US, UAE deepen space, AI, defense cooperation

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WHAT WE’RE TRACKING TODAY

THIS MORNING: ADCB pledges support for nuclear energy + Masdar shortlisted for Oman wind projects

Good morning, wonderful people. We have a packed issue for you today, with plenty of updates from the president’s visit to the US, as well as new climate finance commitments from UAE fund Alterra, investments in satellite manufacturing and construction, as well as a handful of M&A and debt updates. Let’s dive in.

WEATHER- It’s another sunny day in Dubai, with a high of 40°C and a low of 31°C, according to our favorite weather app. Meanwhile, a sunny Abu Dhabi will see a high of 36°C and a low of 32°C today.

FIRST- A basket of updates from the UN General Assembly in New York:

#1- ADCB pledges support for nuclear energy: Abu Dhabi Commercial Bank (ADCB) was among fourteen major global lenders and financial institutions to pledge increased support for nuclear energy in a New York event yesterday, bidding in line with the COP28 goal to triple the world’s nuclear energy capacity by 2025, the Financial Times reports. The pledge is expected to help normalize nuclear energy as a climate solution and unlock financing for the development of new plants, which are experiencing a slowdown in Western countries due to high costs and financing difficulties.

How will they do it? There is no clear roadmap on how the banks plan to support nuclear power, but they could offer increased direct lending and project financing to nuclear companies, the FT writes. Banks may also assist by arranging bond sales or connecting companies with private equity or credit funds. Ahead of the announcement, banks provided non-binding commitments on nuclear energy to private sector partners, a source familiar with the matter told FT.

#2- The UAE and the International Renewable Energy Agency agreed to help support 20 developing countries to strengthen their nationally determined contributions (NDCs), on the sidelines of the assembly, state news agency Wam reports.

WATCH THIS SPACE-

#1- Masdar among top contenders for Oman’s USD 1.3 bn wind plants: Renewables giant Masdar is among the top energy heavyweights Oman’s Nama Power and Water Procurement Company has shortlisted to develop five major wind projects across the country, valued at OMR 500 mn (c.USD 1.3 bn), the Omani company said in a statement.

Who else is in the race? The shortlisted firms include Saudi Arabia’s Acwa Power, Japan’s Sumitomo, Singapore’s Sembcorp, and France’s TotalEnergies, among others.

The projects: The shortlisted companies are bidding for wind projects ranging between 81 to 400 MW capacity, part of Oman’s broader strategy to cover 30% of its energy needs from renewable sources by 2030. The projects are expected to cut Oman’s carbon emissions by nearly 1 mn tons annually, and are set to be located across key regions in the country.

#2- Emaar plans to invest some USD 1 bn in Egypt next year, Emaar Founder Mohamed Alabbar told Asharq Business. Alabbar separately told CNBC Arabia that he was interested in projects along the Red Sea, and that he would also be open to a project in the ADQ-backed Ras El Hekma if land is offered up for a project. The company has invested USD 20 bn so far in the country since its entry.

#3- Singapore Exchange (SGX) is “actively” considering expanding into Dubai as several hedge funds relocated to the UAE, Head of wholesale markets and platforms at SGX Lee Beng Hong told Bloomberg. SGX’s initial plan is to move a Qatar-based employee to Dubai before adding more people to kick off operations.

#4- US private equity investor General Atlantic is set to establish a presence in Abu Dhabi by year-end, with plans to relocate managing director Karim Boueiz (LinkedIn) from London, Reuters reports, citing two sources in the know. Backed by Mubadala Capital, General Atlantic has secured initial approval to operate in the Abu Dhabi Global Market, with final clearance expected by the end of the year, according to the sources.

#5- A consortium of Egyptian, Saudi, and Emirati companies is set to announce a major industrial merger agreement valued at USD 800 mn in October, Executive Partner and head of investment banking at Zilla Capital Moustafa El Shenety told Asharq Business (watch, runtime: 9:30). El Shenety did not disclose further details.

This year’s EnterpriseAM Finance Forum kicks off in just a few hours at the St. Regis Cairo on the banks of the Nile.

Taking the stage at the forum this year is Egyptian Investment Minister Hassan El Khatib, who’s joining us to outline a vision for where Egypt is going as a community and as an economy.

You can tap or click here to view the agenda and full list of speakers.

PUBLIC SERVICE ANNOUNCEMENT-

#1- Private sector companies with 20 to 49 employees must hire at least one Emirati citizen by 31 December 2024, Wam reports, citing a circular from the UAE’s Human Resources and Emiratisation Ministry. Failure to comply will result in AED 96k penalties starting January 2025. The ministry called on companies to use the Nafis program to meet their targets and warned against fake Emiratisation practices, which could lead to severe financial penalties.

#2- Sharjah Ruler Sultan bin Muhammad Al Qasimi approved nearly AED 50 mn in aid for 1.8k individuals affected by rain and floods in the emirate, according to a statement from his office. The relief includes AED 25k for damaged homes, with a minimum of AED 50k for severe cases.

#3- Al Maktoum Bridge will be temporarily closed for maintenance until 16 January 2025, Gulf News reports. The bridge will be closed from Mondays through Saturdays between 11pm and 5am, with an all-day closure on Sundays.

#4- You can go a little faster on certain roads in Dubai: Speed limits on Sheikh Zayed bin Hamdan Al Nahyan Street and Al Amardi Street will increase from 30 September, Wam reports, citing Dubai’s Roads and Transport Authority (RTA) and Dubai Police. The limit on Sheikh Zayed bin Hamdan Street will rise to 100 km/h between Dubai Al Ain Road and Academic City Roundabout, and to 90 km/h between Academic City Roundabout and Al Khawaneej Street. Al Amardi Street’s speed will be standardized at 90 km/h.

HAPPENING TODAY-

#1- The World Congress on Rehabilitation (WCR) 2024 kicked off yesterday at the Abu Dhabi National Exhibition Centre, Wam reports. The event, which runs until tomorrow, aims to address global challenges faced by people with disabilities in the job market and promote awareness of their rights and capabilities.

#2- The World Freezones Organization’s Annual International Conference and Exhibition kicked off yesterday and will run until tomorrow in Dubai. The event will discuss zones and the shifting dynamics of global economic structures to open up new avenues for investment.

#3- The Freight Summit Global Conference kicked off yesterday and will continue through Thursday. The conference is slated to bring together over 400 international freight forwarders to network and boost partnerships globally.

#4- The UAE National Committee for Anti-Money Laundering and Combating the Financing of Terrorism and Illegal Organizations is hosting the 2024 Asia Pacific Group on Money Laundering (APG) annual meeting, which kicked off on Sunday and will run until 27 September, marking the first time the forum is held in the Middle East, state news agency Wam reports.

#5- The Finance Ministry will hold its first dialogue with state-owned companies across the GCC today in Dubai, aiming to boost economic integration across the region and address key challenges in the GCC Common Market, Wam reports. With over 80 firms participating, the event will feature government presentations on the GCC customs union and the common market, while the private sector will present a working paper outlining strategies to boost exports.

#2- Gulfood Green kicks off today and runs until Thursday at the Dubai World Trade Centre. The event connects startups and investors in the FoodTech and AgriTech sectors, exploring new methods of food production, trade, and consumption. You can register here.

HAPPENING TOMORROW-

#3- The Global Aerospace Summit will kick off tomorrow and run until Thursday in Abu Dhabi. The summit will gather key players in the global aerospace supply chain industry along with high level industry and government officials to discuss industry services, legal structure and resource sharing.

AND LATER NEXT WEEK-

Bayanat and Yahsat will finalize their merger on 1 October, with the combined shares slated to trade on ADX under the new ticker Space24, according to an ADX disclosure (pdf). Post-merger, Yahsat will delist from the Abu Dhabi bourse and all its assets will be transferred to Bayant via a share swap.

Refresher: The merger — expected to be valued at AED 15 bn (c.USD 4 bn) — will see Bayanat own 54% of Space42 and Yahsat owning the remainder. The two companies’ shareholders approved the merger in April.

THE BIG STORY ABROAD-

Business news is once again taking a backseat, as the world’s press focus on Israel’s deadly bombardment of Lebanon that killed at least 492 and injured over 1.6k yesterday — establishing the grim milestone of being the country’s deadliest day since the end of its civil war in 1990. Roads in southern Lebanon were jam-packed Monday as people emptied out of the country’s south toward Beirut, as Israeli strikes rocked Lebanon’s south, the Bekaa valley, and the capital’s southern suburbs.

Israeli Prime Minister Benjamin Netanyahu stated that his government would “change the security balance, the balance of power in the north” through its assault and “eliminating senior figures, terrorists and missiles.” Despite Israel’s claims of undertaking targeted strikes against Hezbollah, 58 women and 35 children were killed yesterday, according to the Lebanese Health Ministry.

The strikes have increased concerns about the conflict’s escalation into full-scale regional war, with Iranian president Masoud Pezeshkian accusing Israel of attempting to lay traps to lead its longstanding regional foe into a wider war. The US, meanwhile, has said that it is sending additional forces to the region in order to protect its assets, should a wider conflagration break out.

Calls for diplomatic intervention: UN Secretary-General Antonio Guterres registered his “alarm” at the escalating situation yesterday, with a UN spokesman telling all parties to “step back from the brink” of further hostilities.

PLUS- The US Commerce Department proposed banning Chinese software and hardware from US roads yesterday, citing “national security concerns.” If the regulation goes through, Chinese cars would effectively be banned from the US market and American and other car manufacturers would be required to strip Chinese software and hardware from their cars sold in the US.

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CIRCLE YOUR CALENDAR-

The Dubai World Trade Centre will host the Water, Energy and Environment Technology Exhibition 2024 on 1-3 October. The event, organized by Dubai Electricity and Water Authority, will focus on advancements in cybersecurity, digital transformation, and sustainability, showcasing the latest technologies and solutions to enhance digital and environmental security.

The Dubai World Trade Centre will host the World Green Economy Summit on 2-3 October 2024. The event, organized by the Dubai Supreme Council of Energy, Dubai Electricity and Water Authority, and the World Green Economy Organization, will focus on green finance and sustainable development, highlighting global efforts to increase climate resilience and bolster international cooperation.

Al Jawaher Reception and Convention Centre will host the inauguralRegional Data andCommunity Development Forumfrom 9 to 10 October. Organized by the Department of Statistics and Community Development (DSCD), the forum will focus on the role of data in economic growth, community development, and planning.

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

US, UAE agree on AI framework, pledge defense, space cooperation

AI, defense, clean energy top the agenda for discussions during Al Nahyan’s visit to the US: UAE President Sheikh Mohamed bin Zayed Al Nahyan’s meeting with US President Joe Biden at the White House yesterday saw the two leaders pledge to deepen cooperation in AI, defense, space exploration, and the cyberspace, according to a statement issued following the visit. The two heads of state also discussed regional wars, the clean energy transition, and boosting investments in infrastructure and critical minerals supply chains in Africa.

AI-

The two leaders signed off on an AI framework of cooperation that will see them work on regulatory frameworks for AI, promote AI research and development, deepen cybersecurity, and support AI for sustainable development in developing countries, state news agency Wam reports separately.

REMEMBER- State-owned AI firm G42 started receiving AI chips from US chipmaker Nvidia after the US government greenlit the exports earlier this year, getting the ball rolling on a wider partnership between the two countries. This came under Microsoft’s USD 1.5 bn investment in G42 in April.

DEFENSE-

The UAE was designated a major defense partner to the US — a designation only handed so far to India — to boost defense in the Middle East, East Africa, and the Indian Ocean region, and to boost cooperation between the three countries in the form of joint training and exercise, the statement said.

The two countries will also be exploring potential investments in the US’ defense systems, it added.

SUPPLY CHAINS-

Biden and Al Nahyan also vowed to continue to work with international partners on facilitating supply chain links that can see smoother trade and manufacturing flows, food security, and boost clean energy exports, the statement said. They also agreed to invest in hard infrastructure and critical minerals-supply chains in Africa and emerging markets, with the aim of developing a supply chain for essential components to clean energy and advanced technologies, including batteries, wind turbines, semiconductors, and electric vehicles.

CLEAN ENERGY-

UAE-based Averi Finance and Amea Power have joined the US-led Power Africa Initiative as private sector partners, with Averi pledging to facilitate USD 5 bn in investments to build 3 GW of power generation projects, construct over 3k km of distribution, and reduce 90 mn tons of CO2, the statement said.

Background: Amea Power is also working on facilitating USD 5 bn in capital to develop 5 GW of renewable energy capacity in Africa by 2030.

ALSO FROM THE VISIT- Al Nahyan met with Vice President Kamala Harris to discuss future cooperation in the economy, trade, tech, energy, and climate action sectors, Wam reported.

Brookfield raises USD 2.4 bn for the UAE-backed Catalytic Transition Fund + TPG raises USD 1.25 bn, with backing from Alterra

Brookfield closes initial funding round for CTF: Canada’s Brookfield Asset Management has initially closed a USD 2.4 bn funding round for the UAE-backed Catalytic Transition Fund (CTF) to boost climate finance in emerging markets, according to a press release (pdf). The Catalytic Transition Fund (CTF) is anchored by a USD 1 bn commitment from Alterra fund set up by the UAE during COP28.

Where is the money coming from? The new investment partners are Caisse de dépôt et placement du Québec (CDPQ), GIC, Prudential, and Temasek, among others.

What’s next? CTF expects to share its initial investments later in 2024, the statement notes. Additional capital from ongoing fundraising efforts and a traditional close is expected by early 2025, Brookfield says.

An ambitious goal: Back in June, Brookfield said it aims to raise USD 5 bn as part of its first close which was expected by the end of 2024 at the time. Brookfield will contribute at least 10% of the capital.

What they said: “Globally, around USD 6.5 tn will be needed yearly for the energy transition over the next 15 years. It’s a staggering figure, and various partnerships and investments are necessary to accelerate the path forward,” CDPQ Global Vice-President and Head Marc-André Blanchard said in the statement.

About Alterra: The UAE-backed USD 30 bn vehicle was launched last year at COP28 to mobilize USD 250 bn globally by 2030 to finance the new climate economy and accelerate the climate transition, the statement notes. Alterra’s initial commitment — along with BlackRock, Brookfield, and TPG — was USD 6.5 bn to climate-dedicated funds. Alterra recently said it will direct an extra USD 200 bn to investments over the next six years, after saying it aims to mobilize USD 250 bn in green investments by 2030.

OTHER ALTERRA-RELATED NEWS-

Private equity firm TPG raised an initial USD 1.25 bn for its private investment vehicle for climate action, the Global South Initiative, with commitments from Alterra, according to a separate statement (pdf), which did not disclose Alterra’s exact contribution. Investors from Asia and North America also contributed to the funding, the statement said. Alterra made the contribution through its USD 5 bn fund.

Background: TPG and Alterra launched GSI at COP28 in Dubai, targeting USD 2.5 bn in total capital.

Edge Group launches new satellite-making, cybertech firm

New satellite-manufacturing player in town: Emirati defense conglomerate Edge Group launched a new space company named Fada, derived from the Arabic word for space, according to a press release. The company is establishing advanced facilities to develop, assemble and test satellite systems, including Synthetic Aperture Radar (SA

R), Optical (EO) payloads, and satellite cybersecurity. It aims to be a comprehensive provider of space solutions for local and international clients.

The details: Fada will be based in a new Abu Dhabi facility. The facility is currently in its design phase, president of space and cybertech at Edge, Walid Al Mesmari told the National, without disclosing a specific completion date.

Fada will develop the UAE Space Agency’s Sirb constellation — comprising radar imaging satellites — after securing a contract for the project last year, according to the statement. The company plans to complete its first satellite for launch in 2026, in a partnership with geospatial solutions firm Bayanat and Al Yah Satellite Communications (Yahsat) that will see Fada handle development while the partners manage satellite operations and data.

ICYMI- The UAE has ambitious space and satellite-making plans ahead. Last month, Abu Dhabi-based space and deeptech investor and International Holding Company-backed Marlan and US-based startup Loft Orbital set up a joint venture to mass manufacture satellites for the first time in the Middle East. Bayanat and Yahsat also plan to launch eight synthetic aperture radar (SAR) satellites over the next three years, after launching the UAE’s first low Earth orbit SAR satellite from California’s Vandenberg Space Force Base last month.

China’s Acclime takes over Alpha Management

Dubai-based corporate advisor Alpha Management was acquired by Acclime, a Hong Kong-based corporate services provider focused on Asia, for an undisclosed amount, in a push to expand its presence in the UAE, according to a press release. The acquisition will bring Alpha Management ’s clients into Acclime’s fold and enhance its service offerings, with the company set to be rebranded to Acclime by early 2025.

Acclime is no stranger to the UAE: Earlier this year, the firm established its presence in the UAE with the acquisition of Dubai-based MeiPro Corporate Services — now rebranded as Acclime Dubai. Before the acquisition, Acclime was serving UAE-based clients through its purchase of Ocra, a firm licensed in the UAE.

Alpha’s execs get a seat on the board: Post-acquisition, the Dubai-based firm’s co-founder and CEO Shaukat Murad (LinkedIn) will stay involved in the firm’s operations, reporting to Acclime Middle East’s managing director Rajiv Kumar Singh. Alpha’s director Zia Murad (LinkedIn) will take on the role of deputy managing director of Acclime UAE, overseeing the UAE office’s operations and expansion across the Middle East.

About Alpha: Founded in 2007, Alpha Management is registered at both Dubai International Financial Centre (DIFC) and Abu Dhabi Global Market (ADGM), with plans for a new office in Mauritius, according to its LinkedIn.

IN OTHER M&A NEWS-

GulfNav finalizes terms to acquire Brooge Energy’s assets: Maritime and shipping company GulfNav finalized the acquisition terms for oil storage outfit Brooge Petroleum and Gas Investment Company from Brooge energy, Wam reports. The transaction will be financed through cash and newly issued GulfNav shares on the DFM.

REMEMBER– GulfNav submitted a proposal earlier in the year for the structure of the acquisition of oil storage outfit Brooge Petroleum and Gas Investment Company to the Securities and Commodities Authority, after submitting a proposal to fully acquire the company from Brooge Energy back in October 2023. The acquisition was initially expected to close in 4Q 2023.

Budget surplus widens in 2Q 2024

The federal government’s consolidated revenues rose to AED 143.22 bn in 2Q 2024, up from AED 120.63 bn in 1Q 2024, fueled by increased tax income of AED 95.49 bn, according to Finance Ministry data (pdf). Meanwhile, expenses climbed to AED 95.63 bn in 2Q, up from 1Q’s AED 91.49 bn, according to the report.

Employee compensation and the use of goods and services dominated the budget, with spending on salaries reaching AED 31.30 bn and goods and services spending reaching AED 31.42 bn.

Despite the uptick in spending, the UAE recorded a net lending/borrowing position of AED 42.21 bn in 2Q 2024, up from AED 23.54 bn in 1Q.

Dubai launches AED 10 bn expansion plan for Dubai Exhibition Centre

Dubai to shell out AED 10 bn for DEC expansion: Dubai Ruler Sheikh Mohammed bin Rashid Al Maktoum greenlit a AED 10 bn expansion of the Dubai Exhibition Centre (DEC) at Expo City Dubai, according to a Dubai Media Office statement. Once complete, this will make DEC the largest indoor events and exhibitions venue in the region, 1.5x larger than the current Dubai International Convention and Exhibition Centre (DICEC).

The big picture: The expansion aims to cement Dubai’s position as a global hub for mega events, boosting economic growth and tourism under the emirate’s 2040 Urban Master Plan. By 2033, Dubai plans to double the number of large-scale events it hosts annually to 600 from 300 today, and grow its meetings, incentives, conferences, and exhibitions (MICE) sector to generate AED 54 bn per year.

The roadmap:

Phase one should wrap by 2026, and should see the exhibition space increase to 140k sqm, up from the current 58k sqm;
Phase two will wrap in 2028, and will see the space further expand to 160k sqm, with additional infrastructure enhancements;
Finally, by 2031, the third phase will see the space reach 180k sqm, featuring 26 halls, accommodating one mega event or up to 20 simultaneous smaller events, a hotel with over 300 hotel rooms, commercial offices, and an industrial kitchen to the center.

Pure Harvest seeks USD 100 mn to back expansion plans

Abu Dhabi’s Pure Harvest plans to raise at least USD 100 mn as it expands into Singapore, Morocco, and Kuwait, and spins off its Saudi operations into an independent entity, CEO Sky Kurtz told Semafor. Rothschild & Co was appointed to advise on the raise, though the expected valuation was not disclosed.

Pure Harvest plans to complete the financing of the new round by year-end and begin constructing a new farm in Morocco — likely its last as the firms plans a shift to a scalable “farming-as-a-service” model, where it plans to continue to sell its own branded products, Kurtz said.

Background: Pure Harvest acquired a six-hectare agricultural facility near Riyadh, currently operated by Saudi agritech company RedSea, last year, and is set to take over operations in January. The acquisition aims to double the company’s production capacity in Saudi Arabia. The company had raised USD 180.5 mn in its latest funding round in 2022, taking total funding raised up to USD 387 mn.

Sharjah rolls out new rent law

Sharjah ruler Sheikh Sultan bin Mohammed Al Qasimi signed off on the emirate’s new law for real estate rentals, capping rent hikes, imposing stricter eviction rules, and requiring faster ratification of leasing contracts, state news agency Wam reports. The law applies to residential, commercial, industrial, and professional leases, while agricultural land, government-granted properties, employer-provided housing, hotels, and properties in Sharjah’s free zones are exempt.

Background: The law — which aims to streamline government procedures for rentals — first earned preliminary approval from the Sharjah Executive Council in February and was greenlit by the Sharjah Consultative Council in March.

New Rental Disputes Center launched: The law establishes the Sharjah Rental Disputes Center as the sole authority for handling rental disputes and verifying lease contracts, Sharjah24 reports. Landlords are now required to certify all lease agreements, including renewals, with the municipality or the center within 15 days. If a landlord fails to meet this deadline, tenants can appeal to the center, which may result in fines and additional fees for landlords.

Stricter eviction rules: The law prevents landlords from evicting tenants before three years for residential leases and five years for commercial or industrial leases, unless the tenant fails to pay rent within 15 days, breaches contract terms, or subleases without permission. If landlords want to reclaim a property for personal or family use, they must provide three months’ notice and can only proceed if they do not own another home in Sharjah.

Rent hikes capped: The law also limits rent increases, barring landlords from raising rent for the first three years of a lease unless agreed upon by the tenant. Even with an agreement, no further increases will be allowed for an additional two years.

Masdar + Taaleri reach financial close on Serbia wind farm

Masdar + Taaleri reach financial close on 154 MW Serbia wind farm: Renewables giant Masdar and Finnish renewables investment firm Taaleri have reached financial close on the second phase of the 154 MW Čibuk 2 onshore wind farm in Serbia, according to a statement (pdf). The wind farm will receive a EUR 144 mn debt facility from UniCredit and Eastern European lender Erste.

About the plant: The Čibuk 2 utility scale onshore wind farm is being developed under a joint venture between the two named Masdar Taaleri Generation, acting as a development vehicle for renewable energy projects in Serbia and Montenegro. The plant will be located in Vojvodina province on about 4.8k hectares of land, and will generate 400 GWh per annum offsetting 311k tons of carbon emissions per year. Construction began this year and the plant is set to begin operations by 1Q 2026.

Not the pair’s first collaboration: The 158 MW Čibuk 1 wind farm was inaugurated in October 2019 and is the largest utility-scale commercial wind project in Serbia and the Western Balkans. It was developed under a joint venture between Masdar (with 60% ownership), Taaleri Energia, and the investment arm of KfW, DEG. Masdar and Taaleri also inaugurated the 200 MW Baynouna Solar Park in Jordan back in February 2023. The USD 260 mn project generates 560 GWh of electricity a year and offsets 360k tons of CO2 emissions, making it the largest clean energy project in Jordan.

Alef Education + MetaMetrics JV Miqyas Al Dhad appoints general manager + Kekst CNC gets new head for UAE

Edtech firm Alef Education’s JV with MetaMetrics, the US developer of the Lexile Framework for Reading, Miqyas Al Dhad, appointed Eyad Darawsheh (LinkedIn) as its new general manager, according to a press release (pdf). Darawsheh served as the global head of B2G sales and strategic partnerships at Alef since 2022. Prior to that, he served as the managing director at Alpha Publishing and Smart Education for seven years. Miqyas Al Dhad is an initiative focused on boosting literacy among Arabic speakers in the Arab world.

Global strategic communications agency, Kekst CNC taps John Rynehart (LinkedIn) as director, head of UAE according to a press release. Prior to this role, Rynehart held the position of managing director at Seven Media and Four Agency Worldwide.

Burjeel set to launch the UAE’s largest fertility clinic

HEALTHCARE-

#1- Burjeel set to launch the UAE’s largest fertility clinic: ADX-listed healthcare provider Burjeel Holdings plans to launch the largest fertility center in the UAE, the Trust Fertility Clinic, at its flagship Burjeel Medical City, according to a press release (pdf). The in vitro fertilization (IVF) clinic — marking its entry into IVF — will offer egg retrieval, AI-driven embryo selection, embryo transfer, fertility assessments, intrauterine insemination (IUI), and IVF consultations, among other fertility treatment services.

#2- Construction on M42’s Amna Healthcare in Bahrain kicks off: Abu Dhabi-based tech-enabled healthcare firm M42 broke ground on the Bahraini arm of its Amna Healthcare brand on Monday in partnership with Bahrain’s sovereign wealth fund Mumtalakat Holding Company, Wam reports. The 100-bed facility — scheduled to go live sometime next year — will feature a dedicated laboratory, in addition to radiology and therapy rooms.

AVIATION-

#1- Bhutan’s Drukair to launch Dubai flights: Bhutan’s flag carrier Drukair will launch a new route connecting the South Asian country’s capital Paro to Dubai starting 28 October, according to news reports (here and here). Two weekly direct flights will operate on the new route.

#2- New Uzbekistan airline Air Samarkand launched a new route connecting Tashkent to Al Ain on Sunday, the airline told the Azerbaijani news agency Trend. The initial phase will see the airline operate one direct flight per week every Sunday.

CONSTRUCTION-

#1- Alec awarded AED 1.8 bn contract by Nakheel Properties: Alec Engineering and Contracting was awarded a AED 1.8 bn contract to build Nakheel Properties’ new residential tower Como Residences on Palm Jumeirah, according to a press release (pdf). The 75-storey tower will house 81 units and is scheduled to be completed in 2Q 2028.

#2- Bright Accord General Contracting was awarded a AED 400 mn contract by JubailIsland Investment Company (JIIC) to build the commercial hub of the Jubail Island, Jubail Town Centre, Wam reports. The development will feature four office buildings and two residential buildings. Construction is scheduled to kick off before the end of this month and the project is expected to be completed by 3Q 2026.

BANKING-

UK Santander Private Banking opened its regional headquarters in the Dubai International Financial Centre (DIFC), which will focus on the needs of high-net-worth and ultra-high-net-worth individuals in the Middle East, according to a press release.

INVESTMENT-

Abu Dhabi-based private equity firm Gulf Capital joined the Abu DhabiSustainable Finance Declaration to facilitate the integration of sustainability into its finance and investment operations, according to its press release (pdf). The Abu Dhabi Global Market-led initiative brings together investors, financial institutions, and government bodies, among other stakeholders, to promote sustainable practices in the finance industry

Remember- Gulf Capital has previously joined the Sustainable Markets Initiative and the United Nations Principles for Responsible Investment.

REAL ESTATE-

Bayti Real Estate closed the sale for an office space at a record price per sqft in Dubai, according to a press release. The 2.88k sq ft premium office space located at The Opus, Business Bay was sold at AED 7.04k per sq ft, the highest value ever recorded by the Dubai Land Department.

It’s still all about interest rates everywhere on Planet Finance

From ripple effects across the pond to indications of further potentially big rate cuts, interest rates are still top of mind on Planet Finance everywhere.

#1- US Federal Reserve officials signaled the possibility of more big rate cuts this year, with Chicago Fed President Austan Goolsbee saying at a Q&A that the current benchmark interest rate was “hundreds” of basis points above the neutral level, also known as the “r-star,”Bloomberg reports.

#2- In the wake of the Fed’s rate cut, forecasts for the USD weaken, as investors look towards the GBP. Goldman Sachs sees the GBP hitting USD 1.40 within a year, up from USD 1.32 previously, Bloomberg reports. This optimism is linked to the Bank of England’s measured stance on rate cuts and solid UK economic growth. So far this year, the GBP has appreciated 4.5%, making it the best-performing currency in the G10.

On the flip side, Goldman downgraded its USD forecasts against several currencies following the rate cut as lower yields are expected to shift interest away, including the JPY and EUR.

#3- Meanwhile, the European Central Bank (ECB) is facing mounting pressure to act amid signs of economic stagnation, with more investors now pricing in a potential rate cut next meeting after the eurozone’s PMI fell to 48.9, into contraction territory, Bloomberg reported separately.

MARKETS THIS MORNING-

Chinese stocks are rallying after China’s central bank announced a slew of support measures, including cutting banks’ reserve ratio and signaling rate cuts, as it looks to boost economic growth. Hong Kong’s Hang Seng index was up 2.35% on its open, while the mainland Chinese CSI 300 was up 1%. Meanwhile, Japan’s Nikkei is also up 1.37%, while the Topix gained 1%.

Wall Street futures are little changed this morning, with the Dow and Nasdaq both slipping marginally.

ADX	9,454	+0.2% (YTD: -1.3%)
DFM	4,434	-0.1% (YTD: +9.2%)
Nasdaq Dubai UAE20	3,863	-0.5% (YTD: +0.5%)
USD : AED CBUAE	Buy 3.67	Sell 3.67
EIBOR	4.9% o/n	4.1% 1 yr
Tadawul	12,130	+0.4% (YTD: +1.4%)
EGX30	31,023	-0.1% (YTD: +24.6%)
S&P 500	5,719	+0.3% (YTD: +19.9%)
FTSE 100	8,560	+0.4% (YTD: +6.8%)
Euro Stoxx 50	4,886	+0.3% (YTD: +8.1%)
Brent crude	USD 74.27	-0.3%
Natural gas (Nymex)	USD 2.61	+7.4%
Gold	USD 2,652.10	+0.2%
BTC	USD 63,315.50	+0.2% (YTD: +49.9%)

THE CLOSING BELL-

The DFM fell 0.1% yesterday on turnover of AED 297.2 mn. The index is up 9.2% YTD.

In the green: Orascom Construction (+3.0%), GFH Financial Group (+1.6%) and Dubai Taxi Company (+1.6%).

In the red: International Financial Advisors (-10.0%), Shuaa Capital (-6.4%) and Takaful Emarat (-5.9%).

Over on the ADX, the index closed up 0.2% on turnover of AED 1.5 bn. Meanwhile Nasdaq Dubai closed down 0.5%.

CORPORATE ACTIONS-

Adnoc Distribution will distribute AED 1.29 bn in interim dividends for 1H 2024, with the second dividend expected to be paid in April 2025, according to an ADX disclosure (pdf). The company approved earlier this year a new five-year dividend policy that will see it shell out USD 700 mn or a minimum of 75% of net income, whichever is higher, from 2024 to 2028.

CALENDAR

SEPTEMBER

22-27 September (Sunday-Friday): APG Annual Meeting and Technical Assistance & Training Forum 2024, Abu Dhabi.

22-26 September (Sunday-Thursday): Sharjah-Europe Businesswomen Forum, Brussels.

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

23-25 September (Monday-Wednesday): The World Congress on Rehabilitation (WCR) 2024, Abu Dhabi National Exhibition Centre (ADNEC), Abu Dhabi.

24-25 September (Tuesday-Wednesday): MENA FSM Transformation Summit, Millennium Airport Hotel, Dubai.

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

24-26 September (Tuesday-Thursday): Gulfood Green, Dubai World Trade Centre, Dubai.

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

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

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

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

OCTOBER

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

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

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

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

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

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

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

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

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

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

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.

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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.

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

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

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.

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

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.

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.

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

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.

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.

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 Centre

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.

JUNE 2025

3-4 June (Tuesday-Wednesday): Make-A-Wish International’s Global Wish summit, Abu Dhabi.

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.
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

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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