UAE, Turkey, Azerbaijan form real estate investment firm

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WHAT WE’RE TRACKING TODAY

THIS MORNING: UAE athletes kick off Olympics 2024 campaign + First ever lottery license awarded

Good morning, friends. We have a busy issue for you to start the week, with another deluge of corporate earnings, more investments in real estate, and a lot of activity on the diplomatic front.

BUT FIRST- UAE athletes had a rough start at the Paris Olympics: Three of the UAE’s 14-member team have exited the competition following their participation yesterday. Swimmer Maha Abdullah Al Shehi didn't advance in the 200m freestyle, while judoka Khorloodoi Bishrelt beat her first opponent, but was eliminated in the round of 16. In men's judo, Narmandakh Bayanmunkh lost in the first round of the under 66 kg category.

But there’s still hope: Swimmer Yousef Rashid Al Matroushi will compete in the 100m freestyle tomorrow, while cyclist Safia Al Sayegh races on 4 August. In judo, Nugzar Tatalashvili is set to complete tomorrow, while Aram Grigorian will face his next opponent on Wednesday, and Dzhafar Kostoev will compete on Thursday. Runner Maryam Al Farsi will compete in the 100m race on 2 August, and the equestrian team starts show jumping on 1 August. You can find the schedule for Team UAE here.

We have more highlights from the Olympics in the Big Story Abroad, below.

HAPPENING TODAY-

#1- Chilean President Gabriel Boric lands in the UAE for the first time: Boric is set to meet with President Sheikh Mohamed bin Zayed Al Nahyan today to discuss economic, trade, and developmental cooperation, Wam reports. The two leaders will also be making an announcement on their trade and economic partnership, for which they recently concluded negotiations. The agreement is set to boost cooperation on food security, tech, investment, and space.

#2- The AI Summer Camp kicks off today and will run for five weeks, Wam reports. Organized by the National Program for AI, the camp will host workshops for youth interested in AI and coding as well as professional experts, covering data science, machine learning, AI in education, healthcare, finance sectors, web development and robotics, AI ethics and governance, cybersecurity, and virtual and augmented reality.

MEANWHILE- Are you planning to be in Egypt on 24 September? You may be interested in attending our 2024 Enterprise Finance Forum. Seating is strictly limited at our flagship, invitation-only forum for C-suite executives and other senior leaders.

Why attend? We’re in the early days of a generational realignment of power in our industry — in our region and beyond — and on the cusp of the biggest intergenerational transfer of wealth the world has ever seen. With that as the backdrop, we’re going to take stock of where we stand six months after the float of the EGP and ask what’s next for finance in Egypt and the wider region. Among the questions we’ll be asking:

What roles will Egypt, Saudi and the UAE play in the regional industry going forward?
What are foreign investors looking for right now?
Is real estate the only asset class in Egypt?
What does the next generation of leaders think as they take over established family businesses?

Do you want to request an invitation? Tap or click the image below.

PUBLIC SERVICE ANNOUNCEMENTS-

#1- DIB defers July loan payments due to system glitch: Dubai Islamic Bank is deferring July loan payments for some customers after a system glitch in June delayed salary withdrawals, according to an X post. The issue arose during an upgrade to a more secure cloud platform. The bank clarified that this deferment will be at no extra cost and won't affect customers' credit ratings.

#2- The Abu Dhabi Global Markets’ Registration Authority issued a consultation paper (pdf) to collect public feedback on amendments to its employment regulations to improve employees’ understanding of their rights and clarify employers’ obligations, according to a statement. The ADGM will accept public feedback until 26 August.

What’s new in the regs? The amended rules include redefining “employee” to include remote workers and flexible work arrangements; clarifying entitlements for part-time employees and work permit and visa requirements; introducing bereavement leave; scrapping the current overtime payment calculation mechanism; and strengthening rules on discrimination and victimization in the workplace.

#3- Abu Dhabi’s Mawaqif paid parking system has been extended to the Khalifa Commercial and Etihad Plaza areas outside Abu Dhabi Island, Wam reports. The extension offers a total of 2.5k new regulated parking spaces.

WATCH THIS SPACE-

#1- First lottery license + new gaming regulations: The UAE’s General Commercial Gaming Regulatory Authority launched its official website, outlining regulations for gaming and casinos in a push to formalize the sector.

The authority also awarded the UAE’s first lottery license to The Game, a commercial gaming and lottery operator, Wam reports. The company will operate under the UAE Lottery brand and offer a variety of lottery games.

#2- Petrobras’ due diligence to buy back Mataripe refinery from Mubadala could wrap up soon: Brazil's state-controlled oil firm Petrobras is finalizing due diligence to re-acquire the Mataripe refinery from Abu Dhabi’s sovereign wealth fund Mubadala, after selling it for USD 1.65 bn in 2021, Reuters reports, citing people it says are familiar with the matter.

How much could the transaction cost? While the value of the transaction and the targeted stake have yet to be decided, Petrobras could be looking to offer Mubadala the same price it paid in 2021, in addition to interest and reimbursement for Mubadala’s investments in the facility, the sources said. Talks over pricing could delay discussions, since the refinery was initially sold below its market value during covid-19, the newswire adds. Sources also said Petrobras was initially planning to re-purchase an 80% stake in the refinery along with an investment in a biofuels project.

Background: 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.

#3- Nasdaq Dubai operator Borse Dubai is set to once again become Nasdaq’s largest shareholder, after private equity firm and Nasdaq’s largest shareholder at present, Thoma Bravo, announced plans to sell 41.6 mn shares of its 14.9% stake in Nasdaq via a secondary public offering, according to a Nasdaq statement. The move would roughly halve Thoma Bravo’s stake to 7.4%, and render it the fifth-largest shareholder. It would also raise USD 2.74 bn from the sale, Bloomberg reported, citing sources it says are in the know.

Nasdaq said it will repurchase some 1.2 mn of its shares from Thoma Bravo provided their value doesn’t exceed USD 120 mn.

Not the first shareholder to trim its Nasdaq stake: In March, Borse Dubai, the then-largest shareholder, sold one-third of its 15.53% stake in the stock exchange operator for USD 1.6 bn.

Market reax: Shares of Nasdaq fell 2.8% in the after-hours trading following the news.

ADVISORS- Goldman Sachs is the sole underwriter for the transaction.

#4- State-owned renewables giant Masdar is discussing an alliance with Spanish power firm Endesa to set up a platform of over 5 GW of solar generation in Spain along with stakes in projects by Enel in Brazil and the US, two sources told the Financial Times.

REMEMBER- Masdar agreed to acquire a minority c. 50% stake in Spanish power firm Endesa’s subsidiary, EPGE Solar, for AED 3.27 bn, in what’s being billed as one of Spain’s biggest ever renewables transactions. The transaction makes Masdar a partner in 48 solar plants with 2.5 GW capacity in Spain once the transaction closes in 4Q 2024.

#5- Three new cybersecurity policies coming this year: The UAE is planning to issue three cybersecurity policies, covering cloud computing, data and internet of things (IoT) security, and cybersecurity operations centers before year’s end, UAE Cybersecurity Council Chairman Mohammed Al-Kuwaiti told Wam.

#6- Reuters and Bloomberg are picking up news of Pakistan holding talks with the UAE, Saudi Arabia, and China to secure financial support for three years in order for the International Monetary Fund to approve reprofiling the South Asian country’s USD 7 bn debt with extended maturities.

REMEMBER- Pakistan was reportedly planning to ask the UAE to roll over a USD 1 bn loan ahead of the loan’s maturity date. The government has already agreed to roll over two USD 1 bn deposits in January 2023 and January of this year, after originally having granted Pakistan the loan in 2019 under a USD 3 bn financial assistance package deposited with the State Bank of Pakistan.

DATA POINTS-

#1- Dubai saw 9.31 mn international visitors in 1H 2024, marking a 9% y-o-y increase, according to a statement. Visitors from the GCC and Mena countries accounted for 26% of total arrivals, while 20% came from Western Europe, 17% from South Asia, and 15% from Eastern Europe.

#2- The UAE ranked first regionally and in the Arab world for the number of cybersecurity professionals, with some 144k specialists employed in the cybersecurity sector, Al Bayan reports, citing a research paper by the Interregional Center for Strategic Analysis.

THE BIG STORY ABROAD-

It’s a quiet day in the foreign business press. It’s a Monday, to start with — always slow for business in the West — and front pages everywhere are dominated by geopolitical tensions, elections, and the Olympics.

Fears of a full-blown war between Israel and Lebanon dominate the front pages this morning, as foreign diplomats and global leaders race to dissuade Israel from a forceful retaliation against Lebanon after Hezbollah allegedly struck a playground in the Israel-occupied Golan Heights, killing 12 Israeli civilians, most of whom were children. Israel and the White House are adamant that Hezbollah is behind the attack, despite the latter denying responsibility.

Israel attacked Hezbollah targets yesterday and vowed to further retaliate, with its security cabinet giving the all-clear for the government to decide the “manner and timing” of its response, Reuters reports. The US has reportedly warned Israel against retaliation in fear that the situation will “spiral out of control,” Axios reports.

Talks continue on a potential ceasefire in Gaza: Officials including CIA director William Burns, Egyptian intelligence chief Abbas Kamel, and Qatari Prime Minister Sheikh Mohammed bin Abdulrahman Al Thani met with Israel’s chief negotiator to hear new demands from the Israeli side. Talks are expected to continue, the Guardian reports.

In elections: US Vice President Kamala Harris’ presidential campaign raised USD 200 mn in its first week (the feat leads the Financial Times and Reuters at dispatch time this morning) and Venezuelan voters took to the polls yesterday in what is being billed as the country’s most consequential elections in decades. President Nicolas Maduro faces a stiff challenge from the opposition after a quarter of a century at the helm.

OLYMPICS-

The medal table now at the Paris Olympics:

Japan (4 golds, 7 total)
Australia (4 golds, 6 total)
United States (3 golds, 12 total)

Egypt and Tunisia are the only Arab countries (so far) to have taken home a medal. Egypt’s Mohamed El Sayed picked up a bronze yesterday, beating Hungary’s Tibor Andrásfi in the men's épée individual. El Sayed lost in the semi-finals to France’s Yannick Borel. Tunisia’s Fares Ferjani took silver in the men’s individual saber, beating Egypt’s Ziad Elsissy.

Yesterday’s highlight: US gymnast Simone Biles marked her return to the Olympics stage with a spectacular performance, qualifying for the final in first place despite tweaking her left calf. (The Guardian)

Today’s highlight: It’s a huge day for tennis nerds. Rafael Nadal (Spain) is set to clash with Novak Djokovic (Serbia) at 1pm Egypt and Saudi / 2pm UAE for their 60th showdown, while world number-one Iga Swiatek (Poland) takes on France’s Diane Parry at the same time. There are more than a dozen matches taking place today in total.

Want to see when your favorite sport is on? Check out the official schedule here.

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CIRCLE YOUR CALENDAR-

The annual jiu-jitsu tournament, the Abu Dhabi Extreme Championship, is returning to Abu Dhabi at the Mubadala Arena on 2 August, Wam reports.

Abu Dhabi will play host to a big night for mixed martial arts fans on 3 August at Etihad arena. The UFC Fight Night will see the return of MMA champion Nick Diaz, who has been out of the limelight since 2021, as he goes head to head with Tony Ferguson.

Also set to clash: Former flyweight champion Deiveson Figueiredo will face bantamweight title challenger Marlon Vera, while world number 2 bantamweight contender Cory Sandhagen will headline against Umar Nurmagomedov.

The World ESG Summit is scheduled to take place on 20-21 August at Dusit Thani in Dubai. The two-day business conference will gather public and private sector players from key sectors like energy, utilities finance, and manufacturing to explore ESG integration across all industries.

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

UAE, Turkey, Azerbaijan form USD 600 mn real estate investment firm

UAE, Turkey, Azerbaijan form new real estate investment giant: Local real estate developer Reportage Properties inked a cooperation agreement with Turkish real estate firm MESA Holding and Azerbaijan’s Sabah Investment Group to form RMS Capital Investment, a real estate entity aiming to “execute massive projects in Dubai, Istanbul, and Baku,” it said on LinkedIn. The entity aims to invest in projects worth a total of USD 600 mn.

The split: Reportage Properties holds a leading 34% share in RMS Capital Investment under the partnership structure, while MESA Holding and Sabah Investment Group each hold a 33% stake, according to details of the partnership picked up by UAE News 24/7.

The game plan: The first project by RMS Capital will be in Dubai, MESA Holding CEO Mert Boysanoğlu said. The projects will be carried out sometime this year and the next, with financing provided by the partners, and central management organized from Dubai, according to UAE News 24/7.

Gulf Capital has 19 working days to respond to MENA Glass’ MTO

MEG shareholders have 19 working days to respond to MENA Glass’ offer: Shareholders of EGX-listed bottle maker Middle East Glass (MEG) have until Thursday, 22 August to respond to parent company MENA Glass’ MTO for an additional 40.8% of the company, according to an EGX bulletin (pdf). UAE-based private equity firm Gulf Capital — which holds a 36.9% stake through a special purpose vehicle — is among the sellers.

ICYMI: MENA Glass Holding submitted a mandatory tender offer earlier this month to acquire an additional 40.8% — 25.5 mn shares — in MEG in a USD 57.8 mn transaction. MENA Glass Holding already holds 52.9% of MEG, while Gulf Capital’s stake makes it the second-largest shareholder. IGC Holdings owns 6.3%.

It is looking unlikely that MENA Glass will get the entire 40.8% it’s eyeing, after IGC rejected the offer.

The pricing: MENA Glass will pay USD 2.26 per share, a 774% premium on MEG’s average share price of EGP 12.54 over the six months ending on 21 April. This price tag would put the transaction value at some USD 57.8 mn if the buyer ends up securing the full 40.8% and at some USD 52.2 mn if it only secures Gulf Capital’s stake.

Part cash, part installments: Gulf Capital has agreed to payment terms that will see MENA Glass pay USD 30 mn in cash once the offer expires, with the remaining USD 22.3 mn to be paid in installments.

Advisors: EFG Hermes will broker the acquisition, while Bahaa Eldin Law Office and MENA Associates will act as the buy-side legal advisor. MEG tapped Tanami Financial Advisory as its independent financial advisor to conduct the fair value study, while Arqaam Capital will be their sell-side advisor.

Food procurement platform Watermelon secures USD 4 mn in series A funding round

Dubai-based food supply ordering platform Watermelon Market secured USD 4 mn in a series A funding round, Khaleej Times writes. The funding saw participation from prominent investors — with Daman Investments acting as the exclusive fundraising advisor — giving new investors a 13.8% stake and valuing the company at USD 29 mn.

Where is the money going? Watermelon plans to use the money to expand locally and regionally and to enhance their product offerings, Watermelon CEO Omar Al Shamsi was quoted as saying.

About Watermelon: Founded in 2020, Watermelon connects over 200 suppliers with 400 restaurants, according to the Abu Dhabi SME Hub. Watermelon concluded its seed funding round back in 2022.

Ghitha, Phoenix, Bank of Sharjah, Deyaar, and more report 1H earnings

GHITHA HOLDING-

International Holding Company (IHC) retail subsidiary Ghitha Holding saw its net income rise more than 2000% y-o-y to AED 106.8 mn in 2Q 2024, according to the company’s financials (pdf). Revenues from contracts inched up 1.5% y-o-y to AED 1.19 bn.

In 1H 2024, the company turned to the black with AED 2.8 bn in net income in 1H 2024, after netting AED 104 mn in losses in the same period last year. Ghitha’s revenues from contracts for the period reached AED 2.45 bn, marking an 18% y-o-y growth. Ghitha’s total assets increased 33% since December 2023 to reach AED 9.4 bn, according to the IHC-subsidiary’s earnings release (pdf).

The company also acquired Dubai-based dairy producer Marmum Dairy Farm this quarter, it said, without disclosing the exact value or size of the stake it acquired. The acquisition follows an earlier acquisition this year of Al Ain Farms for Livestock Production for AED 61 mn.

PHOENIX GROUP-

Phoenix Group reported a 141% y-o-y increase in net income to USD 56.1 mn in 2Q 2024, on the back of growth in the company’s self-mining services, in addition to gains on investments in digital assets, according to Phoenix’s earnings release (pdf). The ADX-listed bitcoin mining company saw its revenues slump 35% y-o-y to hit USD 51 mn, due to changes in market dynamics after the halving, which slashed mining rewards by 50% and resulted in fewer machines sold.

Uh, Enterprise, what is the halving? “The halving” is a programmed event (architected by BTC’s pseudonymous creator, Satoshi Nakamoto) that cuts the reward for miners in half, roughly every four years, thus controlling supply and making it hard to hit 21 mn coins in circulation. It took place this past April.

It’s a short-term hit, according to Phoenix: “Though halving is a negative event for miners in the short term, it has proven to be a catalyst for the next bull run over medium to long term hence helping efficient miners while eliminating inefficient ones,” the earnings release said.

In 1H 2024, the crypto mining firm reported a net income of USD 122.28 mn, up 154% y-o-y, according to its financials (pdf). The company’s revenues came in at USD 120.13 mn during the first six months of the year, down 25% y-o-y.

Looking ahead: Phoenix will “continue to invest in modern highly efficient mining technologies and sites to gain access to competitive energy prices,” with a focus on tokenization, the earnings release said. The company’s incremental capacity is expected to sit at 400-500 MW.

DEYAAR DEVELOPMENT-

Dubai’s Deyaar Development recorded an 86% y-o-y increase in net income to AED 115.7 mn in 2Q 2024, according to its financials (pdf). The real estate developer’s revenues reached AED 336.6 mn, up 6% y-o-y. The rise in earnings can be credited to what the company referred to as “well-thought-out strategic directions and business model,” in a separate earnings release (pdf).

On a six-month basis, Deyaar recorded a 59% y-o-y increase in net income after tax to AED 188.7 mn in 1H 2024. Without the impact of the corporate tax, net income reached AED 202.6 mn. The developer’s revenues reached AED 664.4 mn, up 6% y-o-y.

EMIRATES STALLIONS GROUP

IHC subsidiary and construction and real estate firm Emirates Stallions Group (ESG) saw its net income fall 89% y-o-y to AED 62 mn in 2Q 2024, according to its financials (pdf). Revenues increased 270% y-o-y to AED 336.2 mn.

On a six-month basis, the company reported a 78% y-o-y decrease in net income to AED 131 mn, according to its earnings release (pdf). The company saw its revenues increase 140% to AED 639.6 mn.

RAK INS.

RAK Ins. in the red: Ras Al Khaimah’s National Ins. Company, RAK Ins., reported AED 1.7 mn in losses in 2Q 2024, according to its financials (pdf). Revenues increased 4.5% y-o-y to AED 121.5 mn. In 1H 2024, its net income increased more than 1000% to AED 1.9 mn.

The ins. firm reported AED 27 mn worth of accumulated losses for 1H 2024, according to a separate statement (pdf). The company incurred these losses primarily due to a significant financial downturn by the end of 2022

BANK OF SHARJAH

The Bank of Sharjah saw its net income increase to AED 171 mn in 1H 2024, after incurring losses worth AED 144 mn during the same period last year, according to the lender’s earnings release (pdf). This 233% surge, excluding a one-time impairment charge from delinking its Lebanese subsidiary, is driven by a 108% y-o-y increase in net interest income, stringent credit underwriting, and reduced operating costs. The lender’s total operating income also rose 33% y-o-y to reach AED 300 mn.

APEX INVESTMENT-

Apex Investment in the black: Ras Al Khaimah Cement ’s Abu Dhabi-based Apex Investment reported a net income of AED 18.74 mn in 2Q 2024, compared to the AED 8.63 mn net loss the company posted in the same period last year, according to the company’s consolidated financial statements (pdf). The ADX-listed company’s revenues also rose 49% y-o-y to AED 229.91 mn during the quarter.

On a six-month basis, the company recorded a bottom line of AED 23.01 mn in 1H 2024, after booking net losses of AED 198.8 mn in the same period last year. Apex’s revenues rose 41% y-o-y to AED 425.2 mn during the same period.

AL SEER MARINE-

Maritime player Al Seer Marine reported AED 966.8 mn in losses in 2Q 2024, compared to a net income of AED 38 mn in the same period last year, according to its financials (pdf). Revenues rose 1% y-o-y to AED 316.1 mn.

On a six-month basis, the company recorded a net loss of AED 1.68 bn in 1H 2024, 124% steeper than the previous year’s AED 750 mn loss, according to the company’s management report (pdf). This came as direct costs increased as a percentage of revenue to 92%. The International Holding Company subsidiary recorded a 2.8% y-o-y increase in revenues to AED 580 mn during 1H.

ADIO, Abu Dhabi Statistics Center have new director generals + Abu Dhabi Chamber of Commerce goes through restructuring. P:US: Dubai Extrusion Investment has a new CEO

Abu Dhabi Investment Office gets a new director general: Abu Dhabi Executive Council tapped Badr Salim Al Olama (LinkedIn) as the new director general of Abu Dhabi Investment Office, Wam writes. Olama has experience in the UAE's industrial and investment sectors, having led Strata Manufacturing, while also chairing Emirates Post Group and serving on the boards of Yahsat and Shuaa Capital.

The Abu Dhabi Executive Council named Abdulla Gharib Alqemzi as the new director general of Abu Dhabi’s Statistics Centre, Wam reports.

Ahmed Jasim Al Zaabi was appointed chairman of the Abu Dhabi Chamber ofCommerce and Industry as part of a senior restructuring, according to a statement. Ali Saeed bin Harmal Al Dhaher (LinkedIn) was named first vice chairman, while Shamis Ali Al Dhaheri (LinkedIn) was appointed second vice chairman.

Dubal Holding subsidiary Dubal Extrusion Investment appointed Faisal Sarhan (LinkedIn) as CEO of its wholly-owned firm OSE Industries, succeeding Magdy Samoul (LinkedIn) who had served as CEO since 2012, according to a press release. Sarhan enters the role after serving as the company’s deputy CEO since November 2023. He brings over 18 years of experience working with Mubadala-backed Emirates Global Aluminium, where he held various roles, including senior manager of marketing and sales.

RTA unveils AED 165 mn Mall of Emirates road entrance expansion

TRANSPORT-

#1- Your Mall of the Emirates commute is about to get smoother: Dubai’s Road and Transport Authority (RTA) and Majid Al Futtaim Group are partnering to widen and improve the entrances and surrounding streets of the Mall of the Emirates at a total cost of AED 165 mn, according to RTA’s website. The planned improvements include establishing a 300 m, single-lane bridge on Sheikh Zayed Road to provide direct access to the mall's parking from Abu Dhabi and Jebel Ali, lowering travel time from 10 minutes to just one minute.

#2- UAE’s Air Chateau is getting flying electric taxis from Crisalion Mobility: Dubai-based private aviation operator Air Chateau signed a pre-order for ten Integrity eVTOL aircraft with Madrid-based sustainable transport solutions startup Crisalion Mobility, according to a statement on Thursday. The partnership sees both companies working together to advance flying electric taxis in UAE’s major cities, including Abu Dhabi and Dubai. Air Chateau’s pre-order brings Crisalion's pre-order book to 125 aircraft. It also marks the company’s first entry into the Middle East and private aviation markets. Financial details were not disclosed.

#3- State-owned ports developer and logistics giant DP World has opened 51 new freight forwarding offices across the Asia Pacific, expanding its end-to-end supply chain services in the region, according to a statement released on Friday. The move looks to help businesses form resilient supply chains amid increasing geopolitical and economic uncertainty impacting global trade, says Asia Pacific CEO and Managing Director Glen Hilton. The offices offer a range of services including port handling, freight management for both ocean and air, customs clearance, bonded warehousing services, and order and origin oversight.

MEDIA-

#1- Elevision to install digital ad network across Dubai: Advertising agency Elevision has partnered with Dubai World Trade Centre to install a digital out-of-home (DOOH) advertising network across commercial and residential developments operated by the latter, according to a statement picked up by Zawya. Some 72 elevator screens and 83 large format and lobby screens will be installed in locations such as One Central, Convention Tower, Sheikh Rashid Tower, and Expo Village Residences, the statement read.

What is DOOH? DOOH is similar to traditional out-of-home (OOH) advertising, except for the fact that it uses digital means to display ads — think digital billboards and screens vis-à-vis conventional billboards and posters.

INS.-

Galaxy Ins. Broker had its license revoked by the Central Bank of the UAE for failing to comply with regulatory obligations, Wam reports.

FINANCE-

Moneta Markets sets up shop in Dubai: South Africa-based online forex trading broker Moneta Markets has opened its first office in Dubai, after partnering with homegrown Sterling Financial Services to bring its services to the UAE, Founder and CEO of Moneta David Bily told Finance Magnates.

What’s next? Moneta Markets plans to introduce customized products to meet the local market’s demands, in addition to its current offerings of over 1k FX pairs, indices, commodities, share CFDs, cryptos, bonds, and ETFs. Bily also said he expects the company to obtain several “tier 1 licenses” by mid-2025.

TECH-

G42 launches AI services platform in partnership with Qualcomm: State-run cloud services provider G42 launched its new AI services platform Compass 2.0 in partnership with US chipmaker Qualcomm Technologies, according to a statement from the Abu Dhabi Media Office. The platform — powered by Qualcomm’s Cloud AI 100 Ultra inference accelerators — offers several pre-optimized services, such as generative AI, embeddings, computer vision, and natural language processing models. It also provides access to open-source models, including JAIS (Arabic LLM), Llama3, and Azure OpenAI GPT-4.

Background: Core42 soft-launched Compass 2.0 back in January, the statement showed. The platform has since processed around 150 bn tokens.

REAL ESTATE-

Aldar unveils new residential project in Abu Dhabi: Abu Dhabi’s Aldar Properties has announced the soft launch of its latest residential development in Abu Dhabi The Arthouse, it said in a statement. The Arthouse’s official launch is slated for 31 July, offering one-, two-, and three-bedroom apartments in three buildings in the Saadiyat Cultural District. Construction is scheduled to kick off in 1Q 2025.

SUSTAINABILITY-

Ghafa partners with Atsuya to develop sustainability solutions: Homegrown Ghafa Sustainability and Energy Solutions has signed an MoU with Indian IoT firm Atsuya Technologies to leverage the latter’s technology in improving energy and water saving solutions, Al Etihad reports.

Dual-class share structures come to the LSE today + central bankers meet this week in Washington, London, and Tokyo

It’s shaping up to be a big week on Planet Finance:

#1- It’s a huge morning for some investors in London-listed companies as the LSE rolls out new listing rules in what’s being portrayed as a victory for venture capital firms and sovereign wealth funds.

The changes: The new rules will allow companies to retain dual-class share structures that give founders and other early investors more voting rights than others. The UK Financial Conduct Authority is positioning the changes as the “biggest changes to the listing regime in over three decades.”

Why now: The LSE has lost listings (and seen outflows of investment) to other markets, the Financial Times notes.

Read for yourself: The full text of the changes are included in this policy statement (pdf).

#2- It’s shaping up to be a big week for central bank watchers as the monetary policy bosses of three of the world’s most advanced economies meet.

The US Federal Reserve will meet on Tuesday and Wednesday. Nobody expects the Fed to cut interest rates, but analysts think this is the pivotal meeting that will set them up to go for it in September, the Wall Street Journal writes.

Japan’s central bank meets on Wednesday, and the UK follows suit on Thursday. Traders are trying to figure out if the Bank of Japan will hike interest rates — and by how much the Bank of England will cut them, Bloomberg says.

ALSO WORTH READING on this fine Monday morning:

Apple Intelligence won’t be in the first version of iOS 18 when new iPhones launch this fall. Look for it to start rolling out in updates starting in October, Bloomberg writes.
The Financial Times has what the North Americans call a “twofer,” looking at why Donald Trump’s plan to devalue the USD to boost manufacturing and lower the trade deficit likely wouldn’t work — and writing that a close reading of the sheep’s entrails suggests that SPACs may be regaining a tiny bit of favor.

MARKETS THIS MORNING-

It’s green (almost) as far as the eye can see in Asia this morning. The Nikkei leads the gainers (+2.5% at dispatch time) and only the Shanghai Composite is in the red (-0.2%). Futures are uniformly in the green for major Wall Street and European equities benchmarks.

ADX	9,318	+0.2% (YTD: -2.7%)
DFM	4,280	+1.0% (YTD: +5.4%)
Nasdaq Dubai UAE20	3700	+0.8% (YTD: -3.7%)
USD : AED CBUAE	Buy 3.67	Sell 3.67
EIBOR	4.9% o/n	5.0% 1 yr
TASI	12,175	+1.2% (YTD: +1.7%)
EGX30	29,036	-0.2% (YTD: +16.6%)
S&P 500	5,459	+1.1% (YTD: +14.5%)
FTSE 100	8,286	+1.2% (YTD: +7.1%)
Euro Stoxx 50	4,863	+1.1% (YTD: +7.5%)
Brent crude	USD 81.13	-1.5%
Natural gas (Nymex)	USD 2.01	-1.7%
Gold	USD 2,428	+1.2%
BTC	USD 68,056	-1.2% (YTD: +60.7%)

THE CLOSING BELL-

The DFM rose 1.0% yesterday on turnover of AED 496.1 mn. The index is up 5.4% YTD.

In the green: National International Holding Company (+14.5%), Emirates Investment Bank (+13.3%) and Watania International Holding (+12.1%).

In the red: Ithmaar Holding (-2.8%), Agility (-2.7%) and Dubai Electricity & Water Authority (-2.1%).

Over on the ADX, the index rose 0.2% on turnover of AED 1 bn. Meanwhile Nasdaq Dubai closed up 0.8%.

UAE signs joint communique at its first Brics Trade Meeting. Plus: Talks with Morocco on trade agreement wrapped

State Minister for Foreign Trade Thani bin Ahmed Al Zeyoudi signed a joint communique at the Brics Ministers’ Meeting, committing to strengthened cooperation in multilateral trade, joint value chains, agricultural trade, and special economic zones, Wam writes. The communique also focused on fostering e-commerce, supporting MSMEs through technology and exports, and integrating digital technologies like e-certification in global trade.

This was the UAE's first participation in a Brics trade ministers’ meeting since becoming a member in August 2023. The meeting also proposed a forum for cooperation on special economic zones and laid the groundwork for the upcoming BRICS Summit in Kazan, Russia.

UAE + Morocco wrap up trade talks: Foreign Trade Minister Thani bin Ahmed Al Zeyoudi and Morocco’s Minister of State for Foreign Trade Ryad Mezzour concluded negotiations on an economic partnership between the two countries, Wam reports.

The UAE-Morocco partnership will reduce or remove tariffs, improve market access, harmonize customs, and establish rules of origin for goods. It will also create investment and private-sector collaboration platforms in renewable energy, tourism, infrastructure, mining, food security, transport, logistics, and ICT.

Financial Affairs Minister Mohamed Hadi Al Hussaini headed the UAE delegation at the G20 Finance Ministers and Central Bank Governors’ latest meeting, discussing ramping up financial inclusion, promoting international tax cooperation, and sustainable finance, Wam reports. Al Hussaini also met with Brazilian President Luiz Inácio Lula da Silva on the sidelines of the meeting to discuss ramping up bilateral cooperation in sustainable finance.

The UAE also participated in the G20 Labour and Employment Ministers’ Meeting in Brazil, spotlighting international labor market trends and exploring strategies for achieving short- and long-term goals, Wam reports.

MORE DIPLO NEWS-

The UAE dispatched a plane with aid to southern Ethiopia to support victims of recent landslides, under the directives of UAE President Sheikh Mohamed bin Zayed Al Nahyan. (Wam)
UAE Chambers Secretary General Humaid Mohamed Ben Salem led a delegation to Madagascar to strengthen economic, trade, tourism, energy, and infrastructure ties. (Wam)
Culture Minister Sheikh Salem bin Khalid Al Qassimi flew to Slovakia, Hungary, and Croatia to deepen cultural cooperation and facilitate new agreements. During his tour, Al Qassimi inked an MoU with the Slovak Culture Ministry to ramp up cultural cooperation. (Wam)

CALENDAR

JULY

31 July (Wednesday): Deadline for Sidara to submit another takeover bid to Wood Group.

AUGUST

2 August (Friday): Abu Dhabi Extreme Championship, Mubadala Arena, Abu Dhabi.

3 August (Saturday): UFC Fight Night, Etihad arena, Abu Dhabi.

14 August (Wednesday): UAE to participate in ceasefire talks co-mediated by the US and KSA between the warring factions in Sudan.

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

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

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

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

Signposted to happen sometime in mid-August:

New regulations on telemarketing calls will go into effect

SEPTEMBER

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

9-11 September (Monday-Wednesday): World Utilities Congress, Abu Dhabi.

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

10-11 September (Tuesday-Wednesday): MENA District Cooling Projects & MENA Cool Forum, Grand Hyatt Dubai, Dubai Healthcare City, Dubai.

11-12 September (Wednesday-Thursday): MENA oil and gas digitization conference, Abu Dhabi.

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

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

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

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

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

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

OCTOBER

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

NOVEMBER

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

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

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

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

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

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

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

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

11-14 November (Monday-Thursday): ADIPEC Maritime and Logistics Exhibition and Conference, Abu Dhabi.

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

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

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

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

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

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

Signposted to happen ahead of ADIPEC:

Changemakers Majlis, Abu Dhabi.

DECEMBER

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

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

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

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

9-12 December (Saturday-Thursday): Abu Dhabi Finance Week, Abu Dhabi.

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

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

JANUARY 2025

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

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

FEBRUARY 2025

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

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

APRIL 2025

16-17 April: Global Ports Forum, Dubai.

OCTOBER 2025

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

Signposted to happen sometime before the end of the year:

Spinneys inaugurates three more stores in KSA

Signposted to happen in 2025:

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

Signposted to happen sometime in the fall of 2025:

2025 Games of the Future, Dubai.

Signposted to happen sometime in 2028:

Abu Dhabi to host the 47th Chess Olympiad.

Signposted to happen sometime in 2029:

Dubai to host the International Conference on Computer Vision.

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