Good morning, lovely people, and welcome to the start of a new workweek. We have a brisk issue for you this morning, led by news of Dubai World Central finally getting its USD 35 bn overhaul approved.

Other stories worth your attention: IHC moves forward with acquisition of Colombian food manufacturer Grupo Nutresa alongside partners; the UAE could be getting another nuclear plant by 2032; and Masdar has inked an agreement for a 1 GW renewables project in Malaysia.

PUBLIC SERVICE ANNOUNCEMENTS-

#1- 🌧️ WEATHER-More rainfall may be on the horizon, starting Wednesday evening through Thursday, with strong wind, thunder, and lightning, the National Center of Meteorology said. There's also a chance of light to moderate rainfall on Friday and Saturday, with a gradual decrease in cloud cover.

#2- Emirati-owned small and medium-sized enterprises (SMEs) are getting financial assistance to recover from the recent storms in the UAE, courtesy of a new initiative launched by the Mohammed Bin Rashid Establishment for Small and Medium Enterprises Development (Dubai SME), reports Wam. Eligible Dubai SMEs can access no-interest business loans of up to AED 300k with grace periods of 6 to 12 months to repair or replace damaged properties essential for business operations, and postpone repayments for existing loans.

How to sign up: Dubai SME members impacted by the weather can apply to the fund’s designated relief financing committee here.

#3- Timings for trucks driving on Sheikh Mohammed Bin Zayed Road between Dubai’s Ras Al Khor Street and Sharjah have been adjusted during peak hours, Dubai’s Roads and Transport Authority said in an X post. Trucks will be prohibited on the road from 6:30am to 8:30am, 1pm to 3:30pm, and 5:30pm to 8pm. Truck drivers can opt for routes like Emirates Road instead, or utilize designated truck rest stops during these hours.

#4- Business Bay residents can now order a bus online: Dubai’s Road and Transport Authority (RTA) has expanded its Bus on Demand service — which sends a mini bus at the user’s location — to Business Bay, following a successful one-month trial period, the Government Media Office reports. The service is accessible through the Dubai Bus On Demand app.

#5- Ins. firms have 30 days to resolve customer complaints before they are referred to the central bank’s new ombudsman unit, Sanadak, Al Khaleej reports, citing the central bank’s latest directive.

#6-Omani citizens are pardoned from all traffic fines obtained while in the UAE from 2018 to 2023, reports state news agency Wam. The decision to waive the fines comes after Oman’s Sultan Haitham bin Tariq’s two-day visit to the UAE, where the two countries inked USD 35 bn agreements.

WATCH THIS SPACE-

#1- Telegraph acquisition off the table? Abu Dhabi-backed RedBird IMI is reportedly retracting its bid to acquire British newspaper The Telegraph in the coming week, the Financial Times reports, citing sources close to the matter. The acquisition stalled after the UK government passed legislation to prevent foreign governments from acquiring stakes in media titles. The sale process of the Telegraph is expected to start “in the coming days,” with participation of potential buyers such as Daily Mail & General Trust, hedge fund manager Paul Marshall, and Yorkshire Post owner National World.

REMEMBER- RedBird IMI was said to be in talks with the UK government to potentially sell the Telegraph and Spectator titles separately, aiming to attract more buyers. RedBird IMI has tapped Raine Group to oversee the sale process and is considering various options, including converting its call option into shares with the British Department for Culture, Media, and Sport. Selling the Spectator independently could fetch over GBP 100 mn.

#2- Naturgy takeover getting a push? First Deputy Ruler of Dubai Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum met on Saturday with co-founder and co-chair of private equity firm and Naturgy major shareholder CVC Capital Partners Rolly van Rappard, discussing windows for global financial companies to expand in the region, according to the Dubai Media Office. Officials from Dubai's Department of Economy and Tourism, Dubai International Financial Centre, and Dubai-based real estate firm Tecom also attended the meeting.

REFRESHER #1- Abu Dhabi National Energy Company (Taqa) is in discussions with Naturgy’s two largest shareholders — CVC and GIP — to potentially acquire their stakes in the Spanish company. Taqa is also discussing “a potential cooperation in relation to Naturgy” withNaturgy’s largest shareholder, Criteria Caixa, it confirmed last week.

REFRESHER #2- Spain is considering its options: The Spanish and Algerian governments could potentially block or otherwise negotiate more preferential terms for Taqa’s potential acquisition in the Spanish gas producer, with Spain’s Sánchez government reportedly looking to “facilitate” Taqa’s takeover bid for 100% of Naturgy, on the condition that Taqa would then sell back 10-15% of the company to the Spanish government.

#3- Jera, Japan’s biggest power producer, plans to invest in low-carbon hydrogen and ammonia plants in the region, Asharq Business reports. Jera is interested in facilities capable of producing around 1 mn annual tons of blue ammonia, alongside smaller scale green hydrogen projects, according to Jera’s Australia and Middle East country head Tsuyoshi Oyama. The region currently houses some of the world's largest planned blue ammonia plants.

Jera has been interested in the region for some time: Jera signed agreements with Taqa and Adnoclast year to investigate the feasibility of low-carbon thermal energy, ammonia, and green hydrogen projects in the region. The Japanese company also collaborated with Saudi Arabia’s sovereign wealth fund the Public Investment Fund (PIF), to explore the production of green hydrogen and its derivatives.

#4- The Abu Dhabi Department of Economic Development (ADDED) issued an investment guide presenting 100 transport projects for investment, according to the Abu Dhabi Media Office. The projects include manufacturing and developing commercial drones, electric vehicle chargers, automotive battery systems, aircraft landing gears, e-scooters, and automotive tyres.The guide targets domestic and international investors, and comes as part of .

ADDED has also partnered with the Emirates Driving Company (EDC) to propel the transport sector’s growth, focusing on research for autonomous and low-emission vehicles to support sustainable economic growth, the Abu Dhabi Media Office reports.

#7- The UAE is poised to more than triple its renewable energy capacity by 2030, exceeding its target of generating 14 GW of renewable energy within six years, Energy Minister Suhail Al Mazrouei said at the World Economic Forum’s special meeting in Riyadh yesterday, The National reports. Al Mazrouei expects that the Emirates will achieve this goal as clean energy prices continue to fall, becoming “the cheapest,” and as more solar plants are installed to boost green hydrogen generation.

HAPPENING TODAY-

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

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

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

MARKET WATCH-

Adnoc snaps up Iraqi crude: Abu Dhabi National Oil Company (Adnoc) imported some 1 mn barrels of Basrah crude from Iraq to Ruwais this month via the Orient M tanker, according to Bloomberg tanker-tracking data and ship-agent reports. This is the first time Adnoc has purchased heavier oil from the Middle East for its upgraded refinery.

Adnoc plans to integrate new units at its Ruwais facility to process a diverse range of crudes, after completing maintenance, Bloomberg reports, citing people with knowledge of the matter. The add-ons will allow the company to purchase cheaper barrels from other producers.

This isn’t unusual: Adnoc moved to prioritize Murban oil over Upper Zakum crude earlier this month, in line with its investments in refinery upgrades, particularly at its Ruwais facility, which allows it to process heavier grades more efficiently. “[The firm] invested a lot of money over at least 3-4 years upgrading Ruwais to run heavier grades so it makes a lot of sense to run Upper Zakum and sell Murban. Barrel-for-barrel, Murban brings more revenue for equal compliance.”

OUR NEXT CONFERENCE IN CAIRO-

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

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

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

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

THE BIG STORY ABROAD-

It’s a quiet morning in the global business press, but don’t expect that to continue into the rest of the week:

• The US Federal Reserve will discuss interest rates Tuesday and Wednesday (see Planet Finance, below) — pundits will scour Jay Powell’s every utterance after the meeting on Wednesday;
• Earnings seasons continues (Amazon.com, Apple, HSBC are among the bold-face names releasing this week);
• England holds local elections on Thursday (look for mayoral elections in London, Birmingham, and Manchester);
• We’ll get growth estimates for the EU, France, Germany, Italy and Spain tomorrow.

SPEAKING OF SPAIN- We should know in the next few hours whether Spanish Prime Minister Pedro Sánchez will step down. He went into seclusion last week, saying he was debating whether to call it quits after a far-right group brought what most observers agree are trumped-up court proceedings against his wife. “I urgently need to answer a question that I keep asking myself: Is it worth it for me to remain [in office] in spite of the right and far-right’s mudslinging?”

All of Europe is waiting with baited breath to see whether the continent’s fifth-largest economy enters a “new period of political instability,” Politico writes in a must-read piece.

WHILE OVER IN OUR REGION OF THE WORLD- Israeli officials are spooked by the prospect that the ICC could be readying arrest warrants, reports the New York Times. Netanyahu could be among those named in a warrant on charges of preventing the delivery of aid and the country’s “excessively harsh” assault on Gaza.

ALSO- Elon is in China trying to drum up business, authorities in the US continue to crack down on pro-Palestine protests on university campuses, and Israel may delay its assault on Rafah if hostages are released. At least 13 Palestinians were killed in Israeli strikes yesterday.

CIRCLE YOUR CALENDAR-

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

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

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

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