{"id":92148,"date":"2024-05-20T00:00:00","date_gmt":"2024-05-20T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/uae\/?post_type=issue&#038;p=92148"},"modified":"2025-12-15T00:22:54","modified_gmt":"2025-12-15T00:22:54","slug":"alec-moves-forward-with-ipo-plans","status":"publish","type":"issue","link":"https:\/\/enterpriseam.com\/uae\/issues\/alec-moves-forward-with-ipo-plans\/","title":{"rendered":"Alec moves forward with IPO plans"},"content":{"rendered":"<section id=\"92150\" 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=\"92150\">\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\/20\/more-dfm-ipos-this-year\/\">\r\n                            THIS MORNING: Another DFM IPO this 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\/20\/more-dfm-ipos-this-year\/\" 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 heat will peak at 42\u00b0C on Wednesday. <strong>Dubai\u2019<\/strong>stemperature will be slightly milder<strong>,<\/strong> rising to 35\u00b0C today and tomorrow, with a peak of 37\u00b0C on Wednesday. Overnight lows in Dubai will range between 24-23\u00b0C over the next three days.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#2- Adjusted truck hours in Dubai:<\/strong> Dubai's Roads and Transport Authority has amended truck ban hours on Sheikh Mohammed bin Zayed Road, specifically in the section between Ras Al Khor Street and Sharjah in both directions, it <a target=\"_blank\" href=\"https:\/\/twitter.com\/rta_dubai\/status\/1791738319480435006\" style=\"\" rel=\"noopener\">said on X<\/a>. Trucks will be restricted from the road from 6:30-8:30am, 1-3pm, and 5:30-8pm. Truck drivers can use alternative routes, including Emirates Road, during restricted times.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><a id=\"wwtt4\"><\/a> <strong>#3- The Dubai Metro\u2019s rain-impacted Onpassive, Equiti, and Mashreq stations resume <\/strong><strong>operations starting today<\/strong>, according to the <a target=\"_blank\" href=\"https:\/\/x.com\/rta_dubai\/status\/1792266180503216444?ref_src=twsrc%5Egoogle%7Ctwcamp%5Eserp%7Ctwgr%5Etweet\" style=\"\" rel=\"noopener\">Dubai Roads and Transport Authority<\/a>. The Energy Metro Station will reopen next week.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#4- More than 400 scholarships are up for grabs for exceptional Emirati students <\/strong><strong>in <\/strong><strong>nine <\/strong><strong>Dubai private schools<\/strong>, thanks to a collaboration between the Knowledge and Human Development Authority (KHDA), the Knowledge Fund, and nine private schools, according to a <a target=\"_blank\" href=\"https:\/\/web.khda.gov.ae\/en\/About-Us\/News\/2024\/%D9%81%D8%B1%D8%B5-%D8%AA%D8%B9%D9%84%D9%8A%D9%85%D9%8A%D8%A9-%D8%A8%D8%AC%D9%88%D8%AF%D8%A9-%D8%B9%D8%A7%D9%84%D9%8A%D8%A9-%D9%84%D9%84%D8%B7%D9%84%D8%A8%D8%A9-%D8%A7%D9%84%D8%A7%D9%85%D8%A7%D8%B1%D8%A7%D8%AA%D9%8A%D9%8A%D9%86-%D8%A7%D9%84%D9%85%D8%AA%D9%85%D9%8A%D8%B2\" style=\"\" rel=\"noopener\">statement<\/a>. The Dubai Distinguished Students Programme will cover 50% of tuition fees for outstanding students in grade 4-10, including Dubai International Academy, Uptown International School, Dubai Heights Academy, and Dar Al Marefa School. Eligibility criteria can be found <a target=\"_blank\" href=\"https:\/\/web.khda.gov.ae\/en\/Participate\/Programs\/Dubai-Distinguished-Students-Programme\" style=\"\" rel=\"noopener\">here<\/a>, and the deadline to apply for a scholarship is 5 June.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#5- Applications for the Culture Ministry\u2019s latest National Grant Programme for Culture <\/strong><strong>and Creativity are open until 1 June, <\/strong>state news agency <a target=\"_blank\" href=\"https:\/\/wam.ae\/en\/article\/b35d9sq-ministry-culture-invites-emiratis-apply-for-2nd\" style=\"\" rel=\"noopener\">Wam<\/a> reports. The program, which launched in 2023, supports Emirati creatives across several fields \u2014 including books and literature, music, film and TV, and performing arts and theater \u2014 in a bid to ramp up their exposure to local, regional, and international audiences and foster home-grown talent. Professionals can submit their proposals across four categories, with the largest grant offering some AED 100k.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#6-<\/strong><strong>Dubai military personnel can soon file complaints and grievances<\/strong> through a new system established by the Dubai Government Human Resources Department, according to a <a target=\"_blank\" href=\"https:\/\/www.mediaoffice.ae\/en\/news\/2024\/may\/19-05\/dghr-grievances-and-complaints-system\" style=\"\" rel=\"noopener\">statement<\/a>. <\/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=\"wwtt2\"><\/a><strong> #1- Malaysian resort company Genting Group is considering launching integrated casino <\/strong><strong>resorts in the UAE, <\/strong>with an international tender for a casino-only development in the Middle East unlikely, Genting Chairman Lim Kok said at the company\u2019s annual meeting in April, according to a <a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/5\/1524.pdf\" style=\"\" rel=\"noopener\">bourse disclosure (pdf)<\/a>. \u201cThe company would be happy to work on an IR development in the Middle East, leveraging the company\u2019s experience in non-gaming offerings,\u201d Thay said. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>REMEMBER- The UAE is considering legalizing gambling: <\/strong>The move comes after the UAE established a federal body <a target=\"_blank\" href=\"https:\/\/wam.ae\/en\/details\/1395303192151\" style=\"\" rel=\"noopener\">last September<\/a> to regulate the gaming industry, signaling a potential shift in its stance on gambling, which is currently illegal in the UAE under Sharia law. Abu Dhabi and Ras Al Khaimah are frontrunners in rolling out casinos ahead of their neighbor Dubai, which reportedly put immediate plans to allow gambling on hold in <a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2023-11-02\/dubai-puts-casino-plans-on-backburner-as-abu-dhabi-pushes-ahead\" style=\"\" rel=\"noopener\">November<\/a>.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Not the first integrated resort landing here at home: <\/strong>High-end hotels and casinos developer Wynn Resorts <a target=\"_blank\" href=\"https:\/\/www.prnewswire.com\/ae\/news-releases\/wynn-resorts-releases-new-updated-images-of-wynn-al-marjan-island-302136239.html\" style=\"\" rel=\"noopener\">announced<\/a>&nbsp;its plans to develop a USD 3.9 bn integrated resort in Ras Al Khaimah, which will include gaming areas. The project will be the first integrated gaming resort in the MENA region, and is slated for handover in 2027.<\/p>\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=\"wwtt1\"><\/a><strong> #2-<\/strong><strong>Dubai Investments plans IPO for a subsidiary on the DFM:<\/strong> Dubai Investments expects to exit at least one of its investments this year, potentially through a listing on the DFM, Vice Chairman Khalid Ben Kalban told CNBC Arabia <a target=\"_blank\" href=\"https:\/\/www.cnbcarabia.com\/123308\/2024\/5\/15\/%D9%86%D8%A7%D8%A6%D8%A8-%D8%B1%D8%A6%D9%8A%D8%B3-%D9%85%D8%AC%D9%84%D8%B3-%D8%A5%D8%AF%D8%A7%D8%B1%D8%A9-%D8%AF%D8%A8%D9%8A-%D9%84%D9%84%D8%A7%D8%B3%D8%AA%D8%AB%D9%85%D8%A7%D8%B1-%D9%84%D9%80-CNBC-%D8%B9%D8%B1%D8%A8%D9%8A%D8%A9:-%D9%86%D8%AA%D9%88%D9%82%D8%B9-%D8%B7%D8%B1%D8%AD-%D8%B4%D8%B1%D9%83%D8%A9-%D8%B9%D9%84%D9%89-%D8%A7%D9%84%D8%A3%D9%82%D9%84-%D9%81%D9%8A-%D8%B3%D9%88%D9%82-%D8%AF%D8%A8%D9%8A-%D8%A7%D9%84%D9%85%D8%A7%D9%84%D9%8A-%D9%82%D8%A8%D9%84-%D9%86%D9%87%D8%A7%D9%8A%D8%A9-2024-?searchVal=%D8%AF%D8%A8%D9%8A\" style=\"\" rel=\"noopener\">(watch, runtime: 10:11)<\/a>. The company is reevaluating some of its investments and might opt for strategic sales alongside potential listings on the DFM. <\/p>\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- Adnoc to open US trading desk: <\/strong>Abu Dhabi National Oil Company (Adnoc) is planning to set up a trading desk in the US as part of its global expansion plans, <a target=\"_blank\" href=\"https:\/\/www.reuters.com\/markets\/uaes-adnoc-planning-us-trading-expansion-sources-say-2024-05-16\/\" style=\"\" rel=\"noopener\">Reuters<\/a> reports, citing sources familiar with the matter. The state-backed oil giant is reportedly in the process of tapping senior energy traders to oversee the US expansion. Adnoc launched a trading office in Geneva earlier this month, the sources told Reuters. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>ICYMI-<\/strong> The oil giant is mulling a <a target=\"_blank\" href=\"https:\/\/enterprise.news\/uae\/en\/news\/story\/bcadac82-4d60-45bb-8908-ab7deb30dc3f\/plenty-of-help-from-the-gov%25e2%2580%2599t-for-the-aftermath-of-the-storm#:~:text=%232%2D%20Adnoc%20eyes,beyond%20crude%20oil.\" style=\"\" rel=\"noopener\">stake acquisition<\/a> in AmeriGas, the propane distribution unit of US utility holding company UGI Corp, through its subsidiary Adnoc Distribution, a move that would mark Adnoc\u2019s entry into the US market.<\/p>\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\"><strong>#4- Work on Ras El Hekma to kick off sooner than expected:<\/strong> ADQ plans to break ground on infrastructure and construction work for its <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/b0b97fcf-95b0-4d39-86ae-0a4989221520\" style=\"\" rel=\"noopener\">Ras El Hekma<\/a> project before the end of the year, Egyptian Housing Minister Assem El Gazzar told <a target=\"_blank\" href=\"https:\/\/www.asharqbusiness.com\/article\/63908\/%D8%A8%D8%AF%D8%A1-%D8%A3%D8%B9%D9%85%D8%A7%D9%84-%D8%A7%D9%84%D8%A8%D9%86%D9%8A%D8%A9-%D8%A7%D9%84%D8%AA%D8%AD%D8%AA%D9%8A%D8%A9-%D9%81%D9%8A-%D8%B1%D8%A3%D8%B3-%D8%A7%D9%84%D8%AD%D9%83%D9%85%D8%A9-%D9%82%D8%A8%D9%84-%D9%86%D9%87%D8%A7%D9%8A%D8%A9-%D8%A7%D9%84%D8%B9%D8%A7%D9%85\/\" style=\"\" rel=\"noopener\">Asharq Business<\/a>, explaining that ADQ has already acquired the the necessary permissions and licenses. ADQ was initially expected to break ground on the project early next year. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>ICYMI: <\/strong>Egypt expects to <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/676d546d-b451-4907-bb38-61bf62d66803\/government-readies-land-transfer,-following-arrival-of-final-tranche-of%253cmark%253e-ras-el-hekma%253c%2Fmark%253e-funds\" style=\"\" rel=\"noopener\">transfer the land<\/a> for the project to the newly established Ras El Hekma for Urban Development Project Company \u201cin the coming days,\u201d Egyptian cabinet spokesman Mohamed El Homsani said earlier this week.<\/p>\n<p class=\"tag-border-left\">HAPPENING THIS WEEK- <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#1- The<\/strong><strong><a target=\"_blank\" href=\"https:\/\/commodityinsights.spglobal.com\/mpgc.html?utm_source=google&amp;utm_medium=cpc&amp;utm_campaign=q2_2024_emea_events_mpgc&amp;utm_content=advert2&amp;utm_term=conferences&amp;gclid=Cj0KCQjw_qexBhCoARIsAFgBlesc2VesT9r8VORd_K-RgkzohOU9Of4VXtk10bx42ptVJMeOi2x_gdgaAjX3EALw_wcB\" style=\"\" rel=\"noopener\"><\/a><\/strong><strong><a target=\"_blank\" href=\"https:\/\/commodityinsights.spglobal.com\/mpgc.html?utm_source=google&amp;utm_medium=cpc&amp;utm_campaign=q2_2024_emea_events_mpgc&amp;utm_content=advert2&amp;utm_term=conferences&amp;gclid=Cj0KCQjw_qexBhCoARIsAFgBlesc2VesT9r8VORd_K-RgkzohOU9Of4VXtk10bx42ptVJMeOi2x_gdgaAjX3EALw_wcB\" style=\"\" rel=\"noopener\">Middle East Petroleum and Gas Conference<\/a><\/strong><strong> kicks off today and runs until Wednesday in Dubai<\/strong>. Hosted by the Emirates National Oil Company and organized by the S&amp;P Global Commodity Insights, the theme of the conference is \u201cEvolving Core Energy Markets within a Sustainable Landscape.\u201d<\/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:\/\/challenge.dub.ai\/en\/\" style=\"\" rel=\"noopener\">The Global Prompt Engineering Championship<\/a><\/strong><strong>, the world\u2019s biggest AI prompt <\/strong><strong>challenge, will take place today and tomorrow<\/strong>, at the Emirates Towers and the Museum of the Future. The championship's final stage features 30 participants from the fields of art, literature, and coding, selected from thousands worldwide, writes <a target=\"_blank\" href=\"https:\/\/www.wam.ae\/ar\/article\/b36k4xc-dubai-hosts-world%E2%80%99s-biggest-prompt-engineering\" style=\"\" rel=\"noopener\">Wam<\/a>. They will be competing for a grand prize of AED 1 mn.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#2- The International Exhibition of National Security and Resilience<\/strong><strong><a target=\"_blank\" href=\"https:\/\/www.isnrabudhabi.com\/\" style=\"\" rel=\"noopener\">2024 Conference<\/a><\/strong><strong> is <\/strong><strong>happening on 21-22 May 2024 at Adnec Abu Dhabi<\/strong>, coinciding with the International Exhibition of National Security and Resilience, <a target=\"_blank\" href=\"https:\/\/www.wam.ae\/de\/article\/b30lt9y-isnr-2024-conference-begin-21st-may-abu-dhabi\" style=\"\" rel=\"noopener\"><\/a><a target=\"_blank\" href=\"https:\/\/www.wam.ae\/de\/article\/b30lt9y-isnr-2024-conference-begin-21st-may-abu-dhabi\" style=\"\" rel=\"noopener\">Wam<\/a> reports. The conference is set to gather top CEOs, leaders, and experts from different fields to discuss security challenges and promote strategic partnerships.<\/p>\n<p class=\"tag-border-left\">DATA POINTS-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#1- Sharjah Electricity, Water and Gas Authority connected over 1.1k projects in<\/strong><strong> Sharjah to the power grid<\/strong> in 1Q 2024, with a total capacity surpassing 109 MW, state news agency <a target=\"_blank\" href=\"https:\/\/www.wam.ae\/en\/article\/b37r04p-sewa-connects-power-1135-projects\" style=\"\" rel=\"noopener\">Wam<\/a> reports. The authority also approved 1.2k requests to install electric distribution panels for new and existing projects. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#2-<\/strong><strong>The UAE smart building market size is projected to reach AED 500<\/strong> (USD 113.8 mn) mn by 2028, growing 11.73% y-o-y over the next four years, <a target=\"_blank\" href=\"https:\/\/tinyurl.com\/2azfjs89\" style=\"\" rel=\"noopener\">Mubasher<\/a> reports, citing a study by Samsung. The value of the global smart building market is anticipated to increase to USD 408 bn, giving the UAE more than a quarter of the global market size. <\/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>Want to subscribe? <\/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<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>One story has captured the attention of the foreign press this morning: Search and <\/strong><strong>rescue operations are underway to find Iranian President Ibrahim Raisi <\/strong>and Foreign Minister Hossein Amirabdollahian after their helicopter crashed in the country\u2019s northwest. <strong>Their lives are \u201cat risk,\u201d <\/strong>according to <a target=\"_blank\" href=\"https:\/\/en.irna.ir\/news\/85482559\/More-groups-searching-to-locate-site-of-Raisi-helicopter-crash\" style=\"\" rel=\"noopener\">Iran\u2019s state news agency, Irna<\/a>.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The search is being slowed by poor weather<\/strong>, a contributing factor in the crash. The two were returning from a visit to the border with Azerbaijan, where they inaugurated a dam, media reports suggest. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Business as usual? <\/strong>Iranian Supreme Leader Ayatollah Ali Khamenei says there will be \u201cno disruption to state affairs,\u201d Reuters reports.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The story is everywhere:<\/strong> (<a target=\"_blank\" href=\"https:\/\/www.cnbc.com\/2024\/05\/19\/helicopter-iran-president-hard-landing.html\" style=\"\" rel=\"noopener\">CNBC<\/a> | <a target=\"_blank\" href=\"https:\/\/www.ft.com\/content\/1056ee5a-1e4b-4985-ab6b-63e31176bc0b\" style=\"\" rel=\"noopener\">Financial Times<\/a> | <a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2024-05-19\/air-fleet-of-iran-s-raisi-involved-in-incident-iranian-state-tv?srnd=homepage-middle-east\" style=\"\" rel=\"noopener\">Bloomberg<\/a> | <a target=\"_blank\" href=\"https:\/\/apnews.com\/article\/iran-helicopter-raisi-b483ba75e4339cfb0fe00c7349d023b8\" style=\"\" rel=\"noopener\">AP<\/a> | <a target=\"_blank\" href=\"https:\/\/www.reuters.com\/world\/middle-east\/helicopter-iranian-presidents-convoy-accident-says-strate-tv-2024-05-19\/\" style=\"\" rel=\"noopener\">Reuters<\/a>)<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The UAE is following the crash \u201cwith great concern\u201d and has offered to help with <\/strong><strong>search and rescue operations<\/strong>, according to a a <a target=\"_blank\" href=\"https:\/\/www.mofa.gov.ae\/mediahub\/news\/2024\/5\/19\/19-5-2024-uae-iran\" style=\"\" rel=\"noopener\">Foreign Ministry statement<\/a>.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>OTHER STORIES on which you\u2019ll want to keep any eye <\/strong>as the week unfolds:<\/p>\n<ul>\n<li><strong>We could see a verdict as early as this week in Donald Trump\u2019s hush-money trial <\/strong>in New York;<\/li>\n<li><strong>Boeing will send two astronauts to the space station <\/strong>tomorrow in the first crew test of its Starliner capsule;<\/li>\n<li><strong>G7 finance ministers and central bankers will meet on Thursday <\/strong>in Italy to chew over the state of the global economy.<\/li>\n<\/ul>\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<p class=\"tag-border-left\"> CIRCLE YOUR CALENDAR- <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The Dubai Business Forum in Beijing, China is set to take place between 21-22 <\/strong><strong>August<\/strong>, <a target=\"_blank\" href=\"https:\/\/www.wam.ae\/en\/article\/b30lsve-dubai-chambers-organise-dubai-business-forum-china\" style=\"\" rel=\"noopener\"><\/a><a target=\"_blank\" href=\"https:\/\/www.wam.ae\/en\/article\/b30lsve-dubai-chambers-organise-dubai-business-forum-china\" style=\"\" rel=\"noopener\">Wam<\/a> reports. Hosted by Dubai Chambers, the event aims to attract foreign direct investments by presenting investment prospects. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The<\/strong><strong><a target=\"_blank\" href=\"https:\/\/dubai.tie.org\/\" style=\"\" rel=\"noopener\"><\/a><\/strong><strong><a target=\"_blank\" href=\"https:\/\/dubai.tie.org\/\" style=\"\" rel=\"noopener\">TiE Women MENA Programme 2024<\/a><\/strong><strong> is now accepting applications until June 2024.<\/strong>The program supports women entrepreneurs across the region with mentorship, financial advice, workshops, and pitch coaching. Winners can earn up to USD 50k at the global finals and USD 25k at the finals in Dubai.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Check out our full calendar on the web<\/strong> for a comprehensive listing of upcoming news events, national holidays and news triggers.<\/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\/education\/\">Education<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/uae\/tag\/hospitality\/\">hospitality<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/uae\/tag\/ipo-watch\/\">IPO WATCH<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/uae\/tag\/tourism\/\">tourism<\/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=\"92152\" 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=\"92152\">\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\">IPO WATCH<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/uae\/2024\/05\/20\/icd-backed-alec-taps-banks-ahead-of-planned-ipo\/\">\r\n                            ICD-backed Alec taps banks ahead of planned IPO                        <\/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\/20\/icd-backed-alec-taps-banks-ahead-of-planned-ipo\/\" 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\/20\/icd-backed-alec-taps-banks-ahead-of-planned-ipo\/')\">\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\/20\/icd-backed-alec-taps-banks-ahead-of-planned-ipo\/\">\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=ICD-backed Alec taps banks ahead of planned IPO&url=https:\/\/enterpriseam.com\/uae\/2024\/05\/20\/icd-backed-alec-taps-banks-ahead-of-planned-ipo\/\">\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\/20\/icd-backed-alec-taps-banks-ahead-of-planned-ipo\/&title=ICD-backed Alec taps banks ahead of planned IPO\">\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=ICD-backed+Alec+taps+banks+ahead+of+planned+IPO+https%3A%2F%2Fenterpriseam.com%2Fuae%2F2024%2F05%2F20%2Ficd-backed-alec-taps-banks-ahead-of-planned-ipo%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\/20\/icd-backed-alec-taps-banks-ahead-of-planned-ipo\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2024\/2\/508.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"92153\" data-permalink=\"https:\/\/enterpriseam.com\/uae\/2024\/05\/20\/icd-backed-alec-taps-banks-ahead-of-planned-ipo\/508-jpg-2\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/2\/508.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"508.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/2\/508.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/2\/508.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-92152\" class=\"content-area-description single-story post-92152 post type-post status-publish format-standard has-post-thumbnail hentry category-ipo-watch tag-alec tag-enterpriseam-uae tag-icd tag-ipo tag-ipo-watch 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\/.7fdfb34d-12ca-451a-bba7-08c33a76e029.mp3\"><\/audio><\/figure><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>Construction firm Alec is moving forward with its planned IPO<\/strong>, with Dubai\u2019s main investment entity appointing Emirates NBD Capital and JPMorgan Chase as advisors, <a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2024-05-17\/dubai-said-to-pick-banks-for-ipo-of-construction-firm-alec\" style=\"\" rel=\"noopener\">Bloomberg<\/a> reports, citing people familiar with the matter. The Investment Corporation of Dubai (ICD) also tapped Moelis &amp; Co to advise on the IPO, which could take place as soon as in 2H 2024, according to the unnamed sources. The exact size and timing of the listing are still under discussion, the sources said.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>REMEMBER- <\/strong>ICD had held preliminary discussions regarding a potential IPO of Alec in <a target=\"_blank\" href=\"https:\/\/enterprise.news\/uae\/en\/news\/story\/8dcfa86d-6c4f-42e8-a876-49f89eb35c70\/more-ipo-activity-ahead\" style=\"\" rel=\"noopener\">March<\/a>. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Alec\u2019s IPO would mark Dubai\u2019s third IPO of the year<\/strong>, and the seventh company to list on the Dubai bourse as part of the government\u2019s privatization plan to list 10 state-owned companies on the bourse. Parkin debuted on the DFM in <a target=\"_blank\" href=\"https:\/\/enterprise.news\/uae\/en\/news\/story\/de573f5b-c1df-4b13-ba64-58e95fdfcffb\/parkin-share-price-rises-35%2525-on-market-debut\" style=\"\" rel=\"noopener\">March<\/a>, raising AED 1.57 bn. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>There\u2019s more in the pipeline:<\/strong> Amanat Holdings is reportedly <a target=\"_blank\" href=\"https:\/\/enterprise.news\/uae\/en\/news\/story\/a7487593-d87d-409f-8b7b-96601eda5c08\/expect-at-least-five-more-ipos-in-the-uae-this-year\" style=\"\" rel=\"noopener\">looking to list<\/a> either its education or healthcare unit, with reports that its healthcare unit could raise some USD 200 mn as soon as this year. Meanwhile, shisha producer Advanced Inhalation Rituals was said to be <a target=\"_blank\" href=\"https:\/\/www.reuters.com\/markets\/deals\/mideasts-biggest-tobacco-firm-air-invites-banks-pitch-roles-ipo-sources-2023-07-04\/\" style=\"\" rel=\"noopener\">eyeing an IPO<\/a> in 1H 2024. Over on the ADX, edtech firm <a target=\"_blank\" href=\"https:\/\/enterprise.news\/uae\/en\/news\/story\/9e6ab588-7cbe-4ef7-acfb-97819fbace7d\/alef-education-moves-forward-with-planned-ipo\" style=\"\" rel=\"noopener\">Alef Education<\/a>, <a target=\"_blank\" href=\"https:\/\/enterprise.news\/uae\/en\/news\/story\/c51b4ea9-069c-433b-a44a-d91139d4417f\" style=\"\" rel=\"noopener\">Etihad Airways<\/a>, and supermarket chain <a target=\"_blank\" href=\"https:\/\/enterprise.news\/uae\/en\/news\/story\/fa864923-b630-428a-8983-899370e1ccb4\/lulu-moves-forward-with-planned-ipo\" style=\"\" rel=\"noopener\">LuLu group<\/a> have each tapped banks to advise on their transactions.<\/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\/alec\/\">ALEC<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/uae\/tag\/icd\/\">ICD<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/uae\/tag\/ipo\/\">IPO<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/uae\/tag\/ipo-watch\/\">IPO WATCH<\/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=\"92154\" 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=\"92154\">\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\">ECONOMY<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/uae\/2024\/05\/20\/dubai-inflation-hits-six-month-high-in-april\/\">\r\n                            Dubai inflation hits six-month high in April                        <\/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\/20\/dubai-inflation-hits-six-month-high-in-april\/\" 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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This is an increase from the 3.34% rate recorded in <\/span><a target=\"_blank\" href=\"https:\/\/enterprise.news\/uae\/en\/news\/story\/981865d9-36e3-4a4e-82ed-59f3e87856a9\/dubai%253cmark%253e-inflation%253c%2Fmark%253e-mostly-flat-in-march\" rel=\"noopener\">March<\/a><span style=\"background-color: transparent;\">.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The culprits: <\/strong>Prices of housing, water, electricity, gas, and other fuels \u2014 the largest component of the basket of goods and services \u2014 increased at the highest pace this year to 6.46% during April, compared to 6.34% in March, while food and beverage inflation decelerated to 2.29% from 3.1%. Price increases from restaurants and hotels have also risen to 2.17% in April from 1.17% during the previous month.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>REMEMBER- <\/strong>Fuel prices <a target=\"_blank\" href=\"https:\/\/enterprise.news\/uae\/en\/news\/story\/44c5817d-5f3a-4219-ab2b-2a01650c4c0d\/distance-learning-is-back-tomorrow-and-after\" style=\"\" rel=\"noopener\">climbed<\/a> for the fourth consecutive month in May, marking a seven-month high. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Month-on-month, Dubai\u2019s inflation increased to 0.76% in April<\/strong>, up from 0.24% in March, according to the statistics center\u2019s <a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/5\/1427.pdf\" style=\"\" rel=\"noopener\">monthly inflation report (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\/dubai\/\">Dubai<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/uae\/tag\/economy\/\">Economy<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/uae\/tag\/inflation\/\">inflation<\/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=\"92156 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=\"92156\">\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/uae\/2024\/05\/20\/92156-2\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-92156\" class=\"content-area-description single-story post-92156 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=\"92157\" 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=\"92157\">\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\">M&amp;A WATCH<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/uae\/2024\/05\/20\/redbird-imi-completes-acquisition-of-uk-based-all3media\/\">\r\n                            RedBird IMI completes acquisition of UK-based All3Media                        <\/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\/20\/redbird-imi-completes-acquisition-of-uk-based-all3media\/\" 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\/20\/redbird-imi-completes-acquisition-of-uk-based-all3media\/')\">\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\/20\/redbird-imi-completes-acquisition-of-uk-based-all3media\/\">\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=RedBird IMI completes acquisition of UK-based All3Media&url=https:\/\/enterpriseam.com\/uae\/2024\/05\/20\/redbird-imi-completes-acquisition-of-uk-based-all3media\/\">\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\/20\/redbird-imi-completes-acquisition-of-uk-based-all3media\/&title=RedBird IMI completes acquisition of UK-based All3Media\">\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=RedBird+IMI+completes+acquisition+of+UK-based+All3Media+https%3A%2F%2Fenterpriseam.com%2Fuae%2F2024%2F05%2F20%2Fredbird-imi-completes-acquisition-of-uk-based-all3media%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\/20\/redbird-imi-completes-acquisition-of-uk-based-all3media\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2024\/1\/1922.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"92158\" data-permalink=\"https:\/\/enterpriseam.com\/uae\/2024\/05\/20\/redbird-imi-completes-acquisition-of-uk-based-all3media\/1922-jpg-8\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/1\/1922.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"1922.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/1\/1922.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/1\/1922.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-92157\" class=\"content-area-description single-story post-92157 post type-post status-publish format-standard has-post-thumbnail hentry category-ma-watch-2 tag-ma tag-ma-watch tag-redbird-imi 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\/.2e84be21-d4b0-4f95-bf52-7077491c7aa7.mp3\"><\/audio><\/figure><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>Abu Dhabi-backed RedBird IMI has completed its acquisition of UK media company <\/strong><strong><a target=\"_blank\" href=\"https:\/\/all3media.com\/\" style=\"\" rel=\"noopener\">All3Media<\/a><\/strong><strong> from Warner Bros and Liberty <\/strong>for GBP 1.5 bn, according to a <a target=\"_blank\" href=\"https:\/\/www.globenewswire.com\/news-release\/2024\/05\/16\/2883615\/0\/en\/RedBird-IMI-Completes-Acquisition-of-Global-Production-Company-All3Media.html\" style=\"\" rel=\"noopener\">statement<\/a>. The acquisition was approved by regulators in the US, UK, and Germany. RedBird IMI head and former CNN Global President Jeff Zucker will now chair All3Media's board, with group CEO Jane Turton and COO Sara Geater retaining their roles.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>REFRESHER-<\/strong> RedBird IMI finalized an agreement to acquire All3Media from Warner Bros and Liberty earlier in <a target=\"_blank\" href=\"https:\/\/enterprise.news\/uae\/en\/news\/story\/59fd8189-c9c8-4b2e-be27-d38eee0f4ee7\/redbird-imi-to-gain-control-over-barclay-family%25e2%2580%2599s-uk-assets-as-collateral\" style=\"\" rel=\"noopener\">February<\/a>. The acquisition is the group's fifth and largest acquisition to date, and comes after RedBird IMI formally withdrew its bid to acquire British papers, the Telegraph and Spectator at the <a target=\"_blank\" href=\"https:\/\/enterprise.news\/uae\/en\/news\/story\/f40ccdb9-f78b-4a85-a743-93705a67283a\/%253cmark%253eredbird-imi%253c%2Fmark%253e-to-auction-off-telegraph-and-spectator-rights-amid-uk-government-opposition\" style=\"\" rel=\"noopener\">start of the month<\/a>, following months of <a target=\"_blank\" href=\"https:\/\/enterprise.news\/uae\/en\/news\/story\/7d6aa889-9246-47cc-a6b8-c8a1ece9d79e\/more-rainfall-coming-this-week\" style=\"\" rel=\"noopener\">opposition from the UK government<\/a>.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>About All3Media: <\/strong>All3Media is the largest independent production company in the UK, with 50 production labels and a distribution catalog of over 30k hours under its management. The company has a global presence in the UK, US, Germany, Netherlands, Belgium, and New Zealand, and produces 4k hours annually for several platforms.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>ADVISORS-<\/strong><strong>RedBird Advisors<\/strong> acted as financial advisor to RedBird IMI and RedBird Capital Partners, while <strong>Gibson, Dunn &amp; Crutcher<\/strong> acted as its legal advisor. <strong>JP Morgan<\/strong> acted as financial advisor to Warner Bros and Liberty Global, and <strong>DLA Piper<\/strong> acted as their legal advisor.<\/p>\n<p class=\"tag-border-left\">OTHER M&amp;A NEWS-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Abu Dhab-based electrical equipment manufacturer&nbsp;<\/strong><strong><a target=\"_blank\" href=\"https:\/\/electra.ae\/\" style=\"\" rel=\"noopener\">Electra Investment Holding<\/a><\/strong><strong> submitted a voluntary purchase offer for up to a 24.5% stake in Egypt\u2019s Elsewedy Electric, <\/strong>according to a <a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/5\/1423.pdf\" style=\"\" rel=\"noopener\">statement (pdf)<\/a> by Egypt\u2019s Financial Regulatory Authority, which is currently studying the offer. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The details:<\/strong> Electra wants to acquire at least 15% of the company, and has offered to pay a USD 1.05 a pop \u2014 marking a premium of c. 11% to Elsewedy Electric\u2019s Sunday share price of EGP 44.41, according to our math. This gives the potential transaction \u2014 assuming Electra acquires the full 24.5% stake \u2014 a value of USD 558.1 mn. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Current ownership:<\/strong> The Elsewedy family currently holds over 68% of the company\u2019s shares. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Advisors: <\/strong>EFG Hermes is Electra\u2019s sole financial advisor for the transaction, an informed source told Enterprise.<\/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\/ma\/\">M&amp;A<\/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\/redbird-imi\/\">Redbird IMI<\/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=\"92159\" 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=\"92159\">\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\">ECONOMY<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/uae\/2024\/05\/20\/sp-maintained-sharjahs-sovereign-credit-rating-with-a-stable-outlook\/\">\r\n                            S&amp;P maintained Sharjah\u2019s sovereign credit rating with a stable outlook                        <\/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\/20\/sp-maintained-sharjahs-sovereign-credit-rating-with-a-stable-outlook\/\" 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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S&amp;P also affirmed the emirate\u2019s transfer and convertibility assessment \u2014 S&amp;P\u2019s view on the likelihood that a non-sovereign entity could face restricted access to FX, to ensure the sovereign has the ability to meet debt requirements \u2014 at AA+.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The rationale:<\/strong> The ratings agency held the ratings steady anticipating \u201cfiscal deficits to gradually narrow over 2024-2027, owing to the government's revenue-enhancing measures, the UAE-wide implementation of corporate tax, and favorable economic growth prospects in Sharjah.\u201d<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Sharjah faces the risk of a downgrade<\/strong> \u201cif net general government debt [continues] to rise, for example due to delays in implementing the fiscal consolidation plan or weaker economic growth. This could then further increase the government's already high debt-service costs,\u201d the ratings agency said. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The ratings agency has revised its forecast for the emirate\u2019s GDP growth in 2025 and through 2027<\/strong> on the back of \u201cstrong private-sector activity,\u201d according to S&amp;P. The ratings agency maintained its growth outlook for 2024 at 2.5%, but said it expects the emirate\u2019s GDP to grow at a 2.7% clip in 2025, 3.0% in 2026, and 3.0% in 2027. This is an upgrade from the <a target=\"_blank\" href=\"https:\/\/enterprise.news\/uae\/en\/news\/story\/6345d715-6b01-46f4-9fed-056b5810d144\/s&amp;p-affirms%253cmark%253e-sharjah%253c%2Fmark%253e%25e2%2580%2599s-credit-rating-%2B-t&amp;c-assessment%3B-outlook-stable#:~:text=The%20ratings%20agency%20sees%20the%20emirate%E2%80%99s%20GDP%20growing%20at%20a%202.5%25%20clip%20in%202024%20and%20a%202.0%25%20clip%20in%20each%20of%202025%20and%202026%2C%20while%20GDP%20per%20capita%20will%20grow%20between%201.0%2D1.5%25%20through%202026.\" style=\"\" rel=\"noopener\">previously penciled in<\/a> 2.0% growth forecast for each of 2025 and 2026.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Sharjah\u2019s economy is \u201crelatively diverse,\u201d<\/strong> S&amp;P said, expecting the emirate\u2019s five biggest sectors \u2014 construction, wholesale and retail trade, real estate activities, manufacturing, and financial services \u2014 to support the growth. <\/p>\n<p class=\"tag-border-left\"> OTHER KEY INDICATORS- <\/p>\n<ul>\n<li>The<strong> budget deficit<\/strong> will narrow to 5.7% this year;<\/li>\n<li><strong>Debt<\/strong> will fall to 55% of GDP this year before inching up to 60% in 2027<strong>; <\/strong><\/li>\n<li><strong>GDP per capita<\/strong> is expected to grow between 1.5-2.0% through 2027. <\/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\/debt\/\">debt<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/uae\/tag\/economy\/\">Economy<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/uae\/tag\/gdp\/\">GDP<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/uae\/tag\/sp-global\/\">S&amp;P Global<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/uae\/tag\/sharjah\/\">Sharjah<\/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=\"92161\" 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=\"92161\">\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\">MANUFACTURING<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/uae\/2024\/05\/20\/zero-gravity-to-launch-usd-300-mn-ev-facility-in-abu-dhabi\/\">\r\n                            Zero Gravity to launch USD 300 mn EV facility in Abu Dhabi                        <\/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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decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2024\/5\/1489.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"92162\" data-permalink=\"https:\/\/enterpriseam.com\/uae\/2024\/05\/20\/zero-gravity-to-launch-usd-300-mn-ev-facility-in-abu-dhabi\/1489-jpg-2\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/5\/1489.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"1489.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/5\/1489.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/5\/1489.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-92161\" class=\"content-area-description single-story post-92161 post type-post status-publish format-standard has-post-thumbnail hentry category-manufacturing tag-automotive tag-enterpriseam-uae tag-evs tag-manufacturing 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\/.f28d069b-ddb2-4f2a-a14c-60811c98ad9e.mp3\"><\/audio><\/figure><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>Zero Gravity + China\u2019s Nanjing Golden Dragon Bus to electrify UAE\u2019s buses:&nbsp;<\/strong>UAE-based AI and tech company <a target=\"_blank\" href=\"https:\/\/0g.ae\/\" style=\"\" rel=\"noopener\">Zero Gravity<\/a> has partnered with China's <a target=\"_blank\" href=\"http:\/\/www.njgdbus.com\/\" style=\"\" rel=\"noopener\">Nanjing Golden Dragon Bus<\/a> to manufacture EVs and motors in Abu Dhabi, <a target=\"_blank\" href=\"https:\/\/www.alkhaleej.ae\/2024-05-19\/%D8%B2%D9%8A%D8%B1%D9%88-%D8%AC%D8%B1%D8%A7%D9%81%D9%8A%D8%AA%D9%8A-%D8%A7%D9%84%D8%A5%D9%85%D8%A7%D8%B1%D8%A7%D8%AA%D9%8A%D8%A9-%D8%AA%D8%B9%D8%AA%D8%B2%D9%85-%D8%AA%D8%B5%D9%86%D9%8A%D8%B9-%D8%AD%D8%A7%D9%81%D9%84%D8%A7%D8%AA-%D9%88%D9%85%D8%B1%D9%83%D8%A8%D8%A7%D8%AA-%D9%88%D9%85%D8%AD%D8%B1%D9%83%D8%A7%D8%AA-%D8%AE%D8%B6%D8%B1%D8%A7%D8%A1-%D8%A8%D8%B5%D9%81%D8%B1-%D8%A7%D9%86%D8%A8%D8%B9%D8%A7%D8%AB%D8%A7%D8%AA-%D9%83%D8%B1%D8%A8%D9%88%D9%86%D9%8A%D8%A9\" style=\"\" rel=\"noopener\">Al Khaleej<\/a> reported on Sunday. The project is expected to kick off in three months, Al Khaleej said.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The details: <\/strong>Zero Gravity plans to invest USD 300 mn in a facility that will produce long-range electric buses and vehicles, equipped with advanced safety systems as well as motors to electrify existing vehicles. The project aims to reduce reliance on imported EVs, cut carbon emissions, and support the local economy.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>What they said:<\/strong> \u201cThrough this large-scale project, Zero Gravity aims to convert bus engines, including school buses, from traditional fuel engines to electric engines, in addition to manufacturing public transport buses and other electric vehicles,\u201d CEO of Zero Gravity Tariq Al Hosani said. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>About Zero Gravity: <\/strong>Zero Gravity is an Abu Dhabi-based corporation that offers services including IT solutions, broadcasting, event management, cybersecurity, gifting and printing solutions, security and telecommunications, and civil works, according to its <a target=\"_blank\" href=\"https:\/\/0g.ae\/\" style=\"\" rel=\"noopener\">website<\/a>.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The UAE is electrifying its transportation fleets:<\/strong> The UAE\u2019s DP World and autonomous and electric freight mobility outfit Einride inked an agreement to <a target=\"_blank\" href=\"https:\/\/enterprise.news\/climate\/en\/news\/story\/d74bd14e-3fde-4b52-ad65-a9277f85ca66\/dp-world-%2B-einride-launch-the-region%25e2%2580%2599s-largest-electric-freight-fleet\" style=\"\" rel=\"noopener\">deploy 100 electric trucks<\/a> at Jebel Ali Port last week. Abu Dhabi\u2019s Integrated Transport Center (ITC) also <a target=\"_blank\" href=\"https:\/\/enterprise.news\/climate\/en\/news\/story\/fecd1cf3-57ab-48be-bb08-0f90f1a1ffb3\/abu-dhabi-teams-up-with-sweden%25e2%2580%2599s-einride-to-establish-a-new-electrified-transit-network\" style=\"\" rel=\"noopener\">inked an agreement<\/a> with Einride to establish a network deploying 1k all-electric heavy-duty trucks in February. <\/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\/automotive\/\">automotive<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/uae\/tag\/evs\/\">EVs<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/uae\/tag\/manufacturing\/\">MANUFACTURING<\/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=\"92163\" 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=\"92163\">\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\">SPOTLIGHT<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/uae\/2024\/05\/20\/behind-swvls-turnaround\/\">\r\n                            How Swvl turned profits and boosted its share price in 2023                        <\/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\/20\/behind-swvls-turnaround\/\" 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\/20\/behind-swvls-turnaround\/')\">\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\/20\/behind-swvls-turnaround\/\">\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=Behind Swvl\u2019s turnaround&url=https:\/\/enterpriseam.com\/uae\/2024\/05\/20\/behind-swvls-turnaround\/\">\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\/20\/behind-swvls-turnaround\/&title=Behind Swvl\u2019s turnaround\">\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=Behind+Swvl%E2%80%99s+turnaround+https%3A%2F%2Fenterpriseam.com%2Fuae%2F2024%2F05%2F20%2Fbehind-swvls-turnaround%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\/20\/behind-swvls-turnaround\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2024\/5\/1527.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"92164\" data-permalink=\"https:\/\/enterpriseam.com\/uae\/2024\/05\/20\/behind-swvls-turnaround\/1527-jpg-3\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/5\/1527.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"1527.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/5\/1527.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/5\/1527.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-92163\" class=\"content-area-description single-story post-92163 post type-post status-publish format-standard has-post-thumbnail hentry category-spotlight tag-ipo tag-startup-watch 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\/.4d4b31cf-362a-4b68-ab97-2dad642c3b06.mp3\"><\/audio><\/figure><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>Since its IPO in 2022, Egypt-founded and Dubai-based mass transit app Swvl has weathered many <\/strong><strong>headwinds.<\/strong> The startup went public on Nasdaq through a special purpose acquisition company (SPAC) <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/bfbf590f-581d-4b49-96b3-3ac733bb7fe3\" style=\"\" rel=\"noopener\">merger<\/a> at a time when blank check firms fell out of favor amid market volatility. The startup saw its share price tumble to below USD 1.00, prompting Nasdaq to <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/ac07b86a-07be-44f0-be51-1af93200926c\/volt-lines-confirms-swvl-breakup-%2B%253cmark%253e-reverse%253c%2Fmark%253e%253cmark%253e-stock%253c%2Fmark%253e%253cmark%253e-split%253c%2Fmark%253e-boosts-swvl-share-price\" style=\"\" rel=\"noopener\">send it delisting warnings<\/a> and Swvl to implement a reverse stock split. The startup, which had been <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/e504eb63-85c9-42c0-941a-8c2f7a4f1ac0\/with-a-long-road-to-profitability,-a-rethink-of-the-traditional-ride-hailing-business-model-is-in-order\" style=\"\" rel=\"noopener\">investing aggressively<\/a> into expansions in Europe and Latin America, also went on a cost-cutting spree and shifted its business model to become profitable within a year.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The reverse stock split worked for its share price: <\/strong>Reverse stock splits reduce the number of shares in circulation, boosting the share price. Swvl\u2019s 1-for-25 reverse split merged 25 ordinary shares into a single share. <strong>Its share price has risen 838.9% over the past six months<\/strong>. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>It also pursued new investments,<\/strong> agreeing to <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/addc2e8a-de27-437c-96ad-85867ad6e68f\" style=\"\" rel=\"noopener\">sell USD 20 mn-worth of new shares<\/a> in 2022 to an institutional investor in a private placement. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>And the restructuring and cost-cutting strategy boosted profitability.<\/strong> The Nasdaq-listed startup <a target=\"_blank\" href=\"https:\/\/enterprise.news\/uae\/en\/news\/story\/9de5d538-0e28-462e-808a-33893f21a647\/%253cmark%253eswvl%253c%2Fmark%253e-swings-to-profitability-in-2023\" style=\"\" rel=\"noopener\">turned to the black<\/a> in 2023, with a net income of USD 3.1 mn, bouncing back from the USD 123.6 mn in net loss in 2022. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>We spoke with Mostafa Kandil (<\/strong><strong><a target=\"_blank\" href=\"https:\/\/www.linkedin.com\/in\/mostafaeissakandil\/?originalSubdomain=eg\" style=\"\" rel=\"noopener\">LinkedIn<\/a><\/strong><strong>), CEO and founder of Swvl,<\/strong> to learn more about Swvl\u2019s turnaround, the strategies it implemented to turn to profitability, and its upcoming expansion plans. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Edited excerpts from our conversation:<\/strong><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Covid-19 and the Russia-Ukraine war hit the startup hard: <\/strong>Swvl lost over 90% of its business due to pandemic-related disruptions, Kandil said. To add salt to the wound, one of its largest investors \u2014 an American investor \u2014 had huge exposure to Russia and was forced to dump Swvl shares when the Russia-Ukraine war hit. \u201cThis had nothing to do with our performance, because everything that we promised, we were delivering on,\u201d Kandil said, adding that they were even \u201cover-delivering.\u201d <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The IPO didn\u2019t go exactly as planned: <\/strong>By the time the Securities and Exchange Commission approved Swvl\u2019s SPAC merger \u2014 which took eight months \u2014 the war had hit and market volatility had been at its peak, Kandil said. The transaction saw an 85% redemption rate, \u201cwhich means we only received 15% [of the proceeds] we expected to receive,\u201d former CFO Youssef Salem <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/e504eb63-85c9-42c0-941a-8c2f7a4f1ac0\/with-a-long-road-to-profitability,-a-rethink-of-the-traditional-ride-hailing-business-model-is-in-order\" style=\"\" rel=\"noopener\">told Enterprise<\/a> previously. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Plus: Emerging markets, which were Swvl\u2019s largest markets, saw economic headwinds + <\/strong><strong>currency depreciation: <\/strong>\u201cThe average currency basket of the markets we had a foothold in was devalued by 60%,\u201d Kandil said. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>That is when the layoffs came in. \u201c<\/strong>We realized we needed to be profitable with significantly lower funding than anticipated from the SPAC merger,\u201d Kandil said. The company exited several markets by selling off a number of its subsidiaries and laying off 50% of its global workforce as part of its portfolio optimization strategy. <\/p>\n<p style=\"border-right-style:solid;border-top-width:0pt;border-left-style:solid;orphans:2;text-align:left;padding:0;margin:0;border-right-width:0pt;line-height:1.15;border-left-width:0pt;border-top-style:solid;border-bottom-width:0pt;border-bottom-style:solid;widows:2\"><strong>Dire times call for drastic action:<\/strong> \u201cThe company let go of offices and the management team had to take pay cuts,\u201d he added. Some markets it decided to exit indefinitely while others would see operations paused and potentially resumed later, he said. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>\u201cWe had to exit from countries like Kenya, where we did not see potential to get to 40% <\/strong><strong>margins<\/strong>, the purchasing power was small, and there was constant depreciation of the currency,\u201d he explained. The startup also took the difficult decision of shutting down in <a target=\"_blank\" href=\"https:\/\/www.wamda.com\/2022\/11\/swvl-slashes-50-cent-workforce-shuts-operations-pakistan#:~:text=SWVL%20has%20also%20shut%20down,markets%20including%20Egypt%20and%20Mexico.\" style=\"\" rel=\"noopener\">Pakistan<\/a>. \u201cThere were constant currency devaluations, the country's outlook was unstable, and we did not foresee an opportunity to get into really high margins there, which was our primary focus,\u201d he said. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Now, its focus is purely on MENA and developed markets. <\/strong>\u201cWith the market here [in the region] being cashflow positive, we decided to use the MENA market as a launchpad to other geographies, which we are doing today,\u201d Kandil said. \u201cOur plan is to expand in developed markets like North America and Europe,\u201d he said, adding the GCC to his list. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>ICYMI-<\/strong> Before the startup was hit with headwinds, Swvl had expanded into Europe with its acquisition of Barcelona-based mobility platform <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/af5d2162-bf47-45d2-b982-46314e364512\" style=\"\" rel=\"noopener\">Shotl<\/a>. It also took a <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/9ff7b137-c8e9-4f0f-b7d8-1eccf7e7cf63\" style=\"\" rel=\"noopener\">controlling stake in transit company Viapool<\/a>, which operates in Argentina and Chile, as well as Mexico\u2019s <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/53e17b15-78b9-421a-81f5-9d3d5ee0227d\/swvl-is-entering-mexico-with-another-acquisition\" style=\"\" rel=\"noopener\">Urbvan Mobility<\/a>, and entered Central Europe with its acquisition of <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/a69885d2-afc6-4a1c-8aef-016b926777d5\" style=\"\" rel=\"noopener\">German company Door2Door<\/a>. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The startup had already shrunk its operations in the UAE earlier <\/strong>since it was \u201cvery efficient and did not have room for us,\u201d he said, but Kandil said it now plans to expand existing contracts and see more returns from its UAE business. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Its shift towards B2B and B2G also helped: <\/strong>Swvl had initially launched with a B2C business model, but B2B and B2G now comprise over 78% of its business, Kandil said<strong>. <\/strong>\u201cThe reason for this shift was that we realized our users are taking two daily commutes mostly to work or to school and back home,\u201d he explained. \u201cOur thought process was, what if we do not spend on marketing or retaining users, but rather focus on signing up the entities\u2019 users for commutes instead of onboarding person by person, [and achieve] a better customer lifetime value to customer acquisition cost ratio,\u201d he said. This shift proved very successful, Kandil added. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Swvl now has a diverse portfolio spanning schools, universities, corporates, factories, <\/strong><strong>call centers, and warehouses. <\/strong>Neither one of its industries make up more 20% of its total revenues, Kandil explained, <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Swvl\u2019s plan for this year is to reinvest in the business and continue to be cashflow positive<\/strong> in the markets where it operates, Kandil said. \u201cIn 2024, we plan to be slightly profitable, while reinvesting in building the team, building sales, and developing the product,\u201d he said. The startup is planning expansions in the Gulf, US, and Europe, and is looking at ways to fund them, he added. \u201cInvestors are not expecting Swvl to make meaningful profits at the current scale, but expectations are to scale up while maintaining profitability,\u201d he said. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>2025 could be the year Swvl reaps the benefits of its efforts:<\/strong> \u201cWe do not expect to post high income gains in 2024 but by 2025 the results should pay off, as we expand and grow the business more,\u201d he said. <\/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\/ipo\/\">IPO<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/uae\/tag\/startup-watch\/\">STARTUP WATCH<\/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=\"92165\" 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=\"92165\">\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\/20\/mubadala-reaches-aed-1-1-tn-in-assets-under-management-takaful-emarat-posts-1q-results\/\">\r\n                            Mubadala reports 2023 annual report + Takaful Emarat posts 1Q results                        <\/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\/20\/mubadala-reaches-aed-1-1-tn-in-assets-under-management-takaful-emarat-posts-1q-results\/\" 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\/20\/mubadala-reaches-aed-1-1-tn-in-assets-under-management-takaful-emarat-posts-1q-results\/')\">\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\/20\/mubadala-reaches-aed-1-1-tn-in-assets-under-management-takaful-emarat-posts-1q-results\/\">\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=Mubadala reaches AED 1.1 tn in assets under management + Takaful Emarat posts 1Q results&url=https:\/\/enterpriseam.com\/uae\/2024\/05\/20\/mubadala-reaches-aed-1-1-tn-in-assets-under-management-takaful-emarat-posts-1q-results\/\">\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\/20\/mubadala-reaches-aed-1-1-tn-in-assets-under-management-takaful-emarat-posts-1q-results\/&title=Mubadala reaches AED 1.1 tn in assets under management + Takaful Emarat posts 1Q results\">\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=Mubadala+reaches+AED+1.1+tn+in+assets+under+management+%2B+Takaful+Emarat+posts+1Q+results+https%3A%2F%2Fenterpriseam.com%2Fuae%2F2024%2F05%2F20%2Fmubadala-reaches-aed-1-1-tn-in-assets-under-management-takaful-emarat-posts-1q-results%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\/20\/mubadala-reaches-aed-1-1-tn-in-assets-under-management-takaful-emarat-posts-1q-results\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2024\/3\/1981.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"92166\" data-permalink=\"https:\/\/enterpriseam.com\/uae\/2024\/05\/20\/mubadala-reaches-aed-1-1-tn-in-assets-under-management-takaful-emarat-posts-1q-results\/1981-jpg-3\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/3\/1981.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"1981.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/3\/1981.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/3\/1981.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-92165\" class=\"content-area-description single-story post-92165 post type-post status-publish format-standard has-post-thumbnail hentry category-earnings-watch tag-earnings-watch tag-enterpriseam-uae tag-investment tag-investment-watch tag-mubadala tag-takaful-emarat 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\/.1a25197e-311e-4f75-a823-4a977feb25bc.mp3\"><\/audio><\/figure><p class=\"tag-border-left\">MUBADALA- <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>Mubadala\u2019s assets under management rose 9.5% y-o-y to AED 1.11 tn in <\/strong><strong>2023<\/strong>, making it the second largest state fund in Abu Dhabi, after the Abu Dhabi Investment Authority, it said in its <a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/5\/1430.pdf\" style=\"\" rel=\"noopener\">annual report (pdf)<\/a>. Mubadala racked up AED 99 bn in proceeds during the year, down 6.6% y-o-y on the back of \u201cdivestments of certain legacy assets and capital recycling into priority investment areas.\u201d The state investor\u2019s portfolio split remained relatively stable, with 38% in private equity, 25% in public markets, and 16% in real estate and infrastructure.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Mubadala logged a five-year rate of return of 10.3%, <\/strong>up nearly two percentage points from 8.5% in the previous year. Some AED 30 bn were issued to refinance maturing debt and support the investor\u2019s growth plans, including an inaugural USD 750 mn green bond issuance last <a target=\"_blank\" href=\"https:\/\/wam.ae\/en\/details\/1395303214572\" style=\"\" rel=\"noopener\">October<\/a>, which was 9.1x oversubscribed.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Mubadala is expected to take a credit hit due to loans to Signa: <\/strong>Mubadala\u2019s Mamoura Diversified Global Holding expects a AED 1.16 bn credit hit on the back of loans issued to the Austrian Signa real estate conglomerate, which <a target=\"_blank\" href=\"https:\/\/www.reuters.com\/markets\/deals\/signa-development-files-insolvency-with-13-bln-debts-ksv-2023-12-29\/\" style=\"\" rel=\"noopener\">filed for insolvency<\/a> at the end of last year following recent turmoil in European property markets, according to Mamoura\u2019s <a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/5\/1520.pdf\" style=\"\" rel=\"noopener\">financials (pdf)<\/a>. Mubadala <a target=\"_blank\" href=\"https:\/\/www.reuters.com\/markets\/europe\/troubled-european-property-giant-signa-dissolves-two-top-oversight-bodies-2023-12-21\/\" style=\"\" rel=\"noopener\">had filed claims<\/a> for EUR 713 mn against Signa and its founder, Rene Benko, but the claims were rejected in arbitration proceedings.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The fund shelled out AED 89 bn in sectors including AI, technology, digital infrastructure, life sciences, clean energy, and private credit. <\/strong>Mubadala earmarked USD 2.5 bn to its newly established JV with Apollo Global Management, and USD 1 bn to its <a target=\"_blank\" href=\"https:\/\/www.mubadala.com\/en\/news\/ares-management-and-mubadala-announce-creation-joint-venture\" style=\"\" rel=\"noopener\">JV with Ares Management<\/a>. It also <a target=\"_blank\" href=\"https:\/\/www.mubadala.com\/en\/news\/mubadala-invests-in-aligned-data-centers-a-pan-american-data-center-company\" style=\"\" rel=\"noopener\">invested<\/a> in leading pan-Americas data center company Aligned, in a strategic bid to steer investments towards North America, Asia, and Europe.<\/p>\n<p class=\"tag-border-left\">TAKAFUL EMARAT-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Takaful Emarat posted a net loss of AED 8.9 mn in 1Q 2024<\/strong>, according to the company\u2019s <a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/5\/1438.pdf\" style=\"\" rel=\"noopener\">financial statements (pdf)<\/a>. The ins. company\u2019s revenues increased 77% y-o-y to AED 84 mn, according to the statement.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The company attributed its 2024 net loss to several factors<\/strong>, including struggling margins and high medical claims expenses in the medical ins. portfolio, lower investment returns, unsuccessful tech investments, the <a target=\"_blank\" href=\"https:\/\/gulfnews.com\/business\/banking\/uae-insurers-salama-and-takaful-emarat-call-off-merger-talks-1.1676528204215\" style=\"\" rel=\"noopener\">termination of<\/a><a target=\"_blank\" href=\"https:\/\/gulfnews.com\/business\/banking\/uae-insurers-salama-and-takaful-emarat-call-off-merger-talks-1.1676528204215\" style=\"\" rel=\"noopener\">a planned merger<\/a> with Salama, asset revaluations, and bad debt write-offs, a <a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/5\/1433.pdf\" style=\"\" rel=\"noopener\">DFM filing (pdf)<\/a> reads.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>ICYMI- Takaful Emarat has kicked off a capital restructuring that will see it increase its capital by AED 185 mn. <\/strong>It has already received in-principle approval from the Central Bank of the UAE. <\/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\/earnings-watch\/\">EARNINGS WATCH<\/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\/investment-watch\/\">INVESTMENT 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                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/uae\/tag\/takaful-emarat\/\">Takaful Emarat<\/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=\"92167\" 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=\"92167\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">9<\/div>\r\n\r\n                    <p class=\"f-graphik\">STARTUP WATCH<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/uae\/2024\/05\/20\/revent-secures-usd-900k-in-a-pre-seed-funding-round\/\">\r\n                            Revent secures USD 900k in a pre-seed funding round                        <\/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\/20\/revent-secures-usd-900k-in-a-pre-seed-funding-round\/\" 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\/20\/revent-secures-usd-900k-in-a-pre-seed-funding-round\/')\">\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\/20\/revent-secures-usd-900k-in-a-pre-seed-funding-round\/\">\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=Revent secures USD 900k in a pre-seed funding round&url=https:\/\/enterpriseam.com\/uae\/2024\/05\/20\/revent-secures-usd-900k-in-a-pre-seed-funding-round\/\">\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\/20\/revent-secures-usd-900k-in-a-pre-seed-funding-round\/&title=Revent secures USD 900k in a pre-seed funding round\">\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=Revent+secures+USD+900k+in+a+pre-seed+funding+round+https%3A%2F%2Fenterpriseam.com%2Fuae%2F2024%2F05%2F20%2Frevent-secures-usd-900k-in-a-pre-seed-funding-round%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\/20\/revent-secures-usd-900k-in-a-pre-seed-funding-round\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2024\/2\/1344.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"92168\" data-permalink=\"https:\/\/enterpriseam.com\/uae\/2024\/05\/20\/revent-secures-usd-900k-in-a-pre-seed-funding-round\/1344-jpg-6\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/2\/1344.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"1344.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/2\/1344.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/2\/1344.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-92167\" class=\"content-area-description single-story post-92167 post type-post status-publish format-standard has-post-thumbnail hentry category-startup-watch tag-enterpriseam-uae tag-startup-watch tag-venture-capital 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\/.3f011eea-392c-4bac-bd46-5740fce25d13.mp3\"><\/audio><\/figure><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>Dubai-based electronics platform <\/strong><strong><a target=\"_blank\" href=\"https:\/\/revent.store\/\" style=\"\" rel=\"noopener\">Revent<\/a><\/strong><strong> raised USD 900k in a pre-seed round<\/strong>, according to a <a target=\"_blank\" href=\"https:\/\/www.wamda.com\/2024\/05\/revent-raises-900000-pre-seed-bolster-ksa-expansion-plans\" style=\"\" rel=\"noopener\">press release<\/a>. The round was led by US-based venture capital firm <a target=\"_blank\" href=\"https:\/\/www.techstars.com\/\" style=\"\" rel=\"noopener\">Techstars<\/a> and a group of angel investors in e-commerce. The funds will go towards constructing a self-service platform for businesses as well as expanding Revent's clientele in Saudi Arabia.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>About Revent:<\/strong> Co-founded by Baldeep Singh (<a target=\"_blank\" href=\"https:\/\/ae.linkedin.com\/in\/singhbaldeep\" style=\"\" rel=\"noopener\">LinkedIn<\/a>) and Dhananjay Choubey (<a target=\"_blank\" href=\"https:\/\/www.linkedin.com\/in\/dhananjay-choubey-%D8%AF%D8%A7%D9%86%D8%A7%D9%86%D8%AC%D8%A7%D9%8A-67509914\/?originalSubdomain=sa\" style=\"\" rel=\"noopener\">LinkedIn<\/a>) in 2022, Revent offers pre-owned devices to SMEs on a monthly subscription basis across the UAE and Saudi Arabia. \u201cRevent offers devices at up to 40% lower cost of ownership to businesses compared to traditional options and that is one of the reasons for rapid growth of the company,\u201d Techstars managing director Vijay Tirathrai said.<\/p>\n\n\t<\/div><!-- 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data-attachment-id=\"92171\" data-permalink=\"https:\/\/enterpriseam.com\/uae\/2024\/05\/20\/dubai-ai-cluster-is-now-online\/1505-jpg\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/5\/1505.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"1505.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/5\/1505.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/5\/1505.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-92170\" class=\"content-area-description single-story post-92170 post type-post status-publish format-standard has-post-thumbnail hentry category-also-on-our-radar tag-ai tag-also-on-our-radar tag-banking tag-business tag-dubai-international-financial-center tag-enterpriseam-uae tag-healthcare tag-ports tag-real-estate tag-sustainability tag-transport 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\/.ced138a6-441e-4204-a848-4964b500afcc.mp3\"><\/audio><\/figure><p class=\"tag-border-left\">AI-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>Dubai inaugurates the region\u2019s biggest AI Cluster: <\/strong>Dubai\u2019s Crown Prince Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum has opened the first phase of the Dubai AI Campus cluster at the Innovation Hub in the Dubai International Financial Center, <a target=\"_blank\" href=\"https:\/\/wam.ae\/en\/article\/b37r0g6-hamdan-bin-mohammed-inaugurates-dubai-campus\" style=\"\" rel=\"noopener\">Wam<\/a> writes. The campus is the region\u2019s biggest AI-dedicated cluster, offering co-working spaces to tech startups, high computing capabilities through <a target=\"_blank\" href=\"https:\/\/www.nvidia.com\/en-us\/data-center\/dgx-platform\/\" style=\"\" rel=\"noopener\">Nvidia\u2019s DGX platform<\/a>, and accelerator programs.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The progress so far: <\/strong>The initial phase of the cluster features over 75 registered businesses. The second phase is anticipated to expand to over 100k sqft, up from the current 10k sqft, accommodating an additional 500 companies and generating over 3k jobs by 2028.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Some of the perks: <\/strong>Companies will be able to form partnerships with the cluster\u2019s leading tech partners including Amazon Web Services, HP, Microsoft, Oracle and Nvidia. Businesses in the cluster will also benefit from the DIFC's new <a target=\"_blank\" href=\"https:\/\/enterprise.news\/uae\/en\/news\/story\/0e71a3a8-c7b5-4426-ba5b-5a1b63759de5\/difc-enacts-new%253cmark%253e-digital%253c%2Fmark%253e%253cmark%253e-assets%253c%2Fmark%253e-regime\" style=\"\" rel=\"noopener\">Digital Assets Law<\/a>, which provides a clear legal framework for the use of digital assets. <\/p>\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- PureHealth launched a mental health platform dubbed Sakina<\/strong>, according to the <a target=\"_blank\" href=\"https:\/\/www.mediaoffice.abudhabi\/en\/health\/purehealth-launches-comprehensive-mental-health-services-platform-sakina\/\" style=\"\" rel=\"noopener\">Abu<\/a><a target=\"_blank\" href=\"https:\/\/www.mediaoffice.abudhabi\/en\/health\/purehealth-launches-comprehensive-mental-health-services-platform-sakina\/\" style=\"\" rel=\"noopener\">Dhabi Media Office<\/a>. The Sakina network will feature 34 satellite clinics, two mental health hubs, two specialized neurodiversity centers, and nine integrated clinics, with over 500 clinical professionals, according to the statement. PureHealth\u2019s AI-enabled app, Pura, will also offer tertiary care provision, and will allow users to monitor and track their health. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#2- Abu Dhabi to scale up emergency medicine: <\/strong>Abu Dhabi\u2019s Department of Health inked an agreement with the International Federation for Emergency Medicine (IFEM) to advance emergency medicine in Abu Dhabi, focusing on swapping up-to-date experiences and technologies, according to the <a target=\"_blank\" href=\"https:\/\/www.mediaoffice.abudhabi\/en\/health\/department-of-health-abu-dhabi-and-international-federation-for-emergency-medicine-partner-to-advance-emergency-medicine-in-the-emirate\/\" style=\"\" rel=\"noopener\">Abu Dhabi Media Office<\/a>. IFEM inaugurated its first regional office in Abu Dhabi as part of the agreement.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#3- Abu Dhabi\u2019s DoH also inked an agreement with Roche Middle East on the sidelines of <\/strong><strong>Abu Dhabi Global Healthcare Week <\/strong>to develop real-world data collection frameworks in Abu Dhabi, in a bid to ramp up innovation, health services, and treatment available to patients, and strengthen the emirate\u2019s research network, <a target=\"_blank\" href=\"https:\/\/wam.ae\/en\/article\/b375krs-doh-roche-sign-mou-enhance-research-clinical\" style=\"\" rel=\"noopener\">Wam<\/a> reports. The agreement will see the entities embark on potential evidence-generation activities to monitor rare, priority diseases, and deploy real-world data to study spinal muscular atrophy and Duchenne Muscular Dystrophy in Abu Dhabi.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#4- Attentive Science sets up Abu Dhabi HQ: <\/strong>Non-clinical research organization Attentive Science has established its regional headquarters in Masdar City as part of its global expansion strategy, <a target=\"_blank\" href=\"https:\/\/www.wam.ae\/en\/article\/b375kdc-masdar-city-chosen-middle-east-for-attentive\" style=\"\" rel=\"noopener\">Wam<\/a> reports. The research organization cited the Department of Health\u2019s \u201cinviting and very active support,\u201d as well as the rapid growth of the life science ecosystem in Abu Dhabi as key factors in its decision to choose the emirate for its regional HQ.<\/p>\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>UAE and China mull clean energy and water cooperation: <\/strong>Dubai Electricity and Water Authority CEO Saeed al Tayer met with a delegation from Chinese state-owned engineering company PowerChina on Friday to discuss cooperation in the energy and water sectors, focusing on renewable energy projects, smart grid solutions, water infrastructure development, and joint R&amp;D initiatives, according to the <a target=\"_blank\" href=\"https:\/\/www.mediaoffice.ae\/en\/news\/2024\/may\/17-05\/dewa-and-powerchina-discuss\" style=\"\" rel=\"noopener\">Dubai Media Office<\/a>.<\/p>\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>Renewables giant Acwa Power has received the commercial operation certificate to <\/strong><strong>begin operating Phase C of the USD 570 mn <\/strong><strong><a target=\"_blank\" href=\"https:\/\/acwapower.com\/en\/projects\/shuaa-energy-3-pv\/\" style=\"\" rel=\"noopener\">900 MW Shuaa Energy 3<\/a><\/strong><strong> solar project <\/strong>in Dubai \u2014 a part of <a target=\"_blank\" href=\"https:\/\/www.dewa.gov.ae\/en\/about-us\/strategic-initiatives\/mbr-solar-park\" style=\"\" rel=\"noopener\">Mohammed bin Rashid Al Maktoum (MBR) solar park<\/a> in the UAE, it said in a <a target=\"_blank\" href=\"https:\/\/www.saudiexchange.sa\/wps\/portal\/saudiexchange\/newsandreports\/issuer-news\/issuer-announcements\/issuer-announcements-details\/!ut\/p\/z1\/jZDLDoJADEW_hQVbWlEQ3WEUjI-IEgPOxgyKIwkwBEeJf--AK4yv7tqee3tTIBACyektYVQkPKep7HfE3Bu2ifrUwpXr6BNcO4PRejxxOzjvQdAG0PcMCXjL7gI36KIJ5B89figbf-vJV8TtvwJvIjbAlwwzICzl0fMfdh51LQakjE9xGZfatZTjsxDFZaiiilVVaYxzlsbagWcqvpOc-UVA2CZrrnZpTAQ90uqaSjWRq4Lmd_-eRVwe0tHSoci2ISZeFljC2NmK8gBpJKDB\/dz\/d5\/L0lDU0NRa2dwUXBRa0tDbEVLQ2xFS0lLVVFvZ3BSSWshL1lEVUVBQUFJSUVNRUNLSUVBR0lHT0lPSUJKRkpGQkpORE5EQk5MTEhMSFBJRUVMQWdvZ292QXNDQUEhIS80SkNpaksxYkdMamlFRXBNaFNUVVU1Q21tb1pyZHJMWnpVODF1MWxzRnFLVlZHS0EvWjdfNUE2MDJIODBPMEhUQzA2MFNHNlVUODFEUTYvWjZfNUE2MDJIODBPMEhUQzA2MFNHNlVUODFESTMvdmlldy9ub3JtYWwvQU5OT1VOQ0VNRU5UX05VTUJFUi84MDEyMi9jb21wYW55U3ltYm9sLzIwODIvaHR0cDolMCUwdGFkYXd1bCUwL2FubkNhdC8xL2FuSWQvZW4!\/\" style=\"\" rel=\"noopener\">disclosure to Tadawul<\/a>. Phase C will have a capacity of 300 MW. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>REMEMBER- <\/strong>The MBR solar park, which is the world\u2019s largest single-site solar park using the independent power producer (IPP) model, will have a production capacity of 5 GW by 2030 and will help slash 6.5 mn tons of carbon emissions annually upon completion. The project \u2014 which will be constructed by India\u2019s Larsen &amp; Toubro\u2019s (L&amp;T) construction arm \u2014 is expected to kick off operations in phases between 4Q 2024 and 2026.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>A look at ownership: <\/strong>Shuaa Energy 3 is a <a target=\"_blank\" href=\"https:\/\/www.linkedin.com\/company\/shuaa-energy-3\/?originalSubdomain=ae\" style=\"\" rel=\"noopener\">special purpose vehicle (SPV)<\/a> set up to develop the fifth phase of the MBR solar park. Dubai state utility Dewa owns a 60% stake and is the sole off-taker of power, while Acwa Power holds a 24% stake. The Gulf Investment Corporation holds the remaining 16%.<\/p>\n<p class=\"tag-border-left\">CUSTOMS- <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>V<\/strong><strong>irtual Corridors Cargo Movement System launched in Abu Dhabi: <\/strong>Abu Dhabi Customs has launched the first phase of the Virtual Corridors Cargo Movement System, which will facilitate the movement of duty-suspended goods between customs ports, freezones, and bonded warehouses in the emirate, according to a <a target=\"_blank\" href=\"https:\/\/www.mediaoffice.abudhabi\/en\/economy\/abu-dhabi-customs-launches-first-phase-of-virtual-corridors-cargo-movement-system-in-the-emirate\/\" style=\"\" rel=\"noopener\">statement<\/a> released on Thursday. The first phase covers shipments and goods being transported from Khalifa Port to companies and private customs warehouses established in Khalifa Economic Zones Abu Dhabi (Kezad), according to the statement.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>How it works:<\/strong> The system requires input of details about the shipments, including information from the manifest or bill of lading, according to the statement. Once the application is approved, a cargo transfer certificate is issued instantly, and the shipment can be tracked through an electronic customs seal, according to the statement. <\/p>\n<p class=\"tag-border-left\">BUSINESS-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The Sharjah Chamber of Commerce has inked <\/strong><strong>a MoU<\/strong><strong> with Lithuania to establish the <\/strong><strong>UAE-Lithuanian Business Council<\/strong>, <a target=\"_blank\" href=\"https:\/\/wam.ae\/en\/article\/b375l61-sharjah-lithuania-explore-enhancing-economic\" style=\"\" rel=\"noopener\">Wam<\/a> reports. The council aims to boost and bolster bilateral trade between the countries. <\/p>\n<p class=\"tag-border-left\">PORTS-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#1- Noatum expands into Turkey: <\/strong>AD Ports subsidiary Noatum Logistics has opened a Noatum Maritime office in Turkey, a <a target=\"_blank\" href=\"https:\/\/www.adportsgroup.com\/en\/news-and-media\/2024\/05\/17\/noatum-launches-maritime-services-in-turkey\" style=\"\" rel=\"noopener\">press release<\/a> reads. The office will offer integrated services across the maritime operation chain locations in Istanbul and Izmir.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#2-<\/strong><strong>Arabian Chemical Terminals in Abu Dhabi (ACTAD) has kicked off operations at its <\/strong><strong>new chemical tank storage terminal in Khalifa Port<\/strong>, in a bid to assist local industries in importing and exporting liquid chemicals, according to a <a target=\"_blank\" href=\"https:\/\/www.businesswire.com\/news\/home\/20240515922771\/en\/\" style=\"\" rel=\"noopener\">press release<\/a>. The terminal features 40 tanks with a total storage capacity of 100k cubic meters, a 500 sqm warehouse for dangerous goods and provisions for drums and IBCs filling, and an independently third-party laboratory for sampling and testing. <\/p>\n<p class=\"tag-border-left\">TRANSPORT-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#1- The Integrated Transport Centre (Abu Dhabi Mobility) has completed its project to <\/strong><strong>upgrade the Sheikh Zayed tunnel\u2019s lighting system, <\/strong>replacing over 5k interior lights with LEDs, aiming to cut consumption by around 17% and improve operational efficiency to 90%, according to a <a target=\"_blank\" href=\"https:\/\/www.mediaoffice.abudhabi\/en\/transport\/abu-dhabi-mobility-completes-retrofit-project-to-enhance-clean-energy-systems-at-sheikh-zayed-tunnel\/\" 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>#2- Dubai\u2019s Roads and Transport Authority is set to build a 13.5 km multi-use track <\/strong><strong>connecting Al Sufouh to Dubai Hills via Hessa Street<\/strong>, according to an RTA <a target=\"_blank\" href=\"https:\/\/www.rta.ae\/wps\/portal\/rta\/ae\/home\/news-and-media\/all-news\/NewsDetails\/constructing-13.5-km-multi-use-track-for-bicycles-scooters-and-pedestrians\" style=\"\" rel=\"noopener\">statement<\/a>. The multifunction track is set to service cyclists, scooter riders, and pedestrians. The project includes widening Hessa Street from two to four lanes in each direction, doubling its capacity to 16k vehicles per hour. <\/p>\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>SIB joins Haifin: <\/strong>Sharjah Islamic Bank (SIB) has joined e&amp; tech solutions arm e&amp; Enterprise\u2019s Haifin platform, as part of the bank\u2019s long-term strategy to invest in new banking technologies for improved risk management and security, <a target=\"_blank\" href=\"https:\/\/wam.ae\/en\/article\/b38cg1n-sharjah-islamic-bank-joins-haifin-platform-combat\" style=\"\" rel=\"noopener\">Wam<\/a> reports. Haifin uses blockchain and AI to verify trade finance transactions and prevent potential fraud.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>REFRESHER-<\/strong> e&amp; Enterprise rebranded its blockchain trading platform <a target=\"_blank\" href=\"https:\/\/uaetradeconnect.ae\/\" style=\"\" rel=\"noopener\">UAE Trade Connect<\/a> to Haifin earlier in <a target=\"_blank\" href=\"https:\/\/enterprise.news\/uae\/en\/news\/story\/fecf4771-62f9-4c89-b677-7328bf2443fe\/e-bikes-from-terra-%2B-aramex.-plus:-new-data-centers-%2B-luxury-yacht-manufacturing\" style=\"\" rel=\"noopener\">March<\/a>. The platform now has a total of 14 members.<\/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\/ai\/\">AI<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\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\/business\/\">business<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/uae\/tag\/dubai-international-financial-center\/\">Dubai International Financial Center<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/uae\/tag\/healthcare\/\">Healthcare<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/uae\/tag\/ports\/\">Ports<\/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\/sustainability\/\">sustainability<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/uae\/tag\/transport\/\">transport<\/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=\"92172\" 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=\"92172\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">11<\/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\/20\/latest-inflation-data-sends-usd-rally-into-reverse\/\">\r\n                            Latest inflation data sends USD rally into reverse                        <\/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\/20\/latest-inflation-data-sends-usd-rally-into-reverse\/\" 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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Traders now expect the Fed to deliver two quarter-point rate cuts in 2024.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The USD reacts: <\/strong>Reignited optimism for a cut has sent the USD rally into reverse, with the greenback expected to record its first down month of 2024.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>US stocks are at an all time high:<\/strong> The weakening USD has helped drive up US stock markets, with Wall Street\u2019s benchmark indexes \u2014 the S&amp;P 500, Nasdaq and Dow \u2014 all hitting <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/cc953b09-0ff1-4985-a4df-372db5abc962\/traders-send-us-stocks-to-record-high-after-promising-inflation-data\" style=\"\" rel=\"noopener\">record highs last week<\/a>.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Don\u2019t celebrate yet:<\/strong> \u201cWe are at a turning point but we are going to faff around here for some indeterminate period of time, \u201da foreign exchange strategist at Soci\u00e9t\u00e9 G\u00e9n\u00e9rale told the FT. 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.<\/p>\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>Asian markets are solidly in the green this morning<\/strong>, tracking last week\u2019s gains on Wall Street, and both US and European equities futures ticked slightly higher overnight.<\/p>\n<p><a target=\"_blank\" id=\"t.e99c75cc180db1d135ecdf102dab69d7b01c47fe\" 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-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>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\">9,042<\/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\">0.0% (YTD: -5.6%)<\/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\">4,068<\/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: +0.2%)<\/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\">3,490<\/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\">-0.6% (YTD: -9.2%)<\/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-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>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\">5.0% 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-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>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\">12,198<\/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\">0.0% (YTD: +1.9%)<\/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>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\">27,316<\/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\">+4.5% (YTD: +9.7%)<\/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&amp;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\">5,303<\/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: +11.2%)<\/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>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\">8,420<\/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: +8.9%)<\/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>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\">5,064<\/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: +12.0%)<\/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 83.98<\/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%<\/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 (Nymex)<\/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 2.63<\/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\">+5.3%<\/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>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 2,417<\/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\">+1.3%<\/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>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 66,211<\/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: +56.5%)<\/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 0.4% yesterday<\/strong> on turnover of AED 406.4 mn. The index is up 0.2% 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>Dubai Refreshment Company (+15.0%), Aramex (+7.8%) and Watania International Holding (+(4.4%).<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>In the red: <\/strong>Agility (-10.0%), Al Salam Sudan (-3.2%) and Mashreqbank (-2.8%). <\/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 stayed flat on turnover of AED 963.5 mn. Meanwhile Nasdaq Dubai dropped 0.6%.<\/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\/interest-rates\/\">interest rates<\/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                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"92174\" 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\/20\/92174-2\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-92174\" class=\"content-area-description single-story post-92174 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 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>20-21 May (Monday-Tuesday): <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/challenge.dub.ai\/en\/\" style=\"\">The Global Prompt Engineering Championship<\/a><\/span><span style=\"font-weight:400;\">, 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 <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/dubai.tie.org\/\" style=\"\">TiE Women MENA Programme 2024<\/a><\/span><span style=\"font-weight:400;\"> 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 style=\"font-weight:400;\">10 June (Monday) Alpha Dhabi holds shareholder vote on the sale of a 49% stake in Alpha Dhabi Construction to ADQ. <\/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-Wednseday): 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>RedBird IMI buys All3Media | Dubai inflation hits six-month high | How Swvl turned profits in 2023<\/p>\n","protected":false},"featured_media":92149,"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-92148","issue","type-issue","status-publish","has-post-thumbnail","hentry","wpautop","entry"],"acf":{"mongo_id":"dc357713-1c86-473c-8754-d643af44d5b5","teaser":"RedBird IMI buys All3Media | Dubai inflation hits six-month high | How Swvl turned profits in 2023","photo_url":"https:\/\/ent.news\/2024\/3\/1775.jpg"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - 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