UAE launches new AI model to rival Big Tech

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WHAT WE’RE TRACKING TODAY

THIS MORNING: UAE launches new AI model to compete with Meta, Google

Good morning, wonderful people. We have a busy issue for you this morning, packed with blockbuster earnings from UAE giants Emirates Group and Adnoc Drilling, plus some big AI news…

WATCH THIS SPACE-

#1- UAE launches new AI model that “outperforms” Meta’s Llama 3: The applied research division of Abu Dhabi’s Advanced Technology Research Council (ATRC), the Technology Innovation Institute (TII), has rolled out its new open-source GenAI model, Falcon 2 series, TII said in a statement.

The series includes two open-source models: Falcon 2 11B, a text-based model, and Falcon 2 11B VLM, the only vision-to-language model capable of converting images into text in the market, according to TII.

Abu Dhabi’s model outperforms big tech’s: The new AI model outperformed Meta’s Llama 3, and was on par with Google’s Gemma, TII says, citing US-based platform Hugging Face. “We were able to achieve way higher performance than a lot of the bigger guys, and at a fraction of their compute and a fraction of their team size,” Faisal Al Bannai, the secretary general of the ATRC, told Bloomberg in an interview.

What can it do? The new VLM model supports English, French, Spanish, German, and Portuguese. “Analyzing an X-ray of someone’s chest, analyzing a document for education, analyzing a construction document — we’re trying to focus on very clear enterprise use cases that can have a serious impact,” Al Bannai said.

What’s next? A third version of the AI model will be launched within the next two months, Al Banni said.

The story also got ink in Reuters.

AND- Core42’s bilingual chatbot is now available on iOS (sorry, Android users): Core42, subsidiary of state AI company G42, has launched a new version of its bilingual chatbot, Jais, as a mobile app on iOS, state news agency Wam reports. The AI model operates using 126 bn Arabic tokens, 251 bn English tokens, and 50 bn code tokens, “rivaling top-performing English language models of a similar size.”

A step towards global AI democratization: “With its Arabic-first approach, JAIS reshapes how bilingual individuals interact with technology, and with JAIS Chat for mobile, we are delivering the next advancement in our mission to democratize AI access for the world,” Chief AI Officer at Core42 Andrew Jackson said.

What’s next? Jais Chat will be updated with features, including document processing, customizable user settings, and voice conversation. Planned updates also include an enterprise subscription model tailored to businesses with specialized advanced features.

Want to try it for yourself? You can download the app without charge here.

#2- Abu Dhabi’s Department of Community Development is set to introduce exclusive benefits for Abu Dhabi citizens nearing marriage under its Medeem Initiative, according to an Abu Dhabi Media Office statement. Members of the Medeem Center will be eligible for the Medeem Exclusive Card, offering benefits from the social initiative Fazaa, including reduced charges on wedding expenses such as venue rentals, music bands, photography, lighting, sound systems, and decorations.

PUBLIC SERVICE ANNOUNCEMENTS-

WEATHER- Brace yourselves for another sweltering hot day, especially if you’re in Dubai — where the mercury is set to hit 41°C before cooling to an overnight low of 31°C. It will be slightly cooler over in Abu Dhabi, where temperatures are expected to hit 38°C, with an overnight low of 28°C.

Dubai’s Roads and Transport Authority (RTA) launched its seasonal network schedule for the summer, which will see all its maritime transport services and lines, including Dubai Ferry, Abra, and Dubai Water Taxi, operating based on an updated seasonal schedule, a statement reads. The network utilizes data to analyze daily passenger patterns according to the season.

DATA POINT-

Dubai saw 11 new hotels open in 1Q 2024, offering up over 1.8k rooms, and bringing the total number of hotels operating in the emirate to 832, according to data from Dubai’s Department of Economy and Tourism. The total number of hotel rooms offered in the emirate rose 1.2% y-o-y to 152.2k.

HAPPENING TODAY-

#1- The Abu Dhabi Global Healthcare Week kicked off yesterday and wraps tomorrow at the Abu Dhabi National Exhibition Centre. Hosted by Abu Dhabi’s Department of Health, the event will bring together around 5k attendees, 100 exhibitors, and 1k delegates specialized in healthcare. Featured topics include AI, biotech, and genomics. You can find the event brochure here (pdf).

HAPPENING THIS WEEK-

#1- US Energy Secretary Jennifer Granholm touches down in the UAE today for her first diplomatic trip to the country, focusing on climate cooperation and energy diversification in the region, Reuters reports citing two Biden administration officials. Granholm will also be heading to Saudi Arabia, with her trip wrapping on Thursday, one of the sources said.

Discussions will cover topics like climate collaboration, energy diversification, and global oil production, though Granholm will reportedly not discuss oil policy during this visit. The visit will also involve participation in a meeting of the Net-Zero Producers Forum, which aims to reduce emissions and advance clean energy initiatives.

What’s the Net-Zero Producers Forum? Launched in 2021, it’s part of a bid to boost cooperation between some of the biggest global oil producers on methane abatement, carbon capture, and use and storage technologies. Founding members include Saudi Arabia, the US, Canada, Norway, and Qatar. The UAE joined the group in 2022. NPF members account for 45% of global oil production and 40% of natural gas production, according to the US Energy Department website.

#2- Dubai will host The Airport Show from today through to Thursday, 16 May at the Dubai World Trade Center. The event brings together airport suppliers, airport service providers, aviation executives, and regional decision makers to explore current innovations and new technologies.

#3- Seamless Middle East kicks off today at the Dubai World Trade Center, and run until Thursday, 16 May. The three-day event includes a conference welcoming over 500 speakers to cover the latest trends, market disruptors, and technologies in digital commerce, and a multi-brand exhibition hosting over 700 exhibitors in the digital commerce industry.

#4- The Gulf Petrochemicals and Chemicals Association Supply ChainConference kicks off on Wednesday and will wrap on Thursday, 16 May, at the Address Sky View Hotel in Dubai. The conference will bring together industry players under the theme Harnessing Connectivity for a Sustainable Tomorrow, discussing supply chain connectivity and AI integration in the industry.

#5- The Acres Real Estate Exhibition is set to kick off on Thursday, and will run until Sunday, 19 May, at the Dubai World Trade Center. The event will gather leading property developers, investors, brokers, and experts, to showcase the latest projects and technologies in the real estate industry.

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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.

THE BIG STORY ABROAD-

It’s a really, really tech-heavy morning in the business press: Reviews are out for the iPad Air and iPad Pro models that Apple announced last week, ChatGPT maker OpenAI released a voice-assistant-like product that will chat with you in the (unauthorized, dystopian) voice of Scarlett Johansson in Her.

Up first: the Google I/O developer conference starts this morning. The Mountain View company is expected to announce (you guessed it) a new AI-powered voice assistant and a bunch of other Android goodies.

Consider it the prelude to a few very tech-heavy weeks: Microsoft’s Build conference runs next week (21-23 May) and could see Redmond announce an AI-powered search app based on ChatGPT, and then all eyes turn to Cupertino for Apple’s WWDC, at which the tech giant will unveil new versions of its various operating systems with plenty of AI baked in. Pundits will be watching to see how much of the AI goop Apple layers onto its OSes is homegrown and how much is licensed from ChatGPT or Google — it’s in talks with both.

Meet Her: OpenAI is actually calling it Chat-GPT4o (the letter ‘o’ at the end, not a zero) and it lit our X and Threads on fire for sounding exactly like Scarlett Johansson in Her, a movie in which a character falls in love with an AI voice assistant. You chat with GPT4o using your voice — and it can turn on your device’s camera to have a look around if it’s relevant to your ‘conversation.’ And unlike the current incarnation of Siri, it appears pretty seamless.

You can try it now for yourself: Head here to learn more or listen to a demo. If you already have a subscription to ChatGPT and have it running in a browser, do a hard refresh and then hit the dropdown menu on the top left to choose ChatGPT-4o.

The story is everywhere: The Verge | Financial Times | Wall Street Journal | Reuters | CNBC

You can already feel the ennui in this CNBC headline: AI may not replace you, but someone who uses it can — here’s the No. 1 skill you need to stay relevant.

REVIEWS- So, should you buy a new iPad? Will the device be transformed in a few weeks’ time by the unveiling of a new iPadOS that makes it as Mac-like as the new keyboard case now on sale for the Pro model? In search of answers, we bring you:

Apple iPad Pro (2024) review: the best kind of overkill. (The Verge)
The new Apple iPad Air is great — but it’s not the one to get. (The Verge)
iPad Pro vs. MacBook: The Great Apple Laptop Trade-Off. (WSJ)

CLOSER TO HOME- Israeli troops have been let loose in both the north and south of Gaza and Israel has proposed that the Palestinian Authority should run the Rafah border crossing, which Israeli troops took over last week.

CIRCLE YOUR CALENDAR-

TheMiddle East Petroleum and Gas Conference is set to take place from 20-22 May in Dubai, hosted by the Emirates National Oil Company and under the organization of S&P Global Commodity Insights. The theme of the conference is “Evolving Core Energy Markets within a Sustainable Landscape.”

The International Exhibition of National Security and Resilience2024 Conference is happening on 21-22 May 2024 at Adnec Abu Dhabi, coinciding with the International Exhibition of National Security and Resilience, Wam reports. The conference is set to gather top CEOs, leaders, and experts from different fields to discuss security challenges and promote strategic partnerships.

The Dubai Business Forum in Beijing, China is set to take place between 21-22 August, Wam reports. Hosted by Dubai Chambers, the event aims to attract foreign direct investments by presenting investment prospects.

The Mohammed Bin Rashid Space Center is set to host Geo-Spatial Week from 6-11 April 2025 in Dubai with the International Society for Photogrammetry and Remote Sensing, according to a Dubai Media Office statement. The week-long event will welcome experts in photogrammetry, remote sensing, and spatial sciences.

The Global Wish summit is set to take place from 3-4 June 2025 in Abu Dhabi, after Make-A-Wish International selected the emirate to host its annual conference, Wam reports. The forum seeks to fulfill the wishes of children with life-threatening illnesses.

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

Adnoc Drilling sets up JV after bagging USD 1.7 bn contract + reports 1Q 2024 earnings

Lots of news from Adnoc Drilling: We have an earnings report from Abu Dhabi National Oil Company (Adnoc) Drilling, as well as news of a fresh USD 1.7 bn contract to unlock “unconventional energy resources” in the UAE.

#1- Adnoc Drilling secures USD 1.7 bn contract for unconventional drilling: The company was awarded a USD 1.7 bn contract from its parent company, Adnoc, to drill for the recovery of “unconventional energy resources” across 144 wells in the UAE, it said in an ADX disclosure (pdf). The project’s initial phase expects to employ up to nine land rigs, five of which were included in the company’s fleet in 2023.

What does “unconventional” mean? The term is used to refer to oil and gas resources trapped in subsurface reservoirs that require additional technology to unearth. Abu Dhabi alone is estimated to hold some 220 bn barrels of unconventional oil and 460 tn cubic feet of unconventional gas, according to the statement.

The details: Adnoc Drilling set up a new company — dubbed Turnwell Industries — for the project, and inked agreements with US drilling oil and gas wells companies Schlumberger Middle East and Patterson-UTI to support drilling operations.

The roles: Schlumberger will hold a minority equity interest in Turnell as part of the agreement, while Patterson-UTI will offer up drilling, completion, and other oilfield service expertise, in addition to an undisclosed limited cash contribution, according to a press release picked up by the Wall Street Journal. Patterson-UTI could also later contribute drilling equipment depending on the estimated returns, it said.

#2- Adnoc Drilling’s normalized net income rose 26% y-o-y to USD 275 mn in 1Q 2024, according to the company’s earnings release (pdf). The company posted USD 886 mn in revenues for the period, up 24% y-o-y on the back of a 51% y-o-y growth in the company’s offshore jack-up segment and a 16% y-o-y increase in its oilfield services segment, Adnoc Drilling said.

Looking ahead: The company expects to expand its rig count to 140, including three new hybrid land rigs, by the end of the year, the company said. Adnoc Drilling also forecasts improved revenues in the mid- and long-term, driven by the unconventional development project, which provides “significant potential upside” to the business’ financials.

New dividend policy: Adnoc Drilling’s board proposed an amended dividend policy for 2024-2028, aiming at growth of 10% per share a year over the next five years. Dividends will be paid semi-annually with a final dividend distributed to shareholders in 1H, and an interim dividend paid in the second half of each fiscal year.

WATCH THIS SPACE-The company plans to acquire three tech firms through a tech venture this year to accelerate the company’s growth, Adnoc Drilling CFO Youssef Salem told Bloomberg in an interview. The oil giant’s drilling arm is also eyeing the acquisition of drilling firms to expand its foothold in neighboring countries such as Kuwait and Oman, Salem revealed.

REFRESHER- Adnoc Drilling has already embarked on its expansion spree, forming a USD 1.5 bn JV with Alpha Dhabi in January for global investments in energy technology and the enhancement of tech-enabled energy services. Adnoc Drilling holds a 51% majority share in the JV, with Alpha Dhabi owning the remaining 49%.

Drake & Scull can now relist on the DFM after raising AED 450 mn in capital boost

Dubai-based contractor Drake & Scull raised over AED 450 mn in a capital increase, making it eligible to re-list the DFM, according to a press release. The capital increase — which comes as part of its restructuring plans — brings its total issued capital to around AED 2.89 bn, distributed over some 2.89 bn shares.

REMEMBER- The company planned to issue up to 2.4 bn new shares — or AED 600 mn worth of shares — as part of its restructuring plans to resume trading on the DFM. The minimum threshold that would allow the company to relist on the DFM was AED 300 mn.

The details: Shares in the capital increase were priced at a markdown of 75 fils from their fair value, at 25 fils per share. The markdown will be recorded as a negative reserve on the company’s balance sheet.

Where will the funds go? The raised funds will cover debts, former employee payouts, government fees, and support operational activities and potential acquisitions.

Background: The DFM approved its restructuring plan — which will write off 90% of its debt — back in November 2023, which it was required to implement within a year from approval. The construction company was suspended from trading in November 2018 on the back of excessive financial losses and reporting violations.

What’s next? The company’s shares will resume trading on the DFM within the next few days, after completing regulatory requirements, the company said.

ADVISORS- Emirates NBD Capital served as lead manager and bookrunner, while Emirates NBD Bank served as lead receiving bank.

Emirates NBD’s asset management arm sets up inaugural public fund in DIFC

Emirates NBD launches umbrella fund in DIFC: Emirates NBD Asset Management has established its first public fund, dubbed FundStar, in Dubai International Financial Centre (DIFC), the lender said in a statement. The umbrella fund will house multiple feeder and master funds across “a broad range of asset classes and geographies,” including conventional and Shariah-compliant equity, fixed income, and multi-asset strategies.

The details: The fund will have a minimum investment ticket of USD 1k or AED 1k, and will offer quarterly income distributions. The new fund will allow investors to invest in foreign funds in highly regulated jurisdictions like Luxembourg via its feeder sub-funds.

What’s next? The fund will offer its shares for UAE-based retail investors through an initial public offering.

Shuaa Capital eyes AED 250 mn bonds to settle debt repayments –report

Shuaa Capital is looking at raising AED 250 mn in bonds to meet senior debt obligations and settle unsecured bonds as part of a wider restructuring program, Zawya reports, citing sources. The company is reportedly eyeing a shortlist of “qualified investors,” Zawya added.

REMEMBER- Shuaa Capital fully settled AED 500 mn (USD 136 mn) in margin facilities with multiple UAE banks earlier this month. The investment bank reached an agreement with bondholders in April to stretch payment terms for approximately USD 150 mn worth of bonds after the bank’s losses deepened five-fold to AED 866 mn in 2023. The company has also placed a new management team as part of its capital optimization plan.

Data analytics firm Lune closes USD 1.5 mn seed round

Lune secures USD 1.5 mn: Dubai-based data analytics firm Lune has raised USD 1.5 mn in a seed round led by Dubai Future District Fund (DFDF), with participation from Plus Venture Capital, Reach International, and Judah Ventures, according to a press release. Several family offices and angel investors also contributed to the funding round.

Where the money is going: Lune will use the funding to improve its platform and support its regional expansion plans, with plans to expand the platform to Oman, Qatar, Kuwait, and Egypt. The startup is also set to partner with an unnamed “major GCC payments company,” which will further bolster Lune’s growth in the region.

About Lune: Founded in 2020 by Helal Tariq Lootah (LinkedIn) and Alexandre Soued (LinkedIn), Lune analyzes customer’ transactions for banks, fintechs, and financial institutions and converts them into visual data and insights.

Emirates, Rapco Investment, and more report 1Q earnings

EMIRATES-

Emirates posts record earnings: Emirates Group’s net income rose 71% y-o-y to a record AED 18.66 bn in its fiscal year ending 31 March 2024, marking its “best financial results ever,” according to the company’s annual report (pdf). The company posted a 14.6% y-o-y jump in total revenues to AED 137.34 bn during the period. The performance was attributed to heightened customer demand across markets and the group’s divisions.

Thank the post-pandemic travel rebound: Emirates carried 51.9 mn passengers during the year, marking a 19% y-o-y increase, the airline said. Capacity also increased by 20%, “closing [the] gap to pre-pandemic levels,” the statement said.

Emirates + dnata results: National airline Emirates’ net income rose to AED 17.23 bn, up 62.9% y-o-y, with revenue growing 12.9% y-o-y during the period to AED 121.22 bn. Emirates Group’s air services provider subsidiary dnata saw its net income jump more than 300% during the fiscal year to AED 1.42 bn. The company logged AED 19.24 bn in revenues, marking a 29.1% y-o-y increase.

Looking ahead: The company forecasts significant growth, driven by the Dubai government’s AED 128 bn investment to expand Al Maktoum International Airport. It plans to onboard 10 new A350 aircraft during 2024-25 to offer new routes, and five new 777 freighters from mid-2024 onward to boost cargo operations. Emirates Group is also eyeing international expansion, with plans to commence construction of advanced cargo facilities in the Netherlands and Iraq, the company said.

Dividends: The company’s subsidiaries plan to pay the owner company, the Investment Corporation of Dubai, combined dividends of AED 4 bn.

Emirate’s earnings got ink in the foreign press, including from CNBC and Reuters.

SALIK-

Dubai road-toll operator Salik’s net income inched up 0.7% y-o-y in 1Q 2024 to AED 277 mn, according to its earnings release (pdf). Salik attributed the modest growth to the recently-introduced 9% corporate tax. Its net income before tax rose 10.7% y-o-y to AED 304.7 mn.

The toll operator’s revenues climbed 8.1% y-o-y to AED 562 mn, driven by an 8.1% increase in toll usage revenue to AED 491 mn, which accounts for 87.4% of the total revenue. The revenue growth was bolstered by “continued strong growth in tourism and residency, with Dubai remaining an attractive destination both for visitors and new residents relocating to the city,” according to the earnings release.

What they said: “We are very pleased to have started the year strongly, with revenue-generating trips increasing by over 8% year-on-year, supporting our ambition to become a global leader in mobility solutions. We continue to thrive in our core tolling business and remain focused on diversifying our portfolio through the expansion of ancillary revenue streams,” Salik CEO Ibrahim Sultan Al Haddad said.

AIR ARABIA-

Budget carrier Air Arabia’s net income fell 22% y-o-y to AED 266 mn in 1Q 2024, according to its earnings release (pdf). The carrier attributed the sluggish growth to “seasonality shift during the month of Ramadan, higher fuel price, currency fluctuations in key markets, and ongoing supply chain challenges that contributed to higher inflationary costs across the industry.” Air Arabia reported 8% y-o-y growth in revenues, turning in AED 1.54 bn over the three-month period.

PHOENIX GROUP-

Phoenix Group reported a 165% y-o-y jump in its net income in 1Q 2024, reaching USD 66 mn, according to its financial statements (pdf). The bitcoin mining company saw its revenues fall to USD 68.9 mn, down 16% y-o-y during the quarter.

Remember: Phoenix debuted on the ADX last December, raising some AED 1.36 bn. The company owns over 23 businesses and nine mining facilities in the US, Canada, CIS, and the UAE, with a USD 2 bn crypto mining farm in the UAE, one of the largest in the Middle East.

EMIRATES INS. COMPANY-

Emirates Ins. Company’s bottom line rose 7% y-o-y to AED 40 mn in 1Q 2024, according to its financial statements (pdf). The ins. firm posted a 6.3% y-o-y growth in total ins. income to AED 11.4 mn during the quarter.

Looking ahead: Emirates Ins. anticipates an increase in claims during the second quarter of the year on the back of the heavy rainfall that took place in April.

DUBAI REFRESHMENTS-

Dubai Refreshment posted a 2.3%y-o-y decline in its net income to AED 25.6 mn in 1Q 2024, according to its financial statements (pdf). The F&B firm's revenues also inched down 0.5% y-o-y to AED 167.4 mn.

AL RAMZ-

Al Ramz Corporation saw its net income fall 78% y-o-y to AED 2 mn in 1Q 2024, according to its earnings release (pdf). The DFM-listed investment company’s revenues also fell to AED 22 mn, declining 21% y-o-y during the quarter. The company attributed the decline to a contraction in its investment revenues on the back of regional geopolitical unrest.

RAS AL KHAIMAH FOR WHITE CEMENT AND CONSTRUCTION MATERIALS-

Ras Al Khaimah for White Cement and Construction Materials saw its net income rise more than 2000% to AED 13.1 in 1Q 2024, according to its financials (pdf). Revenues from contracts with customers fell 5% to AED 63 mn.

RAPCO-

Rapco Investment turned a loss in 1Q 2024, logging AED 187k in losses during the quarter, compared to AED 2 mn in the same quarter last year, according to its financials (pdf). Its revenues came in at AED 539k, due to an unrealized fair value loss of AED 1 mn.

AlgoQuant comes to Dubai + Wipro appoints CEO for AMEA unit. PLUS: M42 gets an advisory board

Proprietary crypto trading firm AlgoQuant appointed Michael Ashby (LinkedIn) as its CEO based out of Dubai, Bloomberg reports. Ashby, who previously served as leader of digital-asset strategic implementation at hedge fund company Point72, relocated from New York to Dubai as part of AlgoQuant’s plans to build operations in the UAE, and plans to expand the company into asset management in the digital sector, focusing on Asia and Europe.

Tech services and consulting firm Wipro appointed Vinay Firake (LinkedIn)as theCEO of its Asia Pacific, India, Middle East, and Africa (APMEA) Strategic Market Unit, based in Dubai, according to a company statement. Vinay will be reporting to Srini Pallia (LinkedIn), CEO and managing director of Wipro Limited, and will become a member of the company’s board.

During his 26-year tenure at Wipro, Vinay most recently served as Nordics senior vice president in Stockholm, and held various leadership positions across Europe and North America. His new role aims to strengthen Wipro's presence in the APMEA region. He succeeds Anis Chenchah (LinkedIn), who previously held the position since 2022.

Abu Dhabi-based G42 healthcare arm M42 had set up an advisory board, comprising experts in personal remote care, pharma, tech and longevity, Wam reports. The board will provide strategic direction and insight into emerging trends and technologies. It is also tasked with harnessing technologies to address and prevent health issues, and building strategic partnerships for innovation and market reach expansion. The board includes:

David Rhew, group chief medical officer and VP of healthcare at Microsoft (LinkedIn)
Chris Evans, chairman of Ellipses Pharma (LinkedIn)
David Sinclair, professor at Harvard University’s medical school (LinkedIn)
James Malt, CEO and chairman of BioIntelliSense (LinkedIn)

Mubadala reveals gas discovery offshore Indonesia

ENERGY-

#1- Mubadala strikes gas in Indonesia (again): Mubadala Energy reported a gas discovery from its Tangkulo-1 exploration well in South Andaman, offshore North Sumatra, Indonesia, Wam reports. The site has 47 mn cubic feet in prospective gas resources, and 1.3k barrels of condensate, with its estimated capacity expected to sit between 80-100 mn cubic meters. Mubadala Energy holds the largest net acreage in South Andaman, with an 80% working interest.

This marks the company’s second deepwater find in South Andaman, following one at the Layaran-1 well in December of last year.

#2- Dewa + du talk cooperation: Dubai Electricity and Water Authority (Dewa) CEO Saeed Al Tayer met with Emirates Integrated Telecommunications Company’s (du) managing director Ahmad Abdulkarim Julfar to discuss advancing the partnership between Dewa’s digital division, Digital Dewa, and the telecom giant, according to a statement.

#3- The Energy and Infrastructure ministry inked three MoUs with district cooling firms Empower Energy Solutions and Emirates District Cooling (Emicool), and the National Central Cooling Company (Tabreed) to partner on enhancing energy efficiency in the cooling sector, according to a ministry X post.

CRYPTO-

Blockdaemon sets up shop in Abu Dhabi: Blockchain infrastructure provider Blockdaemon opened a new office and corporate entity in Abu Dhabi, after receiving a license from the Abu Dhabi Global Market’s Registration Authority, it said in a statement yesterday. The license allows the company to offer institutional-grade node and validator infrastructure solutions, as well as self-hosted MPC wallet technology.

MANUFACTURING-

#1- Real estate developer Binghatti has acquired a modern steel manufacturing plant in Dubai to manufacture features for its towers for an undisclosed sum, Khaleej Times reports, citing a company statement. The facility is set to be the main center for Binghatti's internal team of designers, architects, and manufacturing experts, the outlet reports, without disclosing its exact location. The investment was self-funded.

#2- New rating system for engineering: Abu Dhabi’s Department of Municipalities and Transport (DMT) rolled out a performance evaluation and engineering excellence system, targeting engineering firms in the emirate, according to a Abu Dhabi Media Office statement. Engineering firms — including consulting offices and contracting firms — will undergo quarterly evaluations across several assessment criteria, including resource optimization, expertise, quality of work, project management competence, and financial metrics. Results will be categorized from one to five stars, with rankings publicly available on the DMT website.

#3- Golden Spike to open plant in Kezad: Abu Dhabi-based Golden Spike & Wheat is developing a bakery and sweets manufacturing unit in Kezad, after inking a 50-year land lease agreement with Khalifa Economic Zones Abu Dhabi (Kezad Group), according to a statement. The 26k square meter facility, situated in ICAD 3 in Kezad Musaffah, aims to boost production to meet the UAE market’s demand.

TRADE-

The UAE-India Cepa Council (UICC) and the Indian Chamber of Commerce (ICC) inked an MoU to boost economic and trade cooperation, Khaleej Times reports. The collaboration will prioritize raising awareness about the benefits of the UAE-India economic and trade partnership agreement and identifying prospects for companies to leverage it.

REAL ESTATE-

Bloom + Lead to develop residential project in Spain: Abu Dhabi-based real estate developers Bloom Holding and Lead Development are set to establish a JV with Spanish developer Mabel Real Estate to collaborate on the development of Mabel Marbella Residences, a 100k sqm residential project in the Spanish city of Marbella, according to a press release.

TECH-

Adnec + Matter to advance exponential tech: Backed by Abu Dhabi’s sovereign wealth fund ADQ, Abu Dhabi’s flagship exhibitor Adnec inked a partnership agreement with international think tank Matter to promote exponential technology development in the region and globally, Wam reports. This partnership marks Matter’s expansion into the MENA region.

SOUND SMART- Exponential Technology refers to technologies that double in power or processing speed every year, while simultaneously halving their costs.

INFRASTRUCTURE-

Dubai’s Roads and Transport Authority explored potential partnerships and investments with the China State Construction Engineering Corporation toimprove the emirate’s road infrastructure and public transport during a meeting between the authority and the construction firm’s heads, according to a statement.

HEALTHCARE-

G42 AI subsidiary Core42 and Mohamed bin Zayed University of Artificial Intelligence inked an MoU to set up a Global Healthcare AI Academy in Abu Dhabi, aimed at training healthcare professionals in AI and data-driven healthcare systems, state news agency Wam reports.

Memelord Roaring Kitty is back — and GameStop shorts are feeling the pinch

It’s a mixed morning on Planet Finance, where the big story of the day has analysts and investors alike wondering what’s next with AI as Google, OpenAI, Microsoft, and Apple all jockey for position. (See this morning’s Big Story Abroad, above.)

It’s not Groundhog Day, and you’ve not stumbled into a real world Hot Tub Time Machine: GameStop really is back in the headlines. Short-selling hedge funds lost USD 1 bn yesterday after Roaring Kitty re-entered the chat: The meme lord posted on X yesterday for the first time since 2021, triggering a frenzy that saw GameStop shares soar 74% and put the squeeze on the shorts. Kitty’s memes have flown fast and furious in the hours since.

Does it have legs? Bloomberg’s amazing Money Stuff columnist Matt Levine is back on the trail and even the WSJ is taking note.

BACKGROUND, for those of you who may have forgotten (or were otherwise blissfully unaware of what a “meme stock” is), courtesy CNBC: The 2021 “meme stock frenzy involved individual investors taking aim at short sellers and hedge funds who were pessimistic about the outlook for GameStop and other companies, forcing them to cover their short positions and drive up the price of the target stocks.”

ALSO worth knowing about this morning: Melinda French Gates is hitting the eject button. She’s resigning as the co-chair of the Gates Foundation and will take with her some USD 12.5 bn to continue doing philanthropy. (Financial Times)

MARKETS THIS MORNING-

Asian markets are mixed this morning with no real catalyst appearing to drive early trading and both European and US stock futures are little changed as we prepare to hit “send” on this morning’s issue.

ADX	9,093	0.0% (YTD: -5.1%)
DFM	4,173	0.0% (YTD: +2.8%)
Nasdaq Dubai UAE20	3,572	+0.1% (YTD: -7.0%)
USD : AED CBUAE	Buy 3.67	Sell 3.67
EIBOR	5.2% o/n	5.4% 1 yr
TASI	12,260	+0.4% (YTD: +2.4%)
EGX30	25,381	+0.9% (YTD: +2.0%)
S&P 500	5,221	0.0% (YTD: +9.5%)
FTSE 100	8,415	-0.2% (YTD: +8.8%)
Euro Stoxx 50	5,079	-0.1% (YTD: +12.3%)
Brent crude	USD 83.44	+0.8%
Natural gas (Nymex)	USD 2.37	+5.0%
Gold	USD 2,343	-1.4%
BTC	USD 63,046	+2.9% (YTD: +49.3%)

THE CLOSING BELL-

The DFM stayed flat yesterday on turnover of AED 349.3 mn. The index is up 2.8% YTD.

In the green: National International Holding (+10.3%), Aramex (+3.6%) and Dubai Taxi (+1.7%).

In the red: Al Salam Sudan (-9.9%), Emirates Central Cooling Systems Corporation (-4.4%) and Emirates Investment Bank (-4.3%).

Over on the ADX, the index also stayed flat on turnover of AED 869.7 mn. Meanwhile Nasdaq Dubai closed up 0.1%.

CORPORATE ACTIONS-

Sharjah Ins. has approved a dividend payment of AED 10.5 mn for 2023, according to an ADX disclosure (pdf).

UAE, Mauritius to strengthen energy cooperation

The UAE inked an MoU with Mauritius to boost cooperation in energy, renewables, hydrogen, energy efficiency, liquefied natural gas, desalination, and water management, Wam reports. Signed between the energy and infrastructure ministry and the Mauritian energy and public utilities ministry, the MoU will see the two countries explore striking public-private partnership and independent power producer agreements to develop joint projects.

UAE-based data analytics firm Presight was named as one of two Emirati firms to participate in the projects outlined in the MoU, the firm said in a statement (pdf).

OTHER DIPLOMACY NEWS-

UAE President Sheikh Mohamed bin Zayed Al Nahyan met with Indonesian President-elect (and defense minister) Prabowo Subianto in Abu Dhabi to discuss boosting defense and military ties, with Al Nahyan handing Subianto the Order of Zayed in honor of his efforts to boost ties between the countries. (Wam)
Foreign Minister Sheikh Abdullah bin Zayed Al Nahyan met with his Slovenian counterpart Tanja Fajon in Abu Dhabi on Monday, where the two discussed the two nations’ ties and their potential cooperation in the areas of economy, trade, and investment. The two also discussed Israel’s war on Gaza. (Wam)

CALENDAR

MAY

12-16 May (Sunday-Thursday): European Film Festival, Cultural Foundation, Abu Dhabi.

13-15 May (Monday-Wednesday): The Abu Dhabi Global Healthcare Week, Abu Dhabi.

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

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

16-19 May (Thursday-Sunday): Acres Real Estate Exhibition, 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.

20-22 May (Monday-Wednesday): Middle East Petroleum & Gas Conference, Dubai.

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.

5 June (Wednesday): Deadline for Sidara to resubmit or withdraw its takeover bid to John Wood Group.

5 June (Wednesday): The Optimism Forum, Cairo, Egypt.

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.

AUGUST

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

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

Signposted to happen in 2025:

6-11 April (Sunday-Friday): Geo-Spatial Week 2025, Dubai.
3-4 June (Tuesday-Wedneday): Make-A-Wish International’s Global Wish summit, Abu Dhabi.

Signposted to happen sometime in 2028:

Abu Dhabi to host the 47th Chess Olympiad

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