UAE-Oman Hafeet Rail project secures USD 1.5 bn in debt financing

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WHAT WE’RE TRACKING TODAY

THIS MORNING: Adia to participate Adani’s USD 2 bn share sale? + Dubai will be 90% cashless by 2026

Good morning, wonderful people. We have yet another packed issue for you, filled with noteworthy updates on infrastructure, debt, and real estate.

The Hafeet Rail link between Oman and UAE just secured USD 1.5 bn in debt financing, while in other debt news, Dubai Islamic Bank is gearing up for a USD 500 mn AT1 sukuk sale. Meanwhile, Dubai’s real estate market is on fire with record sales in 3Q 2023, but Abu Dhabi sales take a tumble.

WEATHER- Dubai will see the mercury hit 37°C before cooling to an overnight low of 29°C. Over in Abu Dhabi, the mercury peaks at just 33°C with an overnight low of 29°C.

WATCH THIS SPACE-

#1- Acelen grows anxious as sale to Petrobras stalls: Investors in Acelen, the company Mubadala set up to run the Mataripe oil refinery in Brazil, are getting antsy as talks for a potential sale to Petrobras drag on with no progress, Bloomberg reports, citing people it says are familiar with the matter. Acelen’s bonds have slipped around USD 0.08 in the past two months, with no major updates provided to debt holders during a September earnings call. Yields have also surged to their highest levels since February.

REFRESHER #1- Brazil's state-controlled oil firm dialed back expectations of a potential buyback of the Mataripe refinery from Mubadala in August, saying the transaction is “not a priority.” Petrobras was said to be finalizing due diligence in July to re-acquire the Mataripe refinery from Mubadala, after selling it for USD 1.65 bn in 2021.

REFRESHER #2- Rumors of a potential buyback began circulating earlier this year when Mubadala signed an MoU with Petrobras to partner on a USD 13.5 bn biofuels project in Brazil.

Analysts think the buyback is still on: “We think the M&A is more likely to happen than not,” Balanz Analyst Ezequiel Fernandez told the business information service, adding that Petrobras downplaying its interest in the transaction could just be a negotiation tactic.

#2- Adia could potentially partake in Adani’s USD 2 bn QIP: Adani Enterprises is in talks with Abu Dhabi Investment Authority (Adia), along with other GCC sovereign wealth funds to raise USD 2 bn from a qualified institutional placement (QIP), which was approved by its board in May, Moneycontrol reports, citing people it says are familiar with the matter. The sources added that the sale is expected to launch this month.

The company launched the first USD 500 mn tranche of the sale yesterday, Moneycontrol reports, adding that the figure could be larger due to the addition of a green shoe option.

Other potential participants: Adani has reportedly tapped some 12 institutional investors to buy into the share sale, including Qatar Investment Authority and US investment manager GQG Partners, according to Moneycontrol.

This would mark Adia’s second investment in Adani this year, following the sovereign wealth fund’s participation in the company’s USD 1 bn secondary share sale in July, which attracted demand from 50 other institutional investors.

#3- Wynn Resorts forecasts USD 1.66 bn revenue from Marjan gaming resort: Hotel and casino operator Wynn Resorts expects its upcoming USD 3.9 bn project on the Marjan Islands in Ras Al Khaimah to generate USD 1.66 bn in gross gaming revenue annually, the company revealed in an investor update (pdf). The resort is expected to capture a 33% market share of the UAE’s USD 3-5 bn gaming market.

Wynn plans to spend a total of USD 5.1 bn on the gaming resort, with USD 1.1 bn coming from equity and USD 2.4 bn in debt financing currently being raised, with an eye to close it by year’s end. The company had already funneled USD 514 mn as of August into the project, which is set to be the first integrated gaming resort in the Mena region and is slated for handover in 1Q 2027.

ICYMI- The General Commercial Gaming Regulatory Authority awarded the UAE’s first commercial gaming operator's license to Wynn earlier this week. The license will be valid for 15 years and is renewable, with a blended tax rate of 10-12%, according to the investor update.

#4- Dubai to go 90% cashless by 2026: Digital Dubai launched its Cashless strategy, with a plan to make 90% of transactions in the emirate cashless by 202 in a bid to boost economic growth by over AED 8 bn, according to a Dubai Media Office statement. The strategy, unveiled earlier this month alongside other 2033 initiatives, aims to establish Dubai as one of the top five cashless cities globally.

#5- Etihad Airways plans to onboard an additional 600 Emirati pilots by 2030, as part of its relaunched Cadet Pilot training program, the company’s chief human resources and corporate affairs officer Nadia Bastaki told Al Ain. The two-year program aims to graduate 60 pilots annually until 2030. It has seen some 400 Emirati pilots graduate since launching in 2007.

The move comes as part of Etihad’s expansion plans, with the airline planning to double its fleet size and triple passenger numbers by 2030. In June, Etihad Airways revealed plans to launch an international roadshow to recruit hundreds of pilots in 2024 and 2025. The company also added 16 more aircrafts to its 92 fleet in 1H, and is expecting to add more than 20 new generation aircraft to its fleet in the next 18 months.

ALSO- The airline is planning to reveal a significant network expansion in late November and early next year as it prepares to receive its first Airbus A321LR, according to Aviation Week. “The date to watch out for is November 25, when we will announce 11 new cities. And then, next year — around January or February — we're going to announce 20 more cities,” Etihad Airways Chief Revenue and Commercial Officer Arik De told delegates at the summit.

REMEMBER- The airline has an IPO in the works: Etihad’s parent company ADQ is potentially going after both a traditional IPO and direct listing on ADX no sooner than in 2025, with the offering expected to raise as much as USD 1 bn.

HAPPENING TODAY-

#1- Dubai International Chamber is now on the Turkey leg of its trade mission to Serbia and Turkey that runs until tomorrow, aiming to help UAE businesses identify potential investments in Turkey. The program includes bilateral business meetings designed to foster cooperation, expansion, and the establishment of new trade and investment agreements between companies.

#2- The World Air Taxi Congress is on its final day at the Grand Hyatt Dubai, showcasing the latest in aerial technologies, including eVTOLs, next-generation STOLs, eCTOLs, delivery and cargo drones, and the role of autonomy and AI in aviation.

#3- Dubai Chambers’ Center for Responsible Business is hosting the annual DubaiChambers Sustainability Week 2024 until Friday. The activities of the week will focus on the intersection of technology and sustainability.

#4- The Global Rail Transport Infrastructure Exhibition and Conference kicked off yesterday and runs until tomorrow at Adnec Abu Dhabi. The event gathers leaders and specialists from the rail and transport industries from the region and beyond to discuss smart mobility, greentech, and automation.

#6- The Regional Data and Community Development Forum is on its second and final day at Al Jawaher Reception and Convention Center. Organized by the Department of Statistics and Community Development, the forum aims to bring together global experts and decision-makers to discuss the role of data in promoting sustainable social development.

#7- The National Summit on Financial Crime Compliance is on its second and final day in Abu Dhabi, Wam reports. Organized by the Central Bank of the UAE, the summit brings together local regulatory bodies and global law enforcement authorities to discuss frameworks for combating financial crimes.

#8- The Space Research Conference 2024 wraps up today. The event is part of the World Space Week activities, held from 8-10 October and organized by the UAE Space Agency. The conference is designed to raise awareness and align research initiatives with the strategic priorities of the UAE's space sector.

EDITOR'S NOTE- This story was amended on 13 October, 2024 to remove incorrect information.

HAPPENING NEXT WEEK-

The Central Bank of the UAE (CBUAE) will offer up to AED 16.5 bn in four M-Bills at an auction on Monday, 14 October, according to a statement (pdf) from the bank. The bills — all tap issues — will have tenors ranging from 28 to 252 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.

PUBLIC SERVICE ANNOUNCEMENTS-

#1- Abu Dhabi’s Integrated Transport Center (Abu Dhabi Mobility) will now offer driver and vehicle licensing services, according to the Abu Dhabi Media Office. The services will be accessible through various digital platforms and contact centers, in addition to the current service centers in Abu Dhabi City, Al Ain, and Al Dhafra.

#2- Emirates canceled all flights to and from Tehran in Iran and Baghdad and Basra in Iraq until 16 October in the wake of rising regional tensions, according to an Emirates travel update. Passengers transiting through Dubai with final destinations in Iraq and Iran will not be accepted for travel from their point of origin until that date.

THE BIG STORY ABROAD-

Hurricane Milton in the US and the looming Israeli retaliation on Iran are still getting top billing in the foreign press, as dozens were killed by Israeli airstrikes in an escalation of violence in northern Gaza. Meanwhile, Hurricane Milton is approaching landfall as it makes its way to Florida, though it has dropped to a Category 4 storm. (France24 | Reuters)

US President Joe Biden and Israeli Prime Minister Benjamin Netanyahu spoke yesterday as Biden looks to rein in the latter’s response to Iran’s airstrikes on Israel, and while it was the first phone call in over a month, there were no clear conclusions on next steps. Israeli Defense Minister Yoav Gallant promised a “lethal, precise, and surprising” retaliation against Iran, Reuters reports.

The US is trying to propose a milder response, like a fresh round of sanctions against Iran, sources told Bloomberg.

IN THE BUSINESS PRESS- Several stories are getting attention:

BlackRock is eyeing an acquisition of investment firm HPS Investment Partners, as the latter weighs an IPO, with several others looking into possibly acquiring the firm. (FT | Bloomberg )
Indian business tycoon and chairman of Tata Group Ratan Tata died yesterday aged 86. He ran one of India’s largest businesses for two decades. (FT | BBC | The Guardian)
OpenAI wants to restructure as a public benefit corporation to stave off potential hostile takeovers, following in the footsteps of rival AI startups Anthropic and Elon Musk’s xAI. (FT)
The US Federal Reserve’s minutes from its last policy meeting indicate some divide and caution towards aggressive rate cuts, with several supporting only a quarter-point cut. (Reuters | WSJ)

AND- The latest Nobel prize for chemistry went to US scientists David Baker and John Jumper and British Demis Hassabis for their work decoding the structure of and designing proteins using AI. Hassabis is CEO of Google’s AI research arm DeepMind, where Jumper also works as a senior research scientist. (Reuters | NYT | CNN)

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Bank consortium extends USD 1.5 bn loan for UAE-Oman Hafeet Rail

The UAE-Oman Hafeet Rail project secured USD 1.5 bn in debt financing from a consortium of Emirati, Omani, and international lenders, according to a statement from Omani logistics firm Asyad. The AED and OMR-denominated debt facility consists of both conventional and Islamic tranches. The USD 2.5 bn joint project will connect the UAE with Oman’s Port of Sohar.

The railway’s budget was trimmed from the initial USD 3 bn to USD 2.5 bn, according to the state news agency, which only mentioned an optimization of resources as the reason behind the smaller budget.

Who chipped in? Participating local banks in the debt facility include Abu Dhabi Commercial Bank, Arab Bank, Commercial Bank of Dubai, First Abu Dhabi Bank (FAB), Abu Dhabi Islamic Bank, and Bank Ajman. The loan also saw a group of Omani lenders contribute, including Ahli Bank, Bank Dhofar, Bank Muscat, National Bank of Oman, Oman Arab Bank, Ahli Islamic Bank, Bank Muscat (Meethaq Islamic Banking), Bank Nizwa, and Alizz Islamic Bank. The National Bank of Kuwait and Standard Chartered Bank also participated.

ADVISORS- Standard Chartered served as the lead financial advisor, while FAB acted as the co-financial advisor. Since early 2023, Standard Chartered has helped secure the debt funding for the project.

Background: In 2022, Etihad Rail and Oman Rail formed a 50-50 joint venture to develop Hafeet Railway, aimed at boosting trade between the UAE and Oman. Later, Etihad Rail, sovereign wealth fund Mubadala, and Oman’s Asyad Group launched a new entity — Hafeet Rail — to work on the railway. The rail link will cut travel between Abu Dhabi and Sohar to 100 minutes, with freight trains moving at 120 km/h and passenger trains carrying up to 400 people at 200 km/h.

DIB kicks off sale of AT1 sukuk

Dubai Islamic Bank (DIB) has kicked off the sale of USD 500 mn in additional tier 1 (AT1) sukuk, with initial price guidance set in the 5.75% range, Reuters reported yesterday, citing an arranging document it saw. DIB was expected to see the final price set later yesterday.

The bonds will be non-callable for six years, meaning DIB can’t redeem them during that period except by paying a penalty.

AT1 bonds? They’re a common way banks raise core tier-one capital without diluting shareholders by raising equity. Additional tier one certificates (or just “AT1 certificates”) are a form of subordinated debt — they rank behind other types of bank debt in case of liquidation. That makes them riskier than senior debt, but still prioritizes them above equity holders. AT1 certificates are “perpetual” in that they have no fixed maturity date. They pay interest in much the same way as a bond does, but usually can be converted into equity in some circumstances — that’s why they’re often called CoCos in the industry, for “contingent convertibles.”

ADVISORS- DIB appointed Al Rajhi Capital, DIB, Emirates NBD Capital, First Abu Dhabi Bank, HSBC, Sharjah Islamic Bank, and Standard Chartered Bank as joint lead managers and joint bookrunners.

The issuance is DIB’s second this year: The emirate’s largest Islamic bank sold its five-year, USD 1 bn sustainable sukuk in February, receiving USD 2.5 bn worth of orders. DIB achieved its lowest credit spread on the sustainable sukuk, tightening pricing to 95 bps over US treasuries after seeing strong demand from investors. The sukuk was part of its USD 7.5 bn trust certificate issuance program.

It’s also the second AT1 issuance from a local lender: Our friends at Mashreq issued a USD 500 mn additional Tier 1 bond in June, with an annual coupon rate of 7.125%, with a 270.5+ basis point (bps) reset margin — the lowest coupon for AT1 bonds set by a bank in the UAE in the past three years.

Dubai sales eclipse previous record in 3Q 2024, while Abu Dhabi sales fell

Dubai's real estate market achieved record-breaking sales in 3Q 2024, with a 38.2% y-o-y increase to over 50.4k transactions, according to Property Finder’s Market Digest report (pdf). The 50.4k transactions reeled in AED 142 bn for the sector, up 30.1% y-o-y.

The sector is also seeing q-o-q growth: This robust performance eclipsed the record transaction volumes set in 2Q 2024, which saw the market grow 45% y-o-y in volume and 37% y-o-y in value, according to the real estate platform.

Dubai’s off-plan market surpassed its 2009 high in 3Q 2024, surging 58.7% y-o-y to 31.8k transactions compared to the 26.6k sales of 2009. Off-plan sales accounted for 63% of total transactions, compared to 55% in 3Q last year. In terms of value, off-plan transactions drew in AED 67.45 bn, up 42.3% y-o-y.

Transactions in existing properties climbed 13.3% y-o-y to some 18.6k transactions, with total value increasing 20.8% y-o-y to AED 74.53 bn. Ready properties represented 52% of the total value of sales, down from 57% last year, signaling a shift towards off-plan demand.

ABU DHABI-

Property sales down in Abu Dhabi in 3Q: Abu Dhabi’s property sales slumped 54.7% y-o-y to AED 4.92 bn in 3Q 2024, while total transactions also fell 42.4% y-o-y to 1.8k transactions, mostly on the back of a decline in demand for off-plan properties.

Existing properties > off plan: Ready properties dominated demand, with transactions increasing 43% y-o-y to 1.1k worth AED 2.37 bn, making up 59% of total transactions during the quarter. On the flip side, off-plan sales fell 72% y-o-y in value to AED 2.56 bn on the back of growing demand for move-in ready homes in the emirate.

Dubai to get over 110k units by end of 2025

Dubai’s real estate market is expected to receive 110k new residential units by the end of 2025 to meet the surge in demand, according to an Emirates NBD Research report (pdf). Some 21.3k units have been handed over across Dubai in 2024 so far, with another 25k units currently under construction.

The emirate’s residential unit sales increased by 22% y-o-y so far in 2024 to reach AED 303.45 bn, with the total number of Dubai properties transacted in September setting a new monthly record of over 16.8k units. This brings the number of units sold across Dubai from January to September to 121.1k units, a 31% y-o-y increase. The quarterly average of units sold in 2024 surged to 27k compared to 16.2k in 2022.

Off-plan sales are growing: Dubai’s off-plan units sold in September reached an all-time high of 12.1k units, amounting to 72% of the month’s total demand and surpassing the completed projects, which reached 4.7k transactions.

Most active developers: Emaar has been the most active developer in terms of project launches, introducing more than 4.5k units in 3Q 2024. Damac Properties is second in line, with 3k units launched during the quarter, while Azizi Developments launched 1.7k units.

4Partners secures USD 3.6 mn in latest funding round

Dubai-based drop shipping platform 4Partners raised USD 3.6 mn in its latest funding round, Arabian Business reports, without disclosing who participated in the funding round. The new capital will allow 4Partners to expand into the broader UAE market and the region, while helping businesses use its platform and logistics offerings to set up online stores.

Uh, Enterprise, what’s drop shipping? Ecommerce businesses use drop shipping when they want to reduce overheads and outsource the process of storage and shipping to a third party, typically a supplier.

About 4Partners: Founded in Dubai, 4Partners specializes in dropshipping, allowing businesses to sell products without managing inventory or logistics. The company operates warehouses in the UAE, Germany, the US, Turkey, and China, with access to over 7 mn products from 753 suppliers.

Aster DM Healthcare names Nalla Karunanithy CEO of digital health & e-commerce

Healthcare provider Aster DM Healthcare appointed Nalla Karunanithy (LinkedIn) as the CEO of digital health and e-commerce, according to a press release. Karunanithy's previous roles include chief digital & information officer at Omniyat and chief digital officer at Majid Al Futtaim.

American IT company Veeam appointed Mena Migally (LinkedIn) as its regional vice president for the EMEA East region, according to a press release. Migally also serves as an executive member at the go-to-market strategy and leadership hub Pavilion. He brings over 20 years of experience in the IT industry, previously serving as the regional vice president at Riverbed Technology for over a decade.

Alliance names acting CEO: Dubai-based ins. provider Alliance appointed Rami Almughrabi (LinkedIn) as acting CEO of the firm following the resignation of Aimen Azara (LinkedIn) due to personal reasons, according to two separate disclosures (here, pdf and here, pdf). Almughrabi enters the role with eight years of experience at Alliance, most recently serving as the firm’s assistant CEO and CFO.

Abu Dhabi topping the Mena region in SWF capital made headlines + more on the US’ AI exports to the UAE

Abu Dhabi’s SWF capital ranking made headlines: The Financial Times looks at Global SWF ’s latest report, which ranked Abu Dhabi as the wealthiest city with USD 1.7 tn in capital. The news also stood center in a CNBC exclusive (watch, runtime: 02:03) with Global SWF founder and managing director Diego Lopez, who named the emirate a “powerhouse” for sovereign capital, with its distinct approach of setting up separate state-run funds for different investment strategies.

ALSO- Bloomberg is drawing attention to slow approval processes for American AI chip exports to Abu Dhabi, despite heightened demand from the emirate and Microsoft’s USD 1.5 bn investment in IHC-backed G42. Approval delays come amid growing US concerns that the technology could end up in Chinese hands through intermediaries.

Core42 begins deploying Nvidia tech

TECH-

#1- State AI firm G42 subsidiary Core42 has started deploying Nvidia tech for its cloud offering, according to a press release. The company is using Nvidia's H100 Tensor Core GPUs, which are designed to accelerate AI and data processing tasks, as well as other Nvidia tools to provide Nvidia’s DGX AI infrastructure platform locally.

REMEMBER- Core42 also recently teamed up with Nvidia to open a Climate Tech Lab in Abu Dhabi, where AI will be used to improve climate and weather forecasting with greater accuracy and speed.

We already knew that Nvidia's chips are coming to the UAE: State-backed tech giant G42 reportedly started receiving AI chips from Nvidia after the US government approved the sale earlier this year, Semafor reported in September. This includes Nvidia’s H100 chip, which “delivers exceptional performance, scalability, and security,” according to the chipmaker.

#2- The Economy Ministry added two tech companies to its NextGen FDI program, UK firm TG0, and Chinese firm Zelos Technology, according to a press release. TG0 is known for its touch-sensing technology, which is implemented across the automotive, healthcare, and gaming industries. Meanwhile, Zelos is a mass producer of level four self-driving vehicles for the logistics sector.

More about the program: The NextGen FDI program was launched in 2022 to help global tech-focused startups establish and expand their operations in the UAE by facilitating licensing procedures, bulk and golden visa issuances, and banking services. It also offers commercial and residential lease incentives.

M&A-

Ghitha to purchase AED 41 mn stake in International Food Industries: Ghitha Holding’s subsidiary Zee Stores International is poised to acquire a 70% stake in Fujairah-based International Food Industries for AED 41 mn under a share subscription agreement, according to a disclosure (pdf). The transaction is now awaiting regulatory approval.

Ghitha has been on an acquisition roll this year: Ghitha subsidiary Ghitha Aeroinvest agreed to acquire a 44% stake in Turkish air freight company MNG Havayollari for USD 211.2 mn earlier this year. In July, its subsidiary Al Ain Farms for Livestock Production completed the full acquisition of Saudi Sedco Holding’s Arabian Farms for AED 240 mn. Meanwhile, its trading arm, Invictus Investment, acquired a South Africa-based flour milling company in August, and said it was planning a 60% acquisition of Moroccan agriculture trader Graderco.

UTILITIES-

Empower purchases centrifugal chillers from Mitsubishi: Emirates Central Cooling Systems (Empower) will procure 18 water-cooled centrifugal chillers with a total capacity of 56k RT from Japanese refrigerating machinery producer Mitsubishi Heavy Industries Thermal Systems, according to a disclosure to the DFM (pdf). Under the agreement, Empower is allowed to bump the order up to 100k RT in capacity by 31 December, before its shipping in 2025. The value of the contract was not disclosed.

Where will the chillers be deployed? The chillers will be used in Empower’s district cooling projects in Dubai, including the Deira Waterfront Development, Jumeirah Village, and Al Sufouh.

REAL ESTATE-

#1- Aldar-owned UK-based developer London Square launched its first residential projects after it was acquired by Aldar last year, according to a disclosure to the ADX (pdf). The two projects — Twickenham Green and Twickenham Square — are located in Richmond, southwest of London. Meanwhile, London Square has added eight new land plots to its landbank in London since the AED 1.07 bn acquisition in December 2023, CEO of Aldar Jonathan Emery said.

#2- JLL sets expands proptech business to the Middle East: Global real estate management firm JLL launched its proptech business division, JLL Technologies (JLLT), in Dubai to serve clients in the Middle East, according to a press release. Matthew Marson (LinkedIn) will lead JLLT's operations in the region under his current role as managing director for EMEA at JLL Advisory.

BUSINESS-

Italian Isola Design Group launched its first Middle East headquarters in the DubaiDesign District, the district said in a press release. The design firm will introduce its flagship community platform Isola Design, which seeks to bring visibility to independent designers and design studios from all over the world, to the region, alongside its newly launched consultancy arm Isola Studio.

LEGISLATION-

Dubai Government HR Department to work with Supreme Legislation Committee on enhancing HR legislation: The Dubai Government Human Resources Department and the Supreme Legislation Committee will review and implement draft legislation, and offer advice on HR-related laws, under a new cooperation agreement signed by the two entities, according to the Dubai Media Office.

AVIATION-

Air Arabia is expecting new deliveries: The UAE’s budget carrier Air Arabia is expecting the delivery of 120 Airbus A320 aircraft in the second half of 2025, followed by A321XLRs in 2027, CEO Adel Ali told Aviation Week. Although the integration of XLRs will offer Air Arabia an 8.5-hour range that is sufficient to operate transatlantic flights, the carrier will instead extend its operations in the Middle East and further afield from Morocco, with the possibility of reaching South Africa. “We've been leasing quite a lot of airplanes from the market to grow the business,” Ali added.

BANKING-

Neopay now accepts Jaywan cards: Our friends at Mashreq’s payments platform Neopay will start accepting Jaywan cards across all its channels under a new partnership with the central bank-owned Al Etihad Payments, according to a press release (pdf).

Background: Jaywan cards are being rolled out in stages among local banks as policymakers plan to replace some 10 mn debit cards in circulation over the next two and a half years. The cards can be used as a standalone or co-badged with international card schemes such as Visa or Mastercard.

HEALTHCARE-

Licensing health facilities in Sharjah to go digital: The Sharjah Economic Development Department signed an MoU with the Health Ministry to digitalize the licensing procedures for health facilities in the emirate, Wam reports.

LOGISTICS-

DHL Express inked an agreement with the General Administration of Abu Dhabi Customs to create a framework for exchanging data, and services, and enhance digital integration through AI tools, Wam reports. The collaboration aims to facilitate customs operations and improve their efficiency.

DEFENSE-

UAE + Turkey bolster defense cooperation: The Emirates Defence Companies Council inked an MoU with the Turkish Defence and Aerospace Cluster Association aimed at establishing joint ventures and boosting collaboration between defense companies from both nations, Wam reports. Under the agreement, the two entities will host joint events, seminars, and bilateral meetings to encourage bilateral partnerships.

ENERGY-

Dubai Petroleum placed record order with Baker Hughes for compressor units:

US oil field services firm Baker Hughes received its largest order ever for integrated compressor line units from Dubai Petroleum, which ordered 10 units on behalf of Dubai Supply Authority, according to a press release. The units — five for gas storage and five for dual-use injection boosting or gas export — were officially booked in 3Q 2024. They are set to be installed at the Margham gas storage facility in Dubai to boost its capacity.

CONSTRUCTION-

Dar Global hands AED 200 mn contract for DG1 construction: Dubai-based luxury developer Dar Global, a subsidiary of Saudi-based Dar Al Arkan, awarded a AED 200 mn main construction contract to China Tiesiju Civil Engineering Group for its DG1 project in Business Bay, according to a press release. Slated for completion in 2026, the 20-story residential development features 221 units.

SPACE-

The UAE Space Agency tapped Mitsubishi Heavy Industries to launch the Mohammed Bin Rashid Explorer aboard the H3 rocket in 2028, Wam reports. This venture is part of the Emirates Mission to the Asteroid Belt, which aims to traverse 5 bn km using gravity assists from Venus, Earth, and Mars. The mission is set to reach its first asteroid in February 2030, marking the beginning of extensive exploration to gather crucial insights into asteroid composition and evolution.

Google faces prospect of restructuring following antitrust case

Google could be forced to implement “behavioral and structural remedies” designed to limit the tech giant’s monopoly on online searches, after the Department of Justice (DoJ) said in a court filing it is considering several measures following a landmark court decision in August that ruled that the company was in violation of US antitrust laws. The DoJ’s 32-page filing comes on the heels of another defeat for Google parent company Alphabet after a California court ruled that the company had to open its Android operating system to competitors.

The details: The potential remedies could force Google to sell key products, share data, and open access to platforms in what could mark the largest shake-up in the tech sector since an antitrust ruling was issued against Microsoft over two decades ago, the Financial Times reports.

Google would also be prevented from leveraging products such as Chrome, Google Play, and Android to give its search engine a step up over competitors and newcomers to the search engine market. A ban on Google’s USD 20 bn annual agreement with Apple to act as Safari’s default search engine is also on the table, alongside other measures that would force the firm to share data while restricting it from using search results to train AI models and products.

The next checkpoint: US District Judge Amit Mehta, who is presiding over the case, has scheduled hearings on the DoJ remedy requests for April 2025, with a ruling expected by August. Google vowed to appeal and may take the case all the way up to the US Supreme Court, suggesting that the legal battle could drag on for years.

This could be a significant turning point — not just for Google: The reforms could, if implemented, herald major changes in the online queries market where Google currently holds some 90% of market share. The DoJ’s campaign, led by antitrust chief Jonathan Kanter who is also pursuing a separate case against Google’s ad tech division, could mark a turning point for Big Tech regulation after a court overturned the previous antitrust ruling against Microsoft on appeal.

Google described the measures as “radical and sweeping,” arguing that they go beyond the scope of the legal case brought against it, and that they threaten “consumers, businesses and American competitiveness.”

Market reax: Shares of Google’s parent company Alphabet closed down 1.6% yesterday, paring losses after falling as much as 2.8% during intraday trading, according to Bloomberg.

THE MARKETS THIS MORNING-

Asia-Pacific markets are mostly up in early trading today, led by the HangSeng Index, which is up c.2.4%. Wall Street futures are mixed after the S&P 500 and Dow Jones hit record highs during yesterday’s trading session. S&P and Nasdaq futures are just slightly in the red, while Dow Jones futures indicate the market will open in the green.

ADX	9,283	-0.8% (YTD: -0.3%)
DFM	4,422	-0.2% (YTD: +8.9%)
Nasdaq Dubai UAE20	3,767	-0.2% (YTD: -2.0%)
USD : AED CBUAE	Buy 3.67	Sell 3.67
EIBOR	4.7% o/n	4.1% 1 yr
TASI	11,928	-0.8% (YTD: -0.33%)
EGX30	31,175	+1.1% (YTD: +25.2%)
S&P 500	5,792	+0.7% (YTD: +21.4%)
FTSE 100	8,244	+0.7% (YTD: +6.6%)
Euro Stoxx 50	4,983	+0.7% (YTD: +10.2%)
Brent crude	USD 76.68	-0.7%
Natural gas (Nymex)	USD 2.64	-3.3%
Gold	USD 2,627	-0.3%
BTC	USD 60,499	-3.0% (YTD: +43.9%)

THE CLOSING BELL-

The DFM fell 0.2% yesterday on turnover of AED 218.2 mn. The index is up 8.9% YTD.

In the green: Emirates Reit (+14.8%), National International Holding Company (+14.7%) and Orascom Construction (+6.9%).

In the red: Al Salam Sudan (-3.9%), Aramex (-2.2%), and Al Firdous Holding (-2.2%).

Over on the ADX, the index closed up 0.3% on turnover of AED 1.97 bn. Meanwhile Nasdaq Dubai closed down 0.2%.

CALENDAR

OCTOBER

6-11 October (Sunday-Friday): Dubai International Chamber to head out for a trade mission to Serbia and Türkiye.

7-14 October (Sunday-Monday): ADNH Catering’s retail subscription period.

7-15 October (Sunday-Tuesday): ADNH Catering’s institutional subscription period.

7-10 October (Monday-Thursday): The World Air Taxi Congress, The Grand Hyatt Dubai, Dubai.

7-11 October (Monday-Friday): The Annual Dubai Chambers Sustainability Week 2024, Dubai Chambers’ Centre for Responsible Business, Dubai.

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

8-10 October (Tuesday- Thursday): The Space Research Conference 2024, Abu Dhabi.

9-10 October (Wednesday-Thursday): The Regional Data and Community Development Forum, Al Jawaher Reception and Convention Centre, Sharjah.

10 October (Thursday): DXBAPEX500 Summit and DIFC Workshop, Dubai International Financial Centre, Dubai.

10-13 October (Thursday-Sunday): The Abu Dhabi Grand Slam Judo tournament, Mubadala Arena.

11-13 October (Friday-Sunday): Excellence in Oncology Care 2024, Intercontinental Festival City, Dubai.

13-14 October (Sunday-Monday): Abu Dhabi Wedding Show, Park Hyatt Abu Dhabi.

13-16 October (Sunday-Wednesday): DMCCxAGCC: Global AI Challenge *Sustainability Edition, Dubai.

13-16 October (Sunday-Wednesday): Expand North Star, Dubai Harbour.

13-16 October (Sunday-Wednesday): Fintech Surge, Dubai Harbour.

13-16 October (Sunday-Wednesday): Future Blockchain Summit, Dubai Harbour.

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

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

15-16 October (Tuesday-Wednesday): SuperBridge Summit 2024, Dubai World Trade Centre, Dubai.

16 October (Wednesday): ADNH Catering’s final share price to be announced.

18-19 October (Friday-Saturday): World Biohack Summit 2024, JW Marriott, Dubai Marina.

20-23 October (Sunday-Wednesday): The 63rd International Congress and Convention Association (ICCA) Congress, Abu Dhabi National Exhibition Centre, Abu Dhabi.

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.

23-26 October (Tuesday-Saturday): World Stroke Congress, Adnec Centre, Abu Dhabi.

23 October (Tuesday): ADNH Catering’s shares begin trading on ADX.

24 October (Thursday): Game Changers - Dubai Real Estate Summit, Coca-Cola Arena, 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.

27-30 October (Sunday-Wednesday): IEEE - International Conference on Image Processing, Adnec Centre, Abu Dhabi.

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.

30 October (Wednesday): Connected Construction Conference, Museum of the Future, Dubai.

30-31 October: Sixth edition of Binance Blockchain Week, Coca-Cola Arena, Dubai.

NOVEMBER

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

4-7 November (Monday-Thursday): Abu Dhabi International Petroleum Exhibition & Conference (ADIPEC), Abu Dhabi.

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

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

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

6-8 November (Friday-Sunday): UAE BioTech Symposium, Masdar City, Abu Dhabi.

6-17 November (Friday- Sunday) Sharjah International Book Fair, Expo Center Sharjah, Sharjah.

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

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

13-14 November (Wednesday-Thursday): Lease Conference Dubai 2024, Jumeirah Creekside Hotel, Dubai.

15 November (Friday): Tax amendments that exempt crypto and investments through fund managers from VAT to take effect.

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.

22-24 November (Friday-Sunday): Michelin Guide Food Festival, Emirates Palace Mandarin Oriental, Abu Dhabi.

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

23-24 November (Saturday-Sunday): Emirates Dubai Sail Grand Prix, SailGP Race Stadium.

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

26-28 November (Tuesday-Thursday) Global Media Congress 2024, Abu Dhabi National Exhibition Centre (ADNEC).

26-29 November (Tuesday-Friday): Big 5 Global, Dubai World Trade Centre.

26-27 November (Tuesday-Wednesday): Global Women’s Forum Dubai, Madinat Jumeirah, Dubai

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

28 November-1 December (Thursday-Sunday): Spartan World Championship, Al Wathba Desert, Abu Dhabi.

30 November (Saturday): Football Legends Cup, Al Maktoum Stadium Al Nasr Sports Club, Dubai.

Signposted to happen ahead of ADIPEC:

Changemakers Majlis, Abu Dhabi.

DECEMBER

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

4-5 December (Wednesday-Thursday): Sport Impact Summit, The Palm, Dubai.

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-ThursdayTuesday): Abu Dhabi Finance Week, Abu Dhabi.

9-12 December (Monday-Thursday): World Conference on Desalination and Water Re-use 2024, Adnec Centre, Abu Dhabi.

9-12 December (Monday-Thursday): IEEE International Conference on Data Mining 2024, Adnec Centre, Abu Dhabi.

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 (Wednesday-Friday): European-Arab Medical Congress, Abu Dhabi.

14-21 December (Saturday-Saturday): World Schools Festival, Abu Dhabi

16-20 December (Monday-Friday): AIMS Conference 2024, Adnec Centre, Abu Dhabi.

6 December-12 January: Dubai Shopping Festival.

Signposted to happen sometime in December:

UAE-China Summit, Abu Dhabi.
Abu Dhabi Forum for Peace, Abu Dhabi.

JANUARY 2025

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

9-13 January (Thursday-Monday): International Renewable Energy Agency Youth Forum, Abu Dhabi.

11-13 January (Saturday-Monday): International Renewable Energy Agency Assembly, Abu Dhabi.

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

14-16 January (Tuesday- Thursday): The Light + Intelligent Building Middle East exhibition, Dubai.

20-22 January (Saturday-Monday): FESPA Middle East, Dubai World Trade Centre, Dubai.

FEBRUARY 2025

1-8 February (Saturday-Saturday): The Mubadala Abu Dhabi Open, Zayed Sports City's International Tennis Centre.

2-3 February (Sunday-Monday): L’Etape Dubai cycling race, Dubai.

3-6 February (Monday-Thursday): Medlab Middle East, Dubai World Trade Center.

16 February-1 March: Dubai Duty Free Tennis Championships, Dubai Duty Free Tennis Stadium in Al Garhoud.

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

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

Signposted to happen sometime in 1Q 2025:

The first eight fronds of the Palm Jebel Ali will be site-ready, allowing for the commencement of villa infrastructure and civil works.

APRIL 2025

6-11 April (Sunday-Friday): Geo-Spatial Week 2025, Dubai.

7-9 April (Monday-Wednesday): AIM Investment Summit, Abu Dhabi National Exhibition Center

14-16 April (Monday-Wednesday): Dubai Woodshow’s 21st Edition, Dubai World Trade Center

14-16 April (Monday-Wednesday): IPS congress, Dubai World Trade Center.

16-18 April (Wednesday-Friday): World Future Energy Summit,Abu Dhabi National Exhibition, Abu Dhabi.

28 April-1 May (Monday-Thursday): The Arabian Travel Market 2025, Dubai World Trade Center

Signposted to happen sometime in April:

Abu Dhabi Autonomous Racing League, Yas Marina Circuit in Abu Dhabi

MAY 2025

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

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

OCTOBER 2025

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

Signposted to happen sometime in 2025:

The Middle East Electric Vehicle Show, Expo Center Sharjah.
e& will complete Adnoc’s private 5G network.
Executive Committee Meeting (EXCOM 2025) conference of the World Smart Sustainable Cities Organisation (WeGO)
The International Civil Aviation Organization’s Global Implementation Support Symposium, Abu Dhabi.

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
Dubai to host the Arab Actuarial Conference
United Nations Water Conference 2026, UAE

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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