UAE and Oman ink USD 35 bn agreements

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WHAT WE’RE TRACKING TODAY

THIS MORNING: Dubai airports are officially back to normal + ADQ to buy USD 1 bn stake in Australian asset manager

Good morning, friends. It’s a big day of news here at home today, with an update on Spinneys Dubai’s IPO, a bumper USD 35 bn in agreements with Oman, and talk over a stake sale in Adnoc’s Al Ruwais plant.

ALSO HAPPENING NOW- Sovereign wealth fund ADQ is reportedly planning to acquire a 49% stake in Australian asset manager Plenary Group for USD 1 bn, the Australian Financial Review reported in an exclusive yesterday, citing Plenary Chairman John O’Rourke. O’Rourke said Canadian pension fund Caisse de depot et placement du Quebec will sell its 20% stake to ADQ, without clarifying who will be selling the other 21%. The acquisition is expected to take several months to complete.

Shareholder ownership: Plenary is owned by three of its four founders, including Ray Wilson and Paul Oppenheim. CEO David Lamming, CIO Paul Crowe, and three other executives comprise five other “key” shareholders — all of whom are set to retain their 41% stake in the company, O’Rourke said.

The company is eyeing growth in the region: The stake sale comes as it looks to strengthen its balance sheet and pursue more investments in the Middle East and other emerging markets, he said.

WEATHER-It’s another sunny day in Dubai and Abu Dhabi with temperatures reaching a high of 31°C during the day, and an overnight low of 24°C.

AFTER THE STORM-

Dubai Airports have fully resumed operations at maximum capacity, including staffing, logistics, and facilities, CEO Paul Griffiths said in a statement. Dubai International Airport returned to its regular flight schedule of around 1.4k flights daily, earlier than previously expected. “Roads in and around the airport [are] 100% clear of water accumulation,” although there are still some lingering baggage backlog issues that the airport is actively working to resolve, Griffiths said.

The scale of disruption: The storm resulted in upwards of 2k flights being canceled and 115 diverted. Over 75k food packs were provided to guests by airport workers during disruptions. Some 31 flights were redirected to Dubai World Central (DWC), and as of 19 April, all passengers at the airport received support and were able to proceed with their travel arrangements.

Want to contribute to a storm relief campaign? Dubai’s Community Development Authority launched the Tadhamon relief campaign on its digital Jood platform, according to the Dubai Media Office. Private-sector businesses and individuals can use the platform to help provide aid to those whose residences and assets sustained damage. The campaign promises real-time updates on support needs and accomplishments.

Families in Sharjah affected by the rain and flooding can also seek urgent assistance via WhatsApp at 065015161, AlKhaleej reports. Similarly, Dubai residents impacted by the storm can message 0583009000.

Sharjah Ruler Sultan Al Qasimi expects the emirate “return to normalcy within the next two to three days,”Sharjah24 reports.

The Sharjah Executive Council has greenlit a one-month grace period for fee payments to commercial and economic establishments, as part of a package of measures to provide relief to those impacted by the storm, Wam reports. The council also approved a decision to provide aid to homeowners, assess damages, and establish a dedicated digital platform to streamline aid applications, which can be accessed here.

OUR NEXT CONFERENCE IN CAIRO-

Foreign investors are falling in love with Egypt again… Foreign investors we speak with (debt, equity, and strategic alike) have growing appetite for Egypt. They’re buying into local debt, eyeing promising shares, and committing bns of USD to both new ventures here and the growth of their existing businesses. They like the Egypt story that’s taking shape after the float of the EGP, and its competitive advantages are clear to many of them: It’s a massive consumer opportunity and a regional export hub of tomorrow.

The Enterprise Optimism Forum 2024 will do exactly what it says on the tin: Spark conversations about a future that sees Saudi Arabia, Egypt, and the the UAE at the heart of a more vital Middle East economy — and provide an early, actionable roadmap for those who are “long Egypt.”

We’ll be talking with you about the agenda over the coming couple of weeks. It features speakers from Egypt and abroad who are future-proofing their businesses and angling to capture tomorrow’s opportunities — and who aren’t afraid to answer some tough questions.

*** Interested in attending? Tap or click here to let us know. Seating is limited.

HAPPENING TODAY-

#1- It’s the second and penultimate day of the AVPN Global Conference 2024 at The St. Regis Saadiyat Island Resort and Park Hyatt Abu Dhabi Hotel and Villas. The event aims to bring together more than 1.5k leaders in global social investment to advance humanitarian efforts in Asia, according to an Abu Dhabi Media Office statement.

#2- Carpet and flooring industry event Domotex Middle East 2024 is also underway and wraps tomorrow at the Dubai World Trade Centre. The event brings together industry leaders like Merinos, Oriental Weavers, Solomon Carpets, and Al Abdullatif, as well as brands like Azim Silk.

WATCH THIS SPACE-

#1- A Reuters poll of economists sees the UAE leading regional economic growth in 2024 with its economy projected to expand by 4% in 2024, with experts citing the Emirates’ strong non-oil performance, according to Reuters. The 4% is an upgrade from the 3.8% forecast by Reuters’ January poll. “GCC economies that will underperform [this year] will be those where the diversification away from the oil economy has been slower ... than in those economies where other sectors have gained in importance more,” according to MENA economist at Emirates NBD, Daniel Richards.

The regional outlook: Economists foresee weaker growth for Saudi Arabia's oil-reliant economy this year, with forecasts downgraded to 1.9% from 3.0% due to anticipated stagnation in oil prices. Growth expectations for Qatar were revised downward from earlier projections to 2.2%, for Bahrain down to 2.3%, and for Kuwait down to 0.6%.

REMEMBER- The IMF has adjusted its 2024 growth forecast for the UAE to 3.5% in its latest World Economic Update report, down from the previous estimate of 4.0%. Other institutions such as the World Bank and the Ministry of Economy expect slightly higher growth rates of 3.9% for 2024, while Oxford Economics projects a growth rate of 4.4%.

#2-National oil companies in the GCC won’t suffer (too much) from going green: Gulf national oil companies are expected to spend around USD 15-25 bn annually on low-carbon investments until 2026 to match global counterparts for carbon reduction, according to an S&P report. These companies likely have the capacity to absorb the extra investments for net-zero emissions goals while maintaining strong credit metrics, S&P says.

Where the money will come from: While national oil companies typically maintain strong balance sheets and can finance their own projects, S&P estimates that the banking system and capital markets will have a role in financing the energy transition. However, while GCC banks “will have the capacity” to provide funding for national oil companies’ low-carbon investments, S&P notes that these companies “are typically financed outside the local banking systems.”

DATA POINTS-

#1- Retail sector sales in the UAE hit AED 230 bn in 2023, rising 6% y-o-y, Dubai Chambers President and CEO Mohammed Lootah said during the Retail Summit, which kicked off yesterday, Al Bayan reports. The sector is expected to hit a compound annual growth rate of 3.7% in retail sales between 2023 and 2028, surpassing AED 275 bn by 2028. E-commerce sales are on track to grow 10% annually during the same period, with projections indicating they will surpass AED 42.1 bn by 2028.

#2- The UAE ranks first in the region in crypto adoption, with 72% of UAE crypto users investing in BTC, contributing to a 166% jump in the number of daily traders to 500k, according to a report by crypto exchange Bitget. The region is expected to see 700k daily crypto traders by the end of the year on the back of “favorable local crypto regulations.”

#3- Trademark registrations in the UAE climbed 64% y-o-y in 1Q 2024, reaching a total of 4.6k registrations, Khaleej Times reports, citing Economy Ministry data.

THE BIG STORY ABROAD-

Tesla leads all of the big Western business papers, from the Financial Times and Les Echos to the Wall Street Journal and Reuters. The company’s shares rallied 11% in after-hours despite posting poor 1Q 2025 results after it promised to introduce “more affordable models” by early next year.

A tale of two cities: Hong Kong’s biggest IPO so far this year has flopped (bubble tea chain ChaPanda’s shares were down as much as 38% in their debut) as investors shy away from the Asian financial capital. In New York, cloud and data security outfit Rubrik is looking at a 20x oversubscription rate for its IPO, which could raise as much as USD 713 mn.

ELSEWHERE- Star fund manager Cathie Wood’s Ark is still being slammed by redemptions, college protests against US support of Israel’s war in Gaza are growing, and our friends at Visa beat expectations with strong 1Q earnings.

There’s plenty of ink being spilled in the business press after the US Federal Trade Commission approved yesterday a ban on non-compete agreements that prevent staff from going to work for their employer’s competitor or starting a rival business. The rule will “also force companies to scrap their existing noncompetes for all employees except senior executives who earn more than USD 151,164 annually and who are in policy-making roles,” {CNBC notes}. The Associated Press also has the story. It comes into force in 120 days.

Harvard Business Review’s take: It’s better this way. “Noncompetes help no one except dying companies — those who can’t compete to hire the best talent and can’t survive in the innovation marketplace.” Read: Banning noncompetes is good for innovation.

AND- BREAKING NEWS as we were heading to dispatch this morning: The US Senate has passed a bill that could ban Tiktok in the United States if parent company ByteDance doesn’t sell its stake in the company within a year.

US President Joe Biden said he would sign the bill, which also includes provisions on military aid to Israel and Ukraine. {The Verge} and {the New York Times} have more.

CIRCLE YOUR CALENDAR-

The World Economic Forum’sSpecial Meeting on Global Collaboration, Growthand Energy for Development is scheduled for 28-29 April in Riyadh, Saudi Arabia. The two-day meeting addresses global challenges in economic development, including energy transitions and geopolitical tensions.

It will feature over 700 participants, including Economy Minister Abdulla Bin Touq, who will sit on a panel covering the rise of the tourism sector, and Majid Al Futtaim Holding CEO Ahmed Galal Ismail, who is participating in a panel on MENA economic perspectives.

Binghatti Development Company is set to unveil the details of Binghatti Hills, the largest development project in Dubai’s skyline, next Monday, 29 April at the Four Seasons Resort Dubai at Jumeirah Beach, followed by a four-day sales event, Albayan reports. The project will comprise 1.6k residential units and 21 commercial outlets.

The Abu Dhabi International Book Fair is set to take place from 29 April to 5 May at the Abu Dhabi National Exhibition Centre (Adnec), with Egypt as the guest of honor and Egyptian novelist Naguib Mahfouz as the focus personality.

The Arabian Travel Market is taking place from 6-9 May at DWTC Dubai under the theme Transforming Travel Through Entrepreneurship. The event will focus on issues relating to entrepreneurial strategies.

The Abu Dhabi International Book Fair (ADIBF 2024) is set to take place from 29 April to 5 May at the Abu Dhabi National Exhibition Centre under the Department of Culture and Tourism. The fair will host 1,350 publishers from 90 countries and 375 local exhibitors presenting over 2k activities.

TheAnnual Investment Meeting (AIM) Congress is scheduled to be held on 7-9 May at the Abu Dhabi National Exhibition Centre. Gathering senior government officials and industry experts, the summit will focus on exploring means of strengthening the economy under the theme Resilient, Sustainable Economic Growth – Creating a Healthy and Prospective Investment through FDI and FPI.

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

Spinneys IPO could raise as much as AED 1.38 bn

Spinneys snags anchor investors for its IPO: Supermarket chain Spinneys signed agreements with the Emirates International Investment Company and Franklin Templeton to become cornerstone investors in its IPO, it said in a statement (pdf) yesterday. The two investors committed to purchasing AED 275 mn worth of shares in the offering.

ICYMI- The company plans to offer a total of 900 mn of its shares — good for a 25% stake — on the Dubai Financial Market (DFM), with shares expected to begin trading on 9 May. The IPO will be among the first by a family-owned business in the UAE.

Offering could fetch more than AED 1 bn: The company has set an indicative price range of AED 1.42-1.53 per share, valuing the company at up to AED 5.51 bn. The share sale could see Spinneys raise as much as AED 1.38 bn. The final share price will be announced next Wednesday, 1 May.

Saudi investors are also eyeing the offering, Spinneys CEO Sunil Kumar told Reuters, without disclosing whether any investors from the Kingdom have bought into the IPO. Spinneys plans to inaugurate its first store in Saudi Arabia in 1H 2024 to fuel growth, and open another three by the end of the year, Kumar previously told Bloomberg.
Retail investors have until next Monday, 29 April to subscribe, while the subscription period for institutional investors wraps on Tuesday, 30 April.

ADVISORS- Our friends at HSBC Middle East are joint global coordinators alongside Emirates NBD Capital and Merrill Lynch. Our friends at EFG Hermes are joint bookrunners, while Rothschild Middle East is independent financial advisor. Emirates NBD Capital is also acting as listing advisor, while Emirates NBD Bank is lead receiving bank. Other receiving banks include our friends at FAB as well as MBank and Commercial Bank of Dubai.

UAE signs USD 35 bn partnerships with Oman

UAE and Oman have plenty in the pipeline: Emirati and Omani companies inked agreements valued at a collective AED 129 bn (USD 35 bn) to jointly implement projects across sectors including energy and transportation, according to an Investment Ministry {statement}. The investments were announced following Oman’s Sultan Haitham bin Tariq’s two-day visit, during which he met with President Sheikh Mohamed bin Zayed Al Nahyan at Qasr Al Watan in Abu Dhabi to discuss strengthening bilateral relations and recent regional developments. The breakdown of the agreements:

A NEW TECH FUND-

#1- ADQ + OIA unveil USD 180 mn tech fund: Abu Dhabi sovereign wealth fund ADQ and Oman Investment Authority (OIA) will launch a USD 180 mn (AED 660 mn) fund, named Josoor fund, aimed at advancing Oman’s digital economy, ADQ said in a statement.

About the fund: Josoor will primarily target investments in tech companies and startups in Oman, but will also focus on funding tech firms across the region. The fund’s investments will be geared towards high-growth tech companies in fintech, edtech, healthtech, cleantech, food and agriculture, and logistics.

Background: During President Al Nahyan’s visit to Oman in 2022, the two players identified potential joint investments worth AED 30 bn across hydrogen, solar and wind, green aluminum, steel, and water and electricity sectors. ADQ and OIA had signed an MoU to set up a AED 592 mn venture capital fund that targets high-growth Omani startups.

ENERGY-

#2- AED 117 bn energy megaproject: The visit saw a number of manufacturers and utility and energy firms, including Taqa, Masdar, Emirates Global Aluminium (EGA), Emirates Steel Arkan (ESA), OQ Alternative Energy and Oman Electrical Transmission Co, earmark AED 117 bn for an “industrial and energy megaproject,” according to the ministry’s statement. The megaproject will include developments in the sectors of renewables and green metals production. None of the companies involved disclosed further details.

TRANSPORT-

#3-The two countries agreed to allocate AED 11 bn to contracts for the UAE-Oman railway network, the ministry said.

The two countries are set to break ground on the railway: The railway developer has awarded the tenders for the construction of the railway and construction is slated to commence, with the project anticipated to be completed in “record time,” the UAE’s Energy and Infrastructure Minister Suhail Mohamed Al Mazrouei told Wam on the sidelines of the UAE-Oman Business Forum held yesterday. It remains unclear whether the AED 11 bn agreement is for a different set of tenders and contracts for the railway.

The forum also saw the signing of an agreement to set up a Omani-Emirati consortium, led by Alpha Dhabi’s subsidiary Trojan Construction Group and Emirati construction firm Galfar, to award contracts to developers for the railway, Oman Observer reports. Additionally, another agreement was signed between Siemens and Egyptian contractor Hassan Allam Construction to oversee the tender awarding for the railway’s technology.

Background: Etihad Rail had inked an agreement in 2022 with Oman Rail, the Omani national railway developer, to set up the Oman-Etihad Rail Company, a USD 3 bn (c. AED 11 bn) 50-50 JV, for the design, development, and operation of railways linking Oman’s Sohar Port with the UAE’s national railway network. The transport link between the UAE and Oman, first announced in September, is aimed at bolstering trade between the two countries and the region. The rail line will serve both passenger and freight trains.

#4- A New entity for UAE-Oman railway developer: Etihad Rail, Mubadala, and Oman’s integrated logistics provider Asyad Group launched a new brand for the joint railway network, dubbed Hafeet Rail, Asyad said on X. The partnership agreement between the three companies has an estimated AED 3 bn ticket, the ministry said.

Not just a brand: The partnership agreement between Etihad Rail, Mubadala and Asyad will involve the three firms forming working groups and a joint committee to exchange expertise and conduct economic and financial feasibility studies for the railway, according to Oman Observer.

BILATERAL COOPERATION-

#5- The two countries also agreed to form a bilateral alliance aimed at boosting economic and trade ties, the ministry said, without providing further details. Dubai Ruler and Prime Minister Sheikh Mohammed bin Rashid Al Maktoum also met with Sultan of Oman, Haitham bin Tariq, yesterday to discuss boosting relations, especially in trade and investment, as well as new potential avenues for cooperation, Wam reported.

#6- More cooperation ahead: The Investment Ministry signed a cooperation agreement with Oman’s trade and investment promotion ministry to collaborate on projects spanning digital infrastructure, food security, energy and transportation.

Shell, TotalEnergies in talks to acquire Ruwais stake from Adnoc

Everyone wants a piece of Ruwais: UK oil and gas giant Shell and French TotalEnergies are reportedly vying for a stake in Abu Dhabi National Oil Company’s (Adnoc) Ruwais liquefied natural gas (LNG) project, as well as purchasing its LNG output, {Bloomberg} reports, citing sources familiar with the talks. In addition to being among the bidders for a stake in the LNG project, Japanese trading firm Mitsui & Co. is also reportedly negotiating to purchase LNG from Ruwais and snag a portion of the project’s equity, according to Bloomberg. However, no agreement had been reached as of yet, the firm said, according to Reuters.

What we know so far: Mitsui’s statement came in response to Japanese newspaper Nikkei reporting that Mitsui has agreed to invest “[JPY] tens of bns” to acquire 10% of the USD 7 bn Ruwais project, with Adnoc retaining 60%. The newswire also name-checked BP, Shell and TotalEnergies as potential investors in the plant.

Adnoc might give the bids a pass: The state-owned oil giant might opt to not sell equity in Ruwais as it “doesn’t require investments from the energy companies,” Bloomberg’s sources say. Adnoc intends to use its own funds to expand production at the Ruwais LNG project, with exports from the Ruwais site to commence in 2028. The project is expected to more than double the company’s LNG production capacity to 15 mn metric tons per year from 6 mn.

Where things stand with the Ruwais plant: Adnoc is nearing a final investment decision on the project, expected “as soon as next month,” according to Bloomberg’s sources. The business information service had earlier reported that the oil firm plans to reach a final investment decision on the project sometime in 1H 2024.

ICYMI- Adnoc’s gas arm plans to acquire the Ruwais LNG plant to help double its production capacity, and cater its product offering to the increased demand for lower-carbon solutions globally. With this acquisition, Adnoc Gas aims to double its LNG production capacity by 2028, as it looks to increase LNG export volumes to serve the growing global market, with the International Energy Agency expecting 2.5% y-o-y growth in global gas demand in 2024 as a transition fuel.

Abu Dhabi set to issue first eurobonds since 2021

Abu Dhabi is making its return to the eurobond market after a three-year hiatus, as expectations for an imminent decrease in US interest rates begin to wane, Bloomberg reports. The emirate, which holds a AA rating or equivalent from all three major ratings agencies, is issuing USD-denominated bonds with maturities of five, 10, and 30 years in its first issuance since 2021, Bloomberg says, citing a person familiar with the matter. Information about the size of the offering and the final terms were not publicly available.

Background: Abu Dhabi has been eyeing a fresh eurobond issuance for some months, Bloomberg reported in February, joining a “flurry” of debt issuances from emerging economies. While the emirate is not in need of new funding, Bloomberg suggested at the time the goal of the move is for the emirate to “boost the liquidity of its existing debt.”

The details: Initial indications suggest the five-year bonds will be priced at about 70 basis points (bps) above their counterpart US Treasuries, the 10-year at 85 bps above, and the 30-year tranche at 125 bps above. Making the offering at a higher spread than its US counterparts serves as an incentive for fixed-return investors.

No room for arbitrage: The AED is begged against the USD, making it unlikely for Abu Dhabi to be able to issue an offering priced at lower spread than that offered by US counterparts.

ADVISORS- The bond sale is being managed by Abu Dhabi Commercial Bank, Citigroup Inc., First Abu Dhabi Bank, HSBC Holdings, JPMorgan Chase & Co., Morgan Stanley, and Standard Chartered.

AD Ports inks 20-year concession to manage and upgrade Angola’s Luanda Port terminal

AD Ports expands in Angola: Abu Dhabi-based port operator AD Ports has secured a 20-year concession with Angola’s Luanda Port Authority to operate and upgrade the Luanda multipurpose port terminal, according to a press release yesterday. AD Ports’ concession at the terminal is extendable for a further 10-year period, the statement also said.

AD Ports also set up joint ventures with two Angola-based logistics and transport players to operate the terminal and serve the facility. The breakdown:

The company acquired an 81% stake in a JV with Multiparque to operate the terminal, with plans to use Multiparque’s Viana inland container depot for container handling during the period of redevelopment;
It also bought a 90% stake in a JV with Unicargas to provide logistics and freight forwarding services in Angola, with AD Ports subsidiary Noatum Logistics taking control of Unicargas’ fleet of trucks and logistics sites, while investing in new machinery and equipment.

The investment ticket: AD Ports will shell out USD 251 mn to modernize the terminal and develop logistics operations between 2025 and 2026, with investments potentially ramping up to USD 379 mn over the concession’s lifetime, depending on demand, the statement added. The redevelopment is set to be complete by 3Q 2026, with container handling volumes expected to rise to 350k TEUs, up from 25k TEUs currently, according to the statement.

About the Port of Luanda: The port handles over 76% of Angola’s container and general cargo volumes, and serves as one of Central-West Africa’s key transhipment hubs by enabling land-locked countries, including the DRC and Zambia, to access maritime trade. Angola’s container volumes are projected to see a 3.3% yearly growth over the next 10 years, the statement also said.

Dubai Islamic Bank reports AED 1.8 bn in net income in 1Q

Dubai Islamic Bank (DIB) reported a 22% y-o-y increase in net income before tax to AED 1.85 bn during 1Q 2024, according to an earnings release (pdf). The bank attributed the increase to “higher total income and lower impairment charges.” The lender’s top line rose 26.5% y-o-y to AED 5.6 bn, while impairment charges decreased to AED 299 mn, down by 40% from 1Q 2023.

Net financing and sukuk investments rose to AED 277 bn, according to the release. Meanwhile, the bank saw significant growth in new financing and sukuk disbursements during the quarter, reaching AED 8.9 bn, compared to AED 1.9 bn in the previous year.

Anirudh Chaturvedi appointed cluster director of finance for Dubai World Trade Centre hotels

Dubai World Trade Centre Cluster appointed Anirudh Chaturvedi (LinkedIn) as the new cluster director of finance for Novotel World Trade Center, Ibis World Trade Center, and Ibis One Central, according to a press release. Chaturvedi brings over 13 years of experience in finance and hospitality, with more than six years spent in the Middle East, specifically in the UAE and Qatar. His most recent role was as the cluster financial controller at Katara Hospitality’s Fairmont & Raffles Hotels in Doha, Qatar.

UAE ? crypto

Dubai’s crypto frenzy is in the spotlight in the latest edition of Bloomberg’s Cryptonewsletter, which looks at the excitement of crypto investors over the UAE during last week’s Token2049 conference. Attendees at the conference mentioned plenty of interest among crypto firms to set up operations here.

ALSO- Saudi Arabia and the UAE have “more market power today than they ever had” in the oil and gas sector because of a lack of investment from non-Opec countries, veteran economist Jeff Currie (watch, runtime: 2:43).

Open finance gets some love from the CBUAE

FINTECH-

CBUAE + Etihad Payments to advance open finance in the Emirates: The Central Bank’s subsidiary Al Etihad Payments has joined forces with Core42, an AI company under G42, to initiate the rollout of Open Finance in the UAE, according to a {press release}. This partnership is one component of CBUAE's extensive Financial Infrastructure Transformation (FIT) Programme announced in February, which aims to accelerate the digitization of the financial services sector.

Open finance? Open finance is a system that allows consumers to link and exchange data throughout the entire financial ecosystem.

Phases of implementation: The rollout will start with open banking, followed by open ins., aiming to serve the majority of the UAE by 2024.

HOSPITALITY-

AHS lands in Dubai: Bangkok’s Absolute Hotel Services (AHS) Group will sign and operate AHS-branded properties in the Middle East and Africa, after establishing a JV with hotel management firm Dex Squared, it said in a statement. The JV, dubbed AHS MEA, seeks to sign 20 branded hotels and five golf and country clubs within three to five years, focusing on Dubai and key destinations across the region. It will be headquartered in Dubai, with AHS Founder and CEO Jonathan Wigley (LinkedIn) serving as president.

About AHS: The company manages 40 hotels and golf clubs, and has another 40 projects in development. Its brands include Eastin Grand Hotels and Resorts, Eastin Hotels, Resorts and Residences, Eastin Estates, U Hotels and Resorts, and Absolute Collection brands.

REAL ESTATE-

Dubai property market goes global? Dubai-based software developer Amp Technology launched a platform in collaboration with the Dubai Land Department to connect Dubai’s real estate market with global markets using Multiple Listing Service (MLS) technology, Amp Technology BOD Chairman Ahmed Al-Batrawi told Bloom. The platform, dubbed Dubai MLS, allows developers, marketers, and government agencies to view available properties in the emirate, including detailed data on location, nearby services, prices, and handover dates.

More to come: The company plans to expand in Egypt, Saudi Arabia, Bahrain, Oman, and Qatar, in a bid to link regional markets with global ones, Al-Batrwai added.

Another Gulf airline IPO on the cards

Another potential airline IPO in the region? Saudi budget carrier Flynas has confirmed plans for a listing on Tadawul this year, Asharq Business 23reported, citing statements by CEO Bandar Al Mohanna at the Airline Economics Growth Frontiers conference in Riyadh. Al Mohanna did not provide further details on the planned IPO which was first reported by Bloomberg late last year.

Background: Flynas tapped in December Goldman Sachs, Morgan Stanley, and Saudi Fransi Capital for the IPO, according to Bloomberg. The low-cost airline was said to be considering an IPO since 2008, but its plans never materialized. The floated IPO plans in December came months after sources told Bloomberg that the Public Investment Fund (PIF) was involved in talks to buy a stake in Flynas from Prince Al Waleed Bin Talal’s Kingdom Holding — in which the PIF bought a 17% stake in 2022. Sources said at the time that a stake sale to the PIF could delay the airline’s IPO plans.

Saudi Arabia is making a big push in its aviation sector: Not only has the Kingdom made plans for a new airline — Riyadh Air — to compete with other major airlines in the Gulf, including Emirates, Qatar Airways and Etihad, but sovereign wealth fund Public Investment Fund (PIF) is reportedly in early talks to acquire national carrier Saudia as soon as next year in a bid to overhaul the airline and improve its efficiency and net income.

Could Etihad Airways come first? Speculation around whether or not Etihad Airways is planning an IPO went into overdrive when the ADQ-owned carrier said it’s boosting profitability in preparation for a potential IPO. The wealth fund reportedly held talks with banks for a potential offering that could be “as soon as this year,” with the specific timing and size of the offering still undecided.

MARKETS THIS MORNING-

Asian markets are solidly in the green this morning, with the Nikkei and Korea’s Kospi each up 2% or more after Wall Street posted a second day of gains yesterday, snapping its losing streak. Futures are in the green as far as the eye can see, pointing to a stronger opening in both major European markets and on Wall Street later today.

ADX	9,051	-0.3% (YTD: -5.5%)
DFM	4,166	0.0% (YTD: +2.6%)
Nasdaq Dubai UAE20	3,561	-0.6% (YTD: -7.3%)
USD : AED CBUAE	Buy 3.67	Sell 3.67
EIBOR	5.0% o/n	5.4% 1 yr
TASI	12,484	-0.2% (YTD: +4.3%)
EGX30	26,777	-4.9% (YTD: +7.6%)
S&P 500	5,070	+1.2% (YTD: 6.3%)
FTSE 100	8,046	+0.3% (YTD: +4.0x%)
Euro Stoxx 50	5,008	+1.4% (YTD: +10.8%)
Brent crude	USD 88.42	+1.6%
Natural gas (Nymex)	USD 1.84	+1.3%
Gold	USD 2,335	-0.3%
BTC	USD 66,183	-1.4% (YTD: +133.7%)

THE CLOSING BELL-

The DFM stayed flat yesterday on turnover of AED 329.1 mn. The index is up 2.6% YTD.

In the green: Islamic Arab Ins. Company (+4.9%), Commercial Bank of Dubai (+3.5%) and Taaleem Holdings (+3.3%).

In the red: National International Holding Company (-9.1%), Emirates NBD (-3.7%) and Ekttitab Holding Company (-2.9%).

Over on the ADX, the index closed down 0.3% on turnover of AED 974.9 mn. Meanwhile, Nasdaq Dubai fell 0.6%.

CORPORATE ACTIONS-

Al Ain Ahlia Ins. approved distributing AED 30 mn in dividends for 2023, amounting to AED 2 per share, according to an ADX disclosure (pdf).

Agthia Group will distribute AED 0.185 per share in dividends, as well as 5% bonus shares for 2023, an ADX disclosure reads (pdf). The decision brings total dividends for the year to AED 146.5 mn, after the company paid an interim dividend of AED 0.825 per share, totaling AED 65.31 mn for 1H 2023.

UAE President + Australian Defense Minister mull more defense cooperation. PLUS: Austrian chancellor phones MbZ

UAE President Sheikh Mohamed bin Zayed Al Nahyan met with Australian Deputy Prime Minister and Defense Minister Richard Marles to explore avenues of collaboration and enhance bilateral relations, particularly in defense, military and policing sectors, Wam writes.

The president also received a phone call from Austrian chancellor Karl Nehammer, where they discussed strengthening relations, as well as the importance of maintaining peace in the region and providing aid to Gaza, Wam reported separately.

MEANWHILE- Foreign Affairs Minister Abdullah bin Zayed Al Nahyan held a phone call with his Pakistani counterpart, Muhammad Ishaq Dar, to discuss prospects for cooperation across economic, trade, and development sectors, Wam reports.

CALENDAR

APRIL

26 March-21 July (Tuesday-Sunday): ‘From Kalila wa Dimna to La Fontaine: Traveling through Fables’ exhibition, Louvre Abu Dhabi.

21 April-7 May (Sunday- Tuesday): The ICC Women's T20 World Cup Global Qualifier 2024.

22-24 April (Monday-Wednesday): Emirates Skills National Competition, Abu Dhabi National Exhibition Center, Abu Dhabi.

23-24 April (Tuesday-Wednesday): The Retail Summit, Atlantis, The Palm, Dubai.

23-29 April (Tuesday-Monday): Subscription period for retail investors for Spinneys’ IPO.

23-30 April (Tuesday-Tuesday): Subscription period for institutional investors for Spinneys’ IPO.

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

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

23-25 April (Tuesday-Thursday): Domotex Middle East 2024, Dubai World Trade Centre.

23-25 April (Tuesday-Thursday): The AVPN Global Conference 2024, The St. Regis Saadiyat Island Resort and Park Hyatt Abu Dhabi Hotel and Villas, Abu Dhabi.

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

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

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

25 April (Thursday): Bayanat AI and Yahsat simultaneous general assembly meetings

25-26 April (Thursday-Friday): DRIFTx, Abu Dhabi.

27-28 April (Saturday-Sunday): Frontiers in Advanced Hepato-Biliary Cancers and Transplant Oncology, Cleveland Clinic Abu Dhabi.

28-29 April (Sunday-Monday): World Economic Forum’s Special Meeting on Global Collaboration, Growth and Energy for Development, Riyadh, Saudi Arabia.

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

29 April- 5 May (Friday-Friday): The Abu Dhabi International Book Fair, Abu Dhabi National Exhibition Centre (ADNEC).

MAY

1-2 May (Wednesday-Thursday): Capital Markets Summit, Madinat Jumeirah, Dubai

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

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

6-9 May (Monday-Thursday): The Arabian Travel Market, Dubai World Trade Centre, Dubai.

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.

9 May (Thursday): Spinneys shares begin trading.

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.

15 May (Wednesday): UAE and Indian officials are set to meet for the first time on the India-Middle East-Europe Economic Corridor.

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

19 May (Sunday): InvestopiaEurope, Milan.

19 May (Sunday): RTA’s Deadline for bids to design and build Dubai Metro's Blue Line.

21-23 May (Tuesday-Thursday):International Exhibition for National Security & Resilience, ADNEC Centre Abu Dhabi.

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

27-29 May (Monday-Wednesday): Arab Media Forum, Dubai.

30 May (Thursday):Abu Dhabi Family Office Summit, Saadiyat Rotana Resort, Abu Dhabi.

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.

Signposted to happen sometime in 1H 2024:

Spinneys inaugurates its first store in KSA

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.

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

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.

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.

Signposted to happen sometime before the end of the year:

Spinneys inaugurates three more stores in KSA

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