decoding central bank speak: M-bills are short-term securities issued in AED by the CBUAE at no interest. The bonds typically have maturity dates of one to 12 months and are not retrievable through any other listing. A tap issuance allows the CBUAE to more finely control money supply by allowing it the flexibility to continue selling bills past the initial auction date.

HAPPENING THIS WEEK-

#1- The World ESG Summit is scheduled to take place tomorrow and after at Dusit Thani in Dubai. The two-day business conference will gather public and private sector players from key sectors like energy, utilities finance, and manufacturing to explore ESG integration across all industries.

#2- The Dubai Chambers will host the Dubai Business Forum in Beijing, China between Wednesday and Thursday. The event will gather over 50 Dubai-based companies and 350 Chinese firms to explore potential investments in sectors like green tech, AI, healthcare, and renewable energy, president and CEO of Dubai Chambers Mohammad Ali Rashed Lootah told the National.

#3- Rex Fuels will host the Global Bitumen, Petrochemicals & Petroproducts Conference at the JW Marriott Marquis Hotel in Dubai on Wednesday and Thursday. The conference will bring together bitumen and petroleum producers, suppliers, and traders, to network and discuss trends and challenges in the industry.

THE BIG STORY ABROAD-

The international press’ attention is squarely split between US presidential elections and the latest on ceasefire talks between Israel and Hamas, with the US and key regional players lobbying for an agreement to bring an end to Israel’s war in Gaza.

US Secretary of State Antony Blinken landed in Israel overnight, where he is set to meet with Prime Minister Benjamin Netanyahu and other Israeli officials today to push for a ceasefire, amid concerns that both Hamas and Israel are undermining the probability of successfully reaching an agreement. Blinken will next be in Cairo tomorrow, where the US, Qatar, and Egypt will resume talks to broker a ceasefire and hostage agreement to end the war.

The latest proposal from the US, Qatar, and Egypt includes a three-phase approach, starting with a temporary truce and a swap of hostages, and followed by eventually rebuilding Gaza. Netanyahu is reportedly on maintaining Israel’s military presence on the Gaza-Egypt border, which remains a significant sticking point. (Reuters | Bloomberg | Washington Post | New York Times | BBC)

Over in the US of A: Vice President Kamala Harris gears up to formally accept her presidential nomination with Tim Walz as her running mate today at the 2024 Democratic National Convention in Chicago. The DNC will run through to this Thursday. The event will feature speeches from President Joe Biden, former presidents Barack Obama and Bill Clinton, former Secretary of State Hillary Clinton, and First Lady Jill Biden. Reuters has a handy primer on the convention, while the Financial Times is following the event with live coverage. The Associated Press and NPR also have more.

PLUS- Markets have an eye on Wyoming, where global central bankers, economists and policymakers will gather at Jackson Hole for an annual meeting of central bank officials from Thursday through Saturday.

AD Ports subsidiary acquires Egyptian maritime services provider Safina

AD Ports subsidiary acquires majority stake in Safina: AD Ports’ Noa tum has acquired a majority stake in maritime, logistics, and cargo services provider Safina Shipping Services, the company said in a statement (pdf). The agreement to acquire the stake in the firm will close in 3Q 2024.

The details: While no information was provided about the size of the stake or value of the acquisition, the agreement will see Safina — a leading logistics provider for metal, mineral, and fertilizer shippers — absorbed into Noatum’s portfolio and rebranded as Noatum Maritime Egypt. The company’s founders will also retain a minority stake in the company.

It’s all in the family: AD Ports is no stranger to Safina, having purchased a 70% stake in Safina’s parent company IACC Holdings in 2022.

REMEMBER- Abu Dhabi-based AD Ports fully acquired Spanish logistics company Noatum back in July 2023 in a EUR 660 mn transaction as part of a wider expansion plan. Noatum is present in US, Chinese, and Southeast Asian markets. The subsidiary has since launched offices in Turkey as part of its ongoing expansion across the MENA region.

Noatum will expand Safina’s customer base: AD Ports plans to leverage Noatum’s extensive international network to help Safina “access new customers from more diverse industries and strengthen its local presence,” the statement said.

AD Ports is doubling down on the Egyptian market: The acquisition of Safina comes shortly after AD Ports inked an agreement in June to develop, operate, and manage three cruise terminals in Hurghada, Safaga, and Sharm El Sheikh, with USD 4.7 mn in investments over 15 years.

ALSO FROM AD PORTS- The port operator closed its acquisition of a 60% majority stake in Georgia’s Tbilisi Dry Port, the new custom-bonded and rail-connected intermodal hub under development in Georgia, Wam reports. The project is set to be operational in October 2024 and will serve as a key link in the Middle Corridor, connecting Western Asia’s manufacturing hubs to Eastern Europe.

REMEMBER- AD Ports signed a purchase agreement with Inveco in March to acquire the dry port. AD Ports’ logistics subsidiary Noatum will operate and manage facilities at the port, while coordinating with partners Inveco and Wilhelmsen. The project covers two land plots that will be developed over three phases, with the final phase seeing a boost in capacity to 286k TEU, 100k sqm of warehousing space, and more expansive car storage yards. An additional 88k sqm of land is available for future expansion subject to volume growth.

OTHER M&A NEWS-

Meteora Developers acquires Maisour: Dubai-based real estate developer Meteora Developers acquired DIFC-based property crowdfunding platform Maisour for a mult-mn USD sum, according to a press release. The acquisition is expected to bring an “unprecedented surge in demand” for properties in the emirate, thanks to Maisour’s lower investment entry points and Meteora’s real estate portfolio, Meteora Developers Founder and CEO Praveen Sharma said. Maisour’s platform enables investments in Dubai properties starting at just AED 500.

Maisour has big plans: The firm plans to use Meteora’s support to fast-track expansion and introduce new features, such as a secondary market and AI-driven reinvestment strategies, the release said. Maisour is also eyeing expanding its digital fractional ownership model into Saudi Arabia, Egypt, India, and Pakistan.

Sharjah’s Arada expands into Australia with AED 6 bn pipeline

Arada earmarks AED 6 bn for Sydney’s housing market: Sharjah-based developer Arada Developments has launched its first office in Australia, with plans to develop residential projects worth AED 6 bn in Sydney “to address the current housing shortage” in the city, according to a press release. The Australian office will be led by Arada’s Australian-born group CEO Ahmed Alkhoshaibi.

Breaking ground next year: The developer plans to launch sales and construction of the initial projects in 2025, adding over 2.5k homes to Sydney’s housing market, in addition to commercial and retail spaces. The developer has tapped architecture firm Woods Bagot to design the Australian developments, which will feature Sharjah’s Wellfit gyms.

Amea signs PPA for Ethiopian wind farm

Amea + Ethiopia to develop USD 620 mn wind farm in the Horn of Africa: Renewables firm Amea Power has signed a power purchase agreement (PPA) and an implementation agreement with Ethiopian Electric Power to develop and operate the USD 620 mn, 300 MW Aysha 1 wind energy plant in Ethiopia, according to a statement. The project is set to be the largest wind farm in the Horn of Africa region, which includes Djibouti, Eritrea, Ethiopia, and Somalia. Amea wholly-owned project subsidiary, the Amea Power Aysha Wind One company, will develop, invest, build, own, and operate the plant.

Months in the making: Amea signed an agreement with Ethiopia’s Finance Ministry in December 2023 to build the Aysha wind farm. The timeline on when construction would begin on the plant was not provided.

Amea recently broke ground on two renewables plants in Africa: Amea Power has broken ground on the 24 MWp Ituka solar PV plant in the West Nile region in Uganda earlier this month. It also held a two-day public consultation for its 125 MW Matambo solar plant in Mozambique a few weeks ago, and reached financial close on its USD 120 mn, 120 MW Doornhoek solar energy plant in South Africa in June.

There’s more in the pipeline: Amea Power signed agreements with the governments of Uganda, Djibouti, Mozambique and Zimbabwe to develop renewables projects with a combined 200 MW generation capacity at COP28. The firm is also reportedly set to sign a USD 800 mn agreement with Geothermal Development Co. of Kenya to develop the 200 MW Baka geothermal energy generation plant in the African country.

Masdar, Infinity, and EETC finalize agreement for Ras Ghareb wind farm

Another Masdar wind farm in Egypt’s Ras Ghareb is officially underway: State-run renewables giant Masdar, Egyptian renewables firm Infinity Power, and the Egyptian Electricity Transmission Company (EETC) signed a trilateral power purchase agreement to construct a 200 MW wind farm in Ras Ghareb, according to a joint statement (pdf) from Masdar and Infinity Power. The announcement confirms an EnterpriseAM Egypt story from earlier this month that Masdar was nearing an agreement for the project.

The details: The consortium will develop, finance, and operate the project, with operations expected to kick off in October 2026, according to an Egyptian cabinet statement. EEHC will purchase the power produced. The project will cost some USD 216.7 mn, according to a project update by the European Bank for Reconstruction and Development, which is partially funding the project.

Masdar and Infinity have more in the pipeline: Masdar, Infinity Power, and Hassan Allam Utilities are also building a USD 10 bn, 10 GW wind farm project in Sohag that is set to be one of the largest wind farms globally and the largest in Africa. The trio, along with global energy giant BP, will also set up a USD 15 bn green hydrogen project in the SCZone.

Dubai Court recognizes crypto salary payments as valid

Dubai’s Court of First Instance made a landmark ruling recognizing the validity of paying salaries in cryptocurrency, a significant shift from its 2023 ruling, where a similar case was rejected because the employee was unable to provide an accurate valuation of the digital currency, Khaleej Times reports.

The details: The case centers on an employee’s lawsuit for unpaid wages, wrongful termination, and benefits. The employee’s contract specified a monthly salary in fiat currency and 5k EcoWatt tokens — which the employer failed to pay for six months. Despite the employer challenging the legality of the crypto payment, Dubai Courts ruled in favor of the employee, ordering payment in EcoWatt tokens as stipulated in the contract, rather than converting them to AED.

This ruling marks a shift in the court’s approach, by recognizing “cryptocurrency as a valid and enforceable means of remuneration,” according to a note by law firm Wasel & Wasel.

Fintech Yuze secures USD 30 mn funding

Yuze raises USD 30 mn: UAE-based fintech Yuze closed a USD 30 mn funding round led by East African-based real estate investment firm Osten Investments, Wamda reports. Yuze will use the freshly-secured funds to fast-track its expansion into new markets. The company aims to reach 1 mn customers within five years.

About the company: Founded in 2022 by Rabih Sfeir (LinkedIn), Yuze’s digital platform offers business accounts, card programs, and financial services for startups, micro, and small businesses in emerging markets.

Abu Dhabi-based Tau Capital backs Sepio

Tau Capital backs Sepio: US-based physical layer-based asset risk management startup Sepio extended its series B funding round with a new investment led by Abu Dhabi-based investment firm Tau Capital, according to a press release. Tau Capital invested USD 11 mn in the startup, Calcalis Tech reports, bringing Sepio’s series B round to USD 33 mn, and its total funding to USD 48 mn.

Where the money’s going: Sepio will deploy the investment to grow its customer base, address increased demand from tier-1 enterprises, and develop resources for its new hardware detection and response-managed service, the release said.

About Sepio: The company offers hardware asset risk management for IT, OT, IoT, and IoMT assets, using device existence without traffic or activity monitoring. Past funding rounds saw participation from US Venture Partners, Hanaco Ventures, Munich RE Ventures, Merlin Ventures, Citi Ventures, Pico Partners, and Stanford University.

DP World, Amanat, and others report 2Q earnings

We have another batch of 2Q earnings, this time from DP World, Amanat, Julphar, Invictus, and Salama.

DP WORLD-

Dubai-based port operator DP World’s bottom line narrowed 35.6% y-o-y to USD 570 mn in 1H 2024 on the back of the shipping crisis in the Red Sea, according to its earnings presentation (pdf). The company’s topline saw a 3.3% y-o-y increase during the period to USD 9.3 bn.

Red Sea disruptions hit net income, but operations elsewhere offset the impact: DP World’s Middle East, Europe, and African markets saw a 7.1% y-o-y decline in net income to USD 1.3 bn on the back of disruptions in the Red Sea. However, revenues from those markets were up 1% to USD 6.5 bn during the period as the disruptions were partially offset by robust gains from ports and terminals across UAE, Africa, and Europe. The firm saw a 14.8% y-o-y increase in revenue from its ports and terminals segment to USD 3.57 bn in 1H 2024, according to a separate earnings release (pdf). The logistics segment reported a 2% y-o-y decline in revenues to USD 3.83 bn, while the marine services sector witnessed a 5% y-o-y dip in revenues to USD 1.94 bn.

DP World has high hopes for the rest of the year, anticipating a “solid pipeline” of new business for its logistics division, coupled with signs of recovery at several ports affected by the Red Sea crisis, the port operator told Reuters.

AMANAT-

Amanat Holdings’ bottom line narrowed 21.6% y-o-y to AED 40.8 mn in 2Q 2024, according to the company’s financials (pdf). Amanat booked AED 209.8 mn in revenues, up around 14% y-o-y during the quarter.

On a six-month basis, Amanat’s net income was down 7.5% y-o-y to AED 89.1 mn, partially impacted by the introduction of the corporate tax, according to a separate earnings release (pdf). The company’s revenues grew 17% y-o-y to AED 433.3 mn in 1H on the back of a 26% y-o-y growth in the performance of the company’s education segment.

Looking ahead: “We remain committed to both driving growth in long-term care through increasing bed capacity, with c.200 beds currently under construction, and growing our education business through increasing enrollments in the UAE, further expansion of HDC and exploring M&A opportunities,” Amanat CEO John Ireland said.

INVICTUS-

Food distributor Ghitha’s trading arm Invictus Investment saw its net income fall 38% y-o-y to AED 84.2 mn in 1H 2024, according to the company’s financial statements (pdf). The trading firm’s revenues remained relatively flat in 1H at AED 4.26 bn.

Looking ahead, Invictus is eyeing downstream acquisitions to “enhance [its] operational capabilities and position [the company] to better serve the evolving needs of [its] global customer base, [aiming to transform] Invictus Investment into a fully integrated agro-food enterprise that creates value for all stakeholders,” CEO Amir Daoud Abdellatif said in the company’s earnings release (pdf).

JULPHAR-

Gulf Pharma Industries (Julphar) narrowed its net losses to AED 4 mn in 2Q 2024, after having seen a net loss of AED 41.8 mn during the same period last year, according to the company’s financials (pdf). The company saw its revenues from sales increase around 9.5% y-o-y to AED 444 mn during the quarter.

On a 1H basis, the company recorded a loss of AED 2.4 mn, compared to a loss of 45.7 recorded in the first half of 2023. The company’s revenues in 1H reached AED 883.1 mn, up 3% y-o-y.

SALAMA-

Ins. provider Islamic Arab Ins. — known as Salama — saw its net income fall 30% y-o-y to AED 3 mn in 2Q 2024, after netting a bottom line of AED 4.2 mn during the same period last year, according to the company’s financials (pdf). The company’s takaful revenues decreased around 8% y-o-y to AED 257.1 mn during the quarter.

On a 1H basis, Salama saw its net income increase 67% y-o-y to AED 20.53 mn during 1H 2024. Takaful revenues reached AED 528.6 mn during the period, down around 3% y-o-y, despite a “challenging revenue environment,” according to an earnings release (pdf).

Dubai’s place as a “wealth haven” amid regional tensions gets ink

The Associated Press reported on Dubai’s booming economy amid regional unrest, highlighting the city’s appeal as a safe haven for wealthy investors. The feature details record-breaking property values and a surge in tourism, with some analysts weighing in on when the upswing will peak and give way to a cyclical slowdown.

ALSO- CNN is looking at Swedish startup Einride’s plans to build the world’s largest autonomous truckingnetwork at Dubai’s Jebel Ali port ticket. The network will include a fleet of 100 electric trucks, including autonomous models, aiming for 1.6k daily container movements.

UAE gets its first low-orbit radar imaging satellite

SPACE-

Bayanat, Yahsat launch the UAE’s first low-orbit, radar imaging satellite: Geospatial solutions firm Bayanat and Al Yah Satellite Communications Company (Yahsat) launched the UAE’s first low Earth orbit (LEO), synthetic aperture radar (SAR) satellite from California’s Vandenberg Space Force Base on Friday, according to a statement (pdf).

The satellite is up and running: The satellite — developed in partnership with European microsatellite manufacturer ICEYE and launched aboard SpaceX’s Transporter 11 — has successfully established communication, with initial operations underway.

What is an LEO, SAR satellite? LEO spacecraft orbit the Earth at low altitudes, while SAR is a technique for producing high-resolution images of the Earth’s surface using electromagnetic waves. SAR satellites are used for environmental monitoring, disaster response, military surveillance, and infrastructure analysis.

More plans in the pipeline: Bayanat and Yahsat plan to launch a SAR satellite constellation over the next three years, Yahsat’s CEO Ali Al Hashemi said.

ICYMI- Bayanat and Yahsat are looking to finalize their merger in 2H 2024, creating a new entity, Space42, after the two companies’ shareholders signed off on it in April.

BANKING-

#1- Dubai Chambers has inked an MoU with the Bank of China to boost trade ties by supporting investors and businesses in both markets and exchanging knowledge and services, Wam reported.

BUSINESS-

Abu Dhabi’s freelancer license now includes 100 activities: The Abu Dhabi Business Centre has expanded its freelancer license to include 30 new activities, raising the total activities covered under the license to 100, Wam reported. The new additions include AI development, software designing for electronic equipment and oil and gas fields production, data analysis, 3D imaging, and esports customer support, among others.

CAPITAL MARKETS-

DFM partners with China’s Shenzhen Stock Exchange: The Dubai Financial Market (DFM) and China’s Shenzhen Stock Exchange have inked an MoU to promote the development of both capital markets and support cross-border financing for listed companies, Wam reported. The partnership seeks to facilitate joint roadshows, seminars, research initiatives, and training programs, and it will also see both exchanges mull cooperation on potential dual listings, ETFs, and fixed-income instruments.

AUTOMOTIVE-

Samvardhana Motherson launches Abu Dhabi subsidiary: SMRC Automotive Holdings Netherlands, the Dutch arm of Indian auto parts maker Samvardhana Motherson, has launched an Abu Dhabi subsidiary with an authorized capital of AED 30 mn, according to a filing (pdf) to India’s stock exchange. The new company will focus on manufacturing, assembling, marketing, and trading automotive parts, in addition to components related to non-automotive industries.

CONSTRUCTION-

Belgian construction firm Besix has secured funding for the Khalifa University accommodation project, set to be the largest student housing project in the GCC under a public-public partnership (PPP) model, according to a statement from Besix. The project, named KUnnected Living, will be developed in partnership with Plenary Group, Mazrui International, and United Engineering Construction, with Besix as the largest equal equity investor and co-sponsor. The size of the funding was not disclosed.

About the project: Spanning 114k sq m across two sites, the development will feature around 3.3k beds and is slated for completion by winter 2026. Besix will be in charge of the project’s facilities maintenance for 20 years.

TECH-

Edge to back smart cities, education projects in Brazil: Emirati defense conglomerate Edge Group signed an MoU with the municipal government of the Brazilian city of São José dos Campos to boost cooperation in advanced technology, smart cities, education, and talent development, according to a statement from Edge. The move seeks to expand Edge’s presence in Latin America and support the Brazilian defense systems.

Edge is not new to Brazil: Edge Group acquired a 50% stake in the Brazilian arms company Siatt last year, and it later revealed plans to expand Siatt’s headquarters and manufacturing base in São José dos Campos.

HOSPITALITY-

Pinasbooking to set up shop in Dubai Silicon Oasis: Local travel agency Pi nasbooking Travel and Tourism plans to open a new office in IFZA Dubai Silicon Oasis, after it registered its business in the IFZA free zone, the company said in a statement. Pinasbooking new office will offer flight booking, hotel reservations, and travel ins. services, among others.

ALSO- Pinasbooking inked an agreement with Dubai-based ABK Cosmetics and Perfumes to handle travel arrangements for the latter’s employees.

ENERGY-

Fitch affirms Adcop’s AA rating: Fitch Ratings has affirmed Abu Dhabi Crude Oil Pipeline’s (Adcop) long-term issuer default rating at AA with a stable outlook, according to a statement from the credit rating agency. The rating was backed by a 37-year use and operation agreement between Adcop and Adnoc Onshore, which guarantees long-term cashflows for Adcop.

DISPUTE WATCH-

UAE-based, South African defense company Paramount has filed for bankruptcy in the US, after losing a business dispute with an unnamed Middle Eastern company and being forced to pay an arbitration penalty, Bloomberg reports. The move would allow the company to reorganize its debts and manage the penalty while continuing its operations. The bankruptcy filing involves only a few non-operating entities and will not affect its global operations or the production of its military aircraft.

TRANSPORT-

Dubai gets 20 new air-conditioned rest areas for delivery riders: Dubai’s Roads and Transport Authority (RTA) has completed 20 out of 40 planned air-conditioned rest areas for delivery riders, accommodating up to 10 riders each, it said in a statement. The rest areas are dispersed across high-demand locations in the emirate, including Hessa Street, Al Barsha, Al Karama, Jumeirah, Dubai Marina, and Business Bay.

The move comes as Dubai sees rapid growth in its delivery sector, with over 2.5k companies operating near 40.1k delivery bikes as of June 2024.

Abu Dhabi Crude Oil Pipeline (Adcop) ALSO ON OUR RADAR automotive Bank of China banking Bayanat Besix capital markets CONSTRUCTION DBS Bank Dubai Chambers Dubai Financial Market Edge Group energy Fitch Ratings Freelancer License hospitality Khalifa University of Science and Technology Pinasbooking Roads and Transport Authority Samvardhana Motherson Shenzhen Stock Exchange space transport Yahsat

12

PLANET FINANCE

Investors lose access to key data as China stops sharing daily flows

Investors will no longer be able to get daily data about overseas fund flows in China’s stock market after the world’s second largest economy’s stock markets stop sharing daily flows data starting today, in what Bloomberg called its latest attempt “to obscure information about overseas funds going into and out of its sagging stock market.”

(Tap or click the headline above to read this story with all of the links to our background as well as external sources.)

This comes at a crucial time for China, which is expected to see its first yearly outflow from its bourse since 2016 as overseas fund flows continue to exit the market, Bloomberg writes. The country’s benchmark CSI 300 is down 2.5% for 2024 and is at risk of extending losses into a record fourth consecutive year.

The rationale: Analysts think of the decision as a way for Chinese authorities to reduce market volatility driven by “high-frequency data,” in hopes of making investors more concerned with long-term indicators. “Beijing stopped the release because the data hasn’t been looking good, and it’s volatile,” capital markets company abrdn Asia’s director of investment Xin Yao Ng said, adding that “they probably don’t want the data to amplify capital outflows [but] it doesn’t solve the root of the problem.”

Remember: China saw net capital outflows including net FDI outflows over 2022-2023, the IMF said last month. “Some of this may reflect multinational firms repatriating earnings. But it may also reflect shifting expectations about Chinese growth and geoeconomic fragmentation,” the Fund said.

ALSO FROM PLANET FINANCE- Libyan central bank halts operations after kidnapping of senior employee: The Central Bank of Libya suspended all operations after the head of its information technology department Musab Msallem was kidnapped by an unknown party in front of his home yesterday morning. The bank said it would only resume operations once Msallem is returned and condemned the threats leveled against the institution as different political factions vie for control of the bank.

THE MARKETS THIS MORNING-

Asian markets are mixed this morning after stock markets rallied last week following a global stock sell-off that triggered a market meltdown near the start of the month. The Kopsi is down 0.2% and the Nikkei is down 0.1%, while the Hang Seng is up 1.3%.

ADX	9,286	+0.5% (YTD: -3.1%)
DFM	4,243	+0.6% (YTD: +4.5%)
Nasdaq Dubai UAE20	3716	-0.1% (YTD: -3.3%)
USD : AED CBUAE	Buy 3.67	Sell 3.67
EIBOR	4.9% o/n	4.6% 1 yr
TASI	11,981	+0.6% (YTD: +0.1%)
EGX30	29,460	-0.6% (YTD: +18.3%)
S&P 500	5,554	+0.2% (YTD: +16.5%)
FTSE 100	8,311	-0.4% (YTD: +7.5%)
Euro Stoxx 50	4,841	+0.7% (YTD: +7.1%)
Brent crude	USD 79.68	-1.7%
Natural gas (Nymex)	USD 2.12	-3.4%
Gold	USD 2,538	+1.8%
BTC	USD 59,790	+0.6% (YTD: +41.4%)

THE CLOSING BELL-

The DFM rose 0.6% last Friday on turnover of AED 178.1 mn. The index is up 4.5% YTD.

In the green: Watania International Holding (+14.4%), Commercial Bank of Dubai (+9.8%) and Al Firdous Holdings (+2.9%).

In the red: National International Holding Company (-9.8%), Shuaa Capital (-4.7%) and Agility The Public Warehousing Company (-4.3%).

Over on the ADX, the index rose 0.5% on turnover of 817.1 mn. Meanwhile, Nasdaq Dubai fell 0.1%.

CORPORATE ACTIONS-

Dubai Investments’ subsidiary Al Mal Capital REIT will distribute AED 15.4 mn in interim dividends for 1H 2024, equivalent to AED 0.3 per unit, according to a DFM disclosure (pdf).

UAE attends Brics’ launch of the center for industrial competences + more cooperation with Ethiopia?

BRICS and UNIDO launch center to boost industrial capacity: The UAE Industry and Advanced Technology Ministry joined Brics in launching a Centre for Industrial Competences with UNIDO support, Wam writes. The center aims to advance industrial skills and capabilities by facilitating partnerships and addressing sector-specific challenges. Key working groups will focus on chemicals, metals, SMEs, smart manufacturing, clean technology, and medical equipment,

State Minister Sheikh Shakhboot bin Nahyan Al Nahyan met with Ethiopian foreign affairs minister Taye Atsekelasie in Addis Ababa to discuss boosting bilateral relations and cooperation between the two nations, Wam reports.

The UAE welcomed the Sudanese Armed Forces’ decision to open the Adre border crossing in a joint statement issued alongside the US, Switzerland, Saudi Arabia, Egypt, the African Union, and the UN, Wam reports. The statement labeled the step as “critical […] for saving lives and preventing the spread of famine,” and called on the Rapid Support Forces to move humanitarian assistance into Darfur and across Sudan “regardless of which party controls territory.”

CALENDAR

AUGUST

20-21 August (Tuesday-Wednesday): The World ESG Summit, Dubai.

21-22 August (Wednesday-Thursday): Rex Fuels Global Expo & Conference 2024- Bitumen, Petrochemicals & Products, Dubai.

21-22 August (Wednesday-Thursday): Dubai Business Forum in Beijing, China.

25 August (Sunday): Deadline to register for the AI Challenge.

27 August (Tuesday): New regulations on telemarketing calls will go into effect.

SEPTEMBER

4-5 September (Wednesday-Thursday): 2024 International Government Communication Forum, Expo Centre Sharjah, Sharjah.

5 September (Thursday): Deadline to apply for the sixth edition of Access Sharjah Challenge.

5 September (Thursday): Deadline to apply for Dubai Future Academy’s FEEL: A Disruptive Futures Program.

9-12 September (Monday-Thursday): The annual EFG Hermes London Conference.

10-11 September (Tuesday-Wednesday): MENA PPP forum, Jumeirah Emirates Towers, Dubai.

16-18 September (Monday-Wednesday): World Utilities Congress, Abu Dhabi.

17-18 September (Tuesday-Wednesday): AI inoil and gas conference, Abu Dhabi.

15-19 September (Sunday-Thursday): Loop Beyond Borders, Abu Dhabi.

23-25 September (Monday-Wednesday): WorldFreezonesOrganization’s Annual International Conference and Exhibition, Dubai.

24-26 September (Tuesday-Thursday): Careers UAE 2024, Dubai World Trade Centre, Dubai.

25-26 September (Wednesday-Thursday): Green Steel Summit, Dubai, UAE.

25-26 September (Wednesday-Thursday): Global Aerospace Summit, Abu Dhabi, UAE.

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

30 September (Monday): Dubai Podfest, World Trade Center, Dubai.

OCTOBER

1-3 October (Tuesday-Thursday): Water, Energy and Environment Technology Exhibition, Dubai.

2-3 October (Wednesday-Thursday): The World Green Economy Summit, World Trade Center Dubai.

2-3 October (Wednesday-Thursday): MENA District Cooling Projects & MENA Cool Forum, Grand Hyatt Dubai, Dubai Healthcare City, Dubai.

7-8 October (Monday-Tuesday): Forex expo, World Trade Center, Dubai.

8-9 October (Tuesday-Wednesday)): Global Trade and Supply Chain Summit, Dubai.

8-10 October (Tuesday-Thursday): The Global Rail Transport Infrastructure Exhibition and Conference(Global Rail), Abu Dhabi.

14-18 October (Monday-Friday): Gitex Global, Dubai World Trade Centre and Dubai Harbour.

14-18 October (Monday-Friday): IEEE/RSJ International Conference on Intelligent Robots and Systems, Adnec Centre, Abu Dhabi.

14 October (Monday): The Smart Cities MENA Summit, Dubai.

15 October (Tuesday): Deadline for the European Commission to make a decision on its probe into e&’s acquisition of PPF’s Eastern European assets.

21-22 October (Monday-Tuesday): Port Development MEA Forum, Dubai.

21-22 October (Monday-Tuesday): Roads, Bridges, Tunnels MENA Conference, Dubai.

21-22 October (Monday-Tuesday): The Alternative Investment Summit, Dubai.

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

26 October (Saturday): UFC 308: TOPURIA vs HOLLOWAY, Etihad Arena, Abu Dhabi.

26-27 October (Saturday-Sunday): International Conference on Tourism, Transport, and Logistics, Dubai.

28-29 October (Monday-Tuesday): MENA Climate Proof Forum, Dubai.

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

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

NOVEMBER

3-10 November (Sunday-Sunday): Dubai Premier Padel P1, Dubai Dutyfree Tennis Stadium, Dubai.

4-7 November (Monday-Thursday): ADIPEC, Abu Dhabi.

4-7 November (Wednesday-Saturday): ADIPEC Maritime and Logistics Exhibition and Conference, Abu Dhabi.

4-7 November (Wednesday-Saturday): ADIPEC Decarbonisation Accelerator, Abu Dhabi.

6 November (Friday): World Finance Forum, Dubai.

11 November (Monday): Dubai Diamond Conference, Jafza One Convention Centre, Dubai.

11-12 November (Monday-Tuesday): META Cinema Forum, Dubai.

11-14 November (Monday-Thursday): Abu Dhabi International Petroleum Exhibition & Conference, Abu Dhabi.

18-20 November (Monday-Wednesday): Fastmarkets Middle East Iron & Steel 2024, Dubai.

19-20 November (Tuesday-Wednesday): Dubai Future Forum.

20-22 November (Wednesday-Friday): Xpanse Abu Dhabi, Adnec Centre, Abu Dhabi

22-23 November (Friday-Saturday): Global Meet on Electronics & Electrical Engineering (GMEEE), Dubai.

23 November (Saturday): Wireless Festival Middle East, Etihad Park, Abu Dhabi.

26-27 November (Tuesday-Wednesday) Global Food Security Summit, Adnec Centre Abu Dhabi.

27-28 November (Wednesday-Thursday): RAK Energy Summit, Al Hamra International Exhibition and Conference Centre, Ras Al Khaimah.

Signposted to happen ahead of ADIPEC:

Changemakers Majlis, Abu Dhabi.

DECEMBER

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

5-8 December (Thursday-Sunday): Formula 1 Etihad Airways Abu Dhabi Grand Prix, Yas Marina Circuit.

8-12 December (Sunday-Thursday): International Desalination and Reuse Association World Congress, Adnec Centre Abu Dhabi.

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

9-12 December (Monday-Tuesday): Abu Dhabi Finance Week, Abu Dhabi.

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

10-12 December (Tuesday-Thursday): Middle East Investor Relations Association (MEIRA Conference), Conrad Abu Dhabi Etihad Towers Hotel, Abu Dhabi.

10-12 December (Tuesday-Thursday): The Middle East and North Africa Business Aviation Association Show, Al Maktoum International Airport, Dubai.

11-13 December (Friday-Sunday): European-Arab Medical Congress, Abu Dhabi.

Signposted to happen sometime in December:

UAE-China Summit, Abu Dhabi.

JANUARY 2025

1 January (Wednesday): ADGM to slash licensing fees for retail and non-financial firms, and hike fees for finance firms.

14-16 January (Tuesday-Thursday): World Energy Summit, Abu Dhabi.

FEBRUARY 2025

24-25 February (Monday-Tuesday): 3rd World Passenger Experience Forum, Dubai.

24-26 February (Monday-Wednesday): Connecting Hydrogen MENA, Dubai.

MAY 2025

6-7 May (Tuesday-Wednesday): Global Ports Forum, Dubai.

26-28 May (Monday-Wednesday): Arab Media Summit, World Trade Centre, Dubai.

OCTOBER 2025

27-29 October (Monday-Wednesday): Asia Pacific Cities Summit, Dubai Exhibition Centre.

Signposted to happen sometime before the end of the year:

Spinneys inaugurates three more stores in KSA

Signposted to happen in 2025:

6-11 April (Sunday-Friday): Geo-Spatial Week 2025, Dubai.
3-4 June (Tuesday-Wednesday): Make-A-Wish International’s Global Wish summit, Abu Dhabi.
TBD: The Middle East Electric Vehicle Show, Expo Center Sharjah.
TBD: e& will complete Adnoc’s private 5G network.

Signposted to happen sometime in the fall of 2025:

2025 Games of the Future, Dubai.

Signposted to happen sometime in 2026:

The UAE to host the Arab Competition Forum

Signposted to happen sometime in 2028:

Abu Dhabi to host the Chess Olympiad.

Signposted to happen sometime in 2029:

Dubai to host the International Conference on Computer Vision.

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