{"id":92045,"date":"2024-05-16T00:00:00","date_gmt":"2024-05-16T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/uae\/?post_type=issue&#038;p=92045"},"modified":"2025-12-15T00:21:05","modified_gmt":"2025-12-15T00:21:05","slug":"adia-makes-a-play-for-malaysia-airports-while-mubadala-closes-fortress-acquisition","status":"publish","type":"issue","link":"https:\/\/enterpriseam.com\/uae\/issues\/adia-makes-a-play-for-malaysia-airports-while-mubadala-closes-fortress-acquisition\/","title":{"rendered":"Adia makes a play for Malaysia Airports, while Mubadala closes Fortress acquisition"},"content":{"rendered":"<section id=\"92047\" class=\"issue-section \">\n<div class=\"issue-section__content\">\n<div class=\"stories\">            <!-- Show divider before story section -->\r\n        <div \r\n            class=\"\r\n                story-section            \"\r\n            id=\"92047\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">1<\/div>\r\n\r\n                    <p class=\"f-graphik\">WHAT WE\u2019RE TRACKING TODAY<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/uae\/2024\/05\/16\/this-morning-adnoc-drilling-plans-three-acquisitions-before-3q-2024-whats-happening-to-oil-demand-in-2024\/\">\r\n                            THIS MORNING: Adnoc Drilling plans three acquisitions before 3Q 2024 + what\u2019s happening to oil demand in 2024?                        <\/a>\r\n                    <\/h3>\r\n\r\n                    \r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" style=\"position:relative\">\n        <img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408834.svg\" alt=\"\">\n        Share Story\n        <!-- Dropdown Menu -->\n        <ul class=\"share-menu\">\n            <li class=\"list-inline-item\">\n                <a 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format-standard has-post-thumbnail hentry category-what-were-tracking-today tag-energy tag-enterpriseam-uae tag-oil tag-what-were-tracking-today wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<figure class=\"wp-block-audio mb-0\"><audio controls preload=\"metadata\" src=\"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/5\/.fc618d29-71be-44e8-ba52-fa9da773af84.mp3\"><\/audio><\/figure><p style=\"padding:0;margin:0;line-height:1.1500000000000001;orphans:2;widows:2;text-align:left\">Good morning, lovely people, and welcome to the busiest issue we\u2019ve had in a long time.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>We have major updates on several M&A stories<\/strong>, including the closing of Mubadala\u2019s acquisition of a 58% stake of US asset manager Fortress, following a year-long probe, and Abu Dhabi Investment Authority\u2019s play for a stake in Malaysia Airports, which it is helping Malaysian investors privatize. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>It\u2019s also a busy day for investment news<\/strong>, with Tecom approving an AED 1.7 bn acquisition and development plan to boost office and industrial space in Dubai, Shorooq Partners launching its second venture debt fund, and DP World inaugurating USD 130 mn in investments in Romania. <\/p>\n<p class=\"tag-border-left\">WATCH THIS SPACE- <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><a id=\"wwtt1\"><\/a><strong>#1- The three acquisitions Adnoc Drilling is working on could be completed<\/strong><strong> in 2Q 2024 or early 3Q<\/strong>, Adnoc Drilling CFO Youssef Salem confirmed to EnterpriseAM UAE. The company is focusing its expansion efforts on Europe and the US, he said, adding that some USD 750 mn of the USD 1.5 bn allocated towards its JV with Alpha Dhabi will be used for the acquisitions. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>REMEMBER-<\/strong> We <a target=\"_blank\" href=\"https:\/\/enterprise.news\/uae\/en\/news\/story\/8b537867-3b34-4807-ae3b-b248cdbf8b39\/%253cmark%253eadnoc-drilling%253c%2Fmark%253e-sets-up-jv-after-bagging-usd-1.7-bn-contract-%2B-reports-1q-2024-earnings\" style=\"\" rel=\"noopener\">reported<\/a> earlier that the company plans to acquire three tech firms through its tech venture with Alpha Dhabi this year. It\u2019s also eyeing acquisitions of drilling firms to expand its foothold in neighboring countries such as Kuwait and Oman, Salem revealed.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>ICYMI- <\/strong>Adnoc Drilling has already <a target=\"_blank\" href=\"https:\/\/alphadhabi.com\/press_release\/adnoc-drilling-and-alpha-dhabi-to-establish-strategic-partnership\/\" style=\"\" rel=\"noopener\">formed<\/a> a USD 1.5 bn JV with Alpha Dhabi in January for global investments in energy technology and the enhancement of tech-enabled energy services. Adnoc Drilling holds a 51% majority share in the JV, with Alpha Dhabi owning the remaining 49%.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<hr style=\"height:2px;border-width:0;color:gray;background-color:gray\">\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><a id=\"wwtt4\"><\/a> <strong>#2- Masdar makes progress on USD 11 bn wind project in Egypt:<\/strong> The Egyptian government inked a land access agreement with Masdar, Infinity Power, and Hassan Allam Utilities for their USD 11 bn <a target=\"_blank\" href=\"https:\/\/enterprise.news\/climate\/en\/news\/story\/f09699db-fe46-4719-9c03-90fd29ebaf1b\" style=\"\" rel=\"noopener\">10 GW wind farm project<\/a> in Sohag, according to a <a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/5\/1216.pdf\" style=\"\" rel=\"noopener\">joint statement (pdf)<\/a> released yesterday. The windfarm is <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/189cc88e-5bd1-40a3-9fd7-aed956392111\" style=\"\" rel=\"noopener\">expected<\/a> to produce 47.7k GWh of clean energy every year, reducing natural gas consumption in Egypt. The plant is estimated to offset nearly 24 mn tons of CO2 emissions each year.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>What\u2019s next:<\/strong> The consortium in charge of the project will now be able conduct surveys and studies needed before beginning construction.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<hr style=\"height:2px;border-width:0;color:gray;background-color:gray\">\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><a id=\"wwtt3\"><\/a> <strong>#3- China-Gulf trade agreement in jeopardy? <\/strong>Trade talks between the Gulf Cooperation Council (GCC) and China are hitting a wall as Saudi Arabia remains concerned that low-cost Chinese products could hinder its efforts to boost domestic manufacturing and become an industrial powerhouse, <a target=\"_blank\" href=\"https:\/\/www.reuters.com\/world\/china-gulf-free-trade-talks-stall-saudi-industrial-agenda-sources-say-2024-05-14\/\" style=\"\" rel=\"noopener\">Reuters<\/a> reports, citing sources it says are in the know. The agreement is not yet entirely off the table, but will require compromises from both sides of the table to move forward, the sources said.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The last stretch is proving the hardest:<\/strong> Chinese officials said <a target=\"_blank\" href=\"https:\/\/english.aawsat.com\/business\/4822066-beijing-china-gcc-complete-90-free-trade-agreement\" style=\"\" rel=\"noopener\">earlier this year<\/a> that while talks were \u201c90%\u201d of the way there, a number of difficult issues were still on the table. Trade talks first began 20 years ago but lapsed without a conclusion.<\/p>\n<p class=\"tag-border-left\"> HAPPENING TODAY- <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#1- <\/strong><strong><a target=\"_blank\" href=\"https:\/\/www.theairportshow.com\/\" style=\"\" rel=\"noopener\">The Airport Show<\/a><\/strong><strong> is on its final day today<\/strong>at the Dubai World Trade Center. The event brings together airport suppliers, airport service providers, aviation executives, and regional decision makers to explore current innovations and new technologies.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#2- <\/strong><strong><a target=\"_blank\" href=\"https:\/\/www.terrapinn.com\/exhibition\/seamless-middle-east\/index.stm\" style=\"\" rel=\"noopener\">Seamless Middle East<\/a><\/strong><strong> is also on its final day at the<\/strong><strong>Dubai World Trade <\/strong><strong>Center<\/strong>. The three-day event includes a conference welcoming over 500 speakers to cover the latest trends, market disruptors, and technologies in digital commerce, and a multi-brand exhibition hosting over 700 exhibitors in the digital commerce industry. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#3- <\/strong><strong><a target=\"_blank\" href=\"https:\/\/gpca.org.ae\/conferences\/scc\/\" style=\"\" rel=\"noopener\">The Gulf Petrochemicals and Chemicals Association Supply Chain<\/a><\/strong><strong><a target=\"_blank\" href=\"https:\/\/gpca.org.ae\/conferences\/scc\/\" style=\"\" rel=\"noopener\">Conference<\/a><\/strong><strong> wraps today<\/strong> at the Address Sky View Hotel in Dubai. The conference will bring together industry players under the theme Harnessing Connectivity for a Sustainable Tomorrow, discussing supply chain connectivity and AI integration in the industry.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#4- <\/strong><strong><a target=\"_blank\" href=\"https:\/\/www.critical-communications-world.com\/\" style=\"\" rel=\"noopener\">Critical Communications World 2024<\/a><\/strong><strong> is on its final day today<\/strong>at the Dubai World Trade Center. The three-day event welcomed 150 guests and representatives from leading companies under the theme Securing Society and Industry \u2014 Connection is the Lifeline, discussing emerging technologies in telecommunications, public safety, and city services.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<p class=\"tag-border-left\"> THE BIG STORY ABROAD-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Driving the conversation in the global business press this morning: Major Wall Street <\/strong><strong>benchmarks hit a fresh high <\/strong>yesterday as traders welcomed promising US inflation data. We have the story in this morning\u2019s Planet Finance, below. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>MEANWHILE, IN GAZA- <\/strong>Israel has started sending troops into Rafah in what <a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2024-05-15\/israel-s-slow-walk-into-rafah-opens-door-to-full-scale-offensive?srnd=homepage-middle-east\" style=\"\" rel=\"noopener\">Bloomberg<\/a> believes is the beginning of a \u201cfull-blow invasion.\u201d The Israeli military has given advance warnings to Rafah citizens as tanks and infantry make their way into the eastern part of the city bordering Egypt. The move is visibly ramping up tensions with Egypt, the European Union, and the United States. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>AN ARAB ROLE IN POST-WAR GAZA? <\/strong>The Biden administration is in talks with Egypt, the UAE, and Morocco about their potential participation in a \u201cpeacekeeping force\u201d that would deploy in Gaza following the war, the <a target=\"_blank\" href=\"https:\/\/www.ft.com\/content\/063e4b92-753a-4c9a-bbd4-e1ed40d20c62\" style=\"\" rel=\"noopener\">Financial Times<\/a> writes. The three Arab nations are considering the initiative but \u201cthey would want the US to recognise a Palestinian state first,\u201d a western official told the salmon-colored paper. Saudi Arabia has straight up rejected the idea all together. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>ELSEWHERE IN GLOBAL POLITICS- You\u2019re going to be hearing a lot about Russia-China <\/strong><strong>ties in the next couple of days. <\/strong>Vladimir Putin is in Beijing today and tomorrow to meet Xi Jinping. The Financial Times worries in its Big Read that Moscow and Beijing represent \u201c<strong><a target=\"_blank\" href=\"https:\/\/www.ft.com\/content\/19eb54ba-f6f7-48ba-a586-b8a113396955\" style=\"\" rel=\"noopener\">an economic \u2018friendship\u2019 that could rattle the world<\/a><\/strong>.\u201d<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>PLUS- A handful of stories in global politics about which you should know: <\/strong><\/p>\n<ul>\n<li><strong>US presidential debate: <\/strong>Donald Trump and Joe Biden will <a target=\"_blank\" href=\"https:\/\/www.wsj.com\/politics\/elections\/biden-proposes-presidential-debates-with-trump-but-without-debate-commission-ccb58515\" style=\"\" rel=\"noopener\">debate in June and September<\/a> ;<\/li>\n<li><strong>Slovak PM shot: <\/strong>An assassin shot the Russia-friendly prime minister of Slovakia, who is now <a target=\"_blank\" href=\"https:\/\/www.reuters.com\/world\/europe\/shooting-after-slovak-government-meeting-tasr-agency-reports-2024-05-15\/\" style=\"\" rel=\"noopener\">\u201cfighting for his life\u201d<\/a> after a three-hour surgery;<\/li>\n<li>Another <a target=\"_blank\" href=\"https:\/\/www.businessinsider.com\/jan-leike-ilya-sutskever-resignations-superalignment-openai-superintelligence-safe-humanity-2024-5\" style=\"\" rel=\"noopener\">top OpenAI official has quit<\/a>.<\/li>\n<\/ul>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>OIL WATCH- <\/strong>The International Energy Agency <a target=\"_blank\" href=\"https:\/\/www.iea.org\/reports\/oil-market-report-may-2024\" style=\"\" rel=\"noopener\">lowered its forecast<\/a> for oil demand. It now sees global demand rising by 1.1 mn bpd in 2024 \u2014 140k bpd less than last month\u2019s projections \u2014 pointing to weaker demand particularly in Europe. This stands in stark contrast to OPEC\u2019s <a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/5\/1255.pdf\" style=\"\" rel=\"noopener\">forecast (pdf)<\/a> that oil demand will rise by 2.25 mn bpd in 2024.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>SPEAKING OF OIL- <\/strong><strong>Opec\u2019s forecast for strong global oil demand in 2024 remain \u201cbroadly <\/strong><strong>unchanged,\u201d<\/strong> it said in its <a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/5\/1068.pdf\" style=\"\" rel=\"noopener\">monthly report (pdf)<\/a>, saying it expects oil demand to grow by 2.25 mn barrels per day (bbl \/ d) this year and 1.85 mn bbl \/ d next year. This is the last report to be released by the Vienna-based group before OPEC+ meets on 1 June to decide on whether to extend voluntary oil cuts into the second half of the year.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The calculus for forecasting world demand on crude is changing a little:<\/strong> Opec said it will scrap a previous approach to calculating the world\u2019s demand of its own crude, and will instead use forecasts on \u201cdemand for DoC crude\u201d in reference to the OPEC+ framework. The move \u201cnot only demonstrates solidarity and unity\u2026but also helps eliminate the potential for misunderstanding and\/or misinterpretations.\u201d An OPEC+ source told <a target=\"_blank\" href=\"https:\/\/www.reuters.com\/markets\/commodities\/opec-switches-call-opec-global-oil-demand-outlook-sources-say-2024-05-09\/\" style=\"\" rel=\"noopener\">Reuters<\/a> last week that OPEC+ demand was more relevant since its framework was the main forum for cooperation on the oil market. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><a id=\"wwtt2\"><\/a> <strong>AND- The UAE is among several countries hoping to get the Opec+ coalition to revise <\/strong><strong>its supply cuts <\/strong>strategy it meets on 1 June, <a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2024-05-14\/opec-reopens-the-fraught-debate-over-its-members-oil-production-capacity\" style=\"\" rel=\"noopener\">Bloomberg<\/a> reports, citing people familiar with the matter. \u201cThe UAE is very keen to raise production sooner and is arguably much better prepared to live with lower oil prices,\u201d James Swanston, Middle East and North Africa economist at Capital Economics, said. The country is angling to raise output in 2025, alongside Iraq, Kazakhstan, Kuwait, and Algeria. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Pundits are concerned<\/strong> that the difference in opinion among Opec members could potentially result in a rift reminiscent of last year\u2019s, which culminated in Angola\u2019s exit. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>ICYMI- <\/strong>The Abu Dhabi National Oil Company (Adnoc) raised its crude oil production capacity to 4.85 mn barrels per day (bbl \/ d) from 4.65 mn bbl\/d <a target=\"_blank\" href=\"https:\/\/enterprise.news\/uae\/en\/news\/story\/9723908b-fa80-4e47-8373-98b38fea0829\/adia-will-buy-1-mn-shares-in-saudi-fakeeh-care%25e2%2580%2599s-ipo-%2B-dubai-saw-5k-new-residential-units-added-in-1q-2024\" style=\"\" rel=\"noopener\">earlier this month<\/a>. The hike brings Adnoc closer to its target to boost its crude oil production capacity to reach 5 mn bbl\/d by 2027.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>***<br \/><\/strong><strong>DID YOU KNOW that we also cover <\/strong><strong><a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/user\/news-letters\" style=\"\" rel=\"noopener\">Egypt<\/a><\/strong><strong> and <\/strong><strong><a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\/user\/news-letters\" style=\"\" rel=\"noopener\">Saudi Arabia<\/a><\/strong><strong>?<\/strong><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Were you forwarded this email? <\/strong><a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\/user\/news-letters\" style=\"\" rel=\"noopener\">Tap or click here<\/a> to get your own copy of EnterpriseAM UAE delivered every weekday before 7am UAE time \u2014 without charge, thanks to our friends at Mashreq.<br \/><strong>***<\/strong><\/p>\n<div class=\"row\">\n<div class=\"col-md-12 subscribe-box-panel\">\n<div class=\"\">\n<div class=\"title\">\n<h4 class=\"fw-lighter mb-10\">   Get <b style=\"font-weight: 700\">Enterprise<\/b> daily   <\/h4>\n<\/p><\/div>\n<p class=\"mb-10\">The roundup of news and trends that move your markets and shape corporate agendas delivered straight to your inbox.<\/p>\n<p>  <a target=\"_blank\" href=\"\/egypt\/en\/user\/NewsLetters\" type=\"button \" class=\"btn-green px-3 d-flex align-items-center\" rel=\"noopener\">Subscribe here<\/a>  <\/div>\n<\/p><\/div>\n<\/p><\/div>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/uae\/tag\/energy\/\">energy<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/uae\/tag\/oil\/\">Oil<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/uae\/tag\/what-were-tracking-today\/\">WHAT WE\u2019RE TRACKING TODAY<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"92049\" class=\"issue-section \">\n<div class=\"issue-section__content\">\n<div class=\"stories\">            <!-- Show divider before story section -->\r\n        <div \r\n            class=\"\r\n                story-section            \"\r\n            id=\"92049\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">2<\/div>\r\n\r\n                    <p class=\"f-graphik\">M&amp;A WATCH<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/uae\/2024\/05\/16\/adia-eyes-a-piece-of-malaysian-airport-operator-as-malaysian-investors-look-to-take-it-private\/\">\r\n                            Adia eyes a piece of Malaysian airport operator as Malaysian investors look to take it private                        <\/a>\r\n                    <\/h3>\r\n\r\n                    \r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" style=\"position:relative\">\n        <img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408834.svg\" alt=\"\">\n        Share Story\n        <!-- Dropdown Menu -->\n        <ul class=\"share-menu\">\n            <li class=\"list-inline-item\">\n                <a 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data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/5\/1277.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"1277.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/5\/1277.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/5\/1277.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-92049\" class=\"content-area-description single-story post-92049 post type-post status-publish format-standard has-post-thumbnail hentry category-ma-watch-2 tag-abu-dhabi-investment-authority tag-aviation tag-enterpriseam-uae tag-investment-watch tag-ma-watch tag-malaysia wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<figure class=\"wp-block-audio mb-0\"><audio controls preload=\"metadata\" src=\"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/5\/.66671857-7aa5-4709-af60-27b5e5a9d08b.mp3\"><\/audio><\/figure><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>The Abu Dhabi Investment Authority (ADIA) has offered to buy out 67% of <\/strong><strong><a target=\"_blank\" href=\"https:\/\/www.malaysiaairports.com.my\/\" style=\"\" rel=\"noopener\">Malaysia<\/a><\/strong><strong><a target=\"_blank\" href=\"https:\/\/www.malaysiaairports.com.my\/\" style=\"\" rel=\"noopener\">Airports Holdings Berhad<\/a><\/strong> as part of a consortium with Malaysian sovereign wealth fund Khazanah Nasional Berhad, Malaysian pension fund Employees Provident Fund, and Global Infrastructure Partners, according to a GIP <a target=\"_blank\" href=\"https:\/\/www.global-infra.com\/news\/gip-in-partnership-with-khazanah-epf-and-adia-announces-conditional-offer-to-acquire-malaysia-airports-holding-berhard\/\" style=\"\" rel=\"noopener\">statement<\/a>. Malaysia Airports manages most of the airports in Malaysia.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The details:<\/strong> The offer on the table includes paying MYR 11 (USD 2.34) per share, representing a 15% premium over Malaysia Airports\u2019 three-month volume-weighted average price and valuing it at USD 3.9 bn, according to the statement. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Who owns what now\u2026? <\/strong>The consortium collectively owns 41.1% of the operator at present, with Khazanah being its biggest shareholder, with a stake of about 33%, while EPF holds an almost 8% stake, according to data compiled by <a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2024-05-15\/khazanah-epf-are-said-to-weigh-taking-malaysia-airports-private\" style=\"\" rel=\"noopener\">Bloomberg<\/a>. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>\u2026and who will own what later?<\/strong> Upon the transaction\u2019s completion, the two Malaysian investors will collectively own 70% of MAHB, with Adia and GIP holding the remaining 30%.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Why take Malaysia Airports private?<\/strong> The consortium aims to pursue \u201csustainable, long-term growth\u201d for the company, which the consortium says will be best achieved when the company goes private. The Khazana-led consortium aims to boost Malaysia Airports\u2019 profitability, upgrade airport infrastructure, enhance passenger service levels and improve airline connectivity, the statement said. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The timeline: <\/strong>If Malaysia Airports accepts the offer, the transaction will be completed in 4Q 2024, according to the statement.<\/p>\n<p class=\"tag-border-left\"> OTHER ADIA NEWS- <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Adia backs India\u2019s Go Digit ahead of IPO: <\/strong>The Abu Dhabi Investment Authority (ADIA) signed on as an anchor backer in Indian ins. startup Go Digit\u2019s IPO, which debuted on India\u2019s local bourse yesterday, <a target=\"_blank\" href=\"https:\/\/techcrunch.com\/2024\/05\/14\/indian-insurance-startup-go-digit-raises-141m-from-anchor-investors-ahead-of-ipo\/\" style=\"\" rel=\"noopener\">TechCrunch<\/a> reports. The startup raised USD 141 mn from its IPO, with Fidelity, Goldman Sachs, Morgan Stanley, and HSBC also acting as anchor investors. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>About Go Digit: <\/strong>Founded by former KPMG executive Kamesh Goyal, Go Digit offers auto, health, travel, and accidental ins. to some 43 mn customers, and aims to streamline ins. processes through mobile self-inspection, claims submission, and service requests. The firm seeks to raise USD 313 mn from its public debut, targeting a valuation of approximately USD 3 bn, 25% lower than its last private valuation of USD 4 bn.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>ADIA \u2764\ufe0f India investments: <\/strong>The Abu Dhabi sovereign wealth fund earlier this week reportedly submitted a non-binding bid for a <a target=\"_blank\" href=\"https:\/\/enterprise.news\/uae\/en\/news\/story\/1363909e-047a-4583-971f-66a183601fae\/%253cmark%253eadia%253c%2Fmark%253e-eyes-an-acquisition-of-indian-based-haldiram%25e2%2580%2599s-snacks-business-%25e2%2580%2593report\" style=\"\" rel=\"noopener\">75% majority stake<\/a> in Indian restaurant company <a target=\"_blank\" href=\"https:\/\/haldiram.com\/\" style=\"\" rel=\"noopener\">Haldiram<\/a> \u2019s snacks business, with the potential agreement valuing the company at up to USD 8.5 bn. The bid was made via a consortium led by US alternative investment management firm Blackstone that also includes Singaporean sovereign wealth fund GIC.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/uae\/tag\/abu-dhabi-investment-authority\/\">Abu Dhabi Investment Authority<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/uae\/tag\/aviation\/\">Aviation<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/uae\/tag\/investment-watch\/\">INVESTMENT WATCH<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/uae\/tag\/ma-watch\/\">M&amp;A WATCH<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/uae\/tag\/malaysia\/\">Malaysia<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"92051\" class=\"issue-section \">\n<div class=\"issue-section__content\">\n<div class=\"stories\">            <!-- Show divider before story section -->\r\n        <div \r\n            class=\"\r\n                story-section            \"\r\n            id=\"92051\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">3<\/div>\r\n\r\n                    <p class=\"f-graphik\">M&amp;A WATCH<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/uae\/2024\/05\/16\/mubadala-now-owns-68-of-us-asset-manager-fortress\/\">\r\n                            Mubadala now owns 68% of US asset manager Fortress                        <\/a>\r\n                    <\/h3>\r\n\r\n                    \r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" style=\"position:relative\">\n        <img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408834.svg\" alt=\"\">\n        Share Story\n        <!-- Dropdown Menu -->\n        <ul class=\"share-menu\">\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/enterpriseam.com\/uae\/2024\/05\/16\/mubadala-now-owns-68-of-us-asset-manager-fortress\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/new-tab.svg\" alt=\"\"> -->\n             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data-permalink=\"https:\/\/enterpriseam.com\/uae\/2024\/05\/16\/mubadala-now-owns-68-of-us-asset-manager-fortress\/2193-jpg-16\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/2\/2193.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"2193.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/2\/2193.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/2\/2193.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-92051\" class=\"content-area-description single-story post-92051 post type-post status-publish format-standard has-post-thumbnail hentry category-ma-watch-2 tag-enterpriseam-uae tag-fortress-investment-group tag-investment tag-ma-watch tag-mubadala wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<figure class=\"wp-block-audio mb-0\"><audio controls preload=\"metadata\" src=\"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/5\/.b7933ee5-bab3-4247-8950-65333a838181.mp3\"><\/audio><\/figure><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>Mubadala now owns a majority stake in US asset manager Fortress <\/strong><strong>Management:&nbsp;<\/strong>Mubadala Capital and Fortress Investment Group have completed the acquisition of 90.01% of Fortress Management\u2019s\u2019 shares previously held by Japanese SoftBank Group, according to a <a target=\"_blank\" href=\"https:\/\/www.fortress.com\/media\/2024-05-15-fortress-management-and-mubadala-complete-acquisition-of-fortress-investment-group\" style=\"\" rel=\"noopener\">statement<\/a>.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Remember: <\/strong>The Committee on Foreign Investment in the United States (Cfius) <a target=\"_blank\" href=\"https:\/\/enterprise.news\/uae\/en\/news\/story\/af9873ba-107f-487e-a479-c615d786005d\/\" style=\"\" rel=\"noopener\">granted approval<\/a> for Mubadala Capital to acquire a 70% majority stake in US asset manager Fortress earlier this week, after the investor agreed to concessions regarding data security and operational control. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Concessions? <\/strong>The Financial Times had previously reported that Cfius was scrutinizing the transaction last July, amid concerns over the UAE\u2019s ties to China. The concessions involved ensuring that Fortress\u2019 data and technology will remain inside the US, and that day-to-day management will be in the hands of Fortress management. This means Fortress retains \u201cfull autonomy over investment processes and decision making, personnel and operations,\u201d it said in the statement. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>It\u2019s not just Mubadala: <\/strong>State AI group G42 had <a target=\"_blank\" href=\"https:\/\/enterprise.news\/uae\/en\/news\/edition\/am\/45bff422-6aef-41f5-bd13-0fce03beb4d9\/Real-estate-market-growth-will-be-driven-by-expats-%2B-HNWI,-Markaz-suggests\" style=\"\" rel=\"noopener\">offloaded all its stakes in Chinese businesses<\/a> in a bid to appease US partners, including a USD 100 mn stake in TikTok parent company ByteDance. The company was also prepared to give up use of Huawei equipment. These moves made way for a <a target=\"_blank\" href=\"https:\/\/enterprise.news\/uae\/en\/news\/story\/ab8a12c3-4caf-4243-940c-f007b4d33c7a\/%253cmark%253emicrosoft%253c%2Fmark%253e-writes-usd-1.5-bn-ticket-for-g42\" style=\"\" rel=\"noopener\">USD 1.5 bn investment<\/a> from Microsoft in April.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Ownership breakdown:<\/strong> Fortress management now controls 32% of the company's equity, allowing them to appoint a majority of board seats. Mubadala Capital leads the consortium owning the remaining 68%, with Hani Barhoush, CEO of Mubadala Capital, retaining his board position. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The acquisition has been a long time coming:<\/strong> Mubadala and Fortress\u2019 management had <a target=\"_blank\" href=\"https:\/\/www.mubadala.com\/en\/news\/fortress-management-and-mubadala-to-acquire-fortress-investment-group\" style=\"\" rel=\"noopener\">agreed<\/a> to buy a 90% stake from Fortress\u2019 parent company, Japanese tech conglomerate SoftBank, in May 2023. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>ADVISORS- Ardea Partners <\/strong>acted as Mubadala\u2019s financial advisor and<strong> Shearman &amp; Sterling (now A&amp;O Shearman) <\/strong>served as legal counsel. <strong>Goldman Sachs <\/strong>served as financial advisor and<strong> Kirkland &amp; Ellis <\/strong>served as legal counsel to Fortress senior management.<strong> Skadden, Arps, Slate, Meagher &amp; Flom <\/strong>represented Fortress in the transaction. <strong>The Raine Group <\/strong>was SoftBank\u2019s financial advisor while<strong> Morrison Foerster <\/strong>provided legal counsel.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/uae\/tag\/fortress-investment-group\/\">Fortress Investment Group<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/uae\/tag\/investment\/\">investment<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/uae\/tag\/ma-watch\/\">M&amp;A WATCH<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/uae\/tag\/mubadala\/\">Mubadala<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"92053 advertiser\" class=\"issue-section enterprise-adv\">\n<div class=\"issue-section__content\">\n<div class=\"stories\">            <!-- Show divider before story section -->\r\n        <div \r\n            class=\"\r\n                            \"\r\n            id=\"92053\">\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/uae\/2024\/05\/16\/92053-2\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-92053\" class=\"content-area-description single-story post-92053 post type-post status-publish format-standard hentry category-advertiser wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><span style=\"font-weight:400;\"><a href=\"https:\/\/www.mashreq.com\/en\/uae\/about-us\/our-company\/awards-accolades\/\" target=\"_blank\" rel=\"noopener\"><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2024\/4\/945.jpg?ssl=1\"><\/a><\/span><\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"92054\" class=\"issue-section \">\n<div class=\"issue-section__content\">\n<div class=\"stories\">            <!-- Show divider before story section -->\r\n        <div \r\n            class=\"\r\n                story-section            \"\r\n            id=\"92054\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">4<\/div>\r\n\r\n                    <p class=\"f-graphik\">INVESTMENT WATCH<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/uae\/2024\/05\/16\/tecom-earmarks-aed-1-7-bn-to-expand-office-and-industrial-space\/\">\r\n                            Tecom earmarks AED 1.7 bn to expand office and industrial space                        <\/a>\r\n                    <\/h3>\r\n\r\n                    \r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" style=\"position:relative\">\n        <img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408834.svg\" alt=\"\">\n        Share Story\n        <!-- Dropdown Menu -->\n        <ul class=\"share-menu\">\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/enterpriseam.com\/uae\/2024\/05\/16\/tecom-earmarks-aed-1-7-bn-to-expand-office-and-industrial-space\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/new-tab.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"#\" target=\"_blank\" onclick=\"event.preventDefault(); 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The plan will see Tecom invest AED 966 mn to acquire commercial and industrial assets from Dubai Holding Asset Management, and earmark AED 689 mn to develop Grade A offices in Dubai Design District (d3), slated for handover in 2028.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The breakdown of office space and industrial land acquired from Dubai Holding Asset Management: <\/strong><\/p>\n<ul>\n<li>The <strong>AED 420 mn acquisition of two Grade A office buildings<\/strong> in <strong>Dubai Internet City<\/strong>;<\/li>\n<li>The <strong>AED 410 mn purchase<\/strong> of 13.9 mn sqft of \u201cstrategically located, well-connected\u201d <strong>industrial land plots<\/strong> via Tecom subsidiary <strong>Dubai Industrial City<\/strong>;<\/li>\n<li>The <strong>AED 136 mn acquisition<\/strong> of 629k sqft gross floor area (GFA) within <strong>d3\u2019s Design Quarter<\/strong> \u2014 a mixed-use development located in phase 2 of the creative district \u2014 via its subsidiary Dubai Design District.<\/li>\n<\/ul>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The rationale: <\/strong>The move comes on the back of robust demand for office spaces and industrial assets in Dubai, with occupancy levels at 93% in 4Q 2023 (We have more on demand in both sectors of the property market in our Real Estate section, below). Tecom\u2019s business districts saw an average occupancy rate of 91% in 1Q 2024, with d3 at 98%.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Tecom plans to leverage its \u201chealthy cash profile\u201d to fund its strategy, <\/strong>after posting a 15% y-o-y rise in net income to <a target=\"_blank\" href=\"https:\/\/enterprise.news\/uae\/en\/news\/story\/69b46bf2-f02e-4864-acc1-36eabf055eb8\/nmdc,%253cmark%253e-tecom%253c%2Fmark%253e-report-bottom-line-growth-in-1q-2024\" style=\"\" rel=\"noopener\">AED 293 mn in 1Q 2024<\/a>, and a 10% y-o-y top-line improvement to AED 564 mn. The group also has the option to draw up to AED 3.2 bn from an existing revolving credit facility refinanced in 2023, it said in the disclosure.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Expected financial impact: <\/strong>Tecom forecasts immediate improved earnings from the two fully leased operating office assets in Dubai Internet City. The remaining acquisitions are also expected to improve revenue by attracting new customers.<\/p>\n<p class=\"tag-border-left\">OTHER INVESTMENT NEWS-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>DP World has inaugurated EUR 130 mn in investments at three sites in Romania,&nbsp;<\/strong>according to a <a target=\"_blank\" href=\"https:\/\/www.dpworld.com\/news\/releases\/dp-world-boosts-european-trade-with-130m-investment-in-romania\/\" style=\"\" rel=\"noopener\">press release<\/a>. The upgrades are expected to boost cargo volumes by some 2 mn tonnes a year, strengthening trade links between the Black, North, and Adriatic seas, and mainland Europe. The move will also exploit synergies with DP World\u2019s in-place network of maritime, rail, barge, and trucking services, the statement said. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The breakdown:<\/strong><\/p>\n<ul>\n<li><strong>EUR 65 mn&nbsp;<\/strong><strong>went towards two new facilities at Romania\u2019s Constanta port<\/strong> \u2014 the largest container port on the Black Sea \u2014 including a 5-hectare cargo terminal catering to heavy, large, and complex cargo, and a roll on\/roll (RoRo) off terminal; <\/li>\n<li><strong>Another EUR 50 mn investment went towards a new multi-transport platform<\/strong> at Constanta that is slated to open next year;<\/li>\n<li><strong>Some EUR 21 mn is allocated to an 8-hectare intermodal logistics hub in Aiud<\/strong>, providing links between road and rail routes that are in close proximity to Romania\u2019s industrial hub.<\/li>\n<\/ul>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/uae\/tag\/abu-dhabi-investment-authority\/\">Abu Dhabi Investment Authority<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/uae\/tag\/real-estate\/\">Real estate<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/uae\/tag\/tecom\/\">Tecom<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"92056\" class=\"issue-section \">\n<div class=\"issue-section__content\">\n<div class=\"stories\">            <!-- Show divider before story section -->\r\n        <div \r\n            class=\"\r\n                story-section            \"\r\n            id=\"92056\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">5<\/div>\r\n\r\n                    <p class=\"f-graphik\">REAL ESTATE<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/uae\/2024\/05\/16\/prices-are-still-on-the-rise-in-the-real-estate-sector-amid-heightened-demand\/\">\r\n                            Prices are still on the rise in the real estate sector amid heightened demand                        <\/a>\r\n                    <\/h3>\r\n\r\n                    \r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" style=\"position:relative\">\n        <img decoding=\"async\" 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<\/ul>\n    <\/div>\n        <\/div>\r\n                    \r\n                <\/div>\r\n\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/uae\/2024\/05\/16\/prices-are-still-on-the-rise-in-the-real-estate-sector-amid-heightened-demand\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2024\/5\/1218.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"92057\" data-permalink=\"https:\/\/enterpriseam.com\/uae\/2024\/05\/16\/prices-are-still-on-the-rise-in-the-real-estate-sector-amid-heightened-demand\/1218-jpg\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/5\/1218.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"1218.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/5\/1218.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/5\/1218.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-92056\" class=\"content-area-description single-story post-92056 post type-post status-publish format-standard has-post-thumbnail hentry category-real-estate tag-abu-dhabi tag-dubai tag-enterpriseam-uae tag-real-estate wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<figure class=\"wp-block-audio mb-0\"><audio controls preload=\"metadata\" src=\"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/5\/.bead4e50-64df-4b6c-8d49-6b59923ea485.mp3\"><\/audio><\/figure><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> The property boom has yet to cool off: <\/strong>Sales and rental prices in Dubai continued to rise in 1Q 2024, while seeing slower growth in Abu Dhabi, according to JLL\u2019s latest <a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/5\/1148.pdf\" style=\"\" rel=\"noopener\">UAE real estate market overview report (pdf)<\/a>.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">(<strong>** Tap or click the headline above to read this story with all of the links<\/strong> to our background and outside sources.)<\/p>\n<p class=\"tag-border-left\"> THE RESIDENTIAL MARKET- <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Units got more expensive: <\/strong>Sale prices and rentals in Dubai each increased 21% y-o-y during the quarter. Abu Dhabi experienced less inflated price hikes, with sales prices increasing by 7% y-o-y, and rental rates by 4% y-o-y. Apartment rentals and sales prices for villas both surged 22% y-o-y, indicating robust demand for both types of properties. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Both emirates rolled out new units in 1Q 2024: <\/strong>Dubai saw 10k new units introduced in 1Q 2024, bringing its total stock to 729k units, while Abu Dhabi raised its stock count to 286k units on the back of 1.6k new units completed during the quarter. Another 25k are slated for handover in Dubai, while 6k units will be handed over in Abu Dhabi, by the end of the year, with rising land prices and construction costs edging developers towards secondary locations, the report adds. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>We\u2019re going to see more houses in the AED 2 mn range:<\/strong> Developers will begin to target properties within the AED 2 mn range in a bid to enable buyers to meet the threshold for eligibility for golden visa requirements in the UAE.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The two emirates saw transaction volumes increase<\/strong>, with Dubai seeing transactions rise 20% y-o-y and Abu Dhabi seeing a 17% y-o-y increase. Dubai also saw a 16% y-o-y rise in transaction value, while Abu Dhabi saw a 1% y-o-y drop, as apartment transactions outpaced those of villas and townhouses.<\/p>\n<p class=\"tag-border-left\"> THE OFFICE MARKET- <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Dubai upped workplace offerings in 1Q 2024<\/strong>, with some 17k sqm of new office space added, raising its stock to over 9.2 mn sqm. The emirate expects to see an additional 38k sqm of space go online in 2024 on the back of continued demand, with office vacancies in Dubai\u2019s Central Business District (CBD) falling three percentage points to 8% during the period. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Rentals were also on the rise:<\/strong> Grade A rents in Dubai\u2019s central business district increased by 22% y-o-y to AED 2.6k per sqm.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Abu Dhabi\u2019s office supply remained stable at 3.94 mn sqm<\/strong>, though it has some 79k sqm scheduled for delivery by the end of the year. City-wide office vacancy rates stood at 22% during the quarter, while Grade A rents inflated by 14% y-o-y to a little over AED 2.k per sqm per year.<\/p>\n<p class=\"tag-border-left\"> RETAIL AND HOSPITALITY- <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Dubai\u2019s retail sector also expanded: <\/strong>The emirate completed 12k sqm of retail gross leasable area (GLA) during the quarter \u2014 keeping total stock at 4.8 mn sqm \u2014 and expects to deliver 104k sqm of new retail space by the end of the year, focusing on smaller community malls as local brands look for alternatives amid limited space in prime super-regional malls. Abu Dhabi held retail stock still at some 3.2 mn sqm, but has 17k sqm of retail GLA in its pipeline within the year. City-wide vacancy dropped to 12% in Dubai and 21% in neighboring Abu Dhabi.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Dubai added nearly 2k new keys to its hospitality segment in 1Q 2024, <\/strong>bringing its total key count to 155k, while Abu Dhabi maintained supply at 32.5k keys. New hotel openings in Dubai primarily consisted of five-star launches in Business Bay, Za\u2019abeel, and Port Saeed, and were driven by heightened tourism, with the emirate welcoming 3.67 mn visitors in 1Q, up 18% y-o-y. Dubai plans to introduce an additional 5k keys in 2024, while Abu Dhabi will roll out 500 keys during the same period. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Hospitality became slightly more profitable:<\/strong> Revenue per available room (RevPAR) in Dubai increased by 5% y-o-y to USD 185, on the back of a similar 5% y-o-y increase in average daily rates. In Abu Dhabi, RevPAR jumped by 17% y-o-y to USD 130, with daily rates increasing by 8% y-o-y. City-wide occupancy was down one percentage point from the same period last year at 82% in Dubai at the end of March, and stood at 81% in Abu Dhabi.<\/p>\n<p class=\"tag-border-left\"> THE INDUSTRIAL MARKET- <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">Demand &gt; supply in Dubai: Dubai saw robust demand against available supply, which spiked rental rates by 26% y-o-y in Jebel Ali Freezone (Jafza) to AED 365 per sqm annually, and by 5-7% y-o-y in older areas, such as Umm Ramool, Ras al Khor, and Al Qusais. JAFZA saw a notable 28% y-o-y increase in new Indian businesses during the quarter \u2014 a knock on effect of the trade agreement <a target=\"_blank\" href=\"https:\/\/www.moec.gov.ae\/en\/cepa_india\" style=\"\" rel=\"noopener\">inked<\/a> between India and the UAE in 2022.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Abu Dhabi also saw heightened demand for office space, <\/strong>partially owing to a spillover demand from Dubai due to the limited availability of vacant Grade A spaces. Musaffah posted the highest rent growth during 1Q, up 25% y-o-y, followed by a 6% y-o-y increase in the Industrial City of Abu Dhabi, and a 5% y-o-y increase in Kezad.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Plans to add more space:&nbsp;<\/strong>Jafza plans to welcome a 100k+ sqm <a target=\"_blank\" href=\"https:\/\/enterprise.news\/uae\/en\/news\/story\/bf05e259-480e-47aa-aaee-31d12191f77c\/mubadala-invests-in-blockchain-focused-fund\" style=\"\" rel=\"noopener\">Bharat Mart warehouse in<\/a><a target=\"_blank\" href=\"https:\/\/enterprise.news\/uae\/en\/news\/story\/bf05e259-480e-47aa-aaee-31d12191f77c\/mubadala-invests-in-blockchain-focused-fund\" style=\"\" rel=\"noopener\">2026<\/a> to promote Indian exports, and open a digital marketplace to enable global purchases. Dubai South and Aldar also <a target=\"_blank\" href=\"https:\/\/enterprise.news\/logistics\/en\/news\/story\/2467b828-e957-4efc-8cb5-85f6e18b74d2\/aldar-forms-a-jv-with%253cmark%253e-dubai-south-%253c%2Fmark%253ein-its-uae-logistics-portfolio-expansion\" style=\"\" rel=\"noopener\">kick-started a joint venture<\/a> to develop a 24k sqm GFA Grade A logistics facility in Dubai South\u2019s Logistics District, targeted for completion by the year\u2019s end. Over in Abu Dhabi, Kezad plans to invest <a target=\"_blank\" href=\"https:\/\/enterprise.news\/uae\/en\/news\/story\/ac759090-c672-43bf-b255-de26ca3568e0\/%253cmark%253ekezad%253c%2Fmark%253e-to-deliver-aed-621-mn-worth-of-new-warehouse-space-by-2025\" style=\"\" rel=\"noopener\">AED 621 mn to expand warehousing capacity<\/a> by over 250k sqm by 4Q 2025.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/uae\/tag\/abu-dhabi\/\">Abu Dhabi<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/uae\/tag\/dubai\/\">Dubai<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/uae\/tag\/real-estate\/\">Real estate<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"92058\" class=\"issue-section \">\n<div class=\"issue-section__content\">\n<div class=\"stories\">            <!-- Show divider before story section -->\r\n        <div \r\n            class=\"\r\n                story-section            \"\r\n            id=\"92058\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">6<\/div>\r\n\r\n                    <p class=\"f-graphik\">INVESTMENT WATCH<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/uae\/2024\/05\/16\/shorooq-partners-launches-second-venture-debt-fund\/\">\r\n                            Shorooq Partners launches USD 100 mn venture debt fund                        <\/a>\r\n                    <\/h3>\r\n\r\n                    \r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" style=\"position:relative\">\n        <img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408834.svg\" alt=\"\">\n        Share Story\n        <!-- Dropdown Menu -->\n        <ul class=\"share-menu\">\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/enterpriseam.com\/uae\/2024\/05\/16\/shorooq-partners-launches-second-venture-debt-fund\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/new-tab.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"#\" target=\"_blank\" onclick=\"event.preventDefault(); navigator.clipboard.writeText('https:\/\/enterpriseam.com\/uae\/2024\/05\/16\/shorooq-partners-launches-second-venture-debt-fund\/')\">\n                    Copy Link                <\/a>\n\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https:\/\/enterpriseam.com\/uae\/2024\/05\/16\/shorooq-partners-launches-second-venture-debt-fund\/\">\n                    Facebook                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/facebook-icon2.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/x.com\/intent\/post?text=Shorooq Partners launches second venture debt fund&url=https:\/\/enterpriseam.com\/uae\/2024\/05\/16\/shorooq-partners-launches-second-venture-debt-fund\/\">\n                    X                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/twitter-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/www.linkedin.com\/shareArticle?mini=true&url=https:\/\/enterpriseam.com\/uae\/2024\/05\/16\/shorooq-partners-launches-second-venture-debt-fund\/&title=Shorooq Partners launches second venture debt fund\">\n                    LinkedIn                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/linkedin-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/api.whatsapp.com\/send?text=Shorooq+Partners+launches+second+venture+debt+fund+https%3A%2F%2Fenterpriseam.com%2Fuae%2F2024%2F05%2F16%2Fshorooq-partners-launches-second-venture-debt-fund%2F\">\n                    WhatsApp                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/whatsapp-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n        <\/ul>\n    <\/div>\n        <\/div>\r\n                    \r\n                <\/div>\r\n\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/uae\/2024\/05\/16\/shorooq-partners-launches-second-venture-debt-fund\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2024\/4\/545.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"92059\" data-permalink=\"https:\/\/enterpriseam.com\/uae\/2024\/05\/16\/shorooq-partners-launches-second-venture-debt-fund\/545-jpg-9\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/4\/545.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"545.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/4\/545.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/4\/545.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-92058\" class=\"content-area-description single-story post-92058 post type-post status-publish format-standard has-post-thumbnail hentry category-investment-watch tag-enterpriseam-uae tag-fintech tag-investment-watch tag-nahda-fund tag-shorooq-partners tag-startups wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<figure class=\"wp-block-audio mb-0\"><audio controls preload=\"metadata\" src=\"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/5\/.1e49e1a7-118c-496f-9d3a-114645fb578d.mp3\"><\/audio><\/figure><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>Tech investor&nbsp;<\/strong><strong><a target=\"_blank\" href=\"https:\/\/www.shorooq.com\/\" style=\"\" rel=\"noopener\">Shorooq Partners<\/a><\/strong><strong> has launched its second USD 100 mn <\/strong><strong>venture debt fund, Nahda Fund II, <\/strong>Shorooq Partners Founding Partner Mahmoud Adi told Asharq Business (<a target=\"_blank\" href=\"https:\/\/www.asharqbusiness.com\/article\/63748\/%D8%B4%D8%B1%D9%88%D9%82-%D8%A8%D8%A7%D8%B1%D8%AA%D9%86%D8%B1%D8%B2-%D8%A7%D9%84%D8%A5%D9%85%D8%A7%D8%B1%D8%A7%D8%AA%D9%8A%D8%A9-%D8%AA%D8%B7%D9%84%D9%82-%D8%B5%D9%86%D8%AF%D9%88%D9%82%D9%87%D8%A7-%D8%A7%D9%84%D8%A7%D8%A6%D8%AA%D9%85%D8%A7%D9%86%D9%8A-%D8%A7%D9%84%D8%AB%D8%A7%D9%86%D9%8A-%D8%A8%D9%80100-%D9%85%D9%84%D9%8A%D9%88%D9%86-%D8%AF%D9%88%D9%84%D8%A7%D8%B1\/\" style=\"\" rel=\"noopener\">watch, runtime, 6:31<\/a>). The firm launched the second venture debt fund as a follow-up to Nahda Fund, which <a target=\"_blank\" href=\"https:\/\/enterprise.press\/stories\/2021\/10\/27\/shorooq-partners-launches-mena-wide-venture-debt-fund-56561\/\" style=\"\" rel=\"noopener\">debuted in 2021<\/a>, to address growing demand for financing for tech firms.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>SOUNT SMART- What\u2019s venture debt? <\/strong>Firms offering venture debt are effectively competing with banks. Why work with one, then? Venture debt providers have \u2014 by definition \u2014 higher risk appetite. They may charge more, but they\u2019re also a lot more likely to understand and extend finance to a startup than many traditional lenders. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>About Nahda II: <\/strong>With the first funding round for Nahda II already closed, the fund aims to deploy the USD 100 mn raised capital in early-stage, high-growth startups and enterprises in the Saudi and UAE markets. Nahda will focus on tech firms with top line profitability and fast growth, which demonstrate the ability to pay back the venture debt.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Shorooq Partners is currently in talks to invest in two <\/strong><strong>fintech<\/strong><strong> startups through the fund<\/strong>, Adi said, adding that fintech is best suited for venture debt, due to the nature of their business model \u2014 which ensures quarterly dividends between 12-15% for the fund\u2019s investors \u2014 and opportunities for investors to acquire stakes in the companies through warrants. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Nahda I\u2019s portfolio:<\/strong> Since its launch, the fund has invested in two startups in the region, Adi said. The fund participated in a funding round for <a target=\"_blank\" href=\"https:\/\/www.wamda.com\/2021\/03\/pure-harvest-announces-sukuk-funding-raises-60-million-year\" style=\"\" rel=\"noopener\">Pure Harvest Smart Farms<\/a> through a USD 50 mn green sukuk issuance. Nahda I also provided USD 50 mn in <a target=\"_blank\" href=\"https:\/\/tamara.co\/en-SA\/tamara-400m-financing-goldman-sachs-shorooq\" style=\"\" rel=\"noopener\">mezzanine finance<\/a> to Saudi BNPL platform <a target=\"_blank\" href=\"https:\/\/tamara.co\/en-SA\" style=\"\" rel=\"noopener\">Tamara<\/a> in November 2023. The Shorooq fund was joined at the time by Goldman Sachs, which arranged USD 200 mn in senior debt for Tamara. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>About 45% of the venture debt has been repaid <\/strong>to the fund\u2019s investors over 12 quarters since the fund\u2019s launch. Investors have also received dividend payouts ranging between 12-14%. As a shareholder in some of the companies it funded, Nahda anticipates returns double the initially invested capital in the coming years.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/uae\/tag\/fintech\/\">fintech<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/uae\/tag\/investment-watch\/\">INVESTMENT WATCH<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/uae\/tag\/nahda-fund\/\">Nahda Fund<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/uae\/tag\/shorooq-partners\/\">Shorooq Partners<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/uae\/tag\/startups\/\">startups<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"92060\" class=\"issue-section \">\n<div class=\"issue-section__content\">\n<div class=\"stories\">            <!-- Show divider before story section -->\r\n        <div \r\n            class=\"\r\n                story-section            \"\r\n            id=\"92060\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">7<\/div>\r\n\r\n                    <p class=\"f-graphik\">DEBT WATCH<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/uae\/2024\/05\/16\/tabreed-is-set-to-issue-usd-1-2-bn-green-bonds-next-year\/\">\r\n                            Tabreed is set to issue USD 1.2 bn green bonds next year                        <\/a>\r\n                    <\/h3>\r\n\r\n                    \r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" style=\"position:relative\">\n        <img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408834.svg\" alt=\"\">\n        Share Story\n        <!-- Dropdown Menu -->\n        <ul class=\"share-menu\">\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/enterpriseam.com\/uae\/2024\/05\/16\/tabreed-is-set-to-issue-usd-1-2-bn-green-bonds-next-year\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/new-tab.svg\" 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data-attachment-id=\"92061\" data-permalink=\"https:\/\/enterpriseam.com\/uae\/2024\/05\/16\/tabreed-is-set-to-issue-usd-1-2-bn-green-bonds-next-year\/1301-jpg-2\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/5\/1301.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"1301.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/5\/1301.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/5\/1301.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-92060\" class=\"content-area-description single-story post-92060 post type-post status-publish format-standard has-post-thumbnail hentry category-debt-watch tag-debt tag-debt-watch tag-enterpriseam-uae tag-sukuk tag-tabreed wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<figure class=\"wp-block-audio mb-0\"><audio controls preload=\"metadata\" src=\"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/5\/.011a32ec-870c-40cf-b333-e2886307b8c7.mp3\"><\/audio><\/figure><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>Tabreed to issue USD 1.2 bn in green sukuk next year: <\/strong>District cooling firm Tabreed is set to issue green bonds or sukuk to refinance USD 1.2 bn in debt in 2025, Tabreed CFO Adel Salem Al Wahedi told Asharq Business (<a target=\"_blank\" href=\"https:\/\/www.asharqbusiness.com\/article\/63786\/%D8%AA%D8%A8%D8%B1%D9%8A%D8%AF-%D8%AA%D8%AA%D8%AC%D9%87-%D9%84%D8%B7%D8%B1%D8%AD-%D8%B5%D9%83%D9%88%D9%83-%D8%AE%D8%B6%D8%B1%D8%A7%D8%A1-%D9%84%D8%A5%D8%B9%D8%A7%D8%AF%D8%A9-%D8%AA%D9%85%D9%88%D9%8A%D9%84-%D8%AF%D9%8A%D9%88%D9%86-%D8%A8%D9%8012-%D9%85%D9%84%D9%8A%D8%A7%D8%B1-%D8%AF%D9%88%D9%84%D8%A7%D8%B1-%D9%81%D9%8A-2025\/\" style=\"\" rel=\"noopener\">watch, runtime: 6:40<\/a>).<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The details: <\/strong>The funds collected from the planned green sukuk issuance will be used to pay off USD 500 mn in bonds <a target=\"_blank\" href=\"https:\/\/www.tabreed.ae\/news\/tabreed-raises-usd-500-million-new-7-year-sukuk\/\" style=\"\" rel=\"noopener\">issued in 2018<\/a>, due to mature in October 2025, Al Wahedi said. They will also be used to pay back a USD 700 mn loan obtained in September 2020, scheduled to be settled in March 2025, to finance the purchase of a <a target=\"_blank\" href=\"https:\/\/www.tabreed.ae\/news\/tabreed-successfully-closes-syndication-692-million-loan\/\" style=\"\" rel=\"noopener\">80% stake in Emaar Properties\u2019<\/a> Downtown Dubai district cooling business back in March 2020. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The company is looking to expand in existing markets, and enter new ones:<\/strong> Tabreed is considering expanding into the Indian market in partnership with India\u2019s real estate giant <a target=\"_blank\" href=\"https:\/\/tatarealty.in\/\" style=\"\" rel=\"noopener\">Tata Realty<\/a> \u2014 a wholly-owned subsidiary of Tata Sons, Al Wahedi said. Tabreed is currently working on hedging against India\u2019s rising inflation and the fluctuation of its currency in preparation for entering the market. The firm is also looking to expand in other countries where it operates, including Saudi Arabia, the UAE, Bahrain, and Oman, and is studying new markets such as Jordan, Indonesia, Thailand, and Vietnam. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Egypt remains a promising market for the company<\/strong> \u201cif the local currency continues to stabilize,\u201d according to the CFO, who added that the firm\u2019s <a target=\"_blank\" href=\"https:\/\/enterprise.news\/climate\/en\/news\/story\/4cbc6b7c-c3e4-4aea-8303-5b3812e10f66\/uae%25e2%2580%2599s-tabreed-terminates-its-egp-1.6-bn-district-cooling-contract-with-egypt%25e2%2580%2599s%253cmark%253e-capitalmed%253c%2Fmark%253e\" style=\"\" rel=\"noopener\">exit from the CapitalMed project<\/a> in Egypt did not affect the company\u2019s financial results. The exit came due to a lack of a \u201cbusiness case\u201d amid FX instability in the country, with CapitalMed\u2019s investments planned in USD and the returns from the project expected to come in EGP. <\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/uae\/tag\/debt\/\">debt<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/uae\/tag\/debt-watch\/\">DEBT WATCH<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/uae\/tag\/sukuk\/\">Sukuk<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/uae\/tag\/tabreed\/\">Tabreed<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"92062\" class=\"issue-section \">\n<div class=\"issue-section__content\">\n<div class=\"stories\">            <!-- Show divider before story section -->\r\n        <div \r\n            class=\"\r\n                story-section            \"\r\n            id=\"92062\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">8<\/div>\r\n\r\n                    <p class=\"f-graphik\">EARNINGS WATCH<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/uae\/2024\/05\/16\/taqa-deyaar-and-more-companies-post-1q-earnings\/\">\r\n                            Taqa, Deyaar, and more companies post 1Q earnings                        <\/a>\r\n                    <\/h3>\r\n\r\n                    \r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" style=\"position:relative\">\n        <img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408834.svg\" alt=\"\">\n        Share Story\n        <!-- Dropdown Menu -->\n        <ul class=\"share-menu\">\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/enterpriseam.com\/uae\/2024\/05\/16\/taqa-deyaar-and-more-companies-post-1q-earnings\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/new-tab.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"#\" target=\"_blank\" onclick=\"event.preventDefault(); 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Excluding the one-offs, net income rose 6.9% y-o-y. Revenues stood at AED 13.68 bn, up 5.3% y-o-y on the back of contributions from the Sustainable Water Solutions Holding Company (SWS Holding), which it <a target=\"_blank\" href=\"https:\/\/www.taqa.com\/press-releases\/taqa-set-to-expand-portfolio-with-acquisition-of-sws-holding\/\" style=\"\" rel=\"noopener\">acquired<\/a> in June 2023.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Taqa worked to expand its global footprint during 1Q: <\/strong>\u201cWe joined forces with industry leaders Jera, Satorp (a joint venture company owned by Saudi Aramco and TotalEnergies), committing to the development of a state-of-the-art power and steam cogeneration plant in Jubail, Saudi Arabia as well as being part of the consortium that won the Juranah project, to support water security in Makkah,\u201d said Taqa CEO Jasim Husain Thabet.<\/p>\n<p class=\"tag-border-left\"> DEYAAR DEVELOPMENT- <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Dubai\u2019s Deyaar Development recorded a 29.5% y-o-y increase in net income after tax to <\/strong><strong>AED 73 mn in 1Q 2024, <\/strong>according to its unaudited <a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/5\/1142.pdf\" style=\"\" rel=\"noopener\">financial statements (pdf)<\/a>. Without the impact of the corporate tax, net income reached AED 77.5 mn. The real estate developer and service provider\u2019s total revenue reached AED 327.8 mn, up 4.9% y-o-y. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The rise in earnings can be credited to a surge in \u201cnew projects launched in key locations<\/strong> and significant progress on existing projects,\u201d according to a separate <a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/5\/1143.pdf\" style=\"\" rel=\"noopener\">earnings release (pdf)<\/a>. The company documented two new developments during the quarter \u2014 including Rosalia Residences, its third development in Dubai\u2019s Al Furjan community out of a total project portfolio worth AED 300 mn \u2014 and announced a new passenger terminal at Al Maktoum International Airport.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>REMEMBER- In real estate, sales \u2260 revenues. <\/strong>Real estate companies rely heavily on off-plan sales, recording sales upon contract signing but recognizing unit value only upon delivery or project completion. This practice results in revenues primarily comprising past sales, with current quarter sales reflected as future revenues upon unit handover.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Dividends: <\/strong>The company approved distributing AED 175 mn in dividends, equivalent to 4 fils per share, marking its first ever dividend payout. <\/p>\n<p class=\"tag-border-left\"> AGTHIA-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>ADQ-owned F&amp;B firm Agthia Group\u2019s net income rose 32% y-o-y to AED 127.6 mn in 1Q <\/strong><strong>2024<\/strong>, according to its <a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/5\/1259.pdf\" style=\"\" rel=\"noopener\">earnings release (pdf)<\/a>. The company booked AED 1.45 bn in revenues, up 22.6% y-o-y. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Agthia\u2019s growth came from various business segments<\/strong>, including 17.7% y-o-y growth in the company\u2019s snacking portfolio, 3.5% growth in water and food, as well as 50.6% growth in agri-business, according to the statement.<\/p>\n<p class=\"tag-border-left\"> UNION PROPERTIES- <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Dubai-based Union Properties\u2019 net income rose 25% y-o-y in 1Q 2024<\/strong> to AED 16.5 mn, according to the developer\u2019s <a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/5\/1140.pdf\" style=\"\" rel=\"noopener\">financial statements (pdf)<\/a>.The developer logged AED 138.1 mn in revenues from customer contracts during the period, marking a 13% y-o-y increase compared to the previous year. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>ICYMI-<\/strong> The Motor City developer settled its debt in <a target=\"_blank\" href=\"https:\/\/enterprise.news\/uae\/en\/news\/story\/fa6bce34-6587-4884-962e-4e7462ca4dae\/%253cmark%253eunion%253c%2Fmark%253e%253cmark%253e-properties%253c%2Fmark%253e-reaches-aed-1.2-bn-settlement-agreements-with-dubailand,-emirates-nbd\" style=\"\" rel=\"noopener\">February<\/a> with Dubailand and Emirates NBD, securing a no-objection certificate from Dubailand to repurpose Motor City land for new projects and reaching a debt settlement of AED 850 mn with Emirates NBD. This move comes as part of Union Properties' efforts to revitalize its projects and manage its debt following the 2009 property market correction in Dubai.<\/p>\n<p class=\"tag-border-left\">SALAMA INS.-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Ins. provider Salama\u2019s net income more than doubled to AED 17.6 mn in 1Q 2024, <\/strong>surging 118% y-o-y, according to its <a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/5\/1144.pdf\" style=\"\" rel=\"noopener\">earnings release (pdf)<\/a>. The company booked AED 271.5 mn in Takaful revenues, inching up 2% y-o-y during the quarter. <\/p>\n<p class=\"tag-border-left\"> NATIONAL GENERAL INS.-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>National General Ins. saw its net income rise 598% y-o-y to AED 30.3 mn in 1Q 2024,<\/strong>according to the ins. firm\u2019s <a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/5\/1147.pdf\" style=\"\" rel=\"noopener\">financial statements (pdf)<\/a>. The firm\u2019s ins. revenues increased 24% y-o-y to AED 217.6 mn during the quarter. <\/p>\n<p class=\"tag-border-left\">JULPHAR- <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Gulf Pharma Industries (Julphar) turned profitable in 1Q 2024, recording AED 1.6 mn in <\/strong><strong>net income<\/strong>, compared to a net loss of AED 3.9 mn in 1Q 2023, according to its <a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/5\/1150.pdf\" style=\"\" rel=\"noopener\">financial statements (pdf)<\/a>. Julphar\u2019s revenues dipped 3.3% y-o-y during the quarter to AED 439 mn. The revenue growth was impacted by currency devaluation in Egypt and regional geopolitical unrest, though the decline was offset by the company\u2019s expansion across the GCC, according to a separate <a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/5\/1149.pdf\" style=\"\" rel=\"noopener\">disclosure (pdf)<\/a>. <\/p>\n<p class=\"tag-border-left\">FUJAIRAH CEMENT INDUSTRIES-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Fujairah Cement Industries\u2019 net losses deepened 45% y-o-y to AED 38.3 mn in 1Q 2024,<\/strong>compared to a net loss of AED 26.3 mn during the same period last year, according to the company\u2019s <a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/5\/1151.pdf\" style=\"\" rel=\"noopener\">financial statements (pdf)<\/a>. The company saw its revenues fall 99% y-o-y to AED 278k in 1Q 2024. <\/p>\n<p class=\"tag-border-left\">UNITED FOODS- <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Dubai-based food and beverage company United Foods saw its net income increase <\/strong><strong>26.4% y-o-y to AED 14.3 mn<\/strong> in 1Q 2024, according to its <a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/5\/1158.pdf\" style=\"\" rel=\"noopener\">quarterly financials (pdf)<\/a>. Revenues from contracts fell 11.5% y-o-y to AED 157 mn. <\/p>\n<p class=\"tag-border-left\">DUBAI INS.-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Dubai Ins. saw its net income more than double to AED 44 mn in 1Q 2024<\/strong>, up 122.5% y-o-y, according to its <a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/5\/1159.pdf\" style=\"\" rel=\"noopener\">quarterly financials (pdf)<\/a>. Ins. revenues also rose 71% y-o-y to AED 697.2 mn. <\/p>\n<p class=\"tag-border-left\">ABU DHABI AVIATION- <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Abu Dhabi Aviation\u2019s net income more than doubled to AED 223.2 mn in 1Q 2024<\/strong>, up 119% y-o-y, according to its <a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/5\/1161.pdf\" style=\"\" rel=\"noopener\">quarterly financials (pdf)<\/a>. Revenues from its contracts fell 34.4% y-o-y to AED 407.8 mn. <\/p>\n<p class=\"tag-border-left\">AGILITY GLOBAL- <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>K<\/strong><strong>uwaiti logistics outfit Agility Global\u2019s bottom line rose 320.8% y-o-y to USD 44.7 mn during 1Q 2024,<\/strong> according to its first quarterly <a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/5\/1152.pdf\" style=\"\" rel=\"noopener\">financials (pdf)<\/a> following its <a target=\"_blank\" href=\"https:\/\/enterprise.news\/uae\/en\/news\/story\/40cd08aa-1d5d-4ea6-a6e3-dfba0d137825\/%253cmark%253eagility-global%253c%2Fmark%253e-shares-jump-more-than-four-fold-on-adx-debut\" style=\"\" rel=\"noopener\">technical listing<\/a> on the ADX earlier this month. The company\u2019s topline inched up 5.5% during the quarter to USD 979.4 mn. <\/p>\n<p class=\"tag-border-left\">GULF NAVIGATION- <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>GulfNav earnings drop in 1Q 2024: <\/strong>Gulf Navigation (Gulf Nav)\u2019s net income fell 14% y-o-y to AED 11.5 mn during 1Q 2024, according to its <a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/5\/1153.pdf\" style=\"\" rel=\"noopener\">financial statements (pdf)<\/a>. The company\u2019s revenues fell 38% y-o-y to AED 23.8 mn during the quarter, the disclosure noted. <\/p>\n<p class=\"tag-border-left\">ESHRAQ-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Real estate investment company Eshraq Investments reported AED 306.1 mn in net <\/strong><strong>losses in 1Q 2024, <\/strong>on the back of a \u201cchange in the value of the Goldilocks Fund,\u201d which it exited to reduce its debt, the company said in its <a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/5\/1205.pdf\" style=\"\" rel=\"noopener\">earnings release (pdf)<\/a>. Eshraq\u2019s revenues from commercial operations fell 65% y-o-y to AED 4.1 mn during the quarter, due to a drop in the company\u2019s rental income after Eshraq <a target=\"_blank\" href=\"https:\/\/enterprise.news\/uae\/en\/news\/story\/3711f956-41c1-451e-8645-068c277364b7#:~:text=The%20company%20has,since%20late%202022.\" style=\"\" rel=\"noopener\">offloaded its Dubai assets<\/a> in 2023. <\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/uae\/tag\/abu-dhabi-aviation\/\">Abu Dhabi Aviation<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/uae\/tag\/deyaar-development\/\">Deyaar Development<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n       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data-image-title=\"683.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/3\/683.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/3\/683.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-92065\" class=\"content-area-description single-story post-92065 post type-post status-publish format-standard has-post-thumbnail hentry category-also-on-our-radar tag-also-on-our-radar tag-banking tag-capital-markets tag-defense tag-enterpriseam-uae tag-environment tag-healthcare tag-imports tag-investment tag-policy wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<figure class=\"wp-block-audio mb-0\"><audio controls preload=\"metadata\" src=\"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/5\/.b8da6a62-4a36-4e87-a336-a94e3bfc3713.mp3\"><\/audio><\/figure><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<p class=\"tag-border-left\"> POLICY-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Introducing the Blue Residency: <\/strong>Dubai Ruler Sheikh Mohammed bin Rashid Al Maktoum approved a new ten-year Blue Residency for professionals working in the field of environmental sustainability, <a target=\"_blank\" href=\"https:\/\/wam.ae\/en\/article\/b35yptd-uae-cabinet-approves-national-youth-agenda-2031\" style=\"\" rel=\"noopener\">Wam<\/a> reports. The residency will be granted to anyone who has made \u201cextraordinary contributions\u201d to \u201cenvironment protection, whether in marine life, land-based ecosystems, or air quality, sustainability technologies, the circular economy, or related fields,\u201d Sheikh Mohammed said.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The cabinet also approved other key agenda items,<\/strong> including the National Youth Agenda 2031, giving priority in federal government jobs to Emiratis who have worked in the private sector for at least three years, and the creation of <a target=\"_blank\" href=\"https:\/\/enterprise.news\/uae\/en\/news\/story\/4c6ccb5d-64ee-444d-8660-24be9fdaad47\/%253cmark%253echief-ai%253c%2Fmark%253e-officers-for-all-dubai-gov%25e2%2580%2599t-entities-%2B-sidara-offloads-usd-1.4-bn-stake-in-worley\" style=\"\" rel=\"noopener\">chief AI officer positions<\/a> for all federal entities. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>THE CABINET ALSO APPROVED-<\/strong><\/p>\n<ul>\n<li>The formation of a National Statistics Committee to verify national data;<\/li>\n<li>The formation of a Higher Committee for Combating Commercial Fraud to update anti-fraud policies;<\/li>\n<li>A regulatory framework for marketing calls; <\/li>\n<li>A guide for the use of AI in government.<\/li>\n<\/ul>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<p class=\"tag-border-left\"> CAPITAL MARKETS-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#1- Standard Chartered adds UAE funds to Clearstream\u2019s Vestima:<\/strong> Securities depository Clearstream has partnered with Standard Chartered to include UAE-based funds on its Vestima platform, according to a <a target=\"_blank\" href=\"https:\/\/www.clearstream.com\/clearstream-en\/newsroom\/240514-3962688\" style=\"\" rel=\"noopener\">press release<\/a>. The partnership will allow Standard Chartered to offer its retail investors access to invest in locally-domiciled funds, in compliance with the latest regulatory rules. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Background:<\/strong> The UAE\u2019s financial services watchdog the Securities and Commodities Authority (SCA) issued a decision prohibiting funds and asset managers outside of the UAE from being publicly offered for retail subscription in the UAE, a rule that came into effect in <a target=\"_blank\" href=\"https:\/\/enterprise.news\/uae\/en\/news\/story\/a16449a8-f2b9-4c70-9026-23cdedfaa7cc\/banks-can-no-longer-market-foreign-funds-to-retail-investors-in-the-emirates\" style=\"\" rel=\"noopener\">April<\/a>.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#2- Dubai Taxi and Phoenix are the latest Emirati firms to join MSCI\u2019s Small Cap Index, <\/strong>following the quarterly <a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/5\/1213.pdf\" style=\"\" rel=\"noopener\">review (pdf)<\/a> of the MSCI Global Standard Indexes. The two Emirati companies \u2014 along with 19 other Mena-based listed stocks added to the index in the rebalance \u2014 will be included in the MSCI sections at the closing of trading on 31 May. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<p class=\"tag-border-left\">ENERGY-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Adnoc delivers low-carbon ammonia to Japan: <\/strong>The Abu Dhabi National Oil Company (Adnoc) has delivered the world\u2019s first certified bulk commercial shipment of low-carbon ammonia produced using carbon capture and storage to Japan\u2019s Mitsui, according to a <a target=\"_blank\" href=\"https:\/\/www.adnoc.ae\/en\/news-and-media\/press-releases\/2023\/adnoc-delivers-first-ever-bulk-shipment-of-ccs-enabled-certified-low-carbon-ammonia-to-japan\" style=\"\" rel=\"noopener\">press release<\/a>. The low-carbon shipment was certified by global certification agency <a target=\"_blank\" href=\"https:\/\/www.tuvsud.com\/en\" style=\"\" rel=\"noopener\">TUV SUD<\/a>. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The details: <\/strong>The ammonia was produced at Fertiglobe\u2019s <a target=\"_blank\" href=\"https:\/\/aiwa.ae\/company\/Ruwais-Fertilizer-Industries-FERTIL\" style=\"\" rel=\"noopener\">Ruwais facility<\/a> near Abu Dhabi and \u201cwill see the CO2 captured and permanently stored in the world\u2019s first fully sequestered CO2 injection well in a carbonate saline aquifer,\u201d the press release notes. This comes as part of the oil giant\u2019s <a target=\"_blank\" href=\"https:\/\/enterprise.news\/climate\/en\/news\/story\/5719db43-b76c-4880-b287-b583cde8455d\/adnoc-and-taqa-begin-laying-cable-for%253cmark%253e-usd%253c%2Fmark%253e-3.8%253cmark%253e-bn%253c%2Fmark%253e-offshore-decarbonization-project\" style=\"\" rel=\"noopener\">USD 23 bn investment<\/a> in decarbonization, low-carbon solutions and climate technologies.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>We knew this was coming: <\/strong>Adnoc launched the world\u2019s first project to <a target=\"_blank\" href=\"https:\/\/enterprise.news\/climate\/en\/news\/story\/05e21464-1763-4620-ac62-73fec9737834\" style=\"\" rel=\"noopener\">sequester CO2 into a carbonate saline aquifer<\/a> and started capturing and storing the CO2 in 2Q last year. The project was earmarked to contribute to Fertiglobe\u2019s production of low-carbon ammonia.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<p class=\"tag-border-left\"> BANKING-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#1- Emirates NBD\u2019s merchant clients will now be able to use Pine Labs\u2019 omnichannel platform to upgrade their digital payment systems<\/strong>, according to a <a target=\"_blank\" href=\"https:\/\/www.zawya.com\/en\/press-release\/companies-news\/emirates-nbd-to-strengthen-merchant-acquiring-solutions-in-partnership-with-pine-labs-f12kuul6\" style=\"\" rel=\"noopener\">press release<\/a>. Emirates NBD will first roll out the solution for clients in the UAE, and later to Saudi Arabia and Egypt. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#2- The Ras Al Khaimah Economic Zone (Rakez) and Rakbank signed an MoU to <\/strong><strong>streamline banking services for Rakez clients<\/strong>, aiming to expedite account openings and enhance security, <a target=\"_blank\" href=\"https:\/\/wam.ae\/en\/article\/b35yphr-rakez-rakbank-extend-their-partnership-for\" style=\"\" rel=\"noopener\">Wam<\/a> writes. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<p class=\"tag-border-left\"> MANUFACTURING-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Industrials giant Emirates Global Aluminium (EGA) has launched a new digital <\/strong><strong>manufacturing platform<\/strong> in collaboration with Microsoft to expand the use of AI across its industrial operations, <a target=\"_blank\" href=\"https:\/\/wam.ae\/en\/article\/b35ypeu-ega-launches-digital-manufacturing-platform\" style=\"\" rel=\"noopener\">Wam<\/a> reports. The platform will be used in EGA\u2019s operations in Jebel Ali and Al Taweelah to expedite operational efficiencies. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<p class=\"tag-border-left\">HEALTHCARE-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#1- M42 launches new AI clinical model: <\/strong>Abu Dhabi-based G42 healthcare arm M42 rolled out the latest generation of its generative AI clinical large language model, Med42, on the sidelines of Abu Dhabi Global Healthcare Week, <a target=\"_blank\" href=\"https:\/\/wam.ae\/en\/article\/b35d9su-m42-unveils-its-next-gen-clinical-llm-inaugural\" style=\"\" rel=\"noopener\">Wam<\/a> reports. The new 70 bn parameter model version is based on Meta's Llama-3, and matched the performance of OpenAI's GPT-4 and Google's Med-Gemini on the United States Medical Licensing Examination sample exam questions. It seeks to integrate expert models across multiple health data modalities, including text, genomics, health records, and imaging.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>What will the model be used for? <\/strong>Med42 facilitates the retrieval of relevant insights, searches patient histories, and summarizes records. Interdisciplinary research teams are also evaluating it for crafting tailored treatment strategies, clinical decision support, dosage decisions, and reviewing treatment literature. Experts worldwide can access the model on the HuggingFace platform for global testing, contribution, and assessment.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#2- DoH + Awqaf roll out AED 1 bn healthcare fund:<\/strong> Abu Dhabi\u2019s Department of Health (DoH) and the Endowments and Minors Funds Management Authority (Awqaf Abu Dhabi) have launched a five-year AED 1 bn endowment fund aimed at providing funding for the healthcare sector to ensure sustainable and accessible healthcare services in the emirate, according to a <a target=\"_blank\" href=\"https:\/\/www.mediaoffice.abudhabi\/en\/health\/department-of-health-abu-dhabi-and-endowments-and-minors-funds-management-authority-launch-aed1bn-healthcare-endowment-fund\/\" style=\"\" rel=\"noopener\">statement<\/a>. Awqaf has supported the endowment with a AED 50 mn donation. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#3- TII + BMC to offer cancer immunotherapy:<\/strong> The Technology Innovation Institute and Burjeel Medical City are teaming up to offer new immunotherapy solutions for cancer treatment, focusing on engineering T-cell based therapies like CAR-T cell therapy and TIL therapy <a target=\"_blank\" href=\"https:\/\/wam.ae\/en\/article\/b35ypbm-tii-burjeel-medical-city-partner-advance\" style=\"\" rel=\"noopener\">Wam<\/a> reports. The project involves two phases: first, creating a platform to identify cancer-specific antigens, and second, testing it to ensure it effectively targets these antigens. The partnership is expected to last for two years, according to the statement.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<p class=\"tag-border-left\">SUSTAINABILITY<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Emirates receives SAF from Shell Aviation at London Heathrow: <\/strong>Emirates Airlines has received over 3k tons of sustainable aviation fuel (SAF) from Shell Aviation at the London Heathrow Airport to fuel some of its flights, according to a <a target=\"_blank\" href=\"https:\/\/www.emirates.com\/media-centre\/emirates-begins-operating-with-saf-at-london-heathrow-airport\/\" style=\"\" rel=\"noopener\">statement<\/a>. The SAF is blended with standard jet fuel and will be incorporated into the airport\u2019s fuelling infrastructure and jet engines until the end of the summer. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<p class=\"tag-border-left\">DEFENSE-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Edge + Indonesia sign AED 99 <\/strong><strong>mn ammunition<\/strong><strong> agreement: <\/strong>Defense contractor Edge Group inked an AED 99 mn agreement with Indonesian state-owned defense manufacturer PT Pindad to supply it with an ammunition production line, <a target=\"_blank\" href=\"https:\/\/www.wam.ae\/en\/article\/b35d9my-edge-signs-agreement-with-pindad-for-ammunition\" style=\"\" rel=\"noopener\">Wam<\/a> reports. The ammunition facility is expected to go live in 2026.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<p class=\"tag-border-left\">IMPORTS-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>SEC sets new standards for importing petroleum: <\/strong>The Sharjah Executive Council (SEC) approved on Tuesday a guide for importing, transporting, and storing petroleum hazardous materials, in a bid to regulate the circulation and operations of petroleum products in the emirate, <a target=\"_blank\" href=\"https:\/\/wam.ae\/en\/article\/b35d9vo-sec-approves-guide-for-importing-hazardous\" style=\"\" rel=\"noopener\">Wam<\/a> reports. The guide includes lists of petroleum products, permit requirements, and transportation and storage conditions. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<p class=\"tag-border-left\">INVESTMENT-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#1- Dubai to upgrade commercial activities in the Maldives: <\/strong>Dubai's dynamic freezone community IFZA and the Maldives\u2019 Ministry of Economic Development and Trade inked an MoU yesterday to develop a special economic and financial services zone at Funadhoo Island and the Maldives Economic Gateway at Ihavandhippolhu Atoll, <a target=\"_blank\" href=\"https:\/\/wam.ae\/en\/article\/b35yp2w-ifza-government-maldives-develop-services\" style=\"\" rel=\"noopener\">Wam<\/a> reports. The agreement seeks to expand Maldivian commercial and economic activities, in a bid to enable future business, trade, and investment.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#2- The Sharjah Chamber of Commerce and Industry and the Economic Development <\/strong><strong>Board of Mauritius inked an MoU to boost trade ties<\/strong> and collaboration during the Sharjah-Mauritius Business and Investment Forum, <a target=\"_blank\" href=\"https:\/\/wam.ae\/en\/article\/b35ypw6-sharjah-chamber-hosts-business-and-investment\" style=\"\" rel=\"noopener\">Wam<\/a> reports. The pact enables visits, trade delegation exchanges, and joint participation in exhibitions and conferences.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/uae\/tag\/also-on-our-radar\/\">ALSO ON OUR RADAR<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/uae\/tag\/banking\/\">banking<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/uae\/tag\/capital-markets\/\">capital markets<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/uae\/tag\/defense\/\">defense<\/a>\n             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<\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"92067\" class=\"issue-section markets\">\n<div class=\"issue-section__content\">\n<div class=\"stories\">            <!-- Show divider before story section -->\r\n        <div \r\n            class=\"\r\n                story-section            \"\r\n            id=\"92067\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">10<\/div>\r\n\r\n                    <p class=\"f-graphik\">PLANET FINANCE<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/uae\/2024\/05\/16\/traders-send-us-stocks-to-record-high-after-promising-inflation-data\/\">\r\n                            Traders send US stocks to record high after promising inflation data                        <\/a>\r\n                    <\/h3>\r\n\r\n                    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wp-post-image\" alt=\"\" data-attachment-id=\"92068\" data-permalink=\"https:\/\/enterpriseam.com\/uae\/2024\/05\/16\/traders-send-us-stocks-to-record-high-after-promising-inflation-data\/1305-jpg-4\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/5\/1305.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"1305.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/5\/1305.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/5\/1305.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-92067\" class=\"content-area-description single-story post-92067 post type-post status-publish format-standard has-post-thumbnail hentry category-planet-finance tag-enterpriseam-uae tag-inflation tag-planet-finance tag-us-federal-reserve wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<figure class=\"wp-block-audio mb-0\"><audio controls preload=\"metadata\" src=\"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/5\/.439a8499-5de6-4428-bd23-8c36e623462b.mp3\"><\/audio><\/figure><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>One story is driving the conversation in the global business press this morning: US <\/strong><strong>stocks are at an all-time high. <\/strong>Wall Street\u2019s benchmark indexes \u2014 the S&P 500, Nasdaq, and Dow \u2014 all hit record highs last night as traders cheered data showing US consumer prices rising at a slower rate in April. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The numbers: <\/strong>US inflation cooled to 3.4% in April, coming in below analyst expectations and 0.1 percentage points below the 3.5% recorded in March, according to Bureau of Labor Statistics <a target=\"_blank\" href=\"https:\/\/www.bls.gov\/cpi\/latest-numbers.htm\" style=\"\" rel=\"noopener\">figures<\/a> released yesterday. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Traders react: <\/strong>The figure reignited trader optimism that the Federal Reserve could start cutting interest rates this year. Fed chair Jay Powell has said time and time again that the central bank will not cut rates before it ensures that the country is on a sustainable path to 2% inflation \u2014 its core target. \u201cThe news on core inflation was better than expected. Retail sales also showed some deceleration from the previously hot consumer sector. Taken together, this supports a Fed rate-cut in the fall,\u201d one analyst told <a target=\"_blank\" href=\"https:\/\/www.cnbc.com\/2024\/05\/14\/stock-market-today-live-updates.html\" style=\"\" rel=\"noopener\">CNBC<\/a>. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Where the markets settled: <\/strong>The S&P 500was up 1.2%, hitting a record 5,308. Dow Jones was up 0.9% and the tech-heavy Nasdaq jumped 1.4%. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Stocks rise, treasuries fall. <\/strong>Yields on <a target=\"_blank\" href=\"https:\/\/www.ft.com\/content\/ef0028e6-ec29-4521-80fa-2cb6531adb39\" style=\"\" rel=\"noopener\">two-year US treasuries fell<\/a> to their lowest level since early April. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<p class=\"tag-border-left\">MARKETS THIS MORNING- <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Major Asian benchmarks are all comfortably in the green this morning<\/strong>, following Wall Street\u2019s lead. Futures suggest both European and US markets are on track to open in positive territory at the opening bell today.<\/p>\n<p><a target=\"_blank\" id=\"t.5443b6fff04327df6a6808f3ae36872ea934f565\" rel=\"noopener\"><\/a><a target=\"_blank\" id=\"t.0\" rel=\"noopener\"><\/a> <\/p>\n<div class='stock-ticker-panel'>\n<table class='table stock-ticker-table markets-table'>\n<tbody>\n<tr class='tr-row-down'>\n<td class='td-list-down'>\n<p><svg class='e-icon e-TypeMarkets1'><use xlink:href='#e-TypeMarkets1'><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>ADX<\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">9,021<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">-0.4% (YTD: -5.8%)<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-down'>\n<td class='td-list-down'>\n<p><svg class='e-icon e-TypeMarkets1'><use xlink:href='#e-TypeMarkets1'><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>DFM<\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">4,093<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">-1.1% (YTD: +0.8%)<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-down'>\n<td class='td-list-down'>\n<p><svg class='e-icon e-TypeMarkets1'><use xlink:href='#e-TypeMarkets1'><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>Nasdaq Dubai UAE20<\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">3,513<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">-0.9% (YTD: -8.6%)<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-none'>\n<td class='td-list-none'>\n<p><svg class='e-icon e-TypeMarkets'><use xlink:href='#e-TypeMarkets'><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>USD : AED<\/strong><strong> CBUAE<\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">Buy 3.67<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">Sell 3.67<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-down'>\n<td class='td-list-down'>\n<p><svg class='e-icon e-TypeMarkets1'><use xlink:href='#e-TypeMarkets1'><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>EIBOR<\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">4.9% o\/n<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">5.5% 1 yr<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-down'>\n<td class='td-list-down'>\n<p><svg class='e-icon e-TypeMarkets1'><use xlink:href='#e-TypeMarkets1'><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>TASI<\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">12,103<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">-0.2% (YTD: +1.1%)<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-down'>\n<td class='td-list-down'>\n<p><svg class='e-icon e-TypeMarkets1'><use xlink:href='#e-TypeMarkets1'><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>EGX30 <\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">25,316<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">-0.1% (YTD: +1.7%)<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-up'>\n<td class='td-list-up'>\n<p><svg class='e-icon e-TypeMarkets11'><use xlink:href='#e-TypeMarkets11'><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>S&P 500<\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">5,308<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">+1.2% (YTD: +11.3%)<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-up'>\n<td class='td-list-up'>\n<p><svg class='e-icon e-TypeMarkets11'><use xlink:href='#e-TypeMarkets11'><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>FTSE 100<\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">8,446<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">+0.2% (YTD: +9.2%)<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-up'>\n<td class='td-list-up'>\n<p><svg class='e-icon e-TypeMarkets11'><use xlink:href='#e-TypeMarkets11'><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>Euro Stoxx 50<\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">5,101<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">+0.4% (YTD: +12.8%)<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-up'>\n<td class='td-list-up'>\n<p><svg class='e-icon e-TypeMarkets11'><use xlink:href='#e-TypeMarkets11'><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>Brent crude<\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">USD 82.94<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">+0.7%<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-up'>\n<td class='td-list-up'>\n<p><svg class='e-icon e-TypeMarkets11'><use xlink:href='#e-TypeMarkets11'><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>Natural gas <\/strong>(Nymex)<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">USD 2.42<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">+3.1%<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-up'>\n<td class='td-list-up'>\n<p><svg class='e-icon e-TypeMarkets11'><use xlink:href='#e-TypeMarkets11'><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>Gold<\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">USD 2,395<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">+1.5%<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-up'>\n<td class='td-list-up'>\n<p><svg class='e-icon e-TypeMarkets11'><use xlink:href='#e-TypeMarkets11'><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>BTC<\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">USD 65,831<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">+6.9% (YTD: +55.7%)<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>THE CLOSING BELL-<\/strong><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The DFM fell 1.1% yesterday<\/strong> on turnover of AED 375.9 mn. The index is up 0.8% YTD.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>In the green: <\/strong>National Industries Group Holding (+15.0%), Al Salam Bank (+2.0%) and Commercial Bank of Dubai (+2.0%).<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>In the red: <\/strong>National General Ins. Company (-10.0%), National International Holding Company (-10.0%) and Al Ramz Corporation Investment and Development (-9.1%). <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Over on the ADX<\/strong>, the index is down 0.4% on turnover of AED 1.1 bn. Meanwhile Nasdaq Dubai closed down 0.9%.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<p class=\"tag-border-left\">CORPORATE ACTIONS-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>AD Ports has tapped Al Ramz Capital as a liquidity provider <\/strong>for its listed shares on the ADX, the company stated in an <a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/5\/1208.pdf\" style=\"\" rel=\"noopener\">ADX disclosure (pdf)<\/a>. <\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/uae\/tag\/inflation\/\">inflation<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/uae\/tag\/planet-finance\/\">PLANET FINANCE<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/uae\/tag\/us-federal-reserve\/\">US Federal Reserve<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"92069\" class=\"issue-section \">\n<div class=\"issue-section__content\">\n<div class=\"stories\">            <!-- Show divider before story section -->\r\n        <div \r\n            class=\"\r\n                story-section            \"\r\n            id=\"calendar\">\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/uae\/2024\/05\/16\/92069-2\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-92069\" class=\"content-area-description single-story post-92069 post type-post status-publish format-standard hentry category-calendar wpautop entry\">\n\n\t\t\t<hr class=\"wp-block-separator has-text-color has-primary-color has-alpha-channel-opacity has-primary-background-color has-background is-style-wide\">\n\n\t\t<h2 class=\"wp-block-heading mt-0 has-primary-color has-text-color has-link-color has-normal-font-size\" style=\"padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px\">\n\t\t\t<strong> CALENDAR<\/strong>\n\t\t<\/h2>\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">MAY<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span>12-16 May (Sunday-Thursday): <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/euff.ae\/\" style=\"\">European Film Festival<\/a><\/span><span style=\"font-weight:400;\">, Cultural Foundation, Abu Dhabi. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span>14-16 May (Tuesday-Thursday): <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.theairportshow.com\/\" style=\"\">The Airport Show<\/a><\/span><span style=\"font-weight:400;\">, Dubai World Trade Centre.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">14-16 May (Tuesday-Thursday): Seamless Middle East, Dubai World Trade Centre.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span>14-16 May (Tuesday-Thursday): <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.critical-communications-world.com\/\" style=\"\">Critical Communications World 2024<\/a><\/span><span>, Dubai World Trade Centre.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">16-19 May (Thursday-Sunday): Acres Real Estate Exhibition, Dubai World Trade Centre.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span>18 May (Saturday): <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"http:\/\/www.expocitydubai.com.\/en\/things-to-do\/attractions\/expo-2020-dubai-museum\/\" style=\"\">Expo 2020 Dubai Museum<\/a><\/span><span> opening, Expo City Dubai.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span>18-26 May (Saturday-Sunday): <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.livenation.me\/auh-comedy-week\" style=\"\">Abu Dhabi Comedy Week<\/a><\/span><span style=\"font-weight:400;\">, Abu Dhabi.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span>19 May (Sunday): <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/investopia.ae\/events\/investopia-europe\/\" style=\"\">Investopia<\/a><\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/investopia.ae\/events\/investopia-europe\/\" style=\"\">Europe<\/a><\/span><span style=\"font-weight:400;\">, Milan.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">19 May (Sunday): RTA\u2019s Deadline for bids to design and build Dubai Metro's Blue Line.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">20-22 May (Monday-Wednesday): Middle East Petroleum & Gas Conference, Dubai.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span>21-23 May (Tuesday-Thursday):<\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.isnrabudhabi.com\/\" style=\"\">International Exhibition for National Security & Resilience<\/a><\/span><span style=\"font-weight:400;\">, ADNEC Centre Abu Dhabi.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span>24-25 May (Friday-Saturday): <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/thebabyexpo.com\/\" style=\"\">Baby Expo<\/a><\/span><span style=\"font-weight:400;\">, Dubai World Trade Centre. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">27-29 May (Monday-Wednesday): Arab Media Forum, Dubai.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span>30 May (Thursday):<\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/adfosummit.ae\/\" style=\"\">Abu Dhabi Family Office Summit<\/a><\/span><span style=\"font-weight:400;\">, Saadiyat Rotana Resort, Abu Dhabi.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700;\">JUNE<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span>1 June (Saturday): Deadline for TiE Women MENA Programme 2024 applications. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">2-4 June (Sunday-Tuesday): The World Air Transport Summit and International Air Transport Association (IATA)\u2019s annual general meeting, Dubai.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">4-6 June (Tuesday-Thursday): The Hotel Show, Dubai World Trade Centre.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">4-6 June (Tuesday-Thursday): INDEX, Dubai World Trade Centre.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">4-6 June (Tuesday-Thursday): WORKSPACE, Dubai World Trade Centre.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">4-6 June (Tuesday-Thursday): Leisure Show, Dubai World Trade Centre.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">5 June (Wednesday): Deadline for Sidara to resubmit or withdraw its takeover bid to John Wood Group. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span>5 June (Wednesday): <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/optimism.enterprise.news\/\" style=\"\">The Optimism Forum<\/a><\/span><span style=\"font-weight:400;\">, Cairo, Egypt.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">15 June (Saturday): Arafat day, national holiday.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">16-18 June (Sunday-Tuesday): Eid Al-Adha, national holiday.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700;\">Signposted to happen sometime in 1H 2024:<\/span><\/p>\n<ul>\n<li><span style=\"font-weight:400;\">Spinneys inaugurates its first store in KSA<\/span><\/li>\n<\/ul>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700;\">JULY<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">7 July (Sunday): Islamic new year, national holiday.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">AUGUST<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">21-22 August (Wednesday-Thursday): Dubai Business Forum in Beijing, China.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700;\">SEPTEMBER<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">9-11 September (Monday-Wednesday): World Utilities Congress, Abu Dhabi.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">28-30 September (Saturday-Monday): World Association of Nuclear Operators (WANO) Biennial General Meeting, Abu Dhabi. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700;\">OCTOBER<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">30-1 November (Wednesday-Friday): World Cities Cultural Summit, Dubai.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700;\">NOVEMBER<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">11-14 November (Monday-Thursday): ADIPEC, Abu Dhabi.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">11-14 November (Monday-Thursday): ADIPEC Maritime and Logistics Exhibition and Conference, Abu Dhabi.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">11-14 November (Monday-Thursday): ADIPEC Decarbonisation Accelerator, Abu Dhabi.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">27-28 November (Wednesday-Thursday): RAK Energy Summit, Al Hamra International Exhibition and Conference Centre, Ras Al Khaimah.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700;\">DECEMBER<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">2-3 December (Monday-Tuesday): National Day, public holiday.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span>5-8 December (Thursday-Sunday): <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/tickets.formula1.com\/en\/f1-3312-abu-dhabi?pgs=1&gad_source=1&gclid=CjwKCAjw_e2wBhAEEiwAyFFFo5lKSTphNqFv_Ectz0OzLo0NjMI0mNztBGynm9Rtn7X60C1_KW-XpBoCweIQAvD_BwE\" style=\"\">Formula 1 Etihad Airways Abu Dhabi Grand Prix<\/a><\/span><span style=\"font-weight:400;\">, Yas Marina Circuit. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span>9-10 December (Saturday-Sunday): <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/b.tc\/conference\/mena\" style=\"\">The Bitcoin Mena Conference<\/a><\/span><span style=\"font-weight:400;\">, Adnec Centre Abu Dhabi.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">10-12 December (Tuesday-Thursday): Middle East Business Aviation, Dubai World Central.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700;\">Signposted to happen sometime before the end of the year:<\/span><\/p>\n<ul>\n<li><span style=\"font-weight:400;\">Spinneys inaugurates three more stores in KSA<\/span><\/li>\n<\/ul>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700;\">Signposted to happen in 2025:<\/span><\/p>\n<ul>\n<li><span style=\"font-weight:400;\">6-11 April (Sunday-Friday): Geo-Spatial Week 2025, Dubai.<\/span><\/li>\n<li><span style=\"font-weight:400;\">3-4 June (Tuesday-Wedneday): Make-A-Wish International\u2019s Global Wish summit, Abu Dhabi.<\/span><\/li>\n<\/ul>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700;\">Signposted to happen sometime in 2028:<\/span><\/p>\n<ul>\n<li><span style=\"font-weight:400;\"> Abu Dhabi to host the 47th Chess Olympiad<\/span><\/li>\n<\/ul>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n","protected":false},"excerpt":{"rendered":"<p>Plus: Tecom plans AED 1.7 bn investments; Tabreed mulls USD 1.2 bn green bonds issuance next year; and Shorooq Partners launches new venture debt fund<\/p>\n","protected":false},"featured_media":92046,"menu_order":0,"template":"","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"footnotes":""},"categories":[],"tags":[],"class_list":["post-92045","issue","type-issue","status-publish","has-post-thumbnail","hentry","wpautop","entry"],"acf":{"mongo_id":"f064c53b-1779-4c1a-810c-f55f49198c71","teaser":"Plus: Tecom plans AED 1.7 bn investments; Tabreed mulls USD 1.2 bn green bonds issuance next year; and Shorooq Partners launches new venture debt fund","photo_url":"https:\/\/ent.news\/2024\/2\/1134.jpg"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - 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