{"id":92292,"date":"2024-05-23T00:00:00","date_gmt":"2024-05-23T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/uae\/?post_type=issue&#038;p=92292"},"modified":"2025-12-15T00:25:29","modified_gmt":"2025-12-15T00:25:29","slug":"adnoc-drilling-to-sell-5-5-stake","status":"publish","type":"issue","link":"https:\/\/enterpriseam.com\/uae\/issues\/adnoc-drilling-to-sell-5-5-stake\/","title":{"rendered":"Adnoc Drilling to sell 5.5% stake"},"content":{"rendered":"<section id=\"92294\" 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=\"92294\">\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\/23\/pakistani-pm-lands-in-the-uae-today\/\">\r\n                            THIS MORNING: Pakistani PM lands in the UAE today + Alpha Dhabi terminates talks for Metito acquisition                        <\/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\/23\/pakistani-pm-lands-in-the-uae-today\/\" 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 order book was 2.8x oversubscribed, allowing the lender to tighten the net income rate to a little over 5.4% annually, at a spread of 100 basis points (bps) over US treasuries. The sukuk is part of a broader USD 2.5 bn certificate issuance program.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>ICYMI-<\/strong> The lender was on track to raise USD 750 from its debut sustainability-linked sukuk <a target=\"_blank\" href=\"https:\/\/enterprise.news\/uae\/en\/news\/edition\/am\/e1189319-daba-4555-9112-20c6d9991800\/fab-closes-in-on-acquisition-of-turkey%25e2%2580%2599s-yapi-kredi\" style=\"\" rel=\"noopener\">earlier this week<\/a>, after the issuance attracted some USD 1.9 bn in orders. The lender narrowed the price guidance for the five-year sustainability sukuk to 100 bps from an <a target=\"_blank\" href=\"https:\/\/www.xm.com\/ar\/research\/markets\/allNews\/reuters\/emirates-islamic-bank-starts-selling-sustainability-sukuk-document-says-53842850\" style=\"\" rel=\"noopener\">initial price guidance<\/a> of 130 bps over US Treasuries.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>AND- The Central Bank of the UAE\u2019s (CBUAE) AED-denominated T-Sukuk auction was 8.9x <\/strong><strong>oversubscribed<\/strong>, pooling AED 9.81 bn in bids, <a target=\"_blank\" href=\"https:\/\/www.wam.ae\/en\/article\/b3a4qmy-islamic-t-sukuk-auction-received-bids-worth-aed981\" style=\"\" rel=\"noopener\">Wam<\/a> reports, citing the Finance Ministry. The three- and five-year tranches saw strong demand, with the T-Sukuk sold at 5 bps over US treasuries.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Background:&nbsp;<\/strong>The CBUAE launches regular AED-denominated Shariah-compliant sukuk auctions in a bid to strengthen the local currency\u2019s yield curve in capital markets. More information on the program is available <a target=\"_blank\" href=\"https:\/\/mof.gov.ae\/local-currency-islamic-sukuk-issuance\/\" style=\"\" rel=\"noopener\">here<\/a>. <\/p>\n<p class=\"tag-border-left\">HAPPENING TODAY- <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <a id=\"wwtt2\"><\/a> <strong>#1- Pakistani Prime Minister Shehbaz Sharif will be in the UAE today on his first visit <\/strong><strong>since his election<\/strong>, the Pakistani embassy in the UAE <a target=\"_blank\" href=\"https:\/\/x.com\/PakinUAE_\/status\/1793324329112863084?ref_src=twsrc%5Egoogle%7Ctwcamp%5Eserp%7Ctwgr%5Etweet\" style=\"\" rel=\"noopener\">said on X<\/a>. A delegation of key cabinet ministers will join him as he meets UAE President Mohamed bin Zayed Al Nahyan, with the two heads of state expected to discuss cooperation on trade and investment. The PM will also likely hold meetings with other Emirati \u201cdignitaries, businesspersons, and heads of financial institutions.\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:\/\/cabsat.com\/\" style=\"\" rel=\"noopener\">CABSAT<\/a><\/strong><strong> is on its second day at the Dubai World Trade Centre<\/strong>, before wrapping tomorrow. The three-day event will welcome over 18k industry professionals and media markets to explore business prospects across content, broadcast, satellite, media, and entertainment.<\/p>\n<p class=\"tag-border-left\">HAPPENING NEXT WEEK- <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#1- President Sheikh Mohamed bin Zayed Al Nahyan will head to South Korea on a <\/strong><strong>two-day visit next Tuesday, 28 May,<\/strong> at the invitation of South Korean President Yoon Suk Yeol, <a target=\"_blank\" href=\"https:\/\/wam.ae\/en\/article\/b3a4qe7-uae-president-commence-state-visit-republic-korea\" style=\"\" rel=\"noopener\">Wam<\/a> reports. The state leaders will discuss ramping up cooperation in trade, investment, energy, and technology, in addition to regional and international developments.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#2- CBUAE will hold AED 15 bn m-bill auction: <\/strong>The Central Bank of the UAE (CBUAE) will auction four m-bills worth up to AED 15 bn Monday, 27 May, according to a <a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/5\/1850.pdf\" style=\"\" rel=\"noopener\">statement (pdf)<\/a>. Three of the m-bills are tap issuances, with the four having tenors ranging from 28 to 280 days.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Decoding central bank speak:<\/strong> M-bills are short-term securities issued in AED by the CBUAE at no interest. The bonds typically have maturity dates of one to 12 months and are not retrievable through any other listing. A tap issuance allows the CBUAE to more finely control money supply by allowing it the flexibility to continue selling bills past the initial auction date.<\/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\"><strong>#1- Growing domestic&nbsp;<\/strong><strong>consumption&nbsp;<\/strong><strong>and the increased use of modern technologies will see the UAE continue to grow this year<\/strong>, Chief Investment Officer for the Global Family and Institutional Wealth at UBS Maximilian Kunkel said on the sidelines of a roundtable, according to <a target=\"_blank\" href=\"https:\/\/wam.ae\/en\/article\/b3a4qt2-uae-economy-maintain-its-positive-trajectory\" style=\"\" rel=\"noopener\">Wam<\/a>. The roundtable came ahead of the launch of the UBS <a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/5\/1822.pdf\" style=\"\" rel=\"noopener\">Global Family Office report (pdf)<\/a>. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The UAE is reaping the benefits of expanding support for startups,<\/strong> Kunkel noted, highlighting the growth of startups in fields such as technology and innovation, which has drawn interest from international investors.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><a id=\"wwtt3\"><\/a> <strong>#2- Alpha Dhabi u-turns on Metito acquisition:<\/strong> Investment holding company Alpha Dhabi has called off its plan to acquire a majority stake in Dubai-based utility Metito Holdings, after terminating talks without citing the reason, the firm said in a <a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/5\/1837.pdf\" style=\"\" rel=\"noopener\">disclosure (pdf)<\/a>.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Background:<\/strong> Alpha Dhabi Holding had planned to acquire a majority stake in water management solutions provider Metito in <a target=\"_blank\" href=\"https:\/\/enterprise.news\/climate\/en\/news\/story\/d6aef2bd-7490-4c9b-9dc1-d616cc274ba2\" style=\"\" rel=\"noopener\">September 2023<\/a>. The transaction \u2014which was pending regulatory approvals at the time \u2014 aimed to help Metito finance its plans to expand its smart water solutions across the MENA region.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#3- UAE vows to prioritize safety in AI development:<\/strong> State AI group G42 and Abu Dhabi's Technology Innovation Institute pledged to ensure the secure advancement of their AI models, as part of a <a target=\"_blank\" href=\"https:\/\/www.gov.uk\/government\/news\/historic-first-as-companies-spanning-north-america-asia-europe-and-middle-east-agree-safety-commitments-on-development-of-ai\" style=\"\" rel=\"noopener\">landmark international agreement<\/a> on AI safety signed during the Seoul AI Safety Summit.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>AI developers have committed to releasing safety frameworks<\/strong> detailing how they will tackle challenges in their cutting-edge models, including preventing misuse, <a target=\"_blank\" href=\"https:\/\/www.cnbc.com\/2024\/05\/21\/tech-giants-pledge-ai-safety-commitments-including-a-kill-switch.html?&amp;qsearchterm=emirates\" style=\"\" rel=\"noopener\">CNBC<\/a> reports. These frameworks will establish red lines for risks like cyberattacks and bioweapon threats, with plans for a \u201ckill switch\u201d if mitigation fails.<\/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- The Zayed National Museum Abu Dhabi and Guggenheim Abu Dhabi are slated for <\/strong><strong>completion by next year<\/strong>, the <a target=\"_blank\" href=\"https:\/\/www.thenationalnews.com\/arts-culture\/art-design\/2024\/05\/22\/guggenheim-sheikh-zayed-museum-abu-dhabi\/\" style=\"\" rel=\"noopener\">National<\/a> writes. Abu Dhabi's tourism department has announced that construction of all key \u201cassets\u201d in the Saadiyat Cultural District is nearly finished, which includes the Natural History Museum Abu Dhabi and team Lab Phenomena Abu Dhabi.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#5- Gov\u2019t to introduce incentives for green industrial practices? <\/strong>The Federal National Council (FNC) has proposed establishing new regulatory packages, including incentives and exemptions for green economic and industrial activities, with an eye to supporting economic growth and sustainability, <a target=\"_blank\" href=\"https:\/\/wam.ae\/en\/article\/b3a4qsy-fnc-recommends-developing-regulatory-frameworks\" style=\"\" rel=\"noopener\">Wam<\/a> reports. The recommendations also include a proposal to improve the legislative framework to support the industrial sector, which contributed AED 197 bn to the economy in 2023. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>What\u2019s next?<\/strong> The FNC\u2019s recommendations will be reviewed by the Financial, Economic, and Industrial Affairs Committee ahead of being resubmitted for approval and forwarded to the government.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>***<br \/><\/strong><strong>DID YOU KNOW that we also cover <\/strong><strong><a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/user\/news-letters\" style=\"\" rel=\"noopener\">Egypt<\/a><\/strong><strong> and <\/strong><strong><a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\/user\/news-letters\" style=\"\" rel=\"noopener\">Saudi Arabia<\/a><\/strong><strong>?<\/strong><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Were you forwarded this email? <\/strong><a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\/user\/news-letters\" style=\"\" rel=\"noopener\">Tap or click here<\/a> to get your own copy of EnterpriseAM UAE delivered every weekday before 7am UAE time \u2014 without charge, thanks to our friends at Mashreq.<br \/><strong>***<\/strong><\/p>\n<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 is on every front page this morning: <\/strong>AI darling-of-the-moment Nvidia.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The chipmaker\u2019s <\/strong><strong><a target=\"_blank\" href=\"https:\/\/nvidianews.nvidia.com\/news\/nvidia-announces-financial-results-for-first-quarter-fiscal-2025\" style=\"\" rel=\"noopener\">1Q 2024 earnings<\/a><\/strong><strong> showed that sales had more than tripled to USD 20 <\/strong><strong>bn<\/strong>, topping analyst estimates and prompting many of them to suggest that the AI boom has legs. Net income was up almost 7x \u2014 sending its stock to a record USD 1,004 in after-hours trading. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Why does it matter? <\/strong>\u201cNvidia\u2019s results have become a way for investors to gauge the strength of the AI boom that has transfixed markets in recent months,\u201d <a target=\"_blank\" href=\"https:\/\/www.cnbc.com\/2024\/05\/22\/nvidia-nvda-earnings-report-q1-2025-.html\" style=\"\" rel=\"noopener\">CNBC writes<\/a>. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>MEANWHILE- Saudi Arabia and the US could be \u201cweeks away\u201d from a wide-ranging set of <\/strong><strong>accords <\/strong>that Washington hopes will pave the path for Riyadh to normalize relations with Israel. On the agenda are pacts on security and defense and nuclear power, <a target=\"_blank\" href=\"https:\/\/www.reuters.com\/world\/blinken-says-us-saudi-pacts-could-be-weeks-away-completion-2024-05-22\/\" style=\"\" rel=\"noopener\">Reuters<\/a> reports, while EnterpriseAM Saudi also expects there to be an agreement on artificial intelligence and advanced technologies.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>AND- Ireland, Norway, and Spain have said they will formally recognize the state <\/strong><strong>of Palestine. <\/strong>The <a target=\"_blank\" href=\"https:\/\/www.irishtimes.com\/ireland\/2024\/05\/22\/irish-recognition-of-palestinian-state-widely-welcomed-but-criticised-by-israel-and-its-supporters\/\" style=\"\" rel=\"noopener\">Irish Times<\/a> has more.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>ALSO- An early UK general election: <\/strong>A very wet UK Prime Minister Rishi Sunak called a general election for 4 July, ending months of speculation about when he would make the call. The elections are likely to mark a turning point in the UK government, with the Conservatives likely to lose to the opposition Labour Party \u2014 this would mark the end of a 14-year of Conservatives in power. (<a target=\"_blank\" href=\"https:\/\/www.reuters.com\/world\/uk\/rishi-sunak-calls-uk-national-election-july-4-2024-05-22\/\" style=\"\" rel=\"noopener\">Reuters<\/a> | <a target=\"_blank\" href=\"https:\/\/www.theguardian.com\/politics\/article\/2024\/may\/22\/why-has-the-uk-pm-called-a-general-election-whats-at-stake-and-what-happens-now\" style=\"\" rel=\"noopener\">The Guardian<\/a> | <a target=\"_blank\" href=\"https:\/\/apnews.com\/article\/uk-election-speculation-rishi-sunak-bcc72f7f262086e9b20f7dd80f88c91f\" style=\"\" rel=\"noopener\">AP<\/a>)<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>WORTH READING THIS MORNING- <\/strong>Reuters is out with an investigative piece on how <strong><a target=\"_blank\" href=\"https:\/\/www.reuters.com\/investigates\/special-report\/climate-change-loans\/\" style=\"\" rel=\"noopener\">wealthy<\/a><\/strong><strong><a target=\"_blank\" href=\"https:\/\/www.reuters.com\/investigates\/special-report\/climate-change-loans\/\" style=\"\" rel=\"noopener\">nations are capitalizing on climate funding<\/a><\/strong> to developing nations, while the Wall Street Journal looks at the <strong><a target=\"_blank\" href=\"https:\/\/www.wsj.com\/business\/highest-paid-ceo-2023-charts-0d65be3b\" style=\"\" rel=\"noopener\">highest-paid CEOs in America<\/a><\/strong> last year. <\/p>\n<div class=\"row\">\n<div class=\"col-md-12 subscribe-box-panel\">\n<div class=\"\">\n<div class=\"title\">\n<h4 class=\"fw-lighter mb-10\">   Get <b style=\"font-weight: 700\">Enterprise<\/b> daily   <\/h4>\n<\/p><\/div>\n<p class=\"mb-10\">The roundup of news and trends that move your markets and shape corporate agendas delivered straight to your inbox.<\/p>\n<p>  <a target=\"_blank\" href=\"\/egypt\/en\/user\/NewsLetters\" type=\"button \" class=\"btn-green px-3 d-flex align-items-center\" rel=\"noopener\">Subscribe here<\/a>  <\/div>\n<\/p><\/div>\n<\/p><\/div>\n<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 <\/strong><strong><a target=\"_blank\" href=\"https:\/\/moiat.gov.ae\/en\/make-it-in-emirates-forum\" style=\"\" rel=\"noopener\">Make it in the Emirates Forum<\/a><\/strong><strong> is set to take place from 27-28 May<\/strong> at the Abu Dhabi Energy Center. The forum, which is organized by the Industry and Advanced Technology Ministry, brings together local and international decision-makers, government officials, private companies, investors, and financing institutions to support industrial growth and investment.<\/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\/debt-watch\/\">DEBT WATCH<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/uae\/tag\/ma-watch\/\">M&amp;A WATCH<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/uae\/tag\/sukuk\/\">Sukuk<\/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=\"92296\" 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=\"92296\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">2<\/div>\r\n\r\n                    <p class=\"f-graphik\">M&amp;A WATCH<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/uae\/2024\/05\/23\/adnoc-drilling-to-offer-5-5-stake-to-investors\/\">\r\n                            Adnoc drilling to offer 5.5% stake to investors                        <\/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\/23\/adnoc-drilling-to-offer-5-5-stake-to-investors\/\" 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\/23\/adnoc-drilling-to-offer-5-5-stake-to-investors\/')\">\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\/23\/adnoc-drilling-to-offer-5-5-stake-to-investors\/\">\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=Adnoc drilling to offer 5.5% stake to investors&url=https:\/\/enterpriseam.com\/uae\/2024\/05\/23\/adnoc-drilling-to-offer-5-5-stake-to-investors\/\">\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\/23\/adnoc-drilling-to-offer-5-5-stake-to-investors\/&title=Adnoc drilling to offer 5.5% stake to investors\">\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=Adnoc+drilling+to+offer+5.5%25+stake+to+investors+https%3A%2F%2Fenterpriseam.com%2Fuae%2F2024%2F05%2F23%2Fadnoc-drilling-to-offer-5-5-stake-to-investors%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\/23\/adnoc-drilling-to-offer-5-5-stake-to-investors\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2024\/1\/1909.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"92297\" data-permalink=\"https:\/\/enterpriseam.com\/uae\/2024\/05\/23\/adnoc-drilling-to-offer-5-5-stake-to-investors\/1909-jpg-2\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/1\/1909.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"1909.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/1\/1909.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/1\/1909.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-92296\" class=\"content-area-description single-story post-92296 post type-post status-publish format-standard has-post-thumbnail hentry category-ma-watch-2 tag-adnoc tag-adnoc-drilling tag-eastern-company tag-enterpriseam-uae tag-global-investment-holding tag-ma-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\/.7de249eb-6a8c-4ddf-a71c-acd6d79e3508.mp3\"><\/audio><\/figure><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>A 5.5% stake in Adnoc Drilling is up for grabs:<\/strong> Abu Dhabi National Oil Company (Adnoc) is offering up a 5.5% stake (or 880 mn shares) in its drilling unit, Adnoc Drilling, in a secondary sale to institutional investors, the state-run oil giant said in a <a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/5\/1831.pdf\" style=\"\" rel=\"noopener\">statement (pdf)<\/a>. The stake is valued at USD 989 mn, based on Adnoc Drilling\u2019s closing share price yesterday of AED 4.13.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>An eye on the MSCI + more liquidity: <\/strong>Adnoc is offloading the stake to \u201cenhance liquidity and trading in Adnoc Drilling\u2019s ordinary shares and diversify its shareholder base,\u201d as well as help support the \u201cAbu Dhabi equity capital market while creating sustainable value for shareholders across its listed portfolio,\u201d the statement reads.The share free float is also expected to see Adnoc Drilling joining the MSCI Emerging Market Index at the next quarterly index review, Adnoc said in the statement. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Book-building underway: <\/strong>The book-building period will kick off \u201cimmediately\u201d and will wrap today, with the final pricing to be determined upon the conclusion of the book-building process. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>REMEMBER- <\/strong>Adnoc Drilling went public in <a target=\"_blank\" href=\"https:\/\/wam.ae\/en\/details\/1395302974136\" style=\"\" rel=\"noopener\">October 2021<\/a>, offering an 11% stake and raising USD 1.1 bn. Adnoc retained an 84% stake, while Baker Hughes held a 5% stake in the drilling arm.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Advisors:<\/strong> Our friends at<strong> EFG Hermes UAE<\/strong>, along with <strong>First Abu Dhabi Bank<\/strong>, <strong>Goldman Sachs International<\/strong> and <strong>JP Morgan Securities<\/strong> are joint global coordinators and joint bookrunners for the offering.<\/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\/adnoc\/\">Adnoc<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/uae\/tag\/adnoc-drilling\/\">Adnoc Drilling<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/uae\/tag\/eastern-company\/\">Eastern Company<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/uae\/tag\/global-investment-holding\/\">Global Investment Holding<\/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                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"92298\" 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=\"92298\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">3<\/div>\r\n\r\n                    <p class=\"f-graphik\">M&amp;A WATCH<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/uae\/2024\/05\/23\/adnoc-acquires-10-of-mozambique-lng-project\/\">\r\n                            Adnoc acquires 10% of Mozambique LNG project                        <\/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\/23\/adnoc-acquires-10-of-mozambique-lng-project\/\" 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\/23\/adnoc-acquires-10-of-mozambique-lng-project\/')\">\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\/23\/adnoc-acquires-10-of-mozambique-lng-project\/\">\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=Adnoc acquires 10% of Mozambique LNG project&url=https:\/\/enterpriseam.com\/uae\/2024\/05\/23\/adnoc-acquires-10-of-mozambique-lng-project\/\">\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\/23\/adnoc-acquires-10-of-mozambique-lng-project\/&title=Adnoc acquires 10% of Mozambique LNG project\">\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=Adnoc+acquires+10%25+of+Mozambique+LNG+project+https%3A%2F%2Fenterpriseam.com%2Fuae%2F2024%2F05%2F23%2Fadnoc-acquires-10-of-mozambique-lng-project%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\/23\/adnoc-acquires-10-of-mozambique-lng-project\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2024\/1\/2555.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"92299\" data-permalink=\"https:\/\/enterpriseam.com\/uae\/2024\/05\/23\/adnoc-acquires-10-of-mozambique-lng-project\/2555-jpg-9\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/1\/2555.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"2555.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/1\/2555.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/1\/2555.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-92298\" class=\"content-area-description single-story post-92298 post type-post status-publish format-standard has-post-thumbnail hentry category-ma-watch-2 tag-adnoc tag-energy tag-enterpriseam-uae tag-lng tag-ma-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\/.5dd9c78a-8314-4b62-9bda-60ee147d44d5.mp3\"><\/audio><\/figure><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>Adnoc to obtain Galp\u2019s 10% stake in Mozambique LNG development: <\/strong>Adnoc signed off on acquiring Portuguese energy company Galp's 10% stake in the Area 4 concession in Mozambique's Rovuma basin, marking the oil giant\u2019s debut in the African country, according to a <a target=\"_blank\" href=\"https:\/\/www.adnoc.ae\/en\/news-and-media\/press-releases\/2023\/adnoc-to-acquire-10-equity-stake-in-major-lng-development-in-mozambique\" style=\"\" rel=\"noopener\">press release<\/a>. Galp secured a USD 650 mn payout from Adnoc, with an extra USD 500 mn contingent upon the approval of two planned development phases, <a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2024-05-22\/adnoc-buys-stake-in-lng-development-in-mozambique-from-galp\" style=\"\" rel=\"noopener\">Bloomberg<\/a> reports.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The details: <\/strong>Adnoc obtained a stake in the operational Coral South LNG export project, which produces 3.5 mn tons annually. The planned Coral North expansion could match this output through a floating export vessel, while an onshore Rovuma project \u2014 which could see an investment decision by late 2025 \u2014 is expected to produce 18 mn tons of LNG per year. Overall, Adnoc is set to get a share of a potential 25 mn tons a year LNG capacity in Mozambique. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Adnoc is pushing to bolster its low-carbon LNG portfolio<\/strong> to meet its net zero targets and diversify away from oil. The oil giant has plans to ramp up LNG capacity to 15 mn tonnes per year by 2028, up from the current 6 mn tonnes.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>This is the second major Adnoc transaction this week<\/strong>: The oil company acquired an 11.7% stake in the first phase of sustainable liquefied natural gas (LNG) producer NextDecade's USD 18 bn <a target=\"_blank\" href=\"https:\/\/enterprise.news\/uae\/en\/news\/story\/f156b800-1f4b-4254-95c4-d8598329988e\/%253cmark%253eadnoc%253c%2Fmark%253e-acquires-11.7%2525-stake-in-nextdecade'\" style=\"\" rel=\"noopener\">Rio Grande LNG export<\/a> facility in Texas earlier this week. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>And more could come: <\/strong>The energy firm is also eyeing a takeover of German chemical company Covestro, though talks have recently <a target=\"_blank\" href=\"https:\/\/enterprise.news\/uae\/en\/news\/story\/40defb25-3f93-4dbc-8a68-349b11bca13e\/some-disruptions-continue-at-dxb-following-tuesday%25e2%2580%2599s-storm\" style=\"\" rel=\"noopener\">stalled<\/a>, and is looking to merge its two plastic units \u2014 Borealis and Borouge \u2014 but the transaction is also <a target=\"_blank\" href=\"https:\/\/enterprise.news\/uae\/en\/news\/story\/72ee5c31-9697-415d-a2fa-9d74ede3b7fb\/updates-on-potential-acquisitions-from-adq-and%253cmark%253e-borouge%253c%2Fmark%253e-%2B-barcelona-fc-could-get-funds-from-dubai-investors\" style=\"\" rel=\"noopener\">facing delays<\/a> due to changes in management, elections in Austria, and sticking points over technicalities of the merger.<\/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>Global Investment Holding offloads part of Eastern Company stake: <\/strong>Dubai-based Global Investment Holding (GIH) sold a 14.7% minority stake in Egypt-based cigarette manufacturer Eastern Company to Philip Morris International, Eastern Company Managing Director and CEO Hany Aman told <a target=\"_blank\" href=\"https:\/\/www.asharqbusiness.com\/article\/64056\/%D9%81%D9%8A%D9%84%D9%8A%D8%A8-%D9%85%D9%88%D8%B1%D9%8A%D8%B3-%D8%AA%D8%B3%D8%AA%D8%AD%D9%88%D8%B0-%D8%B9%D9%84%D9%89-%D8%AD%D8%B5%D8%A9-%D9%81%D9%8A-%D8%A7%D9%84%D8%B4%D8%B1%D9%82%D9%8A%D8%A9-%D9%84%D9%84%D8%AF%D8%AE%D8%A7%D9%86-%D8%A7%D9%84%D9%85%D8%B5%D8%B1%D9%8A%D8%A9-%D9%85%D9%86-%D8%BA%D9%84%D9%88%D8%A8%D8%A7%D9%84-%D8%A7%D9%84%D8%A5%D9%85%D8%A7%D8%B1%D8%A7%D8%AA%D9%8A%D8%A9\/\" style=\"\" rel=\"noopener\">Asharq Business<\/a> following a <a target=\"_blank\" href=\"https:\/\/www.businesswire.com\/news\/home\/20240522352856\/en\/Philip-Morris-International-Announces-the-Acquisition-of-a-Minority-Stake-in-Egypt-Based-Eastern-Company\" style=\"\" rel=\"noopener\">press release<\/a> from the company. This leaves GIH with a 15.3% stake in the company. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Background: <\/strong>GIH purchased a 30% stake in Eastern Company from the Holding Company for Chemical Industries (CIHC) for USD 625 mn in a transaction that valued Eastern at more than USD 2 bn back in <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/2faf2678-e1de-4680-a046-b73c3abab8df\/uae-based-firm-acquires-30%2525-stake-in-eastern-company\" style=\"\" rel=\"noopener\">September 2023<\/a>. The transaction also saw GIH provide USD 150 mn to help Eastern purchase manufacturing inputs.<\/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\/adnoc\/\">Adnoc<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/uae\/tag\/energy\/\">energy<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/uae\/tag\/lng\/\">LNG<\/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                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"92300 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=\"92300\">\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/uae\/2024\/05\/23\/92300-2\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-92300\" class=\"content-area-description single-story post-92300 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=\"92301\" 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=\"92301\">\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\/23\/adia-and-cvc-mull-another-bid-for-hargreaves-lansdown-after-the-first-was-rejected\/\">\r\n                            ADIA and CVC mull another bid for Hargreaves Lansdown, after the first was rejected                        <\/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\/23\/adia-and-cvc-mull-another-bid-for-hargreaves-lansdown-after-the-first-was-rejected\/\" 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 company said the earlier bid \u201csubstantially undervalues Hargreaves Lansdown,\u201d according to a statement picked up by <a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2024-05-22\/cvc-adia-confirm-possible-offer-for-hargreaves-lansdown\" style=\"\" rel=\"noopener\">Bloomberg<\/a>. The platform has some GBP 150 mn in assets under management.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The details:<\/strong> Hargreaves\u2019 board rejected a 985 pence per share bid from the consortium on April 26, according to a <a target=\"_blank\" href=\"https:\/\/www.londonstockexchange.com\/news-article\/market-news\/statement-regarding-hargreaves-lansdown\/16483805\" style=\"\" rel=\"noopener\">disclosure<\/a>. The consortium said it was considering another bid for the company and has until 19 June to withdraw its initial bid or make another one, the <a target=\"_blank\" href=\"https:\/\/finance.yahoo.com\/news\/cvc-abu-dhabi-mount-5bn-190122927.html\" style=\"\" rel=\"noopener\">Telegraph<\/a> reported.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Market reax:<\/strong> Hargreaves\u2019 share price closed up 4.95% yesterday at 979 pence following the news. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>ALSO- Are CVC and ADIA also in talks to acquire DB Schenker\u2019s logistics unit?<\/strong> A consortium led by CVC Capital Partners and Carlyle Group submitted a bid valuing the company at EUR 14 bn, and are in talks to team up with ADIA and Singapore wealth fund GIC for the acquisition, sources told <a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2024-05-22\/deutsche-bahn-said-to-gather-bids-for-15-billion-logistics-arm\" style=\"\" rel=\"noopener\">Bloomberg<\/a>. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>There\u2019s a queue: <\/strong>European logistics giants DSV, AP Moeller-Maersk A\/S and MSC have also made offers, the people said, but the consortium is reportedly more \u201caggressive\u201d in terms of pricing. Abu Dhabi sovereign wealth fund ADQ was also reportedly vying for a bid, as was Saudi shipping firm <a target=\"_blank\" href=\"https:\/\/theloadstar.com\/middle-east-logistics-players-eye-potential-of-db-schenker-takeover\/\" style=\"\" rel=\"noopener\">Bahri<\/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\/abu-dhabi-investment-authority\/\">Abu Dhabi Investment Authority<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/uae\/tag\/investment-watch\/\">INVESTMENT WATCH<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/uae\/tag\/ma-watch\/\">M&amp;A WATCH<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"92303\" 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=\"92303\">\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\">INVESTMENT WATCH<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/uae\/2024\/05\/23\/microsoft-and-g42-invest-usd-1-bn-in-kenya-geothermal-data-center\/\">\r\n                            Microsoft and G42 invest USD 1 bn in Kenya geothermal data center                        <\/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\/23\/microsoft-and-g42-invest-usd-1-bn-in-kenya-geothermal-data-center\/\" 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 data center is part of a comprehensive suite of digital investments in Kenya to accelerate digitalization and promote cloud computing and AI services in East Africa.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The details: <\/strong>The facility will be located in Olkaria, a geothermal-rich area in Kenya which operates on renewable geothermal energy and water conservation technologies. G42 will offer access to Microsoft Azure through a new East Africa cloud region, expected to be up and running within two years of parties signing definitive agreements, Microsoft noted. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The letter of intent will be signed on Friday <\/strong>between Microsoft, G42, and Kenya\u2019s Ministry of Information, Communication, and Digital Economy as part of Kenyan President William Ruto's visit to the US.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Quality control and safety measures: <\/strong>The cloud region will operate as part of a \u201ctrusted data zone\u201d based on global digital safety, privacy, and security standards<strong>, <\/strong>the tech-giant said. Both parties will also ensure the nation has sufficient resources and technical assurance before the hub is complete. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Kenya is a major player in the global geothermal ecosystem, <\/strong>ranking as the eighth largest geothermal power user in 2023, according to <a target=\"_blank\" href=\"https:\/\/www.reuters.com\/markets\/commodities\/kenya-steps-up-global-geothermal-powerhouse-2023-10-05\/\" style=\"\" rel=\"noopener\">Reuters<\/a>. With the current projects underway, Kenya is positioned to rank fourth on the global list of geothermal users and aims to produce over half of its electricity from geothermal sites, the newswire says, citing data from Global Energy Monitor shows. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>G42 has gone all-in to improve Africa\u2019s data infrastructure: <\/strong>The company inked an MoU with <a target=\"_blank\" href=\"https:\/\/enterprise.news\/logistics\/en\/news\/story\/2a6eed9b-f4e4-4d2f-bfcd-fefd45b15f1c\/uae%25e2%2580%2599s%253cmark%253e-g42%253c%2Fmark%253e-and-ecocloud-will-build-a-100-mw-green-data-center-in-kenya\" style=\"\" rel=\"noopener\">Kenya\u2019s EcoCloud<\/a> in March to establish a 100 MW data center powered by geothermal energy to promote the development of cloud computing and AI services in a bid to stimulate Kenya\u2019s digital economy. It also signed an agreement with Mauritania's Digital Transformation, Innovation, and Modernization Ministry in mid-2023 to develop and improve the country\u2019s national data center.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>This isn\u2019t the first time Microsoft and G42 team up: <\/strong>Microsoft invested some <a target=\"_blank\" href=\"https:\/\/enterprise.news\/logistics\/en\/news\/story\/0cc78916-0227-4247-b601-f1bf74f38c73\/microsoft-pumps-usd-1.5-bn-into-abu-dhabi%25e2%2580%2599s%253cmark%253e-g42%253c%2Fmark%253e\" style=\"\" rel=\"noopener\">USD 1.5 bn<\/a> in G42 to position the UAE as a \u201cglobal AI hub,\u201d while both firms had previously inked an MoU in April 2023 to explore the development of customized cloud solutions in the UAE. <\/p>\n<p class=\"tag-border-left\">OTHER G42 NEWS- <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#1-<\/strong><strong>Presight is all set to snag a stake in AIQ: <\/strong>ADX-listed data analytics firm Presight AI Holding obtained shareholder approval yesterday to acquire a 51% majority stake in <a target=\"_blank\" href=\"https:\/\/aiqintelligence.ae\/\" style=\"\" rel=\"noopener\">AIQ<\/a>, Adnoc\u2019s AI joint venture with G42, an <a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/5\/1774.pdf\" style=\"\" rel=\"noopener\">ADX disclosure (pdf)<\/a> reads. Presight is indirectly acquiring the entity through the acquisition of the entirety of G42\u2019s shares in P Ventures. Presight had said in a previous <a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/5\/135.pdf\" style=\"\" rel=\"noopener\">press release (pdf)<\/a> that the transaction values AIQ at USD 1.4 bn. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>REFRESHER- <\/strong>Presight revealed its plans to acquire a majority stake in AIQ at the <a target=\"_blank\" href=\"https:\/\/enterprise.news\/uae\/en\/news\/story\/4791a495-5208-4f04-98d3-9af270ad9fa7\/%253cmark%253epresight%253c%2Fmark%253e-gets-aiq-majority-stake\" style=\"\" rel=\"noopener\">start of the month<\/a>, saying it would be acquiring the entirety of G42\u2019s 40% stake in AIQ, in addition to 11% of Adnoc\u2019s 60% stake in the JV. The acquisition aims at combining AI energy solutions with extensive big data analytics, to help advance Adnocs\u2019 plans to become the \u201cenergy industry\u2019s leading AI company,\u201d Industry Minister and Adnoc CEO Sultan Ahmed Al Jaber, who will assume the role of chairman at AIQ, said.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>AND- Presight inked an MoU with software developer Obvious <\/strong><strong>Technologies<\/strong> to jointly develop big data and AI tech geared at enhancing enterprise operations management, according to a <a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/5\/1834.pdf\" style=\"\" rel=\"noopener\">press release (pdf)<\/a>. The partnership will initially focus on crisis, emergency, and disaster management.<\/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\/g42\/\">G42<\/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\/microsoft\/\">Microsoft<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/uae\/tag\/presight\/\">Presight<\/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=\"92305\" 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=\"92305\">\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\">Banking<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/uae\/2024\/05\/23\/uae-banks-lead-q-o-q-deposit-growth-in-gcc-banks-kamco\/\">\r\n                            UAE banks lead q-o-q deposit growth in GCC banks -Kamco                        <\/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\/23\/uae-banks-lead-q-o-q-deposit-growth-in-gcc-banks-kamco\/\" 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\/23\/uae-banks-lead-q-o-q-deposit-growth-in-gcc-banks-kamco\/')\">\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\/23\/uae-banks-lead-q-o-q-deposit-growth-in-gcc-banks-kamco\/\">\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=UAE banks lead q-o-q deposit growth in GCC banks -Kamco&url=https:\/\/enterpriseam.com\/uae\/2024\/05\/23\/uae-banks-lead-q-o-q-deposit-growth-in-gcc-banks-kamco\/\">\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\/23\/uae-banks-lead-q-o-q-deposit-growth-in-gcc-banks-kamco\/&title=UAE banks lead q-o-q deposit growth in GCC banks -Kamco\">\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=UAE+banks+lead+q-o-q+deposit+growth+in+GCC+banks+-Kamco+https%3A%2F%2Fenterpriseam.com%2Fuae%2F2024%2F05%2F23%2Fuae-banks-lead-q-o-q-deposit-growth-in-gcc-banks-kamco%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\/23\/uae-banks-lead-q-o-q-deposit-growth-in-gcc-banks-kamco\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2024\/2\/747.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"92306\" data-permalink=\"https:\/\/enterpriseam.com\/uae\/2024\/05\/23\/uae-banks-lead-q-o-q-deposit-growth-in-gcc-banks-kamco\/747-jpg-5\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/2\/747.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"747.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/2\/747.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/2\/747.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-92305\" class=\"content-area-description single-story post-92305 post type-post status-publish format-standard has-post-thumbnail hentry category-banking tag-banking tag-interest-rates 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\/6\/.7d470f64-e70c-4ab8-be4a-c53787440f05.mp3\"><\/audio><\/figure><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> UAE banks had a good quarter: <\/strong>UAE-listed banks recorded the highest deposit growth in 1Q 2024 among GCCbanks, with deposits growing 5.6% y-o-y to USD 803.2 bn, according to Kamco Invest\u2019s <a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/5\/1716.pdf\" style=\"\" rel=\"noopener\">GCC banking sector report (pdf)<\/a>. Total deposits for listed GCC banks hit a record USD 2.45 tn, up from USD 2.4 tn in 4Q 2023, according to the report.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Emirati banks\u2019 lending grew 2.7% y-o-y to USD 568.4 bn<\/strong>, the second highest in the GCC after Saudi banks, which saw a 3.5% increase to USD 689.7 bn. GCC listed banks\u2019 lending grew 8.1% y-o-y, reaching USD 2.2 tn in 1Q 2024. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Gross credit in the UAE banks grew by 1.1% in the first two months of 2024<\/strong>, reaching AED 2 tn by the end of February. This growth was driven by an increase in domestic credit, which offset a decline in foreign credit in February, reversing the trend from January when foreign credit rose and domestic credit was flat, the report reads.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>UAE-listed banks also led the region in return on equity (RoE) during the quarter<\/strong>, achieving an RoE of 16.9%, with Saudi and Qatari banks following at 12.8% and 12.7%. This marks the largest y-o-y RoE increase, driven primarily by increased income and a relatively smaller rise in total shareholders' equity.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The UAE led the pack among GCC banks in 1Q 2024 with a net interest margin of 3.49% <\/strong>on the back of ample liquidity and modest asset growth<strong>,<\/strong> according to the report. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>UAE banks also recorded the largest decrease in impairments among GCC banks in 1Q<\/strong>. Overall, the GCC banking sector experienced its lowest impairments in five years during the quarter, with aggregate impairments totaling USD 2.27 bn, a 34.4% decline from 4Q 2023.<\/p>\n<p class=\"tag-border-left\"> A LOOK AT THE REGION-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The GCC banking sector as a whole maintained stable bottom-line performance<\/strong>, showing q-o-q growth of 11.8% and a y-o-y growth of 10.5%, reaching USD 14.4 bn in 1Q 2024.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>However, elevated interest rates impacted GCC banks for the first time in 12 quarters in 1Q 2024<\/strong>, with both interest income and non-interest income declining, according to the report. Total interest income was flat at USD 50.5 bn, with a 4.3% yield on credit. Total bank revenue for GCC-listed banks also dropped to USD 31.4 bn during the quarter, the first decline since 1Q 2021.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Operating expenses for GCC banks dropped to USD 12.5 bn during the quarter<\/strong>, down 4.5% from the previous quarter\u2019s record high. However, the cost-to-income ratio for GCC banks slightly rose to 40% in 1Q 2024, mainly due to \u201chigher costs for the twelve-month period.\u201d Qatar had the lowest ratio at 38.2%, followed by the UAE and Saudi Arabia at 38.4% and 39.4%, respectively.<\/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\/banking\/\">banking<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/uae\/tag\/interest-rates\/\">interest rates<\/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=\"92307\" 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=\"92307\">\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\">ECONOMY<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/uae\/2024\/05\/23\/sharjahs-non-oil-economy-grew-7-1-y-o-y-in-2033\/\">\r\n                            Sharjah's non-oil economy grew 7.1% 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\/23\/sharjahs-non-oil-economy-grew-7-1-y-o-y-in-2033\/\" 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\/23\/sharjahs-non-oil-economy-grew-7-1-y-o-y-in-2033\/')\">\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\/23\/sharjahs-non-oil-economy-grew-7-1-y-o-y-in-2033\/\">\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=Sharjah's non-oil economy grew 7.1% y-o-y in 2033&url=https:\/\/enterpriseam.com\/uae\/2024\/05\/23\/sharjahs-non-oil-economy-grew-7-1-y-o-y-in-2033\/\">\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\/23\/sharjahs-non-oil-economy-grew-7-1-y-o-y-in-2033\/&title=Sharjah's non-oil economy grew 7.1% y-o-y in 2033\">\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=Sharjah%27s+non-oil+economy+grew+7.1%25+y-o-y+in+2033+https%3A%2F%2Fenterpriseam.com%2Fuae%2F2024%2F05%2F23%2Fsharjahs-non-oil-economy-grew-7-1-y-o-y-in-2033%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\/23\/sharjahs-non-oil-economy-grew-7-1-y-o-y-in-2033\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2024\/5\/1803.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"92308\" data-permalink=\"https:\/\/enterpriseam.com\/uae\/2024\/05\/23\/sharjahs-non-oil-economy-grew-7-1-y-o-y-in-2033\/1803-jpg\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/5\/1803.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"1803.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/5\/1803.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/5\/1803.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-92307\" class=\"content-area-description single-story post-92307 post type-post status-publish format-standard has-post-thumbnail hentry category-economy tag-economy tag-enterpriseam-uae tag-gdp tag-sharjah 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\/.9137cd61-8bae-4740-9818-68f518d01388.mp3\"><\/audio><\/figure><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>Sharjah\u2019s non-oil economy grew 7.1% y-o-y to AED 142.5 bn in 2023,<\/strong> state news agency <a target=\"_blank\" href=\"https:\/\/www.wam.ae\/fr\/article\/b3a4qpy-sharjahs-economy-demonstrates-robust-65-growth\" style=\"\" rel=\"noopener\">Wam<\/a> reports, citing data from Sharjah's Department of Statistics and Community Development. Real GDP grew 6.5% y-o-y, reaching AED 145.2 bn in 2023.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The stars of the show: <\/strong>The wholesale and retail trade, manufacturing, and construction sectors, collectively accounted for AED 72.5 bn of overall GDP.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Wholesale and retail trade and manufacturing took the lead: <\/strong>Wholesale and retail trade accounted for 24% of the emirate\u2019s GDP, equivalent to AED 34.8 bn, making it the largest non-oil contributor to the economy. Manufacturing activities hit AED 24.3 bn, registering 7.6% y-o-y growth and contributing 16.7% of GDP.<\/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\/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\/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=\"92309\" 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=\"92309\">\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\">REAL ESTATE<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/uae\/2024\/05\/23\/mixed-data-out-on-dubais-property-market-in-1q-2024\/\">\r\n                            How rentals and sales fared in the UAE in 1Q 2024, according to Asteco                        <\/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\/23\/mixed-data-out-on-dubais-property-market-in-1q-2024\/\" 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\/23\/mixed-data-out-on-dubais-property-market-in-1q-2024\/')\">\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\/23\/mixed-data-out-on-dubais-property-market-in-1q-2024\/\">\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=Mixed data out on Dubai\u2019s property market in 1Q 2024&url=https:\/\/enterpriseam.com\/uae\/2024\/05\/23\/mixed-data-out-on-dubais-property-market-in-1q-2024\/\">\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\/23\/mixed-data-out-on-dubais-property-market-in-1q-2024\/&title=Mixed data out on Dubai\u2019s property market in 1Q 2024\">\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=Mixed+data+out+on+Dubai%E2%80%99s+property+market+in+1Q+2024+https%3A%2F%2Fenterpriseam.com%2Fuae%2F2024%2F05%2F23%2Fmixed-data-out-on-dubais-property-market-in-1q-2024%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\/23\/mixed-data-out-on-dubais-property-market-in-1q-2024\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2024\/1\/1026.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"92310\" data-permalink=\"https:\/\/enterpriseam.com\/uae\/2024\/05\/23\/mixed-data-out-on-dubais-property-market-in-1q-2024\/1026-jpg-13\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/1\/1026.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"1026.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/1\/1026.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/1\/1026.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-92309\" class=\"content-area-description single-story post-92309 post type-post status-publish format-standard has-post-thumbnail hentry category-real-estate tag-abu-dhabi tag-dubai tag-enterpriseam-uae tag-real-estate wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<figure class=\"wp-block-audio mb-0\"><audio controls preload=\"metadata\" src=\"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/5\/.f96d3abf-29e8-42e0-bde5-941e98240e00.mp3\"><\/audio><\/figure><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>Fresh data out on the real estate sector in 1Q 2024 points to a slightly slower growth rate <\/strong><strong>in both rentals and sales prices in Dubai<\/strong>, along with promising signs of growth in Abu Dhabi and the northern emirates.<\/p>\n<p class=\"tag-border-left\"> DUBAI-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The report paints a different picture of Dubai\u2019s property market during the quarter: <\/strong>Annual growth rates in Dubai\u2019s rental market slowed to single digits in 1Q 2024, with villa rental rates growing 6% y-o-y and apartments at 10% y-o-y, according to a report by property management firm Asteco picked up by <a target=\"_blank\" href=\"https:\/\/www.tradearabia.com\/news\/CONS_422326.html\" style=\"\" rel=\"noopener\"><\/a><a target=\"_blank\" href=\"https:\/\/www.tradearabia.com\/news\/CONS_422326.html\" style=\"\" rel=\"noopener\">Trade Arabia<\/a>. The leasing market saw a 4% y-o-y drop in new contracts, while renewals grew 12% y-o-y. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Sales prices also saw growth levels unchanged from the same time last year<\/strong> for both apartments, which saw 6% y-o-y growth, and villas, with 8% y-o-y growth, the report adds. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>ICYMI #1-<\/strong> Earlier data from <a target=\"_blank\" href=\"https:\/\/enterprise.news\/uae\/en\/news\/story\/e8f137ec-563d-4a6d-9e1e-7c5106770cb0\/prices-are-still-on-the-rise-in-the-real-estate-sector-amid-heightened-demand\" style=\"\" rel=\"noopener\">JLL<\/a> and <a target=\"_blank\" href=\"https:\/\/enterprise.news\/uae\/en\/news\/story\/df6674c9-a027-442c-b05f-b05277ef01f8\/the-dubai-property-boom-continued-in-1q-2024-%25e2%2580%2593%253cmark%253ecbre%253c%2Fmark%253e\" style=\"\" rel=\"noopener\">CBRE<\/a> pointed to higher growth in sales prices and rentals, with JLL pegging the growth of both at 21% y-o-y, and CBRE estimating a similar 20.4% y-o-y increase in sales and 21% y-o-y increase in rentals. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Buyer demand shifted to more established communities<\/strong>,including Jumeirah Village Circle, Business Bay, Dubai Marina and Downtown Dubai, which gained more traction. The off-plan market also comprised the largest market share in both value and transaction volume. Apartments were favored during the quarter, with 7.3k handed over, compared to little below 2.8k villas out of a total of 10k units delivered. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>An additional 30k units are slated for handover in Dubai in 2024, <\/strong>representing a \u201csignificant increase compared to the previous quarter,\u201d the report adds. JLL\u2019s report forecasted some 26k additional unit deliveries this year, down 4k from Asteco\u2019s estimate, while CBRE sees 25k new units.<\/p>\n<p class=\"tag-border-left\"> ABU DHABI-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Rental rates hiked up in neighboring Abu Dhabi: <\/strong>Abu Dhabi saw rentals inflate 7-10% y-o-y for prime\/high-end developments, owing to \u201csignificant demand,\u201d particularly for new contracts \u2013 a higher figure than JLL\u2019s 4% estimate and Abu Dhabi\u2019s 4.5%. Rental rates for office space also increased 5-7% y-o-y on the back of limited supply against heightened demand.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Abu Dhabi rolled out 800 new units in 1Q to meet increased demand, <\/strong>focusing on Al Raha Beach. The emirate is currently working on a Yas Canal villa project, which will offer over 1.1k units exclusively for Emiratis in 4Q 2027. JLL had estimated some 1.6k new units completed in Abu Dhabi during the quarter.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Abu Dhabi saw some 2.7k transactions during the quarter<\/strong>, up 17% y-o-y, with off-plan sales comprising 69% of total transactions. Apartments accounted for 73% of off-plan sales, and 78% of total completed sales.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Sales prices were also up: <\/strong>Upper and luxury segments on Yas and Saadiyat Islands saw notable surges, with villa prices up 10-15% y-o-y.<\/p>\n<p class=\"tag-border-left\"> THE NORTHERN EMIRATES-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>A first look at rental rates in the northern emirates: <\/strong>Rental rates across the northern emirates increased 9% y-o-y in 1Q, with high-end developments experiencing more pronounced growth. Ras Al Khaimah led the race in rental increases, followed by Sharjah and Ajman. Rates remained relatively flat in Al Ain across all asset classes, with the exception of an 8% y-o-y increase in rental prices for high-quality villas.<\/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\"><strong>Villa capital gains are expected to hit a ten-year high this year, while apartment prices <\/strong><strong>could hit new records<\/strong>, Haider Tuaima, director and head of real estate research at ValuStrat, told Zawya. Apartment prices are forecast to grow at a slower pace than villa prices, having only gained traction in 2H 2023, while villa prices have doubled since pandemic levels, and surpassed peak prices of 2014.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>April numbers: <\/strong>Villa capital gains rose 31.2% y-o-y in April, with villas seeing a valuation of over AED 2k per sqft for the first time in 10 years. Palm Jumeirah logged the highest villa price increase at 40.1%, followed by Jumeirah Islands (39.5%), Dubai Hills Estate (36.2%), Green Community West (31.4%), and Emirates Hills (31.1%). Apartment prices increased 21.3% y-o-y.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Growing supply + buyer affordability could slow things down:<\/strong> An anticipated 64.4k new residential units by the year\u2019s end \u201ccould lead to a market correction, but only if all under-construction projects are completed on schedule, which hasn\u2019t been the case so far,\u201d Tuaima said. The stabilization of villa rentals over the past six months signals that \u201ctenants can no longer afford significant rent increases,\u201d with many turning to mortgages amid rental highs, Tuaima added.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/uae\/tag\/abu-dhabi\/\">Abu Dhabi<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/uae\/tag\/dubai\/\">Dubai<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/uae\/tag\/real-estate\/\">Real estate<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"92311\" 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=\"92311\">\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\/23\/huspy-secures-funding-round-from-balderton-capital-to-expand-in-europe\/\">\r\n                            Huspy secures funding round from Balderton Capital to expand in Europe                        <\/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\/23\/huspy-secures-funding-round-from-balderton-capital-to-expand-in-europe\/\" 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\/23\/huspy-secures-funding-round-from-balderton-capital-to-expand-in-europe\/')\">\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\/23\/huspy-secures-funding-round-from-balderton-capital-to-expand-in-europe\/\">\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=Huspy secures funding round from Balderton Capital to expand in Europe&url=https:\/\/enterpriseam.com\/uae\/2024\/05\/23\/huspy-secures-funding-round-from-balderton-capital-to-expand-in-europe\/\">\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\/23\/huspy-secures-funding-round-from-balderton-capital-to-expand-in-europe\/&title=Huspy secures funding round from Balderton Capital to expand in Europe\">\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=Huspy+secures+funding+round+from+Balderton+Capital+to+expand+in+Europe+https%3A%2F%2Fenterpriseam.com%2Fuae%2F2024%2F05%2F23%2Fhuspy-secures-funding-round-from-balderton-capital-to-expand-in-europe%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\/23\/huspy-secures-funding-round-from-balderton-capital-to-expand-in-europe\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2024\/4\/212.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"92312\" data-permalink=\"https:\/\/enterpriseam.com\/uae\/2024\/05\/23\/huspy-secures-funding-round-from-balderton-capital-to-expand-in-europe\/212-jpg-5\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/4\/212.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"212.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/4\/212.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/4\/212.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-92311\" class=\"content-area-description single-story post-92311 post type-post status-publish format-standard has-post-thumbnail hentry category-startup-watch tag-capital tag-enterpriseam-uae tag-real-estate tag-startup 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\/.9f268853-84df-47ff-92f4-2310d7ee569a.mp3\"><\/audio><\/figure><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>Property tech company <\/strong><strong><a target=\"_blank\" href=\"https:\/\/huspy.com\/\" style=\"\" rel=\"noopener\">Huspy<\/a><\/strong><strong> wrapped up a funding round led by Balderton Capital<\/strong>, with participation from existing investor Fifth Wall, and a few others, <a target=\"_blank\" href=\"https:\/\/www.tradearabia.com\/news\/CONS_422350.html\" style=\"\" rel=\"noopener\">Trade Arabia<\/a> reports. The exact amount of funding remains undisclosed, but the round valued <strong><a target=\"_blank\" href=\"https:\/\/huspy.com\/\" style=\"\" rel=\"noopener\">Huspy<\/a><\/strong> higher than its Series A round in 2022, which raised USD 37 mn and was led by <a target=\"_blank\" href=\"https:\/\/www.peakxv.com\/\" style=\"\" rel=\"noopener\">Peak XV<\/a> (formerly Sequoia Capital India &amp; SEA).<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Where the money\u2019s going:&nbsp;<\/strong>The influx will be used to build Huspy\u2019s real estate superapp, as well as boost operations in Europe. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>About Huspy:<\/strong> Founded in 2020, Huspy now handles over 25% of Dubai's residential mortgages. The company offers end-to-end real estate services, with operations in Dubai, Abu Dhabi and Madrid.<\/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\/capital\/\">capital<\/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\/startup\/\">startup<\/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=\"92313\" 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=\"92313\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">10<\/div>\r\n\r\n                    <p class=\"f-graphik\">MOVES<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/uae\/2024\/05\/23\/orascom-construction-names-new-directors\/\">\r\n                            Orascom Construction names new directors                        <\/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\/23\/orascom-construction-names-new-directors\/\" 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\/23\/orascom-construction-names-new-directors\/')\">\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\/23\/orascom-construction-names-new-directors\/\">\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=Orascom Construction names new directors&url=https:\/\/enterpriseam.com\/uae\/2024\/05\/23\/orascom-construction-names-new-directors\/\">\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\/23\/orascom-construction-names-new-directors\/&title=Orascom Construction names new directors\">\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=Orascom+Construction+names+new+directors+https%3A%2F%2Fenterpriseam.com%2Fuae%2F2024%2F05%2F23%2Forascom-construction-names-new-directors%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\/23\/orascom-construction-names-new-directors\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2024\/5\/1860.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"92314\" data-permalink=\"https:\/\/enterpriseam.com\/uae\/2024\/05\/23\/orascom-construction-names-new-directors\/1860-jpg-3\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/5\/1860.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"1860.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/5\/1860.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/5\/1860.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-92313\" class=\"content-area-description single-story post-92313 post type-post status-publish format-standard has-post-thumbnail hentry category-moves tag-enterpriseam-uae tag-moves tag-oci-global tag-orascom-construction 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\/.04947ed1-0ac4-4593-908a-3bb7aa2260d7.mp3\"><\/audio><\/figure><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">Nasdaq Dubai-listed developer <strong>Orascom Construction<\/strong> has appointed <strong>Hassan <\/strong><strong>Badrawi<\/strong> (<a target=\"_blank\" href=\"https:\/\/www.linkedin.com\/in\/hassan-badrawi-oci-global\/?original_referer=https%3A%2F%2Fwww%2Egoogle%2Ecom%2F&originalSubdomain=uk\" style=\"\" rel=\"noopener\">LinkedIn<\/a>) and <strong>Bjorn Schuurmans<\/strong> as non-executive, non-independent directors of the company, according to a <a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/5\/1859.pdf\" style=\"\" rel=\"noopener\">disclosure (pdf)<\/a>. Badrawi, who joined Orascom Construction Industries (OCI) Global in 2001, enters the role after serving as chief financial officer of the group for seven years. Schuurmans currently serves as COO of NNS Group, the family office of Egyptian b\u2019naire Nassef Sawiris, one of OCI Global shareholders.<\/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\/moves\/\">MOVES<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/uae\/tag\/oci-global\/\">OCI Global<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/uae\/tag\/orascom-construction\/\">Orascom Construction<\/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=\"92315\" class=\"issue-section \">\n<div class=\"issue-section__content\">\n<div class=\"stories\">      \r\n<section id=\"advertiser\" class=\"enterprise-adv issue-section\">\r\n    <div class=\"issue-section__content\" style=\"flex-direction: column;\">\r\n      <h4 class=\"wp-block-heading has-text-align-center has-normal-font-size\">\r\n        <span class=\"has-primary-color stk-highlight\"> This publication is proudly sponsored by<\/span>\r\n    <\/h4>\r\n    <div class=\"issue-sponsor-slides-div\">\r\n        \r\n            <div class=\"issue-sponsor-slide issue-sponsor-slide--single-slide\">\r\n                <img data-recalc-dims=\"1\" decoding=\"async\" draggable=\"false\" src=\"https:\/\/i0.wp.com\/ent.news\/internal\/43010.jpg?ssl=1\">\r\n                <div class=\"overlay\"><\/div>\r\n                <div class=\"content\">\r\n                    <a draggable=\"false\" href=\"https:\/\/www.mashreq.com\/en\/uae\/neo\/\" target=\"_blank\" class=\"logo\" rel=\"noopener\">\r\n                        <img decoding=\"async\" draggable=\"false\" src=\"https:\/\/ent.news\/internal\/20607.svg\" alt=\"\">\r\n                    <\/a>\r\n                    <span>Rise every day<\/span>\r\n                <\/div>\r\n            <\/div>\r\n            \r\n            <div class=\"issue-sponsor-slide issue-sponsor-slide--single-slide\">\r\n                <img data-recalc-dims=\"1\" decoding=\"async\" draggable=\"false\" src=\"https:\/\/i0.wp.com\/ent.news\/internal\/43009.png?ssl=1\">\r\n                <div class=\"overlay\"><\/div>\r\n                <div class=\"content\">\r\n                    <a draggable=\"false\" href=\"https:\/\/hap.com.eg\/\" target=\"_blank\" class=\"logo\" rel=\"noopener\">\r\n                        <img decoding=\"async\" draggable=\"false\" src=\"https:\/\/ent.news\/internal\/117160.svg\" alt=\"\">\r\n                    <\/a>\r\n                    <span>From OUR FAMILY to YOURS<\/span>\r\n                <\/div>\r\n            <\/div>\r\n                <\/div>\r\n    <\/div>\r\n<\/section> \r\n\r\n\n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"92316\" 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=\"92316\">\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\">ALSO ON OUR RADAR<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/uae\/2024\/05\/23\/masdar-inks-a-spate-of-agreements-on-indonesian-renewable-energy-projects\/\">\r\n                            Masdar inks a spate of agreements on Indonesian renewable energy projects                        <\/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\/23\/masdar-inks-a-spate-of-agreements-on-indonesian-renewable-energy-projects\/\" 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 agreements were signed on the sidelines of the 10th World Water Forum in Bali. The approval will see Indonesia develop up to 2 GW of renewable energy in Indonesia\u2019s new capital city, Nusantara, beginning with a 200 MW initial phase. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The breakdown of the agreements: <\/strong><\/p>\n<ul>\n<li>MoU with state-owned energy company <strong><a target=\"_blank\" href=\"https:\/\/www.pertaminanre.com\/\" style=\"\" rel=\"noopener\">Pertamina Power Indonesia<\/a><\/strong> (Pertamina NRE) to develop <strong>solar, wind and green hydrogen products<\/strong> both in Indonesia and abroad. <\/li>\n<\/ul>\n<ul>\n<li>Joint development study agreement with <strong><a target=\"_blank\" href=\"https:\/\/www.plnnusantarapower.co.id\/en\/home-english\/\" style=\"\" rel=\"noopener\">PLN Nusantara Power<\/a><\/strong> aiming to <strong>triple the capacity<\/strong> of the operating <strong>Cirata floating PV project<\/strong> to 500 MW. The plans were initially announced last September, when Masdar and PLN <a target=\"_blank\" href=\"https:\/\/enterprise.news\/climate\/en\/news\/story\/6e908fa1-b739-44ca-bb54-692f6ae902c1\/masdar-to-develop-a%253cmark%253e-500%253c%2Fmark%253e%253cmark%253e-mw%253c%2Fmark%253e%253cmark%253e-floating%253c%2Fmark%253e%253cmark%253e-solar%253c%2Fmark%253e-park-in-indonesia\" style=\"\" rel=\"noopener\">signed an initial agreement<\/a> to move forward with tripling the size of the plant.<\/li>\n<\/ul>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<p class=\"tag-border-left\">RETAIL-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>NCI sets up shop in the UAE: <\/strong>Hong-Kong based one-stop apparel solution services provider Neo-Concept International (NCI) inked an MoU with Al Nasser Holdings subsidiary Liwa Trading Enterprises to set up a joint venture in the UAE, in a bid to expand in the UAE and GCC retail markets, according to a <a target=\"_blank\" href=\"https:\/\/www.globenewswire.com\/news-release\/2024\/05\/21\/2885639\/0\/en\/NCI-Announces-Expansion-Plan-of-UAE-and-GCC-Retail-Markets-through-Signing-of-MOU-with-Retail-Operator-Liwa-Trading-Enterprises-LLC-to-Establish-Joint-Venture.html\" style=\"\" rel=\"noopener\">press release<\/a>. The JV will provide retail, wholesale, distribution, and e-commerce services in the UAE, Saudi Arabia, Kuwait, Bahrain, Qatar, and Oman, with operations commencing in the UAE in 4Q 2024. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Timeline: <\/strong>The JV will run an initial term of ten years, with automatic renewals for successive ten-year periods.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<p class=\"tag-border-left\">TECH-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>New initiative for AI prompt engineering: <\/strong>Dubai Crown Prince Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum has rolled out a new initiative to upskill one mn individuals in AI prompt engineering over three years, reports <a target=\"_blank\" href=\"https:\/\/wam.ae\/en\/article\/b39jbfx-hamdan-bin-mohammed-launches-%E2%80%98one-million\" style=\"\" rel=\"noopener\">Wam<\/a>. The initiative \u2014 dubbed One Mn Prompters \u2014 will be overseen by the Dubai Future Foundation, and includes extensive training courses in AI and prompt engineering that are accredited with certifications. It comes as the demand for prompt engineering skills surpasses a previous demand for coding in the UAE.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<p class=\"tag-border-left\">REAL ESTATE- <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#1- More details on Emaar\u2019s new USD 15 bn development: <\/strong>Real estate developer Emaar\u2019s new AED 55 bn luxury wellness residential venture \u2014 <a target=\"_blank\" href=\"https:\/\/properties.emaar.com\/en\/our-communities\/the-heights-country-club-wellness\/\" style=\"\" rel=\"noopener\">The Heights Country Club and Wellness<\/a> \u2014 will be located 10 minutes away from Al Maktoum International Airport, District 2020, and Dubai Investment Park, and 30 minutes away from Downtown Dubai, according to its <a target=\"_blank\" href=\"https:\/\/properties.emaar.com\/en\/our-communities\/the-heights-country-club-wellness\/\" 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 details:<\/strong> The new development will feature 3-4 bedroom townhouses, as well as 4-bedroom villas, with prices starting from AED 2.4 mn, according to the developer\u2019s website. The development will also include 1.3 mn sqm of open space, featuring a 38 km network of cycling and jogging tracks, parks, and event plazas, as well as a wellness center that houses fitness technologies and programmes. <\/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:\/\/symbolic.ae\/\" style=\"\" rel=\"noopener\">Symbolic Developments<\/a><\/strong><strong> is launching a<\/strong><strong> new AED 150 mn (USD 40.3 mn) 72-story residential <\/strong><strong>project dubbed <\/strong><strong><a target=\"_blank\" href=\"https:\/\/symbolic.ae\/symbolic-aura-brochure\/\" style=\"\" rel=\"noopener\">Symbolic Aura<\/a><\/strong> located in Al Furjan neighborhood of Dubai, <a target=\"_blank\" href=\"https:\/\/www.tradearabia.com\/news\/CONS_422318.html\" style=\"\" rel=\"noopener\">Trade Arabia<\/a> writes. Construction is set to begin next month and is slated for completion in March 2026. <\/p>\n<p class=\"tag-border-left\">INS.-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Bermuda-based ins. company Fidelis Partnership opened a new office in Abu <\/strong><strong>Dhabi<\/strong> as part of its expansion in the region, <a target=\"_blank\" href=\"https:\/\/www.albayan.ae\/economy\/uae\/2024-05-22-1.4876263\" style=\"\" rel=\"noopener\">Al Bayan<\/a> reports. The new office will bring Fidelis closer to their client base. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<p class=\"tag-border-left\">EARNINGS-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Wio becomes fastest neo-bank to hit profitability: <\/strong>Digital-only bank <a target=\"_blank\" href=\"https:\/\/www.wio.io\/\" style=\"\" rel=\"noopener\">Wio<\/a> logged a bottom line of AED 2 mn in 2023, marking it one of the fastest neo-banks globally to reach profitability, <a target=\"_blank\" href=\"https:\/\/gulfnews.com\/business\/banking\/uaes-wio-becomes-one-of-fastest-neo-banks-globally-to-hit-a-profit-1.1716359623685\" style=\"\" rel=\"noopener\">Gulf News<\/a> reports, citing the lender\u2019s <a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/5\/1804.pdf\" style=\"\" rel=\"noopener\">financial statements (pdf)<\/a>. The bank\u2019s operating income rose 994.7% y-o-y to AED 266.4 mn. Customer deposits also saw a significant increase to AED 11.4 bn, compared to AED 552.7 mn in the previous year.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>About Wio: <\/strong>Launched in September 2022, Wio is among the few digital-only banking entities in the UAE. The neo-bank attracted over 50k customers to its Wio Business platform in 2023, and 40k customers to its Wio Personal platform, which saw deposits surpass AED 6 bn in 2023.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<p class=\"tag-border-left\">M&A-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>BMH <\/strong><strong>Capital saw nine direct transactions worth AED 207.5 mn on 59.5 mn of its <\/strong><strong>shares on the DFM yesterday,<\/strong><a target=\"_blank\" href=\"https:\/\/www.albayan.ae\/economy\/uae\/2024-05-22-1.4876623\" style=\"\" rel=\"noopener\">Al Bayan<\/a> reports, without disclosing further details.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<p class=\"tag-border-left\">HEALTHCARE- <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Dubai Health Authority (DHA) inked an MoU with the University of Birmingham <\/strong><strong>Dubai to support the development of the emirate\u2019s healthcare sector<\/strong>, <a target=\"_blank\" href=\"https:\/\/wam.ae\/en\/article\/b3a4qn0-dubai-health-authority-university-birmingham-dubai\" style=\"\" rel=\"noopener\">Wam<\/a> reports. The partnership will involve collaborating on health policies and strategies development, advancing monitoring mechanisms, and assessing the efficacy of adopted policies.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<p class=\"tag-border-left\">LOGISTICS-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Dubai South and Aldar to develop facility for Kuehne + Nagel:<\/strong> Dubai South and Aldar Properties have partnered to develop a facility for Swiss-based logistics provider <a target=\"_blank\" href=\"https:\/\/home.kuehne-nagel.com\/en\/\" style=\"\" rel=\"noopener\">Kuehne+Nagel<\/a> at Dubai South\u2019s EZDubai e-commerce hub, according to a <a target=\"_blank\" href=\"https:\/\/www.zawya.com\/en\/press-release\/companies-news\/dubai-south-and-aldar-to-develop-build-to-suit-facility-for-global-logistics-firm-kuehnenagel-d3n5n1qt\" style=\"\" rel=\"noopener\">press release<\/a>. The project is set to be completed in 2Q 2025. The facility spans a 22.9k sqm area and will offer logistics, e-commerce, and warehousing services along with office space. The agreement's financial details were not disclosed. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The two sides had set up a joint venture in <\/strong><strong><a target=\"_blank\" href=\"https:\/\/enterprise.news\/logistics\/en\/news\/story\/2467b828-e957-4efc-8cb5-85f6e18b74d2\/aldar-forms-a-jv-with-dubai-south-in-its-uae-logistics-portfolio-expansion\" style=\"\" rel=\"noopener\">February<\/a><\/strong><strong> to develop new logistics facilities. <\/strong>Aldar has also earmarked <a target=\"_blank\" href=\"https:\/\/enterprise.news\/uae\/en\/news\/story\/9df3e049-bfc0-492c-9b05-4641bd2f67bc\" style=\"\" rel=\"noopener\">AED 1 bn<\/a> in investments for logistics expansions in Abu Dhabi and Dubai. <\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/uae\/tag\/also-on-our-radar\/\">ALSO ON OUR RADAR<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/uae\/tag\/earnings\/\">earnings<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/uae\/tag\/emaar\/\">Emaar<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/uae\/tag\/energy\/\">energy<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/uae\/tag\/healthcare\/\">Healthcare<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\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\/masdar\/\">Masdar<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/uae\/tag\/retail\/\">retail<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/uae\/tag\/startups\/\">startups<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/uae\/tag\/tech\/\">tech<\/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=\"92318\" 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=\"92318\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">12<\/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\/23\/emerging-markets-credit-ratings-are-on-the-up-at-last\/\">\r\n                            Emerging markets\u2019 credit ratings are on the up at last                        <\/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\/23\/emerging-markets-credit-ratings-are-on-the-up-at-last\/\" 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 newswire points to Turkey, Brazil, Nigeria, Zambia and also us here in Egypt as adding to the growing evidence that there\u2019s a turnaround in ratings after decades of downgrades.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Economies are in a very different place than they were during the pandemic: <\/strong>Three-quarters of sovereign credit rating movements in 2024 have been in a positive direction, while almost all were negative when we were all working from home during the pandemic, according to data from the Bank of America cited by Reuters.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The why: <\/strong>It varies by economy, Fitch Ratings\u2019 Ed Parker told the newswire. Some economies have benefited from a recovery following the pandemic and energy price spikes from Russia\u2019s invasion of Ukraine, while others have had a change of fortunes on the back of policy improvements, and frontier economies are reaping the rewards of their new-found access to debt markets, he added.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Good news for sure, but EMs still have a long way to go: <\/strong>Ratings upgrades and better access to debt markets are obviously a positive sign, especially after a long period of high interest rates and a strong USD. But getting too excited about the ratings upgrades risks ignoring long-term trends in developing countries\u2019 debt markets.<\/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>Major Asian benchmarks slumped into the red this morning after the minutes of the US <\/strong><strong>Fed\u2019s latest meeting were released. <\/strong>Traders and bankers alike are concerned that the central bank is getting <a target=\"_blank\" href=\"https:\/\/www.cnbc.com\/2024\/05\/23\/asia-markets.html\" style=\"\" rel=\"noopener\">\u201ccold feet on possible rate cuts\u201d<\/a> after data showed inflation was surprisingly stubborn. Of the big Asian indexes, only the Nikkei is in positive territory this morning. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Looking ahead:<\/strong> Nasdaq and S&amp;P futures were up overnight after Nvidia reported record earnings \u2014 but futures have the Dow headed for a lower open at the start of trading today. European futures declined overnight. <\/p>\n<p><a target=\"_blank\" id=\"t.6910ef5705399815a02bc57e7dca662741ccb1e9\" rel=\"noopener\"><\/a><a target=\"_blank\" id=\"t.0\" rel=\"noopener\"><\/a> <\/p>\n<div class=\"stock-ticker-panel\">\n<table class=\"table stock-ticker-table markets-table\">\n<tbody>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<p><svg class=\"e-icon e-TypeMarkets1\"><use xlink:href=\"#e-TypeMarkets1\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>ADX<\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">8,973<\/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: -6.3%)<\/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>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\">4,058<\/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: -0.1%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<p><svg class=\"e-icon e-TypeMarkets1\"><use xlink:href=\"#e-TypeMarkets1\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>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-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>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\">5.2% 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-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>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\">12,157<\/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\">+0.3% (YTD: +1.6%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-none\">\n<td class=\"td-list-none\">\n<p><svg class=\"e-icon e-TypeMarkets\"><use xlink:href=\"#e-TypeMarkets\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>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\">27,227<\/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: +9.4%)<\/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>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\">5,307<\/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\">-0.3% (YTD: +11.3%)<\/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>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\">8,370<\/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: +9.7%)<\/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\">5,025<\/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: +11.1%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<p><svg class=\"e-icon e-TypeMarkets1\"><use xlink:href=\"#e-TypeMarkets1\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>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 81.90<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">-1.2%<\/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 2.84<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">+6.4%<\/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>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 2,4116<\/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\">-1.4%<\/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 69,423<\/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\">-0.5% (YTD: +64.4%)<\/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 ADX fell 0.4% yesterday<\/strong> on turnover of AED 1.1 bn. The index is down 6.3% YTD.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>In the green: <\/strong>National Bank of Umm Al Qaiwain (+3.0%), E7 Group (+2.6%) and Manazel (+2.5%).<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>In the red: <\/strong>Ras Al Khaimah National Ins. (-10.0%), Abu Dhabi National Takaful (-9.9%) and Abu Dhabi National Co. for Building Materials (-9.9%). <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Over on the DFM<\/strong>, the index closed down 0.4% on turnover of AED 582 mn. Meanwhile Nasdaq Dubai fell 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\/credit-ratings\/\">credit ratings<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/uae\/tag\/emerging-markets\/\">emerging markets<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/uae\/tag\/financial-markets\/\">Financial markets<\/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=\"92320\" 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=\"92320\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">13<\/div>\r\n\r\n                    <p class=\"f-graphik\">DIPLOMACY<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/uae\/2024\/05\/23\/uk-deputy-pm-came-to-the-uae-to-deepen-ties\/\">\r\n                            UK Deputy PM makes secret visit to the UAE                        <\/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\/23\/uk-deputy-pm-came-to-the-uae-to-deepen-ties\/\" 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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Dowden discussed \u201cdeepening and strengthening [UK-UAE] diplomatic and investment ties\u201d with senior Emirati government officials during his visit, the Financial Times cites the UK Cabinet Office as saying.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The move comes as the country looks for GBP bns of fresh investment from sovereign wealth funds<\/strong>, and after recent ruptures worsened bilateral ties between the two countries, said officials and analysts from both sides.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>REMEMBER-<\/strong> Abu Dhabi-backed 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>\u201cThere was probably a lot said about the UAE that was very undiplomatic,\u201d<\/strong> UK business and trade secretary Kemi Badenoch told the Financial Times. Politicians \u201care often careless about how they speak about other countries \u2026 There are lessons to be learned about how we do that better,\u201d Badenoch added.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>ALSO- More details on the AI partnership with France: <\/strong>The Abu Dhabi Artificial Intelligence and Advanced Technology Council signed an AI MoU with the French Economy, Finance and Industrial and Digital Sovereignty Ministry to jointly advance AI tech and infrastructure in both countries, <a target=\"_blank\" href=\"https:\/\/wam.ae\/en\/article\/b3a4qjy-uae-france-sign-mou-artificial-intelligence\" style=\"\" rel=\"noopener\">Wam<\/a> reports. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The partnership will see the two countries explore investments in startups and investment funds focused on AI models <\/strong>and applications in sectors like health, financial services, software, retail, and industry, as well as next generation hardware. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>ICYMI- The agreement \u2014 revealed <\/strong><strong><a target=\"_blank\" href=\"https:\/\/enterprise.news\/uae\/en\/news\/edition\/am\/e1189319-daba-4555-9112-20c6d9991800\/fab-closes-in-on-acquisition-of-turkey%25e2%2580%2599s-yapi-kredi\" style=\"\" rel=\"noopener\">yesterday<\/a><\/strong><strong> by French Finance Minister Bruno Le Maire \u2014 will cover four new areas of cooperation,<\/strong> including investments in data centers and semiconductors, as well as research and skill development through the Abu Dhabi branch of the Sorbonne, the minister said.<\/p>\n<p class=\"tag-border-left\">OTHER DIPLO NEWS-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Foreign Affairs Minister <\/strong><strong>Sheikh Abdullah bin Zayed Al Nahyan discussed <\/strong><strong>humanitarian cooperation with UN Under-Secretary-General for Humanitarian Affairs<\/strong> and Emergency Relief Coordinator Martin Griffiths on Tuesday, <a target=\"_blank\" href=\"https:\/\/wam.ae\/ru\/article\/b39jblm-abdullah-bin-zayed-meets-with\" style=\"\" rel=\"noopener\">Wam<\/a> reports. The meeting covered the situation in Gaza and the importance of securing a ceasefire. <\/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\/diplomacy\/\">DIPLOMACY<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/uae\/tag\/france\/\">France<\/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\/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=\"92322\" 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\/23\/92322-2\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-92322\" class=\"content-area-description single-story post-92322 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>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>21-23 May (Tuesday-Thursday):<\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/cabsat.com\/\" style=\"\">CABSAT 2024<\/a><\/span><span style=\"font-weight:400;\">, Dubai World Trade Center.<\/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>27-28 May (Monday-Tuesday): The <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/mecollabevents.com\/middle-east-investors-summit-may-2024\/\" style=\"\">Middle East Investors Summit<\/a><\/span><span style=\"font-weight:400;\">, Rosewood Hotel, Al Maryah Island, Abu Dhabi.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span>27-28 May (Monday-Tuesday): <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/moiat.gov.ae\/en\/make-it-in-emirates-forum\" style=\"\">Make it in the Emirates Forum<\/a><\/span><span style=\"font-weight:400;\">, Abu Dhabi Energy 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 style=\"font-weight:400;\">28 May-4 June (Tuesday-Tuesday): Subscription period for retail investors for Alef Education\u2019s IPO.<\/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 May-5 June (Tuesday-Wednesday): Subscription period for institutional investors for Alef Education\u2019s IPO.<\/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;\">12 June (Wednesday): Alef Education shares begin trading.<\/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-Wednesday): 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>Adnoc acquires stake in Mozambique LNG project | ADIA, CVC make a play for Hargreaves Lansdown | G42, Microsoft invest in Kenyan data center.<\/p>\n","protected":false},"featured_media":92293,"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-92292","issue","type-issue","status-publish","has-post-thumbnail","hentry","wpautop","entry"],"acf":{"mongo_id":"3262bc3a-95da-4ff1-8bb3-c6ca934de9d7","teaser":"Adnoc acquires stake in Mozambique LNG project | ADIA, CVC make a play for Hargreaves Lansdown | G42, Microsoft invest in Kenyan data center.","photo_url":"https:\/\/ent.news\/2024\/4\/163.jpg"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - 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