{"id":92774,"date":"2024-06-06T00:00:00","date_gmt":"2024-06-06T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/uae\/?post_type=issue&#038;p=92774"},"modified":"2025-12-15T00:33:39","modified_gmt":"2025-12-15T00:33:39","slug":"post-flood-disruptions-weigh-on-non-oil-sector-in-may","status":"publish","type":"issue","link":"https:\/\/enterpriseam.com\/uae\/issues\/post-flood-disruptions-weigh-on-non-oil-sector-in-may\/","title":{"rendered":"Post-flood disruptions weigh on non-oil sector in May"},"content":{"rendered":"<section id=\"92776\" 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=\"92776\">\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\/06\/06\/sidara-gets-access-to-due-diligence-on-wood-group\/\">\r\n                            THIS MORNING: Sidara gets access to due diligence on Wood Group                        <\/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\/06\/06\/sidara-gets-access-to-due-diligence-on-wood-group\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img 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data-permalink=\"https:\/\/enterpriseam.com\/uae\/2024\/06\/06\/sidara-gets-access-to-due-diligence-on-wood-group\/1198-jpg-6\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/2\/1198.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"1198.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/2\/1198.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/2\/1198.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-92776\" class=\"content-area-description single-story post-92776 post type-post status-publish format-standard has-post-thumbnail hentry category-what-were-tracking-today tag-dar-global tag-dubai tag-enterpriseam-uae tag-infrastructure tag-ma-watch tag-real-estate tag-sidara 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\/6\/.8dd48699-44ea-45f9-8905-e509ba47b99f.mp3\"><\/audio><\/figure><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong style=\"background-color: transparent;\">Good morning, friends. <\/strong><span style=\"background-color: transparent;\">It\u2019s a relatively calmer news day here at home, with the big story being the performance of the non-oil sector in May, along with a few updates on M&amp;A stories we\u2019re following and a healthy dose of startup news.<\/span><\/p>\n<p class=\"tag-border-left\"> WATCH THIS SPACE-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <a id=\"wwtt1\"><\/a> <strong>#1- Sidara gets access to due diligence on Wood Group: <\/strong>UK engineering firm Wood Group has decided to engage with Dubai\u2019s Sidara after its fourth and final offer was <a target=\"_blank\" href=\"https:\/\/enterprise.news\/uae\/en\/news\/story\/a6b32db8-aa7b-404f-aa69-83403a0c9051\/this-morning:%253cmark%253e-sidara%253c%2Fmark%253e-makes-final-play-for-wood-group-%2B-president-in-china\" style=\"\" rel=\"noopener\">submitted<\/a> last week, granting it access to due diligence, it said in a <a target=\"_blank\" href=\"https:\/\/tools.eurolandir.com\/tools\/PressReleases\/GetPressRelease\/?ID=4550231&amp;lang=en-GB&amp;companycode=services\" style=\"\" rel=\"noopener\">disclosure<\/a> yesterday. The firm said it made its decision after weighing \u201call relevant factors, including, in particular, feedback received from Wood shareholders.\u201d Wood had earlier rejected three of Sidara\u2019s offers for \u201csignificantly undervaluing the company.\u201d<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The offer:<\/strong> Sidara had offered to acquire the Irish engineering firm at GBP 2.3 per share, valuing it at GBP 1.59 bn. The bid marks a 4.5% premium over its last bid in late May. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>REMEMBER- Wood is in a tight spot:<\/strong> The company\u2019s shareholders have urged it to consider listing in the US or selling the company after negotiations with buyout group Apollo to buy the company <a target=\"_blank\" href=\"https:\/\/www.reuters.com\/markets\/deals\/apollo-global-says-does-not-intend-make-offer-uks-wood-group-2023-05-15\/\" style=\"\" rel=\"noopener\">fell through<\/a>. Apollo\u2019s bid \u2014 which it withdrew last month \u2014 had valued the company at GBP 1.66 bn at the time. Wood\u2019s shares had fallen about 25% over the past year, Bloomberg reports, giving it a market value of GBP 1.1 bn.<\/p>\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-based developer and global arm of Saudi Arabia\u2019s Dar Al Arkan, Dar Global, is <\/strong><strong>looking to expand its footprint in the GCC<\/strong>, in a bid to grow its annual revenue to USD 3 bn from USD 700 mn today, Dar Global CEO Ziaad El Chaar told <a target=\"_blank\" href=\"https:\/\/www.zawya.com\/en\/markets\/equities\/lse-listed-dar-global-set-to-launch-two-mega-projects-in-uae-eyes-saudi-expansion-onu6lkcf\" style=\"\" rel=\"noopener\">Zaywa<\/a>. The company is in talks with parties to launch two \u201cmega projects\u201d in the UAE, El Chaar said, without providing further details.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The UAE isn\u2019t the only destination: <\/strong>\u201cSaudi is also a market we are actively expanding into, where we will facilitate the international buyer who is looking to invest in the kingdom,\u201d El Chaar added.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Dar Global is also eyeing growth in London:<\/strong> The LSE-listed company is engaged in \u201cactive talks\u201d with an undisclosed UK developer for a joint venture to build projects in Central London\u2019s Zone One, El Chaar added.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>ICYMI- <\/strong>Dar Global revealed plans to launch a new AED 900 mn luxury residential development in Ras Al Khaimah <a target=\"_blank\" href=\"https:\/\/enterprise.news\/uae\/en\/news\/story\/67413d4c-d45c-4f63-bf24-76b07e651ed8\/%253cmark%253edar-global%253c%2Fmark%253e-launches-aed-900-mn-rak-project\" style=\"\" rel=\"noopener\">earlier this week<\/a>. The project is slated for completion by December 2028, and will be developed in collaboration with Dubai-based developer Aarvees Group. <\/p>\n<hr style=\"height:2px;border-width:0;color:gray;background-color:gray\">\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><a id=\"wwtt3\"><\/a> <strong>#3- Dubai Science Park is increasing its storage and logistics capacity by 147% to cater<\/strong><strong> to the growing demand for Grade-A spaces <\/strong>in the life, energy, and environmental science industry, according to a <a target=\"_blank\" href=\"https:\/\/mediaoffice.ae\/en\/news\/2024\/june\/05-06\/ongoing-expansion-of-dubai-science-park\" style=\"\" rel=\"noopener\">Dubai Media Office<\/a> statement. The 200k square foot expansion will be completed next year. <\/p>\n<p class=\"tag-border-left\"> DATA POINTS-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#1- Dubai ranked first globally for foreign direct investment (FDI) capital inflows into <\/strong><strong>cultural and creative industries (CCI) projects in the 2023 FDI Index, <\/strong>surpassing global centers including London, New York, and Singapore, <a target=\"_blank\" href=\"https:\/\/www.wam.ae\/en\/article\/b3hvdw6-dubai-first-globally-fdi-inflows-into-cultural\" style=\"\" rel=\"noopener\">Wam<\/a> reports, citing the Financial Times\u2019 fDiMarkets report. The emirate racked up AED 11.8 bn in FDI capital inflow, up 60% y-o-y, with a total of 898 new projects into CCI attracted during the period. Greenfield FDI projects comprised 78.7% of total FDI in Dubai's CCI in 2023, according to data from the Dubai FDI Monitor and the Dubai Framework for Cultural Statistics classification.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Where did FDI stem from? <\/strong>The US shelled out the most funds into CCI in Dubai during the year, comprising 33.2% of total FDI capital inflow, followed by the UK (12.4%), India (9.1%), Hungary (4%), and Denmark (3%). <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Dubai also topped the list globally for creating jobs in CCI sectors in 2023, <\/strong>with some 21.6k new job windows created through FDI in the sector, up 74% y-o-y, according to data from the FDI Markets report.<\/p>\n<hr style=\"height:2px;border-width:0;color:gray;background-color:gray\">\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#2- UAE reeled in USD 52 bn in international tourism receipts in 2023,<\/strong> ranking as sixth top tourism earner on UN Tourism\u2019s <a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/6\/479.pdf\" style=\"\" rel=\"noopener\">World Tourism Barometer (pdf)<\/a>. Regionally, the Middle East recorded \u201cthe strongest relative growth\u201d in tourist arrivals, climbing 36% above pre-pandemic levels in 1Q 2024, the UN\u2019s tourism agency <a target=\"_blank\" href=\"https:\/\/www.unwto.org\/un-tourism-world-tourism-barometer-data#:~:text=The%20Middle%20East%20saw%20the%20strongest%20relative%20growth%2C%20with%20international%20arrivals%20exceeding%20by%2036%25%20pre%2Dpandemic%20levels%20in%20Q1%202024.%20Europe%20exceeded%20pre%2Dpandemic%20levels%20for%20the%20first%20time%20in%20a%20quarter%20(%2B1%25%20from%20Q1%202019).\" style=\"\" rel=\"noopener\">said<\/a>.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#3- Dubai Chamber of Commerce analysis shows Indian businesses led non-Emirati <\/strong><strong>new memberships in 1Q 2024<\/strong>, with 4.3k companies setting up shop in the country, <a target=\"_blank\" href=\"https:\/\/wam.ae\/en\/article\/b3igt0s-indian-businesses-top-list-new-companies-joining\" style=\"\" rel=\"noopener\">Wam<\/a> writes. Pakistan followed with 2.2k companies setting up shop, while 1.4k Egyptian companies came to the emirate. The trade and services sector dominated new memberships, accounting for 42.3% of the total.<\/p>\n<p class=\"tag-border-left\"> HAPPENING TODAY- <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#1- Dubai Chamber in Morocco:<\/strong> The Dubai International Chamber is in Morocco 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 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>#2- <\/strong><strong><a target=\"_blank\" href=\"https:\/\/www.thehotelshow.com\/event-info\/\" style=\"\" rel=\"noopener\">The Hotel Show<\/a><\/strong><strong> is on its final day at the Dubai World Trade Centre<\/strong><strong>. <\/strong>The three-day event welcomes visitors from across the hospitality supply chain to source products from global and regional exhibitors and discuss developments within the industry.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>***<br \/><\/strong><strong>DID YOU KNOW that we also cover <\/strong><strong><a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/user\/news-letters\" style=\"\" rel=\"noopener\">Egypt<\/a><\/strong><strong> and <\/strong><strong><a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\/user\/news-letters\" style=\"\" rel=\"noopener\">Saudi Arabia<\/a><\/strong><strong>?<\/strong><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Want to subscribe? <\/strong><a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\/user\/news-letters\" style=\"\" rel=\"noopener\">Tap or click here<\/a> to get your own copy of EnterpriseAM UAE delivered every weekday before 7am UAE time \u2014 without charge, thanks to our friends at Mashreq.<br \/><strong>***<\/strong><\/p>\n<p class=\"tag-border-left\"> THE BIG STORY ABROAD- <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>US chipmaker Nvidia passed Apple in market cap<\/strong> yesterday, becoming the world\u2019s second-most valuable public company behind Microsoft with a market capitalization of USD 3 tn. The company\u2019s shares rose over 5% yesterday to close at a record USD 1,224.40 each triggered by the artificial intelligence boom. (<a target=\"_blank\" href=\"https:\/\/www.cnn.com\/2024\/06\/05\/investing\/nvidia-stock-apple-microsoft-market-value\/index.html\" style=\"\" rel=\"noopener\">CNN<\/a> | <a target=\"_blank\" href=\"https:\/\/www.reuters.com\/technology\/nvidia-verge-overtaking-apple-no-2-most-valuable-company-2024-06-05\/\" style=\"\" rel=\"noopener\">Reuters<\/a> | <a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2024-06-05\/nvidia-nvda-tops-3-trillion-in-market-value-as-ai-rally-steams-ahead?srnd=homepage-americas\" style=\"\" rel=\"noopener\">Bloomberg<\/a> | <a target=\"_blank\" href=\"https:\/\/www.cnbc.com\/2024\/06\/05\/nvidia-passes-apple-in-market-cap.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>Number one next? <\/strong>\u201cIt may be a foregone conclusion that Nvidia will overtake Microsoft as well. There's a lot of retail [investor] money that's piling in on what they see as a straight shot up,\u201d Longbow Asset Management CEO Jake Dollarhide said, adding that \u201cNvidia is making money on AI right now, and companies like Apple and Meta are spending on AI.\u201d <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>DATA POINT- <\/strong>This makes Nvidia the third company in the US to cross the USD 3 tn mark, after Apple and Microsoft. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Nvidia\u2019s gains pushed S&amp;P 500 to a fresh high<\/strong>, with the index rising 1.18% to close at 5,354 \u2014 it has gained 12.3% since the beginning of the year. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>AND- Canada has become the first G7 country to cut rates:<\/strong> The Bank of Canada (BoC) cut its interest rate by 25 bps yesterday, pushing rates to 4.75% after almost a year of holding them at 5%. The move makes Canada the first G7 member to slash rates. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>In perspective: <\/strong>Canada\u2019s decision to cut rates contrasts with the US Federal Reserve, which is widely expected to cut rates once this year, thanks to \u201cstickier\u201d inflation. \u201cThere are limits to how far we can diverge from the United States, but we're not close to those limits,\u201d BoC Governor Tiff Macklem said. (<a target=\"_blank\" href=\"https:\/\/www.ft.com\/content\/284dec22-0f84-4d45-9b32-dc4a9ed1d168\" style=\"\" rel=\"noopener\">FT<\/a> | <a target=\"_blank\" href=\"https:\/\/www.reuters.com\/markets\/rates-bonds\/bank-canada-cuts-rates-first-time-four-years-2024-06-05\/\" style=\"\" rel=\"noopener\">Reuters<\/a> | <a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2024-06-05\/bank-of-canada-cuts-rates-to-4-75-signals-more-to-come#:~:text=Policymakers%20led%20by%20Governor%20Tiff,economists%20in%20a%20Bloomberg%20survey.\" style=\"\" rel=\"noopener\">Bloomberg<\/a> | <a target=\"_blank\" href=\"https:\/\/www.wsj.com\/articles\/bank-of-canada-cuts-rates-to-become-first-g-7-central-bank-to-ease-policy-317f6445\" style=\"\" rel=\"noopener\">Wall Street Journal<\/a> | <a target=\"_blank\" href=\"https:\/\/www.theglobeandmail.com\/business\/article-bank-of-canada-interest-rate-announcement-june\/\" style=\"\" rel=\"noopener\">Globe and Mail<\/a>)<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The European Central Bank could follow suit today <\/strong>when it meets to review rates \u2014 see this morning\u2019s Planet Finance, below. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>AND YOUR DAILY DOSE OF ELECTION COVERAGE- <\/strong>The <a target=\"_blank\" href=\"https:\/\/apnews.com\/article\/global-elections-2024-democracy-polarization-unhappy-719d47908aca0b421ff3b9bef33e350c\" style=\"\" rel=\"noopener\">AP takes note<\/a> of the dissatisfaction among voters as we approach the halfway point of one particularly election-heavy year.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>IN CLIMATE NEWS- <\/strong>The <a target=\"_blank\" href=\"https:\/\/apnews.com\/article\/climate-change-heat-records-hottest-warming-earth-6fa3a7b8f2a7cd5854bda6a419de664c\" style=\"\" rel=\"noopener\">Associated Press<\/a> lists all the climate records that have been broken recently and ask the question: How worried should we be? <\/p>\n<div class=\"row\">\n<div class=\"col-md-12 subscribe-box-panel\">\n<div class=\"\">\n<div class=\"title\">\n<h4 class=\"fw-lighter mb-10\">   Get <b style=\"font-weight: 700\">Enterprise<\/b> daily   <\/h4>\n<\/p><\/div>\n<p class=\"mb-10\">The roundup of news and trends that move your markets and shape corporate agendas delivered straight to your inbox.<\/p>\n<p>  <a target=\"_blank\" href=\"\/egypt\/en\/user\/NewsLetters\" type=\"button \" class=\"btn-green px-3 d-flex align-items-center\" rel=\"noopener\">Subscribe here<\/a>  <\/div>\n<\/p><\/div>\n<\/p><\/div>\n<p class=\"tag-border-left\"> CIRCLE YOUR CALENDAR- <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The <\/strong><strong><a target=\"_blank\" href=\"https:\/\/retreat.dub.ai\/en\/\" style=\"\" rel=\"noopener\">AI Retreat<\/a><\/strong><strong> is set to take place on 11 June at Dubai\u2019s Museum of the Future<\/strong>, according to a Dubai Media Office <a target=\"_blank\" href=\"https:\/\/mediaoffice.ae\/en\/news\/2024\/june\/03-06\/dubai-ai-retreat\" style=\"\" rel=\"noopener\">statement<\/a>. Organized by the Dubai Centre for Artificial Intelligence, the event will gather over 1k AI experts, policymakers and business leaders to explore the potential and challenges of AI at both local and global levels. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Check out our full calendar on the web<\/strong> for a comprehensive listing of upcoming news events, national holidays and news triggers.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/uae\/tag\/dar-global\/\">Dar Global<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/uae\/tag\/dubai\/\">Dubai<\/a>\n                <!-- <span 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                      UAE\u2019s non-oil activity slows to a 16-month low in May as firms cope with post-flood disruptions                        <\/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\/06\/06\/pmi-growth-softens-in-may-amid-post-flood-disruptions\/\" 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=\"#\" 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data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"515.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/4\/515.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/4\/515.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-92779\" class=\"content-area-description single-story post-92779 post type-post status-publish format-standard has-post-thumbnail hentry category-economy tag-dubai tag-economy tag-enterpriseam-uae tag-pmi tag-sp wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<figure class=\"wp-block-audio mb-0\"><audio controls preload=\"metadata\" src=\"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/6\/.10efb9a7-3686-43c5-b92c-582278db67a5.mp3\"><\/audio><\/figure><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>Non-oil business activity softened to a 16-month low in May<\/strong>, as businesses continued to face the knock-on effects of April\u2019s record flooding, according to S&amp;P Global\u2019s UAE <a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/6\/467.pdf\" style=\"\" rel=\"noopener\">Purchasing Managers\u2019 Index (pdf)<\/a>. The index <a target=\"_blank\" href=\"https:\/\/enterprise.news\/uae\/en\/news\/story\/a93602a2-8470-4ed3-ac1d-969fee0d8ced\/april-sees-slower-non-oil-business-expansion-due-to-the-storm\" style=\"\" rel=\"noopener\">remained flat<\/a> at 55.3 in May, still well above the 50.0 threshold that separates growth from contraction.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>April\u2019s storms weighed on business activity<\/strong>, with businesses reporting continued disruptions and backlogs of work staying on a steep upward trajectory \u2014 rising at the fastest pace since the survey began in 2009. Disruptions and attacks in the Red Sea and administrative challenges also weighed on activity, the report notes. Despite this, vendors were able to trim their delivery times more quickly than April.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Price pressures were high\u2026:<\/strong> Purchasing expenses grew to their highest since last November, as firms raced to meet output requirements against the backdrop of robust sales pipelines. Some firms also reported having to restock items that were damaged during the floods, which led to higher input spending, while rising fuel prices and higher wages \u2014 which grew at the fastest pace in six years \u2014 also intensified price pressures. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>\u2026and consumers got the brunt of it: <\/strong>Average prices increased for the first time in seven months as firms passed input costs onto clients, S&amp;P Global said. The uptick was marginal, but was still the fastest in over three years. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>P<\/strong><strong>ost-flood recovery will take some time:<\/strong> \u201cFirms have a lot of work to do to get on top of their workloads, including rebuilding output levels, hiring workers and boosting inventories,\u201d S&amp;P Global Market Intelligence Senior Economist David Owen said. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Demand perked up in May after companies faced a slowdown in April, <\/strong>with several firms citing improvements in client spending and tourism, according to the report. Some firms reported slowly recovering sales volumes, with new orders rising at the second-weakest pace since August 2023, while other firms reported operations were still on hold.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>AND- Staffing levels picked up to a three-month high<\/strong> as businesses took on additional labor in May.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The outlook is still positive: <\/strong>\u201cThe focus for the next few months looks to be the recovery of the sector from this crisis. Nonetheless, with demand still strong, firms should be in a good position to resume their robust growth once capacity has been restored,\u201d he added.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Business confidence towards future output also strengthened due to hopes of more<\/strong><strong> stable economic conditions<\/strong>, higher sales, greater earnings, and heightened marketing activity.<\/p>\n<p class=\"tag-border-left\">DUBAI- <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Dubai\u2019s <\/strong><strong>PMI still<\/strong><strong> in decline: <\/strong>Dubai\u2019s business activity slumped to a 15-month low, falling to 54.7, down from 55.1 in April \u2014 remaining in expansion territory. The index signaled a \u201cstrong improvement in business conditions,\u201d as new orders inched up after recording a 13-month low in April, with some firms reporting higher client activity after the April disruptions. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Inflationary pressures accelerated in May <\/strong>on the back of an increase in raw materials and petrol prices. Overall input costs surged to a 22-month high, leading to the first increase in output prices during the period. <\/p>\n<p class=\"tag-border-left\"> ELSEWHERE IN THE REGION- <\/p>\n<ul>\n<li><strong>Egypt\u2019s <\/strong><strong>non-oil private sector<\/strong> activity picked up to its highest level in almost three years in May, rising to <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/00137b19-6fbc-49ee-a1f2-1f5ad0b91e46\/egypt%25e2%2580%2599s-non-oil-private-sector-inches-closer-to-growth\" style=\"\" rel=\"noopener\">49.6<\/a> ;<\/li>\n<li><strong>Saudi Arabia<\/strong><strong>\u2019s business activity growth <\/strong>fell to <a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\/news\/edition\/am\/11d13a6b-74f3-4392-a986-6f4495cc33d3\/fakeeh-group-shares-start-trading-today\/9b296a8d-994f-41e5-81cd-69f70ec98b50\" style=\"\" rel=\"noopener\">56.4 in May<\/a>, marking its second-lowest PMI reading in 22 months;<\/li>\n<li><strong>Qatar\u2019s <\/strong><strong>PMI<\/strong> rose to an eight-month high of <a target=\"_blank\" href=\"https:\/\/enterprise.news\/logistics\/en\/news\/story\/d9092894-7eec-4a40-94ac-46b09ecab38c\/non-oil-business-activity-continued-to-expand-in-uae-and-qatar-in-may#:~:text=Over%20in%20Qatar,past%20two%20years.\" style=\"\" rel=\"noopener\">53.6 in May<\/a> up from 52 in April;<\/li>\n<\/ul>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/uae\/tag\/dubai\/\">Dubai<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/uae\/tag\/economy\/\">Economy<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/uae\/tag\/pmi\/\">PMI<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/uae\/tag\/sp\/\">S&amp;P<\/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=\"92781\" 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=\"92781\">\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\">DEBT WATCH<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/uae\/2024\/06\/06\/emirates-islamic-lists-debut-sustainability-linked-usd-750-mn-sukuk-lists-on-nasdaq\/\">\r\n                            Emirates Islamic lists debut sustainability-linked USD 750 mn sukuk lists on Nasdaq                        <\/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\/06\/06\/emirates-islamic-lists-debut-sustainability-linked-usd-750-mn-sukuk-lists-on-nasdaq\/\" 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 issuance is part of a broader USD 2.5 bn certificate issuance program.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>ICYMI-<\/strong> The lender raised USD 750 mn from its debut sustainability-linked sukuk <a target=\"_blank\" href=\"https:\/\/enterprise.news\/uae\/en\/news\/story\/6efa557c-f873-4e8f-bed1-cc8c4406ff0d\/pakistani-pm-lands-in-the-uae-today\" style=\"\" rel=\"noopener\">last month<\/a>, with over USD 2.1 bn in orders. The order book was 2.8x oversubscribed, allowing Emirates Islamic to tighten the net income rate to a little over 5.4% annually, at a spread of 100 basis points (bps) over US treasuries. The lender narrowed the price guidance for the five-year sustainability sukuk to 100 bps from an <a target=\"_blank\" href=\"https:\/\/www.xm.com\/ar\/research\/markets\/allNews\/reuters\/emirates-islamic-bank-starts-selling-sustainability-sukuk-document-says-53842850\" style=\"\" rel=\"noopener\">initial price guidance<\/a> of 130 bps over US Treasuries.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>ADVISORS- <\/strong>Emirates NBD Capital and Standard Chartered Bank were appointed as joint global coordinators, while First Abu Dhabi Bank, Abu Dhabi Islamic Bank, Dubai Islamic Bank, and the Islamic Corporation For The Development of the Private Sector were tapped as joint lead managers and joint bookrunners for the transaction.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/uae\/tag\/debt-watch\/\">DEBT WATCH<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/uae\/tag\/emirates-islamic\/\">Emirates Islamic<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/uae\/tag\/green-bonds\/\">green bonds<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/uae\/tag\/sukuk\/\">Sukuk<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"92783 advertiser\" class=\"issue-section enterprise-adv\">\n<div class=\"issue-section__content\">\n<div class=\"stories\">            <!-- Show divider before story section -->\r\n        <div \r\n            class=\"\r\n                            \"\r\n            id=\"92783\">\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/uae\/2024\/06\/06\/92783-2\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-92783\" class=\"content-area-description single-story post-92783 post type-post status-publish format-standard hentry category-advertiser wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><span style=\"font-weight:400;\"><a href=\"https:\/\/www.mashreq.com\/en\/uae\/about-us\/our-company\/awards-accolades\/\" target=\"_blank\" rel=\"noopener\"><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2024\/5\/1928.jpg?ssl=1\"><\/a><\/span><\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"92784\" 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=\"92784\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">4<\/div>\r\n\r\n                    <p class=\"f-graphik\">Banking<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/uae\/2024\/06\/06\/pilot-central-bank-digital-currency-platform-reaches-mvp-stage\/\">\r\n                            Pilot central bank digital currency platform reaches MVP stage                        <\/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\/06\/06\/pilot-central-bank-digital-currency-platform-reaches-mvp-stage\/\" 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 Bank of International Settlements-led trial \u2014 a collaboration between the UAE, Hong Kong, China, and Thailand \u2014 is developing a platform that can facilitate cross-border digital currency transactions using the code China's e-CNY is built on.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The platform is also now compatible with the Ethereum Virtual Machine<\/strong>, which forms the backbone of the network on which the Ether cryptocurrency operates. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The minimum viable product (MVP) stage is the first phase of the CBUAE\u2019s broader CBDC strategy, <\/strong>with the second phase poised to introduce domestic CBDC payments and boost cross-border fund transfers. The platform comes as part of the CBUAE's <a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/6\/519.pdf\" style=\"\" rel=\"noopener\">financial infrastructure transformation program (pdf)<\/a>, which aims to accelerate the digitization of the financial services sector. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Remember: <\/strong>Vice President Sheikh Mansour bin Zayed Al Nahyan marked the CBUAE\u2019s fiftieth anniversary by initiating the first cross-border transaction using its digital currency, the Digital AED, <a target=\"_blank\" href=\"https:\/\/enterprise.news\/uae\/en\/news\/story\/1d0fe47c-a96f-43b9-86c3-586e1f1b2cfb\/imf-releases-its-world-economic-outlook-today-%2B-sharjah-has-a-new-identity\" style=\"\" rel=\"noopener\">earlier this year<\/a>. The transfer saw AED 50 mn sent to China through mBridge.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>AND- Saudi Arabia has joined the trial<\/strong>, the Bank of International Settlements said in a <a target=\"_blank\" href=\"https:\/\/www.bis.org\/press\/p240605.htm\" style=\"\" rel=\"noopener\">statement<\/a>. The Kingdom\u2019s participation as the world\u2019s largest oil exporter means we could start seeing significantly more commodity settlement in currencies beyond the USD, Josh Lipsky, who runs a global CBDC tracker, <a target=\"_blank\" href=\"https:\/\/www.reuters.com\/technology\/saudi-arabia-joins-bis-led-central-bank-digital-currency-trial-2024-06-05\/\" style=\"\" rel=\"noopener\">said<\/a>.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Both Saudi Arabia and the UAE have already been working on boosting trade transactions in local currencies<\/strong>, with Saudi <a target=\"_blank\" href=\"https:\/\/www.reuters.com\/markets\/currencies\/china-saudi-arabia-central-banks-sign-local-currency-swap-agreement-2023-11-20\/\" style=\"\" rel=\"noopener\">signing<\/a> a currency swap agreement with China in December. The UAE <a target=\"_blank\" href=\"https:\/\/www.reuters.com\/business\/energy\/india-makes-first-crude-oil-payment-uae-indian-rupees-2023-08-14\/\" style=\"\" rel=\"noopener\">has also begun to accept<\/a> INR payments for oil as of last year.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/uae\/tag\/banking\/\">banking<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/uae\/tag\/central-bank-of-the-uae\/\">Central Bank of the UAE<\/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=\"92786\" 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=\"92786\">\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\">STARTUP WATCH<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/uae\/2024\/06\/06\/uae-startups-secured-usd-353-mn-in-debt-funding-last-year\/\">\r\n                            UAE startups secured USD 353 mn in debt funding last year                        <\/a>\r\n                    <\/h3>\r\n\r\n                    \r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" style=\"position:relative\">\n        <img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408834.svg\" alt=\"\">\n        Share Story\n        <!-- Dropdown Menu -->\n        <ul class=\"share-menu\">\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/enterpriseam.com\/uae\/2024\/06\/06\/uae-startups-secured-usd-353-mn-in-debt-funding-last-year\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/new-tab.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"#\" target=\"_blank\" onclick=\"event.preventDefault(); navigator.clipboard.writeText('https:\/\/enterpriseam.com\/uae\/2024\/06\/06\/uae-startups-secured-usd-353-mn-in-debt-funding-last-year\/')\">\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\/06\/06\/uae-startups-secured-usd-353-mn-in-debt-funding-last-year\/\">\n                    Facebook                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/facebook-icon2.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/x.com\/intent\/post?text=UAE startups secured USD 353 mn in debt funding last year&url=https:\/\/enterpriseam.com\/uae\/2024\/06\/06\/uae-startups-secured-usd-353-mn-in-debt-funding-last-year\/\">\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\/06\/06\/uae-startups-secured-usd-353-mn-in-debt-funding-last-year\/&title=UAE startups secured USD 353 mn in debt funding last year\">\n                    LinkedIn                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/linkedin-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/api.whatsapp.com\/send?text=UAE+startups+secured+USD+353+mn+in+debt+funding+last+year+https%3A%2F%2Fenterpriseam.com%2Fuae%2F2024%2F06%2F06%2Fuae-startups-secured-usd-353-mn-in-debt-funding-last-year%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\/06\/06\/uae-startups-secured-usd-353-mn-in-debt-funding-last-year\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2024\/4\/1246.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"92787\" data-permalink=\"https:\/\/enterpriseam.com\/uae\/2024\/06\/06\/uae-startups-secured-usd-353-mn-in-debt-funding-last-year\/1246-jpg-8\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/4\/1246.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"1246.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/4\/1246.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/4\/1246.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-92786\" class=\"content-area-description single-story post-92786 post type-post status-publish format-standard has-post-thumbnail hentry category-startup-watch tag-debt tag-enterpriseam-uae tag-fintech tag-startup-watch tag-startups wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<figure class=\"wp-block-audio mb-0\"><audio controls preload=\"metadata\" src=\"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/6\/.3fc2b200-5b43-4089-9dd1-2fd225243dd8.mp3\"><\/audio><\/figure><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>UAE-based startups bagged USD 353 mn in venture debt financing in 2023, <\/strong><strong>marking a 222% y-o-y jump, <\/strong>according to venture data platform Magnitt\u2019s <a target=\"_blank\" href=\"https:\/\/magnitt.com\/research\/fy-2023-mena-venture-debt-investment-report-50936\" style=\"\" rel=\"noopener\">FY 2023 Venture Debt<\/a> report. Despite seeing six transactions, a 25% y-o-y decline, the UAE ranked first in terms of transaction volumes taking place over the year.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Middle East startups attracted a record USD 757 mn in venture debt in the past year,<\/strong> with Saudi startups securing 53% of the region\u2019s total debt, attracting USD 400 mn, a 602% y-o-y jump, the report reads. Meanwhile, Egypt saw venture debt funding slump 86% y-o-y, with USD 4 mn going to Egyptian startups. Egypt saw an annual decline of 75% y-o-y in terms of volume, with only two transactions, while Saudi Arabia saw the number of venture debt transactions double to four in 2023.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The standout sectors:<\/strong> Fintech accounted for 79% of MENA's total VD lending in 2023, owed in large to UAE-based BNPL giant Tabby and KSA-based Tamara, which together raked in USD 600 mn of the total USD 601 mn financing for fintech players. Transport and logistics followed with USD 150 mn, and e-commerce had a seat at the table with USD 3 mn.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>A changing financing ecosystem:<\/strong> Venture debt lending to equity financing ratio shifted to 28% in 2023, from just 1.4% in 2020.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>More investors got on board:<\/strong> The investor pool expanded in 2023 from one active investor to eight, with US investors leading the participation, while local investors from the UAE and Saudi Arabia also chipped in, <a target=\"_blank\" href=\"https:\/\/www.sme10x.com\/10x-industry\/757-million-invested-through-venture-debt-in-mena-region-in-2023\" style=\"\" rel=\"noopener\">SME10<\/a> \u2019s coverage of the report says. Goldman Sachs made its entry into the MENA VD market, leading in both transaction volumes and invested capital. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Investor appetite is on the rise: <\/strong>\u201cInvestor interest has grown notably, with new funds established through investment from the Jada Fund of Funds in Partners for Growth, as well as Shorooq Partners\u2019 latest Private Credit Fund, indicating a strong and growing confidence in the venture debt market,\u201d Magnitt CEO Philip Bahoshy said.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/uae\/tag\/debt\/\">debt<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/uae\/tag\/fintech\/\">fintech<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/uae\/tag\/startup-watch\/\">STARTUP WATCH<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/uae\/tag\/startups\/\">startups<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"92788\" 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=\"92788\">\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\">STARTUP WATCH<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/uae\/2024\/06\/06\/ai-startup-qeen-ai-secures-usd-2-2-mn-in-pre-seed-round\/\">\r\n                            AI startup qeen.ai secures USD 2.2 mn in pre-seed round                        <\/a>\r\n                    <\/h3>\r\n\r\n                    \r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" style=\"position:relative\">\n        <img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408834.svg\" alt=\"\">\n        Share Story\n        <!-- Dropdown Menu -->\n        <ul class=\"share-menu\">\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/enterpriseam.com\/uae\/2024\/06\/06\/ai-startup-qeen-ai-secures-usd-2-2-mn-in-pre-seed-round\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/new-tab.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"#\" target=\"_blank\" onclick=\"event.preventDefault(); navigator.clipboard.writeText('https:\/\/enterpriseam.com\/uae\/2024\/06\/06\/ai-startup-qeen-ai-secures-usd-2-2-mn-in-pre-seed-round\/')\">\n                    Copy Link                <\/a>\n\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https:\/\/enterpriseam.com\/uae\/2024\/06\/06\/ai-startup-qeen-ai-secures-usd-2-2-mn-in-pre-seed-round\/\">\n                    Facebook                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/facebook-icon2.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/x.com\/intent\/post?text=AI startup qeen.ai secures USD 2.2 mn in pre-seed round&url=https:\/\/enterpriseam.com\/uae\/2024\/06\/06\/ai-startup-qeen-ai-secures-usd-2-2-mn-in-pre-seed-round\/\">\n                    X                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/twitter-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/www.linkedin.com\/shareArticle?mini=true&url=https:\/\/enterpriseam.com\/uae\/2024\/06\/06\/ai-startup-qeen-ai-secures-usd-2-2-mn-in-pre-seed-round\/&title=AI startup qeen.ai secures USD 2.2 mn in pre-seed round\">\n                    LinkedIn                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/linkedin-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/api.whatsapp.com\/send?text=AI+startup+qeen.ai+secures+USD+2.2+mn+in+pre-seed+round+https%3A%2F%2Fenterpriseam.com%2Fuae%2F2024%2F06%2F06%2Fai-startup-qeen-ai-secures-usd-2-2-mn-in-pre-seed-round%2F\">\n                    WhatsApp                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/whatsapp-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n        <\/ul>\n    <\/div>\n        <\/div>\r\n                    \r\n                <\/div>\r\n\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/uae\/2024\/06\/06\/ai-startup-qeen-ai-secures-usd-2-2-mn-in-pre-seed-round\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2024\/6\/611.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"92789\" data-permalink=\"https:\/\/enterpriseam.com\/uae\/2024\/06\/06\/ai-startup-qeen-ai-secures-usd-2-2-mn-in-pre-seed-round\/611-jpg\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/6\/611.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"611.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/6\/611.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/6\/611.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-92788\" class=\"content-area-description single-story post-92788 post type-post status-publish format-standard has-post-thumbnail hentry category-startup-watch tag-startup-watch tag-startups tag-tech wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<figure class=\"wp-block-audio mb-0\"><audio controls preload=\"metadata\" src=\"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/6\/.3b9eb017-eb92-474b-b59f-67d222c27a5f.mp3\"><\/audio><\/figure><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>AI startup qeen.ai secures USD 2.2 mn in pre-seed round: <\/strong>UAE-based startup <a target=\"_blank\" href=\"http:\/\/qeen.ai\" style=\"\" rel=\"noopener\">qeen.ai<\/a> acquired USD 2.2 mn in pre-seed funding from international and regional investors, according to a <a target=\"_blank\" href=\"https:\/\/www.wamda.com\/2024\/06\/qeenai-closes-2-2-million-pre-seed-led-wamda-capital\" style=\"\" rel=\"noopener\">press release<\/a>. The funding round was led by Emirati venture capital firm Wamda Capital. Contributions came from both international and regional investors, including <a target=\"_blank\" href=\"https:\/\/www.10xfounders.com\/\" style=\"\" rel=\"noopener\">10x Founders<\/a>, <a target=\"_blank\" href=\"https:\/\/www.aditumim.com\/\" style=\"\" rel=\"noopener\">Aditum<\/a>, <a target=\"_blank\" href=\"https:\/\/www.daraholdings.com\/\" style=\"\" rel=\"noopener\">Dara Holdings<\/a>, <a target=\"_blank\" href=\"https:\/\/jabbar.com\/\" style=\"\" rel=\"noopener\">Jabbar Group<\/a>, <a target=\"_blank\" href=\"https:\/\/phazeventures.com\/\" style=\"\" rel=\"noopener\">Phaze Ventures<\/a>, and Eureka 460. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Where the money is going:<\/strong> qeen.ai plans to use the funding to increase the accessibility and user friendliness of AI solutions for e-commerce businesses with no-code multilingual native GenAI solutions.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>About qeen.ai: <\/strong>The startup was founded in 2023 in the Emirates by Dina Alsamhan (<a target=\"_blank\" href=\"https:\/\/www.linkedin.com\/in\/dina-alsamhan-3a5aa024\/?lipi=urn%3Ali%3Apage%3Ad_flagship3_detail_base%3Bhto%2FP60IR4WQSpaV08ILuQ%3D%3D\" style=\"\" rel=\"noopener\">LinkedIn<\/a>), Ahmad Khwileh (<a target=\"_blank\" href=\"https:\/\/www.linkedin.com\/in\/ahmadkhwileh\/?lipi=urn%3Ali%3Apage%3Ad_flagship3_detail_base%3Bhto%2FP60IR4WQSpaV08ILuQ%3D%3D\" style=\"\" rel=\"noopener\">LinkedIn<\/a>) and Morteza Ibrahimi (<a target=\"_blank\" href=\"https:\/\/www.linkedin.com\/in\/mibrahimi\/?lipi=urn%3Ali%3Apage%3Ad_flagship3_detail_base%3Bhto%2FP60IR4WQSpaV08ILuQ%3D%3D\" style=\"\" rel=\"noopener\">LinkedIn<\/a>), queen.ai\u2019s AI products aim to boost online sales and customer lifetime value for e-commerce businesses through copy and content generation and localization and AI-powered recommendation tools. The startup claims its customers have seen a 30% conversion rate on their platforms since using qeen\u2019s solutions. <\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/uae\/tag\/startup-watch\/\">STARTUP WATCH<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/uae\/tag\/startups\/\">startups<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/uae\/tag\/tech\/\">tech<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"92790\" 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=\"92790\">\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\">MOVES<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/uae\/2024\/06\/06\/national-cement-appoints-new-vice-chairman\/\">\r\n                            National Cement appoints new vice chairman                        <\/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       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class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/uae\/2024\/06\/06\/national-cement-appoints-new-vice-chairman\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2024\/5\/2253.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"92791\" data-permalink=\"https:\/\/enterpriseam.com\/uae\/2024\/06\/06\/national-cement-appoints-new-vice-chairman\/2253-jpg-5\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/5\/2253.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"2253.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/5\/2253.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/5\/2253.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-92790\" class=\"content-area-description single-story post-92790 post type-post status-publish format-standard has-post-thumbnail hentry category-moves tag-enterpriseam-uae tag-manufacturing tag-moves wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<figure class=\"wp-block-audio mb-0\"><audio controls preload=\"metadata\" src=\"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/6\/.0f8c3342-18f0-41a1-af94-b311fcbfefd5.mp3\"><\/audio><\/figure><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">Dubai\u2019s <strong><a target=\"_blank\" href=\"http:\/\/www.nationalcement.ae\/\" style=\"\" rel=\"noopener\">National Cement<\/a><\/strong> has elected <strong>Mazen Al Khatib<\/strong> as vice chairman, and re-elected <strong>Rashid Al Ghurair<\/strong> as chairman of the board, according to a <a target=\"_blank\" href=\"https:\/\/feeds.dfm.ae\/documents\/\/2024\/Jun\/5\/81b6c968-3165-49a3-b263-e93f6e93a6c7\/BOD%20Results%20E.Pdf.pdf\" style=\"\" rel=\"noopener\">disclosure (pdf).<\/a> Al Khatib was <a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/6\/487.pdf\" style=\"\" rel=\"noopener\">appointed (pdf)<\/a> as a board member at National Cement late May. <\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/uae\/tag\/manufacturing\/\">MANUFACTURING<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/uae\/tag\/moves\/\">MOVES<\/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=\"92792\" 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=\"92792\">\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\">ALSO ON OUR RADAR<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/uae\/2024\/06\/06\/etihad-airways-and-china-eastern-airlines-form-a-jv\/\">\r\n                            Etihad Airways and China Eastern Airlines form a 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 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   \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/uae\/2024\/06\/06\/etihad-airways-and-china-eastern-airlines-form-a-jv\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2024\/6\/547.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"92793\" data-permalink=\"https:\/\/enterpriseam.com\/uae\/2024\/06\/06\/etihad-airways-and-china-eastern-airlines-form-a-jv\/547-jpg\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/6\/547.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"547.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/6\/547.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/6\/547.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-92792\" class=\"content-area-description single-story post-92792 post type-post status-publish format-standard has-post-thumbnail hentry category-also-on-our-radar tag-also-on-our-radar tag-aviation tag-crypto tag-education tag-enterpriseam-uae tag-finance tag-healthcare tag-infrastructure tag-travel wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<figure class=\"wp-block-audio mb-0\"><audio controls preload=\"metadata\" src=\"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/6\/.6a3783fe-1169-49a5-becc-f05bb1e69f1c.mp3\"><\/audio><\/figure><p class=\"tag-border-left\">AVIATION-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>#1-<\/strong> <strong>Etihad Airways and China Eastern Airlines are forming a joint venture to boost air <\/strong><strong>connectivity between the UAE and China<\/strong>, marking the first JV between a Middle East and a Chinese airline, according to a <a target=\"_blank\" href=\"https:\/\/www.etihad.com\/en-ae\/news\/etihad-airways-and-china-eastern-airlines-announce-landmark-joint-venture\" style=\"\" rel=\"noopener\">press release<\/a>. Passengers will have more travel options between major Chinese cities like Shanghai, Beijing, Xi\u2019an, and Kunming, and across the MENA region. The JV is set to launch early 2025, with both airlines planning to offer full reciprocity in their frequent flyer programs, by the end of 2024.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The details:<\/strong> Under the JV, both airlines will collaboratively oversee flight capacity, synchronize schedules, and share revenues on certain routes, Etihad CEO Antonoaldo Neves told <a target=\"_blank\" href=\"https:\/\/www.reuters.com\/business\/aerospace-defense\/etihad-forms-joint-venture-with-china-eastern-boost-growth-2024-06-05\/\" style=\"\" rel=\"noopener\">Reuters<\/a>. There will be no equity investment or cost-sharing involved, he added. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>REMEMBER:<\/strong> Etihad Airlines and China Eastern Airlines inked an MoU to boost commercial and operational cooperation <a target=\"_blank\" href=\"https:\/\/enterprise.news\/uae\/en\/news\/story\/88b4bcd1-7d0a-4fb4-8e2a-be551fdad3df\/investcorp-consolidation-%2B-ihc%25e2%2580%2599s-palm-sports-snags-two-gov%25e2%2580%2599t-contracts-%2B-cbuae%25e2%2580%2599s-cash-deposits-rise-to-aed-687.2-bn-in-october\" style=\"\" rel=\"noopener\">later last year<\/a>. The partnership aims to offer travelers more options, better services, and added value, while supporting sustainable aviation. <\/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>#2- Fitch Ratings has upgraded Dubai Aerospace Enterprise\u2019s (DAE) long term issuer <\/strong><strong>default rating (IDR) to BBB<\/strong> with a stable outlook, from BBB-, according to a <a target=\"_blank\" rel=\"noopener\">statement<\/a> by the credit rating agency. DAE Funding\u2019s senior unsecured debt rating and its sukuk program and debt ratings have also been elevated to BBB from BBB-. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#3- Emirates Airlines expects to receive its Boeing 777X orders in 2026, <\/strong>after being postponed to 4Q 2025 from an original handover date of 2020, Emirates Airlines President Tim Clark told Asharq Business (<a target=\"_blank\" href=\"https:\/\/www.asharqbusiness.com\/article\/64502\/%D8%B7%D9%8A%D8%B1%D8%A7%D9%86-%D8%A7%D9%84%D8%A5%D9%85%D8%A7%D8%B1%D8%A7%D8%AA-%D8%AA%D8%B1%D8%AD%D9%84-%D8%A7%D8%B3%D8%AA%D9%84%D8%A7%D9%85-%D8%B7%D8%A7%D8%A6%D8%B1%D8%A7%D8%AA-%D8%A8%D9%88%D9%8A%D9%86%D8%BA-777-%D8%A5%D9%83%D8%B3-%D8%AD%D8%AA%D9%89-2026\/\" style=\"\" rel=\"noopener\">watch, runtime: 10:27<\/a>) yesterday. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Addressing the delay: <\/strong>Emirates has doubled down on its efforts to modernize its aircraft fleet to address the delay, earmarking some USD 2 bn to modernize 191 aircraft. Adel Al Redha, COO and VP at the carrier, earlier said the airline has already invested USD 3 bn into the program. The company also <a target=\"_blank\" href=\"https:\/\/www.reuters.com\/business\/aerospace-defense\/emirates-says-orders-15-airbus-a350-900-worth-6-bln-2023-11-16\/#:~:text=DUBAI%2C%20Nov%2016%20(Reuters),the%20week%2Dlong%20Dubai%20Airshow.\" style=\"\" rel=\"noopener\">placed a USD 6 bn order<\/a> for 15 A350-900 aircraft from Airbus and is on track to receive 65 Airbus A350 aircraft starting in August and through the end of 2027.<\/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\">INFRASTRUCTURE-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Ajman inks road development contracts worth AED 101 mn: <\/strong>The Ajman Municipality and Planning Department signed AED 101 mn contracts with infrastructure solutions provider Aims Group for its Al Salam Street and Sheikh Zayed Road development projects, <a target=\"_blank\" href=\"https:\/\/www.ajmannews.ae\/news.php?id=123035&cat_id=1\" style=\"\" rel=\"noopener\">Ajman News<\/a> reports. The projects seek to boost connectivity between residential communities, and improve traffic flow and street capacity.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The details:<\/strong>The first project, which is valued at AED 48 mn, targets lane expansions, improved cycleways, lighting works, and rainwater drainage network completion in the Ajman Industrial Area and Al Mowaihat Area. The second project \u2014 costing AED 53 mn \u2014 will expand Sheikh Zayed Road in the Al Helio area, and includes service roads, parking lots, intersection organization, lighting works, and rainwater drainage network completion. Improvements on Al Salam Street will last one year, while those on Sheikh Zayed Road will wrap a month later.<\/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\">TRAVEL-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#1- Traveltech company Tumodo has partnered with Saudi Arabia\u2019s fintech firm Tabby<\/strong> to integrate its services into Tabby\u2019s travel management platform, according to a <a target=\"_blank\" href=\"https:\/\/www.wamda.com\/2024\/06\/tumodo-joins-forces-tabby-facilitate-travel-management-practices\" style=\"\" rel=\"noopener\">press release<\/a>.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#2- <\/strong><strong>Transreport<\/strong><strong> to set up shop in the UAE:<\/strong> Accessible travel technology company <a target=\"_blank\" href=\"https:\/\/transreport.co.uk\/\" style=\"\" rel=\"noopener\">Transreport<\/a> will expand into the UAE, after bagging GBP 10 mn in a series A funding round led by the UK\u2019s Puma Private Equity and Pembroke VCT, according to a <a target=\"_blank\" href=\"https:\/\/www.zawya.com\/en\/press-release\/companies-news\/transreport-expands-into-uae-to-enhance-accessible-travel-for-disabled-people-ugfc6szr\" style=\"\" rel=\"noopener\">press release<\/a>. The company\u2019s passenger assistance technology suite streamlines travel processes for disabled and older passengers. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<p class=\"tag-border-left\">HEALTHCARE-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#1- M42 to launch Amana Healthcare in Bahrain: <\/strong>Abu Dhabi-based G42 healthcare arm M42 partnered with Bahrain Mumtalakat Holding Company (Mumtalakat) to launch its subsidiary, Amana Healthcare, in Bahrain, according to the <a target=\"_blank\" href=\"https:\/\/www.mediaoffice.abudhabi\/en\/health\/mumtalakat-and-m42-announce-amana-healthcare-bahrain-expansion\/\" style=\"\" rel=\"noopener\">Abu Dhabi Media Office<\/a>. The facility \u2014 featuring a dedicated laboratory, radiology, and therapy rooms \u2014 will offer long-term care services for people with complex medical needs, plus tailored social programs and non-clinical services to help patients and families adjust to life after hospitalization. It is slated to go live in 2025.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#2- <\/strong><strong>Abu Dhabi DoH signed an MoU with Takeda to strengthen rare disease and <\/strong><strong>oncology research: <\/strong>Abu Dhabi (DoH) inked an MoU with <a target=\"_blank\" href=\"https:\/\/www.takeda.com\/\" style=\"\" rel=\"noopener\">Takeda<\/a> to advance research efforts in rare diseases and oncology, <a target=\"_blank\" href=\"https:\/\/www.wam.ae\/en\/article\/13y8vle-doh-takeda-pharmaceuticals-ink-strategic\" style=\"\" rel=\"noopener\">Wam<\/a> reports. The two sides will work to establish regional treatment guidelines and advisory boards that can address gaps within the healthcare sector in the region. They will also work on integrating patient support programs that work on targeted, proactive interventions for rare disease patients, and will organize public awareness campaigns around rare disease symptoms. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#3- Abu Dhabi\u2019s Department of Health inked an MoU with gene therapy firm <\/strong><strong><a target=\"_blank\" href=\"https:\/\/opusgtx.com\/\" style=\"\" rel=\"noopener\">Opus<\/a><\/strong><strong><a target=\"_blank\" href=\"https:\/\/opusgtx.com\/\" style=\"\" rel=\"noopener\">Genetics<\/a><\/strong> to jointly conduct research and clinical trials to develop gene therapies for patients with rare inherited retinal diseases in the UAE, according to a <a target=\"_blank\" href=\"https:\/\/www.doh.gov.ae\/en\/news\/doh-and-opus-genetics-announce-collaboration-to-advance-ground-breaking-gene-therapy-research\" style=\"\" rel=\"noopener\">statement<\/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\">FINANCE-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Fitch Ratings has affirmed DFM-listed <\/strong><strong><a target=\"_blank\" href=\"https:\/\/gfh.com\/\" style=\"\" rel=\"noopener\">GFH Financial Group<\/a><\/strong><strong>\u2019s long-term issuer default<\/strong><strong> rating (IDR) at B<\/strong> with a stable outlook, the rating agency said in a <a target=\"_blank\" href=\"https:\/\/www.fitchratings.com\/research\/non-bank-financial-institutions\/fitch-affirms-gfh-at-b-outlook-stable-04-06-2024\" style=\"\" rel=\"noopener\">statement<\/a>. Fitch also affirmed the senior unsecured long-term rating for the firm\u2019s USD 500 mn certificates at B.<\/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\">AUTOMOTIVE-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#1- GWD announces significant global expansion in Dubai: <\/strong>Leading India-founded industrial and automotive supplier Gulf Worldwide Distribution (GWD) opened its new headquarters in Jebel Ali Free Zone, <a target=\"_blank\" href=\"https:\/\/gulfnews.com\/business\/corporate-news\/gulf-worldwide-distribution-opens-new-global-headquarters-in-dubai-for-enhanced-global-business-operations-1.1717515651832\" style=\"\" rel=\"noopener\">Gulf News<\/a> reports. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#2- Bulgarian drone company <\/strong><strong><a target=\"_blank\" href=\"https:\/\/www.dronamics.com\/\" style=\"\" rel=\"noopener\">Dronamics<\/a><\/strong><strong> is shelling out USD 100 m<\/strong><strong>n for its joint venture <\/strong><strong>with the UAE\u2019s <\/strong><strong><a target=\"_blank\" href=\"https:\/\/www.sdf.ae\/\" style=\"\" rel=\"noopener\">Strategic Development Fund (SDF)<\/a><\/strong>, which will produce Black Swan drones in Abu Dhabi, CEO of Dronamics Svilen Rangelov told <a target=\"_blank\" href=\"https:\/\/cnnbusinessarabic.com\/companies\/65685\/%D8%AF%D8%B1%D9%88%D9%86%D8%A7%D9%85%D9%8A%D9%83%D8%B3-%D8%AA%D8%A8%D9%86%D9%8A-%D9%85%D8%B5%D9%86%D8%B9%D8%A7%D9%8B-%D9%84%D8%B7%D8%A7%D8%A6%D8%B1%D8%A7%D8%AA-%D8%B4%D8%AD%D9%86-%D8%A8%D8%AF%D9%88%D9%86-%D8%B7%D9%8A%D8%A7%D8%B1-%D9%81%D9%8A-%D8%A7%D9%84%D8%A5%D9%85%D8%A7%D8%B1%D8%A7%D8%AA\" style=\"\" rel=\"noopener\">CNN Business<\/a>. Initial production for the cargo drones will be geared at meeting demand in the UAE and the GCC, with potential expansion beyond.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>REMEMBER- <\/strong>The SDF inked a terms sheet with Dronamics last <a target=\"_blank\" href=\"https:\/\/enterprise.news\/logistics\/en\/news\/story\/62b9be16-13e3-4d81-9168-4b43ebf4918f\/bulgarian-drone-manufacturer%253cmark%253e-dronamics%253c%2Fmark%253e-to-establish-jv-with-uae%25e2%2580%2599s-sdf-%2B-plans-to-provide-cargo-drones-to-aramex-in-2024.-plus:-more-from-flydubai\" style=\"\" rel=\"noopener\">November<\/a> to form a joint venture to manufacture the Black Swan cargo drones by 2025. The JV will set up the company\u2019s first serial production plant for the Dronamics Black Swan airplane in the UAE, with the facility expected to have the capacity to produce some 300 Black Swan drones a year.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<p class=\"tag-border-left\">INVESTMENT- <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Abu Dhabi crown prince discusses investment prospects with Blackstone CEO: <\/strong>Abu Dhabi\u2019s Crown Prince Sheikh Khaled bin Mohamed bin Zayed Al Nahyan met with US alternative investment management firm Blackstone\u2019s CEO Stephen Allen Schwarzman to discuss boosting cooperation and exploring investments in Abu Dhabi, <a target=\"_blank\" href=\"https:\/\/wam.ae\/en\/article\/b3igt6l-khaled-bin-mohamed-bin-zayed-meets-ceo-blackstone\" style=\"\" rel=\"noopener\">Wam<\/a> writes. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<p class=\"tag-border-left\">EDUCATION-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Dubai Islamic Bank pledged AED 11 mn to the Knowledge Fund Establishment\u2019s Dubai Schools <\/strong><strong>project<\/strong>, according to the <a target=\"_blank\" href=\"https:\/\/www.mediaoffice.ae\/en\/news\/2024\/june\/05-06\/dubai-islamic-bank\" style=\"\" rel=\"noopener\">Dubai Media Office<\/a>. The project sees the Dubai government establish schools that are then operated by private institutions in the emirate. <\/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\">CRYPTO-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Am<\/strong><strong>sterdam-based blockchain intelligence firm <\/strong><strong><a target=\"_blank\" href=\"https:\/\/crystalintelligence.com\/\" style=\"\" rel=\"noopener\">Crystal<\/a><\/strong><strong> opened a new office at the Dubai World Trade Centre<\/strong>, seeking to expand its services in the region, according to a <a target=\"_blank\" href=\"https:\/\/www.zawya.com\/en\/press-release\/companies-news\/crystal-expands-presence-in-dubai-ooa4oybn\" style=\"\" rel=\"noopener\">press release<\/a>. Crystal provides compliance solutions to financial institutions, law enforcement and regulators to ensure compliance with anti-money laundering regulations. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<p class=\"tag-border-left\"> SUSTAINABILITY-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Dubai\u2019s Ports, Customs, and Freezone Corporation launched the Emirates\u2019 first AED 2 <\/strong><strong>mn fixed air quality monitoring station in Jebel Ali<\/strong>, <a target=\"_blank\" href=\"https:\/\/wam.ae\/en\/article\/b3igt9k-pcfc-launches-air-quality-monitoring-station-jebel\" style=\"\" rel=\"noopener\">Wam<\/a> reports. The station features 11 sensors measuring 101 air pollutants, seeking to improve Dubai\u2019s air quality through the provision of precise data and periodic reports. <\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/uae\/tag\/also-on-our-radar\/\">ALSO ON OUR RADAR<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/uae\/tag\/aviation\/\">Aviation<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/uae\/tag\/crypto\/\">CRYPTO<\/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\/finance\/\">Finance<\/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\/infrastructure\/\">infrastructure<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/uae\/tag\/travel\/\">travel<\/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=\"92794\" 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=\"92794\">\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\">PLANET FINANCE<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/uae\/2024\/06\/06\/todays-rate-cuts-could-revive-the-eus-economy-but-the-path-forward-is-murky\/\">\r\n                            Today\u2019s rate cuts could revive the EU\u2019s economy, but the path forward is murky                        <\/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\/06\/06\/todays-rate-cuts-could-revive-the-eus-economy-but-the-path-forward-is-murky\/\" 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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A 25 bps cut is likely in the cards now, but analysts wonder how much further the ECB can go: The economy needs the relief rate cuts offer, but inflation remains \u201cstubbornly\u201d high, the <a target=\"_blank\" href=\"https:\/\/www.ft.com\/content\/250655dd-1ac9-45e4-b425-3d3de408d66c\" style=\"\" rel=\"noopener\">Financial Times<\/a> reports.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Recovery is afoot:<\/strong> A downward path for rates will \u201cbreathe life\u201d into the eurozone\u2019s housing markets, push businesses to borrow more to fund investment, and boost consumer spending, Holger Schmieding, chief economist at German bank Berenberg told the salmon-colored paper. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The downside risk: <\/strong>Move too fast while inflation is high and wages are growing quickly, and the ECB will just fuel more inflation. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The consensus? A symbolic cut today, but none in July. <\/strong>Persistent inflation in the Eurozone \u2014 it rose to 2.6% in <a target=\"_blank\" href=\"https:\/\/ec.europa.eu\/eurostat\/statistics-explained\/index.php?title=Inflation_in_the_euro_area\" style=\"\" rel=\"noopener\">May<\/a> \u2014 won't stop the ECB from cutting interest rates, but \u201cit is unlikely that the ECB will move with another cut in July,\u201d Jack Allen-Reynolds, an economist at Capital Economics, told FT <a target=\"_blank\" href=\"https:\/\/www.ft.com\/content\/566c85f0-8a76-421b-a9b1-a20471363cff\" style=\"\" rel=\"noopener\">last month<\/a>. Economists polled by <a target=\"_blank\" href=\"https:\/\/delano.lu\/article\/ecb-to-cut-rates-in-june-but-n\" style=\"\" rel=\"noopener\">Delano<\/a> concurred that the ECB will hold rates steady in July.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>\u201cMarkets have almost fully ruled out a July cut,<\/strong> and now only see around two cuts in total by year-end. As things stand, we believe an ECB cut this week may soon be viewed as a policy mistake,\u201d Gabriele Foa, a portfolio manager at Algebris Investments, told <a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2024-06-04\/ecb-rate-cut-expectations-start-to-unravel-before-first-move#:~:text=%E2%80%9CWe%20believe%20the,a%20policy%20mistake.%E2%80%9D\" style=\"\" rel=\"noopener\">Bloomberg<\/a>.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>A policy mistake? <\/strong>A cut today would mark the first time Europe diverges from the United States in five years, potentially backfiring as the ECB lowers the interest rates ahead of the US Federal Reserve, Mathilde Lemoine writes for the <a target=\"_blank\" href=\"https:\/\/www.ft.com\/content\/8ab0f01e-2205-457a-a104-005954f16aef\" style=\"\" rel=\"noopener\">Financial Times<\/a>. The rate cut is expected to weaken the EUR, possibly causing a surge in import prices, including energy imports, which might prevent businesses from investing in the short-term. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The longer the Fed waits to push ahead with cuts, \u201cthe more difficult it can be eventually <\/strong><strong>for the ECB,\u201d <\/strong>Frederik Ducrozet, head of macroeconomic research at Pictet Wealth Management told the <a target=\"_blank\" href=\"https:\/\/www.nytimes.com\/2024\/06\/05\/business\/european-central-bank-interest-rates.html\" style=\"\" rel=\"noopener\">New York Times<\/a>. <\/p>\n<p class=\"tag-border-left\">MARKETS THIS MORNING- <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Asian markets are all in the green this morning <\/strong>as traders welcome both the prospect of the ECB\u2019s rate cut and the Bank of Canada\u2019s cut yesterday. All major Asian benchmarks we follow are in the green, with the Nikkei (+1.1%) and the Kospi (+1.0%) leading the way. European stock futures are all solidly in the green this morning and Wall Street futures inched up overnight after the S&amp;P 500 closed at another AI-fuelled (or maybe \u201cNvidia-fuelled\u201d?) record high yesterday.<\/p>\n<p><a target=\"_blank\" id=\"t.6a466fae7bf5b6d8fcc3db28faee7401359747bf\" rel=\"noopener\"><\/a><a target=\"_blank\" id=\"t.0\" rel=\"noopener\"><\/a> <\/p>\n<div class=\"stock-ticker-panel\">\n<table class=\"table stock-ticker-table markets-table\">\n<tbody>\n<tr class=\"tr-row-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:139.5pt;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:138pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">8,948<\/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:141pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">+0.3% (YTD: -6.6%)<\/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:139.5pt;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:138pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">3,980<\/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:141pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">-0.1% (YTD: -2.0%)<\/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:139.5pt;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:138pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">3339.7<\/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:141pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">-0.6% (YTD: -13.07%)<\/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:139.5pt;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:138pt;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:141pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">Sell 3.67<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<p><svg class=\"e-icon e-TypeMarkets1\"><use xlink:href=\"#e-TypeMarkets1\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.5pt;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:138pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">5.1% 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:141pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">5.3% 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:139.5pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>TASI<\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:138pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">11,553<\/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:141pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">-0.5% (YTD: -3.5%)<\/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:139.5pt;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:138pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">26,634<\/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:141pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">-1.3% (YTD: +7.0%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.5pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>S&amp;P 500<\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:138pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">5,340<\/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:141pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">+0.9% (YTD: +11.7%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.5pt;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:138pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">8,246<\/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:141pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">+0.2% (YTD: +6.6%)<\/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:139.5pt;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:138pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">5,035<\/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:141pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">+1.7% (YTD: +11.4%)<\/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:139.5pt;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:138pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">USD 78.25<\/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:141pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">+0.9%<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.5pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>Natural gas <\/strong>(Nymex)<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:138pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">USD 2.74<\/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:141pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">+6.0%<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.5pt;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:138pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">USD 2,374.6<\/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:141pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">+1.2%<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.5pt;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:138pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">USD 71,149<\/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:141pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">+1.0% (YTD: +68.3%)<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>THE CLOSING BELL-<\/strong><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The ADX rose 0.3% yesterday<\/strong> on turnover of AED 1.02 bn. The index is down 6.6% 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>Al Ain Alahlia Insurance Co. (+11.1%), Manazel (+7.2%) and Rapco Investment (+4.1%).<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>In the red: <\/strong>Foodco (-8.9%), Ras Al Khaimah Co. for White Cement and Construction Materials (-5.3%) and Americana Restaurants (-4.3%). <\/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 fell 0.1% yesterday on turnover of AED 417.2 mn. Meanwhile Nasdaq Dubai fell 0.6%.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/uae\/tag\/financial-markets\/\">Financial markets<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/uae\/tag\/interest-rates\/\">interest rates<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/uae\/tag\/planet-finance\/\">PLANET FINANCE<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/uae\/tag\/turkey\/\">Turkey<\/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=\"92796\" 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=\"92796\">\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\">DIPLOMACY<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/uae\/2024\/06\/06\/abu-dhabi-deputy-ruler-meets-with-us-jake-sullivan\/\">\r\n                            Abu Dhabi deputy ruler meets with US\u2019 Jake Sullivan                        <\/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\/06\/06\/abu-dhabi-deputy-ruler-meets-with-us-jake-sullivan\/\" 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\/06\/06\/abu-dhabi-deputy-ruler-meets-with-us-jake-sullivan\/')\">\n                    Copy Link      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           <\/div>\r\n\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/uae\/2024\/06\/06\/abu-dhabi-deputy-ruler-meets-with-us-jake-sullivan\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2024\/6\/607.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"92797\" data-permalink=\"https:\/\/enterpriseam.com\/uae\/2024\/06\/06\/abu-dhabi-deputy-ruler-meets-with-us-jake-sullivan\/607-jpg\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/6\/607.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"607.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/6\/607.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/6\/607.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-92796\" class=\"content-area-description single-story post-92796 post type-post status-publish format-standard has-post-thumbnail hentry category-diplomacy tag-diplomacy tag-enterpriseam-uae tag-us-uae-relations wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<figure class=\"wp-block-audio mb-0\"><audio controls preload=\"metadata\" src=\"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/6\/.771545c8-4c4f-4d77-ab83-257601a2cf87.mp3\"><\/audio><\/figure><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Tahnoon bin Zayed meets with the US National Security Advisor:<\/strong> Deputy Ruler of Abu Dhabi Tahnoon bin Zayed met yesterday with the US National Security Advisor in Washington DC, to discuss strengthening relations between the UAE and the US, as well as cooperating on international and regional issues, <a target=\"_blank\" href=\"https:\/\/wam.ae\/ar\/article\/13y8uwf-%D8%B7%D8%AD%D9%86%D9%88%D9%86-%D8%A8%D9%86-%D8%B2%D8%A7%D9%8A%D8%AF-%D9%8A%D9%84%D8%AA%D9%82%D9%8A-%D9%85%D8%B3%D8%AA%D8%B4%D8%A7%D8%B1-%D8%A7%D9%84%D8%A3%D9%85%D9%86-%D8%A7%D9%84%D9%82%D9%88%D9%85%D9%8A-%D8%A7%D9%84%D8%A3%D9%85%D8%B1%D9%8A%D9%83%D9%8A\" style=\"\" rel=\"noopener\">Wam<\/a> reports.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>UAE rulers congratulate the re-election of Indian PM Modi:<\/strong> President Sheikh Mohamed bin Zayed Al Nahyan and Vice President Sheikh Mohammed bin Rashid Al Maktoum congratulated Indian Prime Minister Narendra Modi on his re-election yesterday, according to a <a target=\"_blank\" href=\"https:\/\/x.com\/MohamedBinZayed\/status\/1798371290216288557\" style=\"\" rel=\"noopener\">statement<\/a> posted on X by the President, and a <a target=\"_blank\" href=\"https:\/\/x.com\/HHShkMohd\/status\/1798379131475816479?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1798379131475816479%7Ctwgr%5Ea5f74d652e97f01e67ac467e188b1e1429e6bbdb%7Ctwcon%5Es1_&ref_url=https%3A%2F%2Fgulfnews.com%2Fuae%2Fgovernment%2Fuae-leaders-congratulate-indian-prime-minister-modi-on-his-re-election-1.102973636\" style=\"\" rel=\"noopener\">statement<\/a> posted by the VP. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>UAE President congratulates Kuwait on new crown prince appointment:<\/strong> President Sheikh Mohamed bin Zayed Al Nahyan congratulated Kuwait's Emir Sheikh Mishal Al-Ahmad Al-Jaber Al-Sabah on appointing Sheikh Sabah Khaled Al-Hamad Al-Mubarak Al-Sabah as crown prince, <a target=\"_blank\" href=\"https:\/\/wam.ae\/en\/article\/b3igt6o-uae-president-holds-telephone-call-with-emir\" style=\"\" rel=\"noopener\">Wam<\/a> writes. <\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/uae\/tag\/diplomacy\/\">DIPLOMACY<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/uae\/tag\/us-uae-relations\/\">US-UAE relations<\/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=\"92798\" 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\/06\/06\/92798-2\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-92798\" class=\"content-area-description single-story post-92798 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;\">JUNE<\/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;\">3-7 June (Monday-Friday): Dubai International Chamber\u2019s trade mission to Senegal and Morocco. <\/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;\">11 June (Tuesday): The AI Retreat, Museum of the Future, 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;\">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;\">3 August (Saturday): UFC Fight Night, Etihad arena, 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;\">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;\">24-27 October (Thursday-Sunday): International Sports Medicine Conference, 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;\">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:400;\">29 October - 2 November (Tuesday-Saturday): Abu Dhabi Early Childhood Week, 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;\">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>23 November (Saturday): <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.wirelessfestival.me\/\" style=\"\">Wireless Festival Middle East<\/a><\/span><span style=\"font-weight:400;\">, Etihad Park, Abu Dhabi. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">27-28 November (Wednesday-Thursday): RAK Energy Summit, Al Hamra International Exhibition and Conference Centre, Ras Al Khaimah.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700;\">DECEMBER<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">2-3 December (Monday-Tuesday): National Day, public holiday.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span>5-8 December (Thursday-Sunday): <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/tickets.formula1.com\/en\/f1-3312-abu-dhabi?pgs=1&gad_source=1&gclid=CjwKCAjw_e2wBhAEEiwAyFFFo5lKSTphNqFv_Ectz0OzLo0NjMI0mNztBGynm9Rtn7X60C1_KW-XpBoCweIQAvD_BwE\" style=\"\">Formula 1 Etihad Airways Abu Dhabi Grand Prix<\/a><\/span><span style=\"font-weight:400;\">, Yas Marina Circuit. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span>9-10 December (Saturday-Sunday): <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/b.tc\/conference\/mena\" style=\"\">The Bitcoin Mena Conference<\/a><\/span><span style=\"font-weight:400;\">, Adnec Centre Abu Dhabi.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">10-12 December (Tuesday-Thursday): Middle East Business Aviation, Dubai World Central.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700;\">Signposted to happen sometime before the end of the year:<\/span><\/p>\n<ul>\n<li><span style=\"font-weight:400;\">Spinneys inaugurates three more stores in KSA<\/span><\/li>\n<\/ul>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700;\">Signposted to happen in 2025:<\/span><\/p>\n<ul>\n<li><span style=\"font-weight:400;\">6-11 April (Sunday-Friday): Geo-Spatial Week 2025, Dubai.<\/span><\/li>\n<li><span style=\"font-weight:400;\">3-4 June (Tuesday-Wednesday): Make-A-Wish International\u2019s Global Wish summit, Abu Dhabi.<\/span><\/li>\n<\/ul>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700;\">Signposted to happen sometime in 2028:<\/span><\/p>\n<ul>\n<li><span style=\"font-weight:400;\"> Abu Dhabi to host the 47th Chess Olympiad<\/span><\/li>\n<\/ul>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n","protected":false},"excerpt":{"rendered":"<p>PMI unchanged in May | Emirates Islamic lists sukuk on Nasdaq \u201c Central bank digital currency platform at MVP stage | Venture debt funding down in 2023<\/p>\n","protected":false},"featured_media":92775,"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-92774","issue","type-issue","status-publish","has-post-thumbnail","hentry","wpautop","entry"],"acf":{"mongo_id":"07a7f73f-77af-4080-8b50-f1f355cb16a6","teaser":"PMI unchanged in May | Emirates Islamic lists sukuk on Nasdaq \u201c Central bank digital currency platform at MVP stage | Venture debt funding down in 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