{"id":92484,"date":"2024-05-29T00:00:00","date_gmt":"2024-05-29T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/uae\/?post_type=issue&#038;p=92484"},"modified":"2025-12-15T00:28:42","modified_gmt":"2025-12-15T00:28:42","slug":"alef-could-raise-up-to-aed-1-89-bn-in-ipo","status":"publish","type":"issue","link":"https:\/\/enterpriseam.com\/uae\/issues\/alef-could-raise-up-to-aed-1-89-bn-in-ipo\/","title":{"rendered":"Alef could raise up to AED 1.89 bn in IPO"},"content":{"rendered":"<section id=\"92486\" 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=\"92486\">\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\/29\/adnoc-distribution-eyes-more-fast-ev-chargers-in-the-uae-this-year-fuel-stations-across-egypt-ksa-and-the-uae\/\">\r\n                            THIS MORNING:  Adnoc Distribution eyes 200 fast EV chargers in the UAE this year + more fuel stations across Egypt, KSA and 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 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status-publish format-standard has-post-thumbnail hentry category-what-were-tracking-today tag-adnoc tag-enterpriseam-uae tag-fuel tag-healthcare tag-investment-watch tag-tecom tag-what-were-tracking-today wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<figure class=\"wp-block-audio mb-0\"><audio controls preload=\"metadata\" src=\"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/5\/.355550a8-9197-4248-83c4-d7c671c59d31.mp3\"><\/audio><\/figure><p style=\"padding:0;margin:0;line-height:1.1500000000000001;orphans:2;widows:2;text-align:left\">id: 2024-05-29-02:31:45:144t<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Good morning, friends. <\/strong>It\u2019s another brisk news day as we reach the halfway mark of the week, with more news from Make it in the Emirates, an update on the ADX\u2019s first IPO of the year, an M&A and a lot of activity in the logistics sector. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>WEATHER- Expect a high of 41\u00b0C in Dubai<\/strong>, with an overnight low of 30\u00b0C. In <strong>Abu Dhabi<\/strong>, the mercury will hit 34\u00b0C, before cooling to 29\u00b0C overnight. <\/p>\n<p class=\"tag-border-left\"> PUBLIC SERVICE ANNOUNCEMENT-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#1- Customers can now pay for the Health and Prevention Ministry\u2019s services in <\/strong><strong>installments using credit cards issued by eight local banks, <\/strong>courtesy of a new Easy Payment Initiative launched by the Ministry, <a target=\"_blank\" href=\"https:\/\/wam.ae\/ar\/article\/b3dp4hf-%D9%88%D8%B2%D8%A7%D8%B1%D8%A9-%D8%A7%D9%84%D8%B5%D8%AD%D8%A9-%D8%AA%D8%B7%D9%84%D9%82-%D9%85%D8%A8%D8%A7%D8%AF%D8%B1%D8%A9-%D8%AE%D8%B7%D8%A9-%D8%A7%D9%84%D8%B3%D8%AF%D8%A7%D8%AF-%D8%A7%D9%84%D9%85%D9%8A%D8%B3%D8%B1\" style=\"\" rel=\"noopener\">Wam<\/a> reports. Terms and conditions \u2014 including interest, installment periods, and minimum payments \u2014 are set by the participating banks. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The banks include <\/strong>Abu Dhabi Islamic Bank, Abu Dhabi Commercial Bank, Commercial Bank of Dubai, Ajman Bank, Emirates Islamic Bank, Emirates NBD, Sharjah Islamic Bank, and Dubai Islamic Bank.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#2- Abu Dhabi Public Health Centre has launched a campaign to vaccinate children aged <\/strong><strong>one to five with measles, mumps, and rubella <\/strong><strong>vaccines without charge<\/strong>, according to a <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/adphc.ae\/posts\/pfbid022S9NQAQv357U6cMRh21pEVFX6CJFB9LJ62gNtJZuxAjetGWXgnofrcwrbyrDjZ3ml?__cft__[0]=AZWSMg3TlGr2lrRHl4krCf6bHdb27a1bg8n-gHGthz3GGwFOH8YHR2a20vM8KbIZe9EyZTkW8exTpMWOGv5pnBbbgchfkSNc3rGF7FLIH4D7vKrv-crlx_K_BBVum_ZK-5TqP23s0mRLRE9Ug3sZCBHqI9wOi1efAZIcssAq2VIoCuBYyvMT0ZtRIwrww74vwLsmMS_g2FMqgYbIYLtz-AzE&__tn__=%2CO%2CP-R\" style=\"\" rel=\"noopener\">statement<\/a>. The three-week campaign started yesterday and is scheduled to end on 17 June. You can book your child\u2019s appointment by calling any of the clinics listed on the center\u2019s <a target=\"_blank\" href=\"https:\/\/www.adphc.gov.ae\/en\/Public-Health-Programs\/measles\" style=\"\" rel=\"noopener\">website<\/a>. <\/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\"> WATCH THIS SPACE-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><a id=\"wwtt1\"><\/a> <strong>#1- Adnoc Distribution plans to have installed 200 fast EV chargers by the end of the year across the UAE<\/strong>, up from 90 currently, CEO Bader Saeed Al Lamki told Wam (<a target=\"_blank\" href=\"https:\/\/wam.ae\/article\/13xtvgz-adnoc-distribution-targets-200-fast-charging\" style=\"\" rel=\"noopener\">watch, runtime: 5:58<\/a>) on the sidelines of Make it in the Emirates, without specifying the exact locations. The target is to have 500 fast charging points across the country by 2028, he added. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The fuel retailer also plans to install 15-20 new filling stations in key locations across the UAE, Saudi Arabia, and Egypt<\/strong>, he said, and is targeting 1k stations over the next five years, up from 840 currently. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<hr style=\"height:2px;border-width:0;color:gray;background-color:gray\">\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><a id=\"wwtt2\"><\/a> <strong>#2- Dubai Industrial City plans to draw some AED 1.8 bn in investments by 2026<\/strong>, Abu Managing Director of Dubai Industrial City Saud Abu Alshawareb said. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>ICYMI- <\/strong>Dubai Industrial City has expanded by completing its AED 410 mn acquisition of 13.9 mn sq-ft of new land capacity, <a target=\"_blank\" href=\"https:\/\/wam.ae\/en\/article\/b3dpco2-dubai-industrial-city-launches-139-million-sqft\" style=\"\" rel=\"noopener\">Wam<\/a> reports. The developer had recently committed some AED 966 mn to acquire commercial and industrial assets from Dubai Holding Asset Management, as part of a wider AED 1.7 bn plan to develop commercial and industrial assets across Dubai. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>ALSO- <\/strong><strong>Tecom inked an MoU with Korean biopharma manufacturer Medytox<\/strong> to collaborate \u201cin areas of mutual interest,\u201d <a target=\"_blank\" href=\"https:\/\/wam.ae\/en\/article\/b3dpcfe-uae-korea-business-and-investment-forum-seoul#:~:text=The%20role%20of%20the%20Forum%20as%20a%20platform%20for%20bilateral%20collaboration%20was%20underlined%20by%20the%20signing%20of%20a%20Memorandum%20of%20Understanding%20(MoU)%20between%20the%20UAE%E2%80%99s%20TECOM%20Group%20and%20Korea%E2%80%99s%20Meditox%20to%20enhance%20cooperation%20in%20areas%20of%20mutual%20interest.\" style=\"\" rel=\"noopener\">Wam<\/a> reports. The MoU was signed during the UAE-Korea Business and Investment Forum, which was attended by over 250 representatives from the Emirati and Korean public and private sectors. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<hr style=\"height:2px;border-width:0;color:gray;background-color:gray\">\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#1- PureHealth pours AED 1 bn into local manufacturing:<\/strong> Healthcare giant <a target=\"_blank\" href=\"https:\/\/purehealth.ae\/\" style=\"\" rel=\"noopener\">PureHealth<\/a> has injected AED 1 bn into the economy through procurement of supplies from local manufacturers since 2023 in support of the national In-Country Value (ICV) program, according to a <a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/5\/2328.pdf\" style=\"\" rel=\"noopener\">press release (pdf)<\/a>. The contribution was spent as part of PureHealth\u2019s AED 13 bn commitment to local procurement by 2032, the healthcare firm revealed the progress during the Make it in the Emirates forum.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>ICYMI- The healthcare player <\/strong><strong><a target=\"_blank\" href=\"https:\/\/enterprise.news\/uae\/en\/news\/story\/d786a7f0-2b82-4b0d-a6e8-3c31405c1f09\/make-it-in-the-emirates-kicks-off-with-a-bang\" style=\"\" rel=\"noopener\">inked<\/a><\/strong><strong> an AED 3 bn offtake agreement to procure local supplies <\/strong>on the first day of Make it in the Emirates. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>PureHealth plans to continue to explore potential offtake transactions with the Industry Ministry<\/strong> as part of its ongoing efforts to maintain its ICV certification across all its assets. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>ICV certification? <\/strong>ICV certificates are issued as part of the UAE\u2019s in-country value program, which rewards companies that prioritize localizing supply chains and attracting foreign investments. The certificate hands them an advantage in tenders and contracts.<\/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 style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\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=\"wwtt3\"><\/a> <strong>#1- Dubai-based contractor Drake & Scull\u2019s shares will resume trading on the <\/strong><strong>Dubai Financial Market (DFM) today<\/strong>, according to a <a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/5\/2185.pdf\" style=\"\" rel=\"noopener\">DFM disclosure (pdf)<\/a>. The contractor\u2019s relisting comes following its capital increase, which <a target=\"_blank\" href=\"https:\/\/enterprise.news\/uae\/en\/news\/story\/39a70cf5-950a-43b1-b6dc-5836b846a059\/drake-&-scull-can-now-relist-on-the-dfm-after-raising-aed-450-mn-in-capital-boost\" style=\"\" rel=\"noopener\">raised over AED 450 mn<\/a> as part of its restructuring plan. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Background:<\/strong> The DFM approved its restructuring plan \u2014 which will write off 90% of its debt \u2014 back in November 2023, which it was required to implement within a year from approval. The construction company was suspended from trading in November 2018 on the back of excessive financial losses and reporting violations. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Drake and Scull has tapped licensed market maker BHM Capital as a liquidity <\/strong><strong>provider <\/strong>for its listed shares on DFM, BHM stated in a <a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/5\/2348.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\">\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>#1- President Sheikh Mohamed bin Zayed Al Nahyan is in South Korea on the final day of a two-day visit<\/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. Marking the president\u2019s first visit to Korea, the landmark working visit is expected to see the two countries sign a number of investment agreements and MoUs to bolster bilateral business cooperation, according to Korean news portal <a target=\"_blank\" href=\"https:\/\/www.korea.net\/NewsFocus\/policies\/view?articleId=251879&koreanId=251878\" style=\"\" rel=\"noopener\">Korea.net<\/a>.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Defense industry cooperation, business and investment, and energy initiatives <\/strong><strong>are also on the agenda, <\/strong>with the state leaders set to discuss ramping up their \u201cspecial strategic partnership,\u201d <a target=\"_blank\" href=\"https:\/\/www.reuters.com\/world\/uae-president-visits-south-korea-with-defence-energy-agenda-2024-05-28\/\" style=\"\" rel=\"noopener\">Reuters<\/a> reports, citing a statement made by South Korean President Yeol\u2019s office. <\/p>\n<p class=\"tag-border-left\">HAPPENING THIS WEEK- <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The President will head to China tomorrow,<\/strong> at the invitation of Chinese President Xi Jinping, to ring in the 40th anniversary of diplomatic relations between the UAE and China, <a target=\"_blank\" href=\"https:\/\/wam.ae\/en\/article\/b3bbllw-uae-president-begin-state-visit-china-may\" style=\"\" rel=\"noopener\">Wam<\/a> reports. The visit seeks to build on the countries\u2019 existing strategic partnership, with the state leaders set to discuss furthering economic, developmental, and cultural cooperation to promote sustainable development and economic growth across both countries. President Al Nahyan will also attend the latest Ministerial Conference of the China-Arab States Cooperation Forum during his visit.<\/p>\n<p class=\"tag-border-left\"> DATA POINT-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The region\u2019s healthcare sector is expected to reach USD 135 bn by 2027<\/strong>, driven by rising investor confidence, according to a recent JLL report picked up by <a target=\"_blank\" href=\"https:\/\/www.zawya.com\/en\/business\/healthcare\/gcc-healthcare-market-set-to-reach-135bln-jll-l7n7w015\" style=\"\" rel=\"noopener\">Zawya<\/a>. Healthcare spending is expected to hit USD 124 bn in the region by 2028.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<p class=\"tag-border-left\"> THE BIG STORY ABROAD- <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>A big US M&A and another fresh high for Wall Street <\/strong>are the big business stories this morning, but they\u2019re being largely overshadowed in the US and UK by political news. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>UP FIRST- The tech-heavy Nasdaq Composite has hit a fresh high at yesterday\u2019s close<\/strong>, rising 0.6% to break the 17k barrier for the first time as traders returned from a three-day weekend. (<a target=\"_blank\" href=\"https:\/\/www.cnbc.com\/2024\/05\/27\/stock-market-today-live-updates.html\" style=\"\" rel=\"noopener\">CNBC<\/a>)<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>AND- Shareholders of Hess voted yesterday to sell their company to Chevron in a USD <\/strong><strong>53 bn transaction. <\/strong>It\u2019s still far from certain that sale will go through, because\u2026<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>\u2026Exxon is still looking for a way to scupper it. <\/strong>The story is perhaps a bit less dramatic than the 1980s oil patch soap Dallas, but if you want the inside dirt of what\u2019s keeping the energy industry in thrall, go read: <a target=\"_blank\" href=\"https:\/\/www.wsj.com\/business\/energy-oil\/guyana-brawl-ceo-exxon-chevron-hess-409c15c1\" style=\"\" rel=\"noopener\">The leaders of Exxon Mobil, Chevron and Hess are duking it out over a generational oil discovery in Guyana<\/a> in the Wall Street Journal. Both <a target=\"_blank\" href=\"https:\/\/www.wsj.com\/business\/energy-oil\/hess-shareholders-greenlight-53-billion-merger-with-chevron-e82fd222\" style=\"\" rel=\"noopener\">the WSJ<\/a> and <a target=\"_blank\" href=\"https:\/\/www.ft.com\/content\/ed1a65fe-324b-42b7-ad93-813d78c739bc\" style=\"\" rel=\"noopener\">the FT<\/a> are giving the shareholder vote prominent play on their front pages this morning.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>IN EUROPE, an \u201cinvestment shock\u201d: <\/strong>Emmanuel Macron wrapped a three-day visit to Germany with the announcement that Paris and Berlin will work together to deliver an \u201cinvestment shock\u201d to the European Union to provide more incentives for manufacturers and businesses working on advanced technologies, writes <a target=\"_blank\" href=\"https:\/\/www.handelsblatt.com\/politik\/international\/staatsbesuch-macron-fordert-investionsschock-und-neue-regeln-im-ukraine-krieg\/100038914.html\" style=\"\" rel=\"noopener\">Handelsblatt<\/a>. Macron and his German counterpart, Olaf Sholz, telegraphed the move in an op-ed for the <a target=\"_blank\" href=\"https:\/\/www.ft.com\/content\/853f0ba0-c6f8-4dd4-a599-6fc5a142e879\" style=\"\" rel=\"noopener\">Financial Times<\/a> earlier this week that argued the EU needs \u201cmore single market, innovation and investment to secure a common future.\u201d The impetus? Conutering china. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<hr style=\"height:2px;border-width:0;color:gray;background-color:gray\">\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>IN WAR and politics:<\/strong><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#1- Israeli tanks and troops have reached the center of Rafah<\/strong> in \u201ca sign the military could be nearing its goal of taking full control of the southern Gazan city.\u201d The story leads the front pages from <a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2024-05-28\/israeli-tanks-have-reached-the-center-of-rafah-afp-reports?srnd=homepage-middle-east\" style=\"\" rel=\"noopener\">Bloomberg<\/a> through to the <a target=\"_blank\" href=\"https:\/\/www.ft.com\/content\/6f97af16-9dad-48ce-80df-8e24c0338333\" style=\"\" rel=\"noopener\">Financial Times<\/a>. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Oh, and that US pier that was going to feed Gaza?<\/strong> Satellite imagery shows that it\u2019s broken apart, <a target=\"_blank\" href=\"https:\/\/edition.cnn.com\/2024\/05\/28\/politics\/us-gaza-pier-broken-apart\/index.html\" style=\"\" rel=\"noopener\">CNN<\/a> reports.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#2- Closing arguments wrapped late yesterday in Donald Trump\u2019s criminal hush-money <\/strong><strong>trial<\/strong>, with the prosecutor taking six hours to bring the case home and the defense three. The jury should get the case today to start deliberations and could deliver a verdict anytime afterward. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<hr style=\"height:2px;border-width:0;color:gray;background-color:gray\">\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>FOOD FOR THOUGHT this morning:<\/strong> <strong>There are no signs that traffic will soon return to the <\/strong><strong>Suez Canal <\/strong>as Dubai and Jeddah open new routes to Saudi Arabia and major players continue to steam around the Horn of Africa rather than transit through Egypt. The FT goes deep into how <strong>pirate attacks, instability in the Middle East, and climate change are putting <\/strong><strong><a target=\"_blank\" href=\"https:\/\/www.ft.com\/content\/a03da8f6-b468-4a86-8db5-83838f7d6409\" style=\"\" rel=\"noopener\">\u201cmounting strains on global shipping.\u201d<\/a><\/strong><\/p>\n<div class=\"row\">\n<div class=\"col-md-12 subscribe-box-panel\">\n<div class=\"\">\n<div class=\"title\">\n<h4 class=\"fw-lighter mb-10\">   Get <b style=\"font-weight: 700\">Enterprise<\/b> daily   <\/h4>\n<\/p><\/div>\n<p class=\"mb-10\">The roundup of news and trends that move your markets and shape corporate agendas delivered straight to your inbox.<\/p>\n<p>  <a target=\"_blank\" href=\"\/egypt\/en\/user\/NewsLetters\" type=\"button \" class=\"btn-green px-3 d-flex align-items-center\" rel=\"noopener\">Subscribe here<\/a>  <\/div>\n<\/p><\/div>\n<\/p><\/div>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\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>Dubai Chamber to head to Senegal, Morocco:<\/strong> The Dubai International Chamber will kick off a trade mission to Senegal and Morocco from 3 to 7 June to as part of its African roadshow aimed at promoting and expanding Dubai-based companies\u2019 foothold in the continent, according to a <a target=\"_blank\" href=\"https:\/\/www.dubaichamberinternational.com\/en\/news\/dubai-international-chamber-trade-mission-set-to-strengthen-partnerships-with-business-communities-in-senegal-and-morocco\/\" style=\"\" rel=\"noopener\">statement<\/a>. The trade mission\u2019s agenda will include holding meetings between Dubai-based companies and their counterparts in Senegal and Morocco, with a focus on exploring collaboration, expansion strategies, and forging new partnerships and trade agreements. <\/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\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\/fuel\/\">fuel<\/a>\n                <!-- <span 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<\/div>\r\n    <\/div>\r\n<\/section> \r\n\r\n\n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"92489\" 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=\"92489\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">2<\/div>\r\n\r\n                    <p class=\"f-graphik\">IPO WATCH<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/uae\/2024\/05\/29\/alefs-ipo-could-raise-as-much-as-aed-1-89-bn\/\">\r\n                            Alef\u2019s IPO could raise as much as AED 1.89 bn                        <\/a>\r\n                    <\/h3>\r\n\r\n                    \r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn 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      <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/uae\/2024\/05\/29\/alefs-ipo-could-raise-as-much-as-aed-1-89-bn\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2024\/4\/244.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"92490\" data-permalink=\"https:\/\/enterpriseam.com\/uae\/2024\/05\/29\/alefs-ipo-could-raise-as-much-as-aed-1-89-bn\/244-jpg-7\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/4\/244.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"244.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/4\/244.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/4\/244.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-92489\" class=\"content-area-description single-story post-92489 post type-post status-publish format-standard has-post-thumbnail hentry category-ipo-watch tag-alef-education tag-edtech tag-education tag-ipo tag-ipo-watch wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<figure class=\"wp-block-audio mb-0\"><audio controls preload=\"metadata\" src=\"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/5\/.877a4cc1-e2cc-420c-a1e1-5fa08f1f766e.mp3\"><\/audio><\/figure><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>Alef sets IPO range as bookbuilding kicks off: <\/strong>Abu Dhabi-based edtech firm <a target=\"_blank\" href=\"https:\/\/www.alefeducation.com\/\" style=\"\" rel=\"noopener\">Alef<\/a><a target=\"_blank\" href=\"https:\/\/www.alefeducation.com\/\" style=\"\" rel=\"noopener\">Education<\/a> has set an indicative price range of AED 1.3-1.35 per share for its IPO, valuing the company at up to AED 9.45 bn, it said in a <a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/5\/2282.pdf\" style=\"\" rel=\"noopener\">statement (pdf)<\/a> yesterday. The share sale could see Alef raise as much as AED 1.89 bn. The final share price will be announced next Thursday, 6 June.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>ICYMI- <\/strong>Alef\u2019s shareholders, Tech Nova Investment and Kryptonite Investments, are offering up to a <a target=\"_blank\" href=\"https:\/\/enterprise.news\/uae\/en\/news\/story\/4e5daecb-6e2b-4935-8e23-d15a2606694c\/alef-education-plans-june-adx-debut\" style=\"\" rel=\"noopener\">20% stake (1.4 bn shares)<\/a> in an IPO on the ADX. This is set to be Abu Dhabi's first IPO of the year and the UAE's third, following the successful IPOs of Parkin, which raised <a target=\"_blank\" href=\"https:\/\/enterprise.news\/uae\/en\/news\/story\/de573f5b-c1df-4b13-ba64-58e95fdfcffb\/%253cmark%253eparkin%253c%2Fmark%253e-share-price-rises-35%2525-on-market-debut\" style=\"\" rel=\"noopener\">AED 1.57 bn<\/a>, and Spinneys, which <a target=\"_blank\" href=\"https:\/\/enterprise.news\/uae\/en\/news\/story\/65ee8d31-39fa-4506-ac4e-bdf3e240be04\/%253cmark%253espinneys%253c%2Fmark%253e-share-jump-on-market-debut\" style=\"\" rel=\"noopener\">raised AED 1.38 bn<\/a>.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Retail investors have until next Tuesday, 4 June to subscribe, <\/strong>while the subscription period for institutional investors wraps on Wednesday, 5 June. Shares are expected to begin trading on 12 June, according to the prospectus.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>What they said:<\/strong> \u201cOur investment proposition has been incredibly well received by the market, with significant interest in our offering since announcing our intention to float,\u201d CEO Geoffrey Alphonso said. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Advisors: <\/strong><a target=\"_blank\" href=\"http:\/\/www.bankfab.com\/en-ae\/personal\" style=\"\" rel=\"noopener\">FAB<\/a> and <a target=\"_blank\" href=\"https:\/\/www.efghldg.com\/\" style=\"\" rel=\"noopener\">EFG Hermes<\/a> are acting as joint lead managers and joint bookrunners. FAB is also the listing advisor and lead receiving bank of the IPO, with <a target=\"_blank\" href=\"https:\/\/www.adib.ae\/en\" style=\"\" rel=\"noopener\">Abu Dhabi Islamic Bank<\/a>, <a target=\"_blank\" href=\"https:\/\/www.adcb.com\/en\/personal\/\" style=\"\" rel=\"noopener\">Abu Dhabi Commercial Bank<\/a>, and <a target=\"_blank\" href=\"https:\/\/www.mbank.ae\/\" style=\"\" rel=\"noopener\">Al Maryah Community Bank<\/a> acting as receiving banks.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>More on Alef: <\/strong>Founded in Abu Dhabi in 2016, Alef\u2019s flagship learning platform provides curated study plans for students using AI and machine learning tech, spanning several international markets, including the UAE, the US, Morocco and Indonesia.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>REMEMBER- We have more IPOs in the pipeline:<\/strong> <a target=\"_blank\" href=\"https:\/\/enterprise.news\/uae\/en\/news\/story\/e2feb924-f76a-4703-af1e-485f9061c6b2\/icd-backed-alec-taps-banks-ahead-of-planned-ipo\" style=\"\" rel=\"noopener\">Last week<\/a>, construction firm Alec tapped advisors for an IPO on the DFM. Amanat Holdings is also reportedly <a target=\"_blank\" href=\"https:\/\/enterprise.news\/uae\/en\/news\/story\/a7487593-d87d-409f-8b7b-96601eda5c08\/expect-at-least-five-more-ipos-in-the-uae-this-year\" style=\"\" rel=\"noopener\">looking to list<\/a> either its education or healthcare unit, with reports that its healthcare unit could raise some USD 200 mn as soon as this year, while shisha producer Advanced Inhalation Rituals was said to be <a target=\"_blank\" href=\"https:\/\/www.reuters.com\/markets\/deals\/mideasts-biggest-tobacco-firm-air-invites-banks-pitch-roles-ipo-sources-2023-07-04\/\" style=\"\" rel=\"noopener\">eyeing an IPO<\/a> in 1H 2024. Over on the ADX, <a target=\"_blank\" href=\"https:\/\/enterprise.news\/uae\/en\/news\/story\/c51b4ea9-069c-433b-a44a-d91139d4417f\" style=\"\" rel=\"noopener\">Etihad Airways<\/a>, and supermarket chain <a target=\"_blank\" href=\"https:\/\/enterprise.news\/uae\/en\/news\/story\/fa864923-b630-428a-8983-899370e1ccb4\/lulu-moves-forward-with-planned-ipo\" style=\"\" rel=\"noopener\">LuLu group<\/a> have each tapped banks to advise on their transactions.<\/p>\n\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\/alef-education\/\">Alef Education<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/uae\/tag\/edtech\/\">edtech<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/uae\/tag\/education\/\">Education<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/uae\/tag\/ipo\/\">IPO<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/uae\/tag\/ipo-watch\/\">IPO WATCH<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"92491\" 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=\"92491\">\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\">MANUFACTURING<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/uae\/2024\/05\/29\/day-two-of-make-it-in-the-emirates-more-funding-new-digitization-initiatives-and-new-manufacturers-set-up-shop-in-dubai\/\">\r\n                            Day two of Make it in the Emirates: More funding, new digitization initiatives, and new manufacturers set up shop in Dubai                        <\/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 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<img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2024\/5\/2406.jpeg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"92492\" data-permalink=\"https:\/\/enterpriseam.com\/uae\/2024\/05\/29\/day-two-of-make-it-in-the-emirates-more-funding-new-digitization-initiatives-and-new-manufacturers-set-up-shop-in-dubai\/2406-jpeg\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/5\/2406.jpeg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"2406.jpeg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/5\/2406.jpeg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/5\/2406.jpeg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-92491\" class=\"content-area-description single-story post-92491 post type-post status-publish format-standard has-post-thumbnail hentry category-manufacturing tag-abu-dhabi-exports-office tag-enterpriseam-uae tag-manufacturing tag-sailgp tag-strata 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\/.f82f822f-27ad-4f43-9423-acf2908f876e.mp3\"><\/audio><\/figure><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>The second and final day of Make it in the Emirates rang in more industry initiatives<\/strong> and saw more manufacturers set up shop in the UAE. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">(<strong>** Tap or click the headline above to read this story with all of the links<\/strong> to our background and outside sources.)<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>DATA POINT- Over 1.3k products now carry the \u201cMade in the Emirates\u201d label<\/strong> since the initiative\u2019s launch in <a target=\"_blank\" href=\"https:\/\/moiat.gov.ae\/en\/media-center\/news\/2023\/06\/08\/miite-forum-made-in-uae\" style=\"\" rel=\"noopener\">2023<\/a>, <a target=\"_blank\" href=\"https:\/\/wam.ae\/en\/article\/b3dpcfd-made-the-emirates-mark-awarded-1330-uae-made\" style=\"\" rel=\"noopener\">Wam<\/a> reports, citing Assistant Under-Secretary for Standards and Regulations Sector at the Industry Ministry, Farah Al Zarooni.<\/p>\n<p class=\"tag-border-left\">DIGITIZATION- <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#1- Industry Ministry launches digitalization initiative:<\/strong> The Industry and Advanced Technology Ministry rolled out a new initiative to accelerate digital adoption across the industrial sector, dubbed Transform 4.0, <a target=\"_blank\" href=\"https:\/\/wam.ae\/en\/article\/b3dpcic-moiat-launches-transform-40-miite-forum\" style=\"\" rel=\"noopener\">Wam<\/a> reports. The initiative will support 100 manufacturers, to create \u201ca group of Industry 4.0 lighthouses over the next three to five years,\u201d and comes as part of plans to raise the industrial sector\u2019s contribution to the GDP to AED 300 bn by 2031.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>EDB to fund the initiative:<\/strong> The ministry inked an MoU with Emirates Development Bank (EDB) and national telco <a target=\"_blank\" href=\"https:\/\/www.du.ae\/personal\" style=\"\" rel=\"noopener\">du<\/a> to boost digital transformation in manufacturing. EDB will finance the onboarded companies, while du will act as a tech partner, assisting manufacturers in implementing the digitalization roadmap.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>ICYMI- <\/strong>EDB is allocating up to <a target=\"_blank\" href=\"https:\/\/enterprise.news\/uae\/en\/news\/edition\/am\/c7d5304b-5fe8-4a0d-ae91-38ae9c3aeb62\/fresh-pledges-to-local-industry#:~:text=EDB%20PLEDGES%20AED%205%20BN%20FOR%20LOCAL%20INDUSTRY%20%2B%20MORE%20FOR%20AI%2D\" style=\"\" rel=\"noopener\">AED 5 bn<\/a> to finance businesses and projects in the manufacturing sector, marking its highest funding pledged to date, in a bid to boost \u201ctechnology adoption, economic resilience and diversification\u201d in the sector.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Also chipping in:<\/strong> Industrial digitalization firm <a target=\"_blank\" href=\"https:\/\/maxbyte.co\/\" style=\"\" rel=\"noopener\">Maxbyte<\/a>, <a target=\"_blank\" href=\"https:\/\/www.dubaiprecast.ae\/\" style=\"\" rel=\"noopener\">Precast<\/a>, and du have collectively committed services valued at AED 10 bn to support the program. The Industry Ministry inked an MoU with <a target=\"_blank\" href=\"https:\/\/industryapps.net\/\" style=\"\" rel=\"noopener\">Industry Apps<\/a> to provide companies under the program with access to the platform\u2019s portfolio of smart applications to support their digital transformation. Industry Apps will also offer services worth AED 5.5 mn without charge.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>FYI- <\/strong>Industry Apps is a platform that aids companies in \u201c[raising] their digital maturity\u201d and supports their digital transformation efforts. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Who\u2019s in?<\/strong> Automation solutions provider <a target=\"_blank\" href=\"https:\/\/acme-world.com\/\" style=\"\" rel=\"noopener\">ACME<\/a> was the first company to be enrolled in the initiative. Other onboarded companies include <a target=\"_blank\" href=\"https:\/\/www.hotpackglobal.com\/\" style=\"\" rel=\"noopener\">Hotpack Global<\/a>, Mercatus MEA, Modern Plastics Industries, Hempel Paints, Ittihad Paper Mill (IPM), HIRA Industries, Star Paper Mill, Abu Dhabi Precast, Emirates Float Glass, HIRA Industries, Lipton, IPM, Al Gharbia Pipeline, Aquachemie, iPlast, Aswan Engineering, Agthia Group, Masafi, and Union Copper Rod. <\/p>\n<p class=\"tag-border-left\">TRADE FINANCE- <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The Abu Dhabi Exports Office (Adex) \u2014 the export arm of Abu Dhabi Fund for <\/strong><strong>Development \u2014 has allocated AED 3.5 bn in funding<\/strong> to boost local companies\u2019 exports, Deputy Director General of ADFD Khalifa Al Qubaisi told <a target=\"_blank\" href=\"https:\/\/www.wam.ae\/ar\/article\/b3d3pdl-%D9%85%D9%83%D8%AA%D8%A8-%D8%A3%D8%A8%D9%88%D8%B8%D8%A8%D9%8A-%D9%84%D9%84%D8%B5%D8%A7%D8%AF%D8%B1%D8%A7%D8%AA-%D9%8A%D8%AE%D8%B5%D8%B5-%D8%AA%D9%85%D9%88%D9%8A%D9%84%D8%A7%D8%AA-35-%D9%85%D9%84%D9%8A%D8%A7%D8%B1-%D8%AF%D8%B1%D9%87%D9%85\" style=\"\" rel=\"noopener\">Wam<\/a> on the sidelines of Make it in the Emirates, without clarifying the timeline of the disbursement or specific sectors it plans to target. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>How does Adex help?<\/strong> The export office usually provides credit facilities to exporters, as well as financing and guarantees for foreign importers to support their imports from the UAE\/ <\/p>\n<p class=\"tag-border-left\">MORE LOCAL MANUFACTURING OFFTAKE AGREEMENTS- <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Strata to manufacture SailGP F50 parts:<\/strong> Mubadala-owned composite aerostructures manufacturer <a target=\"_blank\" href=\"https:\/\/www.strata.ae\/\" style=\"\" rel=\"noopener\">Strata Manufacturing<\/a> inked a partnership with global sailing competition SailGP to manufacture parts of SailGP\u2019s F50 catamaran models, <a target=\"_blank\" href=\"https:\/\/www.wam.ae\/en\/article\/b3dpc9f-mubadala-owned-strata-sailgp-partner-manufacture\" style=\"\" rel=\"noopener\">Wam<\/a> reports. As a production partner, Strata will help SailGP increase the number of its international events by ramping up the production of F50 catamarans through supplying key components of the multihull sailboat fleet, used by the ten current teams in the flagship league. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Mubadala + SailGP expand partnership:<\/strong> The agreement, which was signed on the sidelines of the Make it in the Emirates Forum, builds on Mubadala\u2019s existing <a target=\"_blank\" href=\"https:\/\/www.mubadala.com\/en\/sailgp\" style=\"\" rel=\"noopener\">partnership<\/a> with SailGP as a global series partner. The Abu Dhabi sovereign wealth fund is the title sponsor for the upcoming Mubadala New York Sail Grand Prix, scheduled for 22-23 June.<\/p>\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-exports-office\/\">Abu Dhabi Exports Office<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/uae\/tag\/manufacturing\/\">MANUFACTURING<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/uae\/tag\/sailgp\/\">SailGP<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" 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data-image-meta=\"[]\" data-image-title=\"1224.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/4\/1224.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/4\/1224.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-92494\" class=\"content-area-description single-story post-92494 post type-post status-publish format-standard has-post-thumbnail hentry category-ma-watch-2 tag-enterpriseam-uae tag-investment-watch tag-lunate-capital tag-ma-watch tag-private-equity 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\/.0f833f72-ffbc-4e8a-b27d-a865aa5bd69d.mp3\"><\/audio><\/figure><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>Lunate takes minority stake in US healthcare PE firm:<\/strong> Abu Dhabi-based alternative asset manager <a target=\"_blank\" href=\"https:\/\/lunate.com\/\" style=\"\" rel=\"noopener\">Lunate Capital<\/a> and American asset manager <a target=\"_blank\" href=\"https:\/\/www.blueowl.com\/homepage\" style=\"\" rel=\"noopener\">Blue Owl Capital<\/a> acquired a minority stake in US-based healthcare private equity firm <a target=\"_blank\" href=\"https:\/\/www.lindenllc.com\/\" style=\"\" rel=\"noopener\">Linden Capital Partners<\/a>, according to a <a target=\"_blank\" href=\"https:\/\/www.prnewswire.com\/news-releases\/linden-announces-minority-investment-from-blue-owls-gp-strategic-capital-platform-and-lunate-302156131.html\" style=\"\" rel=\"noopener\">statement<\/a>. The acquisition comes as part of Lunate and Blue Owl\u2019s <a target=\"_blank\" href=\"https:\/\/enterprise.news\/uae\/en\/news\/story\/78f744e1-5d16-41b2-b0b1-d3e608c0e26c\/lunate-and%253cmark%253e-blue-owl%253c%2Fmark%253e-capital-are-setting-up-a-new-usd-3-bn-fund\" style=\"\" rel=\"noopener\">USD 3 bn fund<\/a>, which was launched in February and targets acquisitions of minority stakes in midsize asset managers. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">(<strong>** Tap or click the headline above to read this story with all of the links<\/strong> to our background and outside sources.)<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The \u201cpassive\u201d investment will not have an impact on Linden\u2019s operations or investment strategies<\/strong>, the statement notes. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>ADVISORS-<\/strong> Evercore acted as Linden\u2019s financial advisor, while Kirkland & Ellis provided legal counsel. Blue Owl was advised by BofA Securities as financial advisor and by Fried, Frank, Harris, Shriver & Jacobson as legal counsel.<\/p>\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\/investment-watch\/\">INVESTMENT WATCH<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/uae\/tag\/lunate-capital\/\">Lunate Capital<\/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\/private-equity\/\">private equity<\/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=\"92496\" 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=\"92496\">\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\">Banking<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/uae\/2024\/05\/29\/the-uaes-largest-10-banks-raked-in-aed-20-8-bn-worth-of-net-income-during-1q\/\">\r\n                            The UAE\u2019s largest 10 banks raked in AED 20.8 bn worth of net income during 1Q                        <\/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\/29\/the-uaes-largest-10-banks-raked-in-aed-20-8-bn-worth-of-net-income-during-1q\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" 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           <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/api.whatsapp.com\/send?text=The+UAE%E2%80%99s+largest+10+banks+raked+in+AED+20.8+bn+worth+of+net+income+during+1Q+https%3A%2F%2Fenterpriseam.com%2Fuae%2F2024%2F05%2F29%2Fthe-uaes-largest-10-banks-raked-in-aed-20-8-bn-worth-of-net-income-during-1q%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\/29\/the-uaes-largest-10-banks-raked-in-aed-20-8-bn-worth-of-net-income-during-1q\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2024\/2\/639.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"92497\" data-permalink=\"https:\/\/enterpriseam.com\/uae\/2024\/05\/29\/the-uaes-largest-10-banks-raked-in-aed-20-8-bn-worth-of-net-income-during-1q\/639-jpg-7\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/2\/639.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"639.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/2\/639.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/2\/639.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-92496\" class=\"content-area-description single-story post-92496 post type-post status-publish format-standard has-post-thumbnail hentry category-banking tag-adib tag-banking tag-cbd tag-debt-watch tag-enterpriseam-uae tag-fab tag-mashreq tag-national-bank-of-fujairah tag-rak-bank tag-sharjah-islamic-bank 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\/.cfeefd77-e202-44fb-8b77-fec1cf0a7517.mp3\"><\/audio><\/figure><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>The combined net income of the UAE's 10 largest listed banks increased <\/strong><strong>9.3% <\/strong><strong>q-o-q to AED 20.8 bn in 1Q 2024,<\/strong> despite static interest rates, according to Dubai-based management consultancy Alvarez & Marsal\u2019s <a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/5\/2286.pdf\" style=\"\" rel=\"noopener\">UAE Banking Pulse report (pdf).<\/a> Growth was driven by an 18.9% q-o-q increase in non-core income, in addition to reduced operational costs and impairment charges.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">(<strong>** Tap or click the headline above to read this story with all of the links<\/strong> to our background and outside sources.)<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The 10 largest banks in terms of assets: <\/strong>First Abu Dhabi Bank (FAB), Emirates NBD, Abu Dhabi Commercial Bank, Dubai Islamic Bank, Mashreq, Abu Dhabi Islamic Bank, Commercial Bank of Dubai, RAK Bank, Sharjah Islamic Bank, and the National Bank of Fujairah.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Total net interest income fell 1.1% q-o-q across the board as the Central Bank of the UAE left interest rates unchanged<\/strong> following the US Federal Reserve\u2019s decision, maintaining its overnight deposit rate at 5.40% and the overnight lending rate at 5.90%, the report said.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>REMEMBER-<\/strong> The Central Bank of the UAE mirrors the Fed\u2019s interest rate policies, as the AED is pegged to the USD.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Loans and advances (L&A) increased 3.4% q-o-q, reaching their highest level in the post-covid-19 period, <\/strong>mainly fueled by corporates and wholesalers, who accounted for 56.7% of the total loan book, the report said. Abu Dhabi Commercial Bank and FAB led the pack with the highest growth rates in loans among the 10 banks, showcasing a 5.4% and 5.0% q-o-q increase in L&A. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Deposits outpaced L&A in growth,<\/strong> improving 5.1% q-o-q as almost all banks recorded increases in deposits. RAK Bank logged the highest increase in deposits during the period, with a 9.9% q-o-q increase. Sharjah Islamic Bank was the only outlier, with a 0.3% q-o-q decrease in deposits.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>All banks improved cost efficiency, <\/strong>with our friends at Mashreq reporting a 9.1% q-o-q drop in their cost-to-income ratio. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The overall cost of risk improved to 0.41% during 1Q, <\/strong>as banks managed a 47.9% q-o-q decrease in aggregate impairment charges amounting to AED 2.0 bn. Emirates NBD witnessed the highest reversal in impairment charges by overturning AED 866 mn in 1Q 2024. Abu Dhabi Commercial Bank, Abu Dhabi Islamic Bank, RAK Bank, Sharjah Islamic Bank, and National Bank of Fujairah saw positive q-o-q shifts in cost of risk, while Dubai Islamic Bank, Mashreq, and Commercial Bank of Dubai, reported declines.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Profitability was weighed by a heavy reliance on time deposits,<\/strong> which constituted 44.4% of their total deposits. However, a decrease in total interest expenses signaled better asset repricing during the quarter.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>A&M expects banks' profitability to be impacted by the CBUAE cutting interest rates in 2H 2024 <\/strong>in line with the Fed, but not in the short term.<\/p>\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\/adib\/\">ADIB<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/uae\/tag\/banking\/\">banking<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/uae\/tag\/cbd\/\">CBD<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/uae\/tag\/debt-watch\/\">DEBT WATCH<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/uae\/tag\/fab\/\">FAB<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/uae\/tag\/mashreq\/\">Mashreq<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/uae\/tag\/national-bank-of-fujairah\/\">National Bank of Fujairah<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/uae\/tag\/rak-bank\/\">RAK Bank<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/uae\/tag\/sharjah-islamic-bank\/\">Sharjah Islamic Bank<\/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=\"92498\" 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=\"92498\">\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\">ENERGY<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/uae\/2024\/05\/29\/tecnimont-secures-contract-to-build-low-carbon-ammonia-plant-in-al-ruwais\/\">\r\n                            Tecnimont secures contract to build low-carbon ammonia plant in Al Ruwais                        <\/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\/29\/tecnimont-secures-contract-to-build-low-carbon-ammonia-plant-in-al-ruwais\/\" 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\/29\/tecnimont-secures-contract-to-build-low-carbon-ammonia-plant-in-al-ruwais\/')\">\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\/29\/tecnimont-secures-contract-to-build-low-carbon-ammonia-plant-in-al-ruwais\/\">\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=Tecnimont secures contract to build low-carbon ammonia plant in Al Ruwais&url=https:\/\/enterpriseam.com\/uae\/2024\/05\/29\/tecnimont-secures-contract-to-build-low-carbon-ammonia-plant-in-al-ruwais\/\">\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\/29\/tecnimont-secures-contract-to-build-low-carbon-ammonia-plant-in-al-ruwais\/&title=Tecnimont secures contract to build low-carbon ammonia plant in Al Ruwais\">\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=Tecnimont+secures+contract+to+build+low-carbon+ammonia+plant+in+Al+Ruwais+https%3A%2F%2Fenterpriseam.com%2Fuae%2F2024%2F05%2F29%2Ftecnimont-secures-contract-to-build-low-carbon-ammonia-plant-in-al-ruwais%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\/29\/tecnimont-secures-contract-to-build-low-carbon-ammonia-plant-in-al-ruwais\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2024\/5\/2299.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"92499\" data-permalink=\"https:\/\/enterpriseam.com\/uae\/2024\/05\/29\/tecnimont-secures-contract-to-build-low-carbon-ammonia-plant-in-al-ruwais\/2299-jpg\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/5\/2299.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"2299.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/5\/2299.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/5\/2299.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-92498\" class=\"content-area-description single-story post-92498 post type-post status-publish format-standard has-post-thumbnail hentry category-energy tag-ammonia tag-energy tag-enterpriseam-uae tag-fertiglobe 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\/.b5bb55c0-1b9c-43e1-ad4e-93399b6405a8.mp3\"><\/audio><\/figure><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>Italian engineering firm <\/strong><strong><a target=\"_blank\" href=\"https:\/\/www.tecnimont.it\/en\" style=\"\" rel=\"noopener\">Tecnimont<\/a><\/strong> <strong> was awarded the contract to build a low-carbon<\/strong><strong> ammonia plant in Al Ruwais Industrial City,<\/strong> according to a <a target=\"_blank\" href=\"https:\/\/www.adnoc.ae\/en\/news-and-media\/press-releases\/2023\/taziz-awards-construction-contract-for-low-carbon-ammonia-plant\" style=\"\" rel=\"noopener\">press release<\/a>. The <a target=\"_blank\" href=\"https:\/\/enterprise.news\/climate\/en\/news\/story\/a7ee2a39-7450-4ac3-be27-eea643fe8ecf\" style=\"\" rel=\"noopener\">facility<\/a>, which will produce 1 mn tons of ammonia annually, is being developed by a consortium of local and global companies, including Adnoc and ADQ JV <a target=\"_blank\" href=\"https:\/\/www.taziz.com\/\" style=\"\" rel=\"noopener\">Ta\u2019ziz<\/a>, UAE-based fertilizer and ammonia producer Fertiglobe, Korea\u2019s GS Energy Corporation, and Japan\u2019s Mitsui & Co. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">(<strong>** Tap or click the headline above to read this story with all of the links<\/strong> to our background and outside sources.)<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The timeline:<\/strong> Construction for the ammonia plant is set to begin in 3Q 2024, with operations expected to kick off in 2027, the statement said.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Background: <\/strong>The consortium signed a shareholder agreement for the project in January 2023.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The project is anticipated to substantially cut carbon emissions.<\/strong> The initial phase, forecasted to inject a multi-bn dollar investment into the country's GDP and create thousands of jobs over the next 20 years, will produce ammonia that has 50% lower carbon intensity compared to conventional methods. The second phase will further reduce carbon intensity through carbon capture and sequestration, doubling the initial capacity. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>ICYMI-<\/strong> Adnoc delivered the first certified bulk commercial shipment of low-carbon ammonia to Japan's Mitsui, produced at Fertiglobe\u2019s Ruwais facility, <a target=\"_blank\" href=\"https:\/\/enterprise.news\/climate\/en\/news\/story\/5448d27d-19e5-4087-8d4c-dccad3d99926\/\" style=\"\" rel=\"noopener\">earlier this month<\/a>. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>About the companies:<\/strong> A key subsidiary of the Maire Group, <strong><a target=\"_blank\" href=\"https:\/\/www.tecnimont.it\/en\" style=\"\" rel=\"noopener\">Tecnimont<\/a><\/strong> specializes in large-scale engineering, procurement, and construction projects in chemicals, petrochemicals, fertilizers, refining and gas monetization, and power. Ta\u2019ziz is a chemicals and transition fuels complex under development in Abu Dhabi\u2019s Al Ruwais Industrial City, according to its <a target=\"_blank\" href=\"https:\/\/www.taziz.com\/en\/who-we-are\/advancing-industry.html\" style=\"\" rel=\"noopener\">website<\/a>.<\/p>\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\/ammonia\/\">ammonia<\/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\/fertiglobe\/\">Fertiglobe<\/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=\"92500\" 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=\"92500\">\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\">LOGISTICS<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/uae\/2024\/05\/29\/gulf-islamic-investments-logipoint-to-launch-a-usd-300-mn-logistics-jv\/\">\r\n                            Gulf Islamic Investments + Saudi-based Logipoint to launch a USD 300 mn logistics JV                        <\/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\/29\/gulf-islamic-investments-logipoint-to-launch-a-usd-300-mn-logistics-jv\/\" 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\/29\/gulf-islamic-investments-logipoint-to-launch-a-usd-300-mn-logistics-jv\/')\">\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\/29\/gulf-islamic-investments-logipoint-to-launch-a-usd-300-mn-logistics-jv\/\">\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=Gulf Islamic Investments + Logipoint to launch a USD 300 mn logistics JV&url=https:\/\/enterpriseam.com\/uae\/2024\/05\/29\/gulf-islamic-investments-logipoint-to-launch-a-usd-300-mn-logistics-jv\/\">\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\/29\/gulf-islamic-investments-logipoint-to-launch-a-usd-300-mn-logistics-jv\/&title=Gulf Islamic Investments + Logipoint to launch a USD 300 mn logistics JV\">\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=Gulf+Islamic+Investments+%2B+Logipoint+to+launch+a+USD+300+mn+logistics+JV+https%3A%2F%2Fenterpriseam.com%2Fuae%2F2024%2F05%2F29%2Fgulf-islamic-investments-logipoint-to-launch-a-usd-300-mn-logistics-jv%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\/29\/gulf-islamic-investments-logipoint-to-launch-a-usd-300-mn-logistics-jv\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2024\/5\/2367.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"92501\" data-permalink=\"https:\/\/enterpriseam.com\/uae\/2024\/05\/29\/gulf-islamic-investments-logipoint-to-launch-a-usd-300-mn-logistics-jv\/2367-jpg\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/5\/2367.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"2367.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/5\/2367.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/5\/2367.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-92500\" class=\"content-area-description single-story post-92500 post type-post status-publish format-standard has-post-thumbnail hentry category-logistics tag-enterpriseam-uae tag-gulf-islamic-investments-gii tag-logipoint tag-logistics 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\/.49bd79cd-1d20-4889-bbbd-14693fb439e3.mp3\"><\/audio><\/figure><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> GII<\/strong><strong> and Saudi\u2019s Logipoint launch a USD 300 mn logistics JV:<\/strong> Dubai-based private equity company <a target=\"_blank\" href=\"https:\/\/gii.ae\/our-story\/\" style=\"\" rel=\"noopener\">Gulf Islamic Investments<\/a> (GII) and Saudi Industrial Services Company (SISCO) subsidiary <a target=\"_blank\" href=\"https:\/\/logipoint.sa\/about-us.aspx\" style=\"\" rel=\"noopener\">Logipoint<\/a> inked a SAR 1 bn (USD 300 mn) agreement to establish a logistics firm that will develop Grade A warehousing solutions in Saudi Arabia, according to a <a target=\"_blank\" href=\"https:\/\/gii.ae\/gulf-islamic-investments-and-logipoint-create-powerful-new-logistics-platform-in-the-kingdom-of-saudi-arabia\/\" style=\"\" rel=\"noopener\">press release<\/a>. The ownership structure of this joint venture was not disclosed.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">(<strong>** Tap or click the headline above to read this story with all of the links<\/strong> to our background and outside sources.)<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The JV will initially focus on serving Riyadh and Jeddah, with plans for expansion to other cities later on. <\/strong>The platform aims to provide \u201cwarehousing and handling facilities as the backbone of a multi-asset logistical network serving companies across the Kingdom,\u201d according to the press release.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>What they said<\/strong>: \u201cOur logistics joint-venture with Logipoint is the latest element of GII\u2019s growth strategy within the Kingdom, which already includes a CMA banking license for GII Saudi Arabia and the acquisition of <a target=\"_blank\" href=\"https:\/\/www.emadbakeries.com\/\" style=\"\" rel=\"noopener\">Emad Bakeries<\/a> in Jeddah within the last two months,\u201d GII co-CEO Pankaj Gupta said.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>About the firms<\/strong>: Logipoint, based in Jeddah, focuses on investing in, managing, and operating bonded and non-bonded logistics parks and zones. GII is a Shariah-compliant private equity firm specializing in real estate, private equity, and venture capital, managing assets worth over USD 4.5 bn.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>REMEMBER- <\/strong>Canada-based <a target=\"_blank\" href=\"https:\/\/www.brookfield.com\/\" style=\"\" rel=\"noopener\">Brookfield Asset Management<\/a><a target=\"_blank\" href=\"https:\/\/enterprise.news\/uae\/en\/news\/story\/0c9f4690-138d-455f-be67-ebdf47cf0297\/%253cmark%253ebrookfield%253c%2Fmark%253e-snaps-up-controlling-stake-in-gii-warehouse-space\" style=\"\" rel=\"noopener\">acquired<\/a> a controlling interest in GII's logistics division earlier this month. <\/p>\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\/gulf-islamic-investments-gii\/\">Gulf Islamic Investments (GII)<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/uae\/tag\/logipoint\/\">LogiPoint<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/uae\/tag\/logistics\/\">logistics<\/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=\"92502\" 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=\"92502\">\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\">STARTUP WATCH<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/uae\/2024\/05\/29\/grubtech-bags-usd-15-mn-in-series-b-funding\/\">\r\n                            GrubTech bags USD 15 mn in series B funding                        <\/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\/29\/grubtech-bags-usd-15-mn-in-series-b-funding\/\" 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 round also saw participation from existing investors US-based <a target=\"_blank\" href=\"https:\/\/addition.com\/\" style=\"\" rel=\"noopener\">Addition<\/a> and <a target=\"_blank\" href=\"https:\/\/www.oryxfund.com\/\" style=\"\" rel=\"noopener\">Oryx Fund<\/a>, Hambro Perks\u2019 Mena-focused VC. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">(<strong>** Tap or click the headline above to read this story with all of the links<\/strong> to our background and outside sources.)<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Next up, expansion:<\/strong> The startup will use the funding to scale up its business and expand into Saudi Arabia, Europe, and the UK, according to the statement. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>What they said: <\/strong>\"Our products empower our customers to continue using elements of their tech stack, like a POS, while adopting new sales channels and digital solutions seamlessly, getting rid of silos within operations and data,\u201d Grubtech's co-founder and CEO Mohamed Al Fayed said. \u201cWe are excited to continue our push into different markets where we've identified strong demand and growth potential,\u201d he added. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>About GrubTech:<\/strong> Founded in 2019, the ecommerce platform\u2019s flagship product, gOnline, is a comprehensive order management software designed to streamline and optimize restaurant operations by integrating all orders, payments, and operations into a unified dashboard.<\/p>\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\/food-and-beverage\/\">food and beverage<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/uae\/tag\/grubtech\/\">GrubTech<\/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\/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=\"92504\" 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=\"92504\">\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\">ALSO ON OUR RADAR<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/uae\/2024\/05\/29\/two-egyptian-financial-services-firms-are-expanding-to-the-uae\/\">\r\n                            Two Egyptian financial services firms are expanding 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       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\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\/29\/two-egyptian-financial-services-firms-are-expanding-to-the-uae\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2024\/5\/2377.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"92505\" data-permalink=\"https:\/\/enterpriseam.com\/uae\/2024\/05\/29\/two-egyptian-financial-services-firms-are-expanding-to-the-uae\/2377-jpg\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/5\/2377.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"2377.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/5\/2377.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/5\/2377.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-92504\" class=\"content-area-description single-story post-92504 post type-post status-publish format-standard has-post-thumbnail hentry category-also-on-our-radar tag-abu-dhabi tag-ad-ports tag-agriculture tag-ai tag-also-on-our-radar tag-automotive tag-du tag-enterpriseam-uae tag-healthcare tag-housing tag-logistics 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\/.d67b6d37-f377-4ae0-acac-920eaaddee95.mp3\"><\/audio><\/figure><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<p class=\"tag-border-left\">CAPITAL MARKETS-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>#1-<\/strong><strong> Egyptian investment platform secures ADGM license: <\/strong>The Abu Dhabi Global Market (ADGM) has granted Egyptian digital investment platform <a target=\"_blank\" href=\"https:\/\/thndr.app\/home-glo\/\" style=\"\" rel=\"noopener\">Thndr<\/a> the greenlight to enter the Emirati market and offer its equity trading services to UAE-based investors, according to a <a target=\"_blank\" href=\"https:\/\/www.zawya.com\/en\/press-release\/companies-news\/thndr-enters-uae-market-with-adgm-license-ndsg4owo\" style=\"\" rel=\"noopener\">statement<\/a> from the Egyptian startup. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">(<strong>** Tap or click the headline above to read this story with all of the links<\/strong> to our background and outside sources.)<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>What\u2019s next? <\/strong>Thndr users in the UAE will be able to invest in US securities \u2014 including stocks, exchange-traded funds, and fractional shares \u2014 on the app, with no minimum investment. More investment products will be rolled out over time, the statement added.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#2-<\/strong> <strong>CI Capital announces GCC expansion plans: <\/strong>Egyptian financial services firm <a target=\"_blank\" href=\"https:\/\/www.cicapital.com\/\" style=\"\" rel=\"noopener\">CI<\/a><a target=\"_blank\" href=\"https:\/\/www.cicapital.com\/\" style=\"\" rel=\"noopener\">Capital<\/a> plans to set up an \u201con-the-ground presence\u201d for its investment bank in Saudi Arabia and the UAE, group CEO Hesham Gohar said in a <a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/5\/2293.pdf\" style=\"\" rel=\"noopener\">press release (pdf)<\/a>. Gohar described the two countries as \u201ctwo very important markets with robust growth, deepening capital markets and significant investor appetite.\u201d<\/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\">AGRICULTURE-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>UAE telco Emirates Integrated Telecommunications Company (du) and sustainable farm <\/strong><strong>producer <\/strong><strong><a target=\"_blank\" href=\"https:\/\/www.graciagroup.ae\/\" style=\"\" rel=\"noopener\">Gracia Group<\/a><\/strong><strong> launched an<\/strong><strong> AI-powered agritech platform<\/strong>, according to a <a target=\"_blank\" href=\"https:\/\/www.du.ae\/about\/media-centre\/newsdetail\/du-and-gracia-group-announce\" style=\"\" rel=\"noopener\">statement<\/a>. The platform will use Gracia\u2019s digital model, Agriculture 360\u00b0, to automate agricultural operations \u2014 including buying, selling, trading, and training \u2014 and provide comprehensive information on food produce, market demands, and pricing. <\/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>AD Ports to develop green methanol export facility in Egypt:<\/strong> AD Ports Group inked an MoU with Egypt\u2019s Transmar and Orascom Construction to develop a green methanol storage and export facility in Egypt in a bid to supply low-carbon fuel for the maritime shipping industry, according to a <a target=\"_blank\" href=\"https:\/\/www.adportsgroup.com\/en\/news-and-media\/2024\/05\/28\/consortium-signs-mou-for-the-development-of-a-green-methanol-facility-in-egypt?fbclid=IwZXh0bgNhZW0CMTAAAR2lJU2OG7NeuOSUq_VCNOSQB9UCPplqXDGdgjCVk20hjM6wTorL_MZWNAY_aem_AUiua35llW4yffDGszmQZzy-RQzRE_1PyaUI3hrwte8JQv_h1asYVDlr7tccmhs5tIwUnARbtbGreR8cFI2aHxD_\" style=\"\" rel=\"noopener\">statement<\/a>. The facility looks to also supply bunkering solutions for mainliners who have purchased green methanol powered vessels, the statement notes. An investment ticket or timeline for the project were not specified.<\/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\">TRADE-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Nine new suppliers have joined the Go to UAE initiative<\/strong>, a <a target=\"_blank\" href=\"https:\/\/www.tawazun.gov.ae\/moiat-tawazun-thales-launch-go-to-uae-initiative-to-enhance-national-export-capabilities\/\" style=\"\" rel=\"noopener\">collaboration<\/a> between French multinational company Thales, Tawazun Council, and the Industry Ministry aimed at integrating suppliers into Thales\u2019 global supply chain and helping them expand their presence and exports, <a target=\"_blank\" href=\"https:\/\/wam.ae\/en\/article\/b3dpco4-nine-new-local-suppliers-join-go-uae%E2%80%99-initiative\" style=\"\" rel=\"noopener\">Wam<\/a> reports. The suppliers joining are Halcon Systems, EPI, Al Shurooq, Precision Industries, Advanced Armored Engineering, Rockford Xellerix, Milectria, and Optimal Connectivity. <\/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\">HOUSING-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#1- Abu Dhabi kicks off first phase of AED 9.3 bn housing project: <\/strong>Abu Dhabi Crown Prince Sheikh Khaled bin Mohamed bin Zayed Al Nahyan has inaugurated the AED 3.1 bn first phase of the North Bani Yas residential project, reports <a target=\"_blank\" href=\"https:\/\/wam.ae\/en\/article\/b3dpc0v-khaled-bin-mohamed-bin-zayed-inaugurates-north\" style=\"\" rel=\"noopener\">Wam<\/a>. The development \u2014 spanning 3.1 sqkm \u2014 will house over 1.3k residential villas for UAE nationals, in addition to 17 parks and recreational areas, a school, and five commercial complexes.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Background: <\/strong>The inaugural phase is part of a wider AED 9.3 bn investment plan \u2014 dubbed Named Al Mizn Neighbourhood \u2014 to develop some 3.5k new villas across 9.1 sqkm.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#2- Housing support for 1.3k Sharjah citizens:<\/strong> The Sharjah Executive Council has announced a new extension to the housing support initiative, providing 1.3k beneficiaries with government housing, mini residential units, as well as maintenance, additions, and demolition and reconstruction services, <a target=\"_blank\" href=\"https:\/\/www.sharjah24.ae\/en\/Articles\/2024\/05\/28\/al099\" style=\"\" rel=\"noopener\">Sharjah24<\/a> reports. The new batch will support 700 citizens with direct grants and offer loans to 600 beneficiaries.<\/p>\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\/ad-ports\/\">AD Ports<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/uae\/tag\/agriculture\/\">agriculture<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/uae\/tag\/ai\/\">AI<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/uae\/tag\/also-on-our-radar\/\">ALSO ON OUR RADAR<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/uae\/tag\/automotive\/\">automotive<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/uae\/tag\/du\/\">du<\/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\/housing\/\">Housing<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/uae\/tag\/logistics\/\">logistics<\/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=\"92506\" 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=\"92506\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">10<\/div>\r\n\r\n                    <p class=\"f-graphik\">PLANET FINANCE<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/uae\/2024\/05\/29\/voluntary-carbon-markets-are-no-panacea-plus-wall-street-moves-to-t1-settlement-cycle\/\">\r\n                            Voluntary carbon markets are no panacea. Plus: Wall Street moves to T+1 settlement cycle.                        <\/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\/29\/voluntary-carbon-markets-are-no-panacea-plus-wall-street-moves-to-t1-settlement-cycle\/\" 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\/29\/voluntary-carbon-markets-are-no-panacea-plus-wall-street-moves-to-t1-settlement-cycle\/')\">\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\/29\/voluntary-carbon-markets-are-no-panacea-plus-wall-street-moves-to-t1-settlement-cycle\/\">\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=Voluntary carbon markets are no panacea. Plus: Wall Street moves to T+1 settlement cycle.&url=https:\/\/enterpriseam.com\/uae\/2024\/05\/29\/voluntary-carbon-markets-are-no-panacea-plus-wall-street-moves-to-t1-settlement-cycle\/\">\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\/29\/voluntary-carbon-markets-are-no-panacea-plus-wall-street-moves-to-t1-settlement-cycle\/&title=Voluntary carbon markets are no panacea. 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Voluntary carbon markets \u201chave the potential to support significant decarbonization,\u201d but that\u2019s only if we make sure that the carbon credits on offer in the market \u201cmeet high-quality atmospheric integrity standards.\u201d<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">(<strong>** Tap or click the headline above to read this story with all of the links<\/strong> to our background and outside sources.)<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>ICYMI: <\/strong>The Biden administration along with the departments of treasury, energy, and agriculture released their <a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/5\/2321.pdf\" style=\"\" rel=\"noopener\">Voluntary Carbon Markets Joint Policy Statement and Principles (pdf)<\/a> yesterday.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Not all carbon credits do what they say on the tin: <\/strong>Yellen called for greater \u201csupply integrity,\u201d pushing for carbon credits offered up on the market to \u201crepresent real emissions reduction and removals\u201d and for there to be regulations in place to \u201cavoid negative environmental and social impact.\u201d In this relatively unregulated market, \u201cwe\u2019ve seen too many examples where credits fail to meet this criteria,\u201d Yellen added.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Yellen also called out corporate buyers: <\/strong>\u201cCorporate buyers should prioritize reducing their own emissions, particularly through transition planning, adopting net-zero targets, and transparently reporting on progress,\u201d Yellen argued in her pitch for \u201cdemand integrity,\u201d rejecting the notion that companies can just rely on offsetting their emissions through carbon credits to fill their responsibilities to the climate.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The market also needs to be more transparent: <\/strong>In her third pillar for sorting out the voluntary carbon market in the US, Yellen called for market integrity, adding that the voluntary carbon market is \u201ca fragmented market, with high search costs and low transparency.\u201d<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<hr style=\"height:2px;border-width:0;color:gray;background-color:gray\">\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>ALSO- Traders in the United States, Canada, and Mexico are under extra stress this <\/strong><strong>morning after they moved back to T+1 stock trading <\/strong>after enjoying for the past century a more leisurely settlement schedule. Look for a bit of short-term stress this week as folks adapt to the shift, which is meant to reduce risk in the financial system, <a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2024-05-28\/wall-street-returns-to-t-1-stock-trading-after-a-century\" style=\"\" rel=\"noopener\">Bloomberg<\/a> writes. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Sound smart: T+1 trading means settlement comes one business day after the trade <\/strong>\u2014 the buyer gets the stocks the next day, and the seller the money at the same time. The previous standard in the US for most equity transactions was T+2. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>In our part of the world: <\/strong>Most <a target=\"_blank\" href=\"https:\/\/www.egx.com.eg\/en\/Clearing_Settlement.aspx\/\" style=\"\" rel=\"noopener\">Egyptian stocks<\/a> are on a T+2 schedule, but some brokerages can trade select equities T+0, with settlement happening the same day trades are executed. <a target=\"_blank\" href=\"https:\/\/www.saudiexchange.sa\/wps\/portal\/saudiexchange\/rules-guidance\/all-faqs\" style=\"\" rel=\"noopener\">Saudi\u2019s Tadawul<\/a> is T+2, as is the <a target=\"_blank\" href=\"https:\/\/www.dubaiclear.ae\/dubai-clear\/settlement\" style=\"\" rel=\"noopener\">Dubai Financial Market<\/a>.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<p class=\"tag-border-left\">MARKETS THIS MORNING- <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Asian shares are in the red this morning even after the IMF <\/strong><strong><a target=\"_blank\" href=\"https:\/\/www.cnbc.com\/2024\/05\/29\/imf-raises-chinas-growth-forecast-on-strong-q1-and-policy-measures.html\" style=\"\" rel=\"noopener\">upgraded its China growth<\/a><\/strong><strong><a target=\"_blank\" href=\"https:\/\/www.cnbc.com\/2024\/05\/29\/imf-raises-chinas-growth-forecast-on-strong-q1-and-policy-measures.html\" style=\"\" rel=\"noopener\">forecast<\/a><\/strong><strong> to 5%<\/strong>, with the Shanghai Composite being the only major benchmark in the green this morning. US and European equities futures are down slightly after yesterday\u2019s fresh Nasdaq record. <\/p>\n<p><a target=\"_blank\" id=\"t.7f6e1ca14c6e379bfe6d353c81d1fd4e3e571a4f\" 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<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\">8,742<\/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\">-1.0% (YTD: -8.7%)<\/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>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\">3,987<\/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\">-1.0% (YTD: -1.8%)<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-down'>\n<td class='td-list-down'>\n<p><svg class='e-icon e-TypeMarkets1'><use xlink:href='#e-TypeMarkets1'><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>Nasdaq Dubai UAE20<\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">3,327<\/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\">-1.7% (YTD: -13.4%)<\/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\">5.4% 1 yr<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-down'>\n<td class='td-list-down'>\n<p><svg class='e-icon e-TypeMarkets1'><use xlink:href='#e-TypeMarkets1'><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>Tadawul<\/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\">11,660<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">-1.5% (YTD: -2.6%)<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-down'>\n<td class='td-list-down'>\n<p><svg class='e-icon e-TypeMarkets1'><use xlink:href='#e-TypeMarkets1'><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>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\">27,195<\/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: +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>S&P 500<\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">5,306<\/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: +11.2%)<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-down'>\n<td class='td-list-down'>\n<p><svg class='e-icon e-TypeMarkets1'><use xlink:href='#e-TypeMarkets1'><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>FTSE 100<\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">8,254<\/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\">-0.8% (YTD: +6.7%)<\/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\">5,030<\/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: +11.3%)<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-up'>\n<td class='td-list-up'>\n<p><svg class='e-icon e-TypeMarkets11'><use xlink:href='#e-TypeMarkets11'><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>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 84.22<\/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-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 2.67<\/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\">+3.1%<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-up'>\n<td class='td-list-up'>\n<p><svg class='e-icon e-TypeMarkets11'><use xlink:href='#e-TypeMarkets11'><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>Gold<\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">USD 2,382<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">+0.1%<\/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 68,285<\/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\">-2.0% (YTD: +61.6%)<\/p>\n<\/td>\n<\/tr>\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 1.0% yesterday<\/strong> on turnover of AED 1.2 bn. The index is down 8.7% 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>Sudatel (+8.3%), Palms Sports (+7.5%) and Gulf Cement (+4.8%).<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>In the red: <\/strong>Al Khaleej Investment (-10.0%), Hily Holding (-9.8%) and Abu Dhabi National Takaful (-8.5%). <\/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 also fell 1.0% on turnover of AED 311.2 mn. Meanwhile, Nasdaq Dubai closed down 1.7%.<\/p>\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\/carbon-credits\/\">carbon credits<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/uae\/tag\/climate\/\">climate<\/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\/janet-yellen\/\">Janet Yellen<\/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=\"92508\" 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=\"92508\">\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\">DIPLOMACY<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/uae\/2024\/05\/29\/president-talks-cooperation-investment-with-korean-businesses-entrepreneurs\/\">\r\n                            President talks cooperation, investment with Korean businesses, entrepreneurs                        <\/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\/29\/president-talks-cooperation-investment-with-korean-businesses-entrepreneurs\/\" 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 meeting saw the president discuss with major company representatives and entrepreneurs company growth trajectories, diversification, and business challenges. President Sheikh Mohamed emphasized that the UAE is committed to creating a \u201csupportive environment\u201d for investment by providing companies with \u201crobust infrastructure and favorable regulations.\u201d The meetings saw participation from businesses including Samsung Electronics, SK Group, and Hyundai Motor Group, <a target=\"_blank\" href=\"https:\/\/www.reuters.com\/world\/uae-president-visits-south-korea-with-defence-energy-agenda-2024-05-28\/\" style=\"\" rel=\"noopener\">Reuters<\/a> reports.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">(<strong>** Tap or click the headline above to read this story with all of the links<\/strong> to our background and outside sources.)<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>WATCH THIS SPACE- Investment and cooperation agreements coming? <\/strong>The agreements that will be signed during the visit will provide companies in both countries with investment and cooperation opportunities, \u201cheralding a new era in economic relations,\u201d the president said. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Foreign Trade Minister Thani Al Zeyoudi called on Emirati and Korean private investors to leverage and boost economic cooperation between the two countries<\/strong> during the UAE-Korea Business and Investment Forum in Seoul, which concluded yesterday, <a target=\"_blank\" href=\"https:\/\/wam.ae\/en\/article\/b3dpcfe-uae-korea-business-and-investment-forum-seoul\" style=\"\" rel=\"noopener\">Wam<\/a> reports. Held in tandem with the president\u2019s two-day visit, Al Zeyoudi led a high-level delegation of 60 Emirati public and private sector representatives at the forum, which featured sessions on clean energy, innovation in ICT, and streamlining trade logistics.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Al Zeyoudi also met with Korean Trade Minister Inkyo Cheong<\/strong> to discuss building on the strong non-oil trade between UAE and Korea, which reached USD 5.3 bn in 2023, and exploring new avenues for cooperation. <\/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\"> OTHER DIPLOMACY NEWS-<\/p>\n<ul>\n<li><strong>D<\/strong><strong>ubai Media Council Chairman <\/strong>Ahmed bin Rashid Al Maktoum <strong>met with Yemen<\/strong><strong>i Prime Minister Ahmed Awad bin Mubarak<\/strong> on the sidelines of the Arab Media Forum to <strong>discuss the role of media in raising public awareness<\/strong> and fostering dialogue. (<a target=\"_blank\" href=\"https:\/\/wam.ae\/en\/article\/b3dpcl6-ahmed-bin-mohammed-meets-with-yemeni-sidelines\" style=\"\" rel=\"noopener\">Wam<\/a>)<\/li>\n<\/ul>\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\/diplomacy\/\">DIPLOMACY<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/uae\/tag\/economy\/\">Economy<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/uae\/tag\/entrepreneurship\/\">Entrepreneurship<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/uae\/tag\/korea\/\">Korea<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/uae\/tag\/trade\/\">trade<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/uae\/tag\/yemen\/\">Yemen<\/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=\"92510\" 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\/29\/92510-2\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-92510\" class=\"content-area-description single-story post-92510 post type-post status-publish format-standard hentry category-calendar wpautop entry\">\n\n\t\t\t<hr class=\"wp-block-separator has-text-color has-primary-color has-alpha-channel-opacity has-primary-background-color has-background is-style-wide\">\n\n\t\t<h2 class=\"wp-block-heading mt-0 has-primary-color has-text-color has-link-color has-normal-font-size\" style=\"padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px\">\n\t\t\t<strong> CALENDAR<\/strong>\n\t\t<\/h2>\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">MAY<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">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\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>Banks had a good 1Q 2024 | New digital initiative for local manufacturers | GII and Logipoint launch logistics JV<\/p>\n","protected":false},"featured_media":92485,"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-92484","issue","type-issue","status-publish","has-post-thumbnail","hentry","wpautop","entry"],"acf":{"mongo_id":"6d4e9938-c41b-47fe-9c27-dd419caafe6a","teaser":"Banks had a good 1Q 2024 | New digital initiative for local manufacturers | GII and Logipoint launch logistics JV","photo_url":"https:\/\/ent.news\/2024\/3\/1342.jpg"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - 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