{"id":92818,"date":"2024-06-07T00:00:00","date_gmt":"2024-06-07T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/uae\/?post_type=issue&#038;p=92818"},"modified":"2025-12-15T00:34:34","modified_gmt":"2025-12-15T00:34:34","slug":"first-abu-dhabi-ipo-of-the-year-was-39x-oversubscribed","status":"publish","type":"issue","link":"https:\/\/enterpriseam.com\/uae\/issues\/first-abu-dhabi-ipo-of-the-year-was-39x-oversubscribed\/","title":{"rendered":"First Abu Dhabi IPO of the year was 39x oversubscribed"},"content":{"rendered":"<section id=\"92820\" 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=\"92820\">\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\/07\/could-india-acquire-a-stake-in-adnocs-al-ruwais\/\">\r\n                            THIS MORNING: Will India acquire a stake in Adnoc\u2019s Al Ruwais?                        <\/a>\r\n                    <\/h3>\r\n\r\n                    \r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" style=\"position:relative\">\n        <img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408834.svg\" alt=\"\">\n        Share Story\n        <!-- Dropdown Menu -->\n        <ul class=\"share-menu\">\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/enterpriseam.com\/uae\/2024\/06\/07\/could-india-acquire-a-stake-in-adnocs-al-ruwais\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/new-tab.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"#\" target=\"_blank\" onclick=\"event.preventDefault(); 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Speaking of\u2026<\/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- We have a four-day weekend coming: <\/strong>The UAE cabinet approved a national holiday for the public and private sectors for Eid Al Adha running from next Sunday, 16 June, to Wednesday, 19 June in an <a target=\"_blank\" href=\"https:\/\/x.com\/UAEmediaoffice\/status\/1726947549821731162?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1726947549821731162%7Ctwgr%5E2eb72d8431651fd2efdd28aa7e7906419c5d0a2d%7Ctwcon%5Es1_&ref_url=https%3A%2F%2Femirateswoman.com%2Feid-al-adha-dates-4-day-long-weekend-for-uae-residents%2F\" style=\"\" rel=\"noopener\">X post<\/a> yesterday. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Payday will come around early this month for government employees<\/strong>, after Dubai Crown Prince Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum issued a directive yesterday to distribute June salaries for government staff on 13 June, ahead of Eid Al Adha, <a target=\"_blank\" href=\"https:\/\/wam.ae\/en\/article\/b3j28ya-hamdan-bin-mohammed-directs-early-disbursement\" style=\"\" rel=\"noopener\">Wam<\/a> reports.<\/p>\n<p class=\"tag-border-left\"> PUBLIC SERVICE ANNOUNCEMENTS-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Citizens and residents can now register inheritance files for minor heirs at Dubai <\/strong><strong>Courts, <\/strong>after the authority transferred the service from Dubai Endowments and the Community Development Authority to the Inheritance Court in Dubai Courts, according to an <a target=\"_blank\" href=\"https:\/\/x.com\/DubaiCourts\/status\/1798685313792950430\" style=\"\" rel=\"noopener\">X post<\/a>.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<p class=\"tag-border-left\">WATCH THIS SPACE- <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><a id=\"wwtt2\"><\/a> <strong>#1- Could India snap up a piece of Al Ruwais? <\/strong>Abu Dhabi National Oil Company (Adnoc) has invited India to acquire a stake in its upcoming liquified natural gas (LNG) terminal at Al Ruwais gas field, Indian newspaper <a target=\"_blank\" href=\"https:\/\/www.livemint.com\/industry\/energy\/abu-dhabis-adnoc-offers-india-stake-in-its-upcoming-lng-liquefaction-terminal-11717559309586.html\" style=\"\" rel=\"noopener\">Mint<\/a> reports, citing two sources in the know. Talks are currently underway \u201cat the government-to-government level,\u201d one of the sources told Mint, while Adnoc declined to comment. If finalized, this transaction will mark India\u2019s first equity stake in an overseas LNG terminal. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>ICYMI-<\/strong> UK oil and gas giant Shell, French TotalEnergies, and Japanese trading firm Mitsui & Co. are <a target=\"_blank\" href=\"https:\/\/enterprise.news\/uae\/en\/news\/story\/229f3a02-4f67-4a3e-80ec-b41fef6648a6\/shell,-totalenergies-eye%253cmark%253e-ruwais%253c%2Fmark%253e-stake\" style=\"\" rel=\"noopener\">reportedly vying<\/a> for a stake in Al Ruwais LNG project. Sources had said at the time that the state-owned oil giant might opt to not sell equity in Ruwais as it \u201cdoesn\u2019t require investments from the energy companies,\u201d with plans to self-fund the expansion. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>REMEMBER- <\/strong>Adnoc is yet to make a final investment decision on the Ruwais project, but a final call is <a target=\"_blank\" href=\"https:\/\/enterprise.news\/uae\/en\/news\/story\/9b82da7f-5abf-4706-9357-0842a9172fa5\" style=\"\" rel=\"noopener\">expected to be reached in 1H 2024<\/a>. The facility is set to double the firm\u2019s LNG export capacity. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>ALSO- Adnoc is poised to ink a long-term supply agreement with <\/strong><strong><a target=\"_blank\" href=\"https:\/\/iocl.com\/\" style=\"\" rel=\"noopener\">Indian Oil Corporation<\/a><\/strong> to sell the Indian state-owned oil firm 1 mn metric tonnes of LNG annually, the sources told Mint. The company had already inked a 14-year supply agreement in 2023 for 1.2 mn metric tonnes of LNG per year. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<hr style=\"height:2px;border-width:0;color:gray;background-color:gray\">\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><a id=\"wwtt3\"><\/a> <strong>#2- Masdar eyes Azerbaijan\u2019s gas route for green hydrogen:<\/strong> Abu Dhabi\u2019s renewables giant Masdar is mulling the use of Azerbaijan\u2019s Southern Gas Corridor (SGC) \u2014 which delivers gas from the Caspian sea to Europe \u2014 for green hydrogen exports, <a target=\"_blank\" href=\"https:\/\/www.thenationalnews.com\/business\/energy\/2024\/06\/05\/masdar-explores-using-azerbaijans-southern-gas-corridor-for-hydrogen-exports\/\" style=\"\" rel=\"noopener\">The National<\/a> reports, citing Masdar\u2019s head of development and investment Maryam Al Mazroue for the Commonwealth of Independent States region. The company is studying whether \u201cit is really feasible to inject green hydrogen and also utilize the same infrastructure,\u201d Mazrouei said.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>ICYMI-<\/strong> Masdar and Azerbaijan's state-owned Socar broke ground on 1 GW of solar and wind projects earlier last <a target=\"_blank\" href=\"https:\/\/enterprise.news\/uae\/en\/news\/story\/95ed7ee6-bb6a-43d4-9cc1-2995597bf88c\/uae-climate-fund-alterra-pledges-usd-200-bn-in-additional-investments-%2B-uae-breaks-ground-on%253cmark%253e-azerbaijan%253c%2Fmark%253e-solar-plants\" style=\"\" rel=\"noopener\">Wednesday<\/a>, as part of a broader agreement to install <a target=\"_blank\" href=\"https:\/\/enterprise.news\/climate\/en\/news\/story\/349d9ac2-e114-453b-bccb-580c58f97b7f#:~:text=Masdar%20has%20a,operation%20in%202023.\" style=\"\" rel=\"noopener\">10 GW of clean energy projects<\/a> \u2014 including onshore and offshore wind farms, solar farms and green hydrogen \u2014 in the Central Asian country. The initial phase will see them produce green hydrogen from 2 GW worth of offshore wind energy projects.<\/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>#3- The National Corporation for Tourism and Hotels scheduled a general assembly<\/strong><strong> on 10 July to approve the <\/strong><strong><a target=\"_blank\" href=\"https:\/\/enterprise.news\/uae\/en\/news\/story\/fa7faa39-cc5a-43f8-ab24-7aea18e4060c\/national-corporation-for-tourism-and-hotels-acquires%253cmark%253e-alpha-dhabi%253c%2Fmark%253e-subsidiaries\" style=\"\" rel=\"noopener\">acquisition<\/a><\/strong><strong> of Alpha Dhabi\u2019s hotel businesse<\/strong>s, according to a <a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/6\/633.pdf\" style=\"\" rel=\"noopener\">disclosure (pdf)<\/a>. The acquisition will see ADH Hospitality, Murban (BVI) Holding, and Hill View Resorts in the Seychelles, absorbed into NCTH\u2019s portfolio through a share swap agreement. <\/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> Today is the final day of the Dubai International Chamber\u2019s 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 and Senegal, with a focus on exploring collaboration, expansion strategies, and forging new partnerships and trade agreements.<\/p>\n\n<p class=\"tag-border-left\">HAPPENING NEXT WEEK-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#1- 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 Tuesday, 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>#2- <\/strong><strong>Spinneys\u2019<\/strong><strong> shares will join the DFM General Index, as well as the Consumer <\/strong><strong>Staples Sector Index as of Monday<\/strong>, 10 June, under the ticker SPINNEYS, according to a <a target=\"_blank\" href=\"https:\/\/www.dfm.ae\/the-exchange\/news-disclosures\/market-announcements\/78e50120-8e3f-4902-b64f-ac3c61c0fd69\" style=\"\" rel=\"noopener\">DFM disclosure<\/a>. The company\u2019s shares debuted on the DFM in <a target=\"_blank\" href=\"https:\/\/enterprise.news\/uae\/en\/news\/story\/65ee8d31-39fa-4506-ac4e-bdf3e240be04\/%253cmark%253espinneys%253c%2Fmark%253e-share-jump-on-market-debut\" style=\"\" rel=\"noopener\">May<\/a>, following a successful AED 1.38 bn IPO. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#3- <\/strong><strong>Maritime and shipping company<\/strong><strong> GulfNAv is set to discuss the acquisition of oil storage outfit Brooge Petroleum and <\/strong><strong>Gas Investment Company on Tuesday<\/strong>, 11 June, a <a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/6\/639.pdf\" style=\"\" rel=\"noopener\">DFM filing (pdf)<\/a> reads. Gulfnav <a target=\"_blank\" href=\"https:\/\/enterprise.news\/logistics\/en\/news\/story\/5da4d7d8-fb11-4388-b8ea-ff93766649c4\" style=\"\" rel=\"noopener\">submitted<\/a> a proposal earlier in the year for the structure of the acquisition of oil storage outfit Brooge Petroleum and Gas Investment Company to the Securities and Commodities Authority, after submitting a proposal to fully acquire the company from Nasdaq-listed Brooge Energy back in October 2023. The acquisition was initially expected to close in 4Q 2023.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Remember:<\/strong> GulfNav <a target=\"_blank\" href=\"https:\/\/enterprise.news\/uae\/en\/news\/story\/1e9c1f9c-7161-4ee3-9c3b-261ef26184ff\/ghitha-holding-expands-with-two-cross-border-acquisitions\" style=\"\" rel=\"noopener\">confirmed<\/a> that its advisors are still assessing the Brooge Energy acquisition in February, saying it aims to complete the evaluation within the coming weeks. <\/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 saw a 9% y-o-y rise in healthcare facilities and 7% y-o-y increase in <\/strong><strong>professionals in 1Q 2024<\/strong>, according to the <a target=\"_blank\" href=\"https:\/\/mediaoffice.ae\/en\/news\/2024\/june\/05-06\/dubai-healthcare-sector-registers-impressive-growth-in-first-quarter-of-2024\" style=\"\" rel=\"noopener\">Dubai Media Office<\/a>. The new facilities comprise 64 outpatient clinics, 49 pharmacies, 11 home healthcare centers, two laboratories, three radiology diagnostic centers, and two hospitals. Over 150 facilities and 800 professionals were issued licenses during the quarter.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#2- Abu Dhabi\u2019s Khalifa Port and Dubai\u2019s Jebel Ali ranked among the world\u2019s top 50 ports <\/strong><strong>in the World <\/strong><strong>Bank\u2019s<\/strong><strong><a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/6\/518.pdf\" style=\"\" rel=\"noopener\"><\/a><\/strong><strong><a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/6\/518.pdf\" style=\"\" rel=\"noopener\">2023 Container Port Performance Index (pdf)<\/a><\/strong><strong>. <\/strong>Khalifa Port ranked 29th, climbing down 26 places from its position at third place in the previous year, while Jebel Ali came in at 49th place. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<p class=\"tag-border-left\"> THE BIG STORY ABROAD- <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>A handful of news are vying for attention in the foreign press: <\/strong><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#1- British tech tycoon Mike Lynch \u2014 who founded Autonomy \u2014 was acquitted of all <\/strong><strong>charges of fraud yesterday<\/strong>, ending a 12-year saga that followed HP\u2019s failed USD 11 bn acquisition of the company in 2011. Lynch was accused of conspiracy and trying to inflate Autonomy\u2019s revenues. (<a target=\"_blank\" href=\"https:\/\/www.reuters.com\/legal\/british-tech-pioneer-mike-lynch-acquitted-us-fraud-trial-2024-06-06\/\" style=\"\" rel=\"noopener\">Reuters<\/a> | <a target=\"_blank\" href=\"https:\/\/www.theguardian.com\/business\/article\/2024\/jun\/06\/mike-lynch-fraud-trial-acquittal\" style=\"\" rel=\"noopener\">The Guardian<\/a> | <a target=\"_blank\" href=\"https:\/\/www.ft.com\/content\/62b6af38-ff48-43a9-9403-2a18a1ddca3d\" style=\"\" rel=\"noopener\">FT<\/a> | <a target=\"_blank\" href=\"https:\/\/www.nytimes.com\/2024\/06\/06\/business\/dealbook\/mike-lynch-autonomy-fraud-hp.html\" style=\"\" rel=\"noopener\">NYT<\/a>) <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#2- Saudi Aramco\u2019s secondary share sale is set to raise more than USD 11.2 bn<\/strong> after it priced the sale at SAR 27.25, toward the lower end of its set range, the <a target=\"_blank\" href=\"https:\/\/www.wsj.com\/business\/energy-oil\/saudi-arabia-set-to-raise-more-than-11-2-billion-from-aramco-stock-offering-4bcdc9ce?mod=hp_lead_pos10\" style=\"\" rel=\"noopener\">Wall Street Journal<\/a> reported yesterday. <a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2024-06-06\/aramco-s-12-billion-offer-said-to-draw-strong-foreign-demand?srnd=homepage-middle-east\" style=\"\" rel=\"noopener\">Bloomberg<\/a> also reported \u201csignificant\u201d demand from foreign investors, who put in enough bids to \u201cmore than fully\u201d cover the offering. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>REMEMBER- Aramco is taking an additional 0.64% stake to market <\/strong>in a sale that was fully covered just \u201chours\u201d after kicking off earlier this week. Aramco had set a price range of SAR 26.70-29.00. Trading on the shares will begin on Sunday. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#3- IN SPACE NEWS- Boeing\u2019s Starliner capsule successfully docked at the international <\/strong><strong>space station with two Nasa astronauts<\/strong>, a feat achieved after years of delays that have pushed the departure date several times. This is the third attempt at liftoff. (<a target=\"_blank\" href=\"https:\/\/www.cnn.com\/2024\/06\/06\/science\/boeing-starliner-new-helium-leaks-scn\/index.html\" style=\"\" rel=\"noopener\">CNN<\/a> | <a target=\"_blank\" href=\"https:\/\/www.bbc.com\/news\/articles\/cl4481nz4x6o\" style=\"\" rel=\"noopener\">BBC<\/a> | <a target=\"_blank\" href=\"https:\/\/www.theguardian.com\/science\/article\/2024\/jun\/06\/boeing-starliner-spacecraft-helium-leaks\" style=\"\" rel=\"noopener\">The Guardian<\/a>)<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#4- Russia and China have raised concerns around the US draft resolution backing a <\/strong><strong>ceasefire in Gaza<\/strong>, <a target=\"_blank\" href=\"https:\/\/www.reuters.com\/world\/russia-china-wrangle-with-us-over-un-resolution-gaza-ceasefire-plan-2024-06-07\/\" style=\"\" rel=\"noopener\">Reuters<\/a> reports. Russia is reportedly calling for amendments that would demand an immediate, unconditional and permanent ceasefire that remains in place as long as talks continue on a second phase for a ceasefire. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The resolution would need at least nine votes in favor and no vetoes from Russia, the US, France, UK, or China<\/strong> to go through. Hamas is reportedly still studying the proposal and should respond within the coming days. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>An Israeli strike on a UN-run school killed 40 people yesterday<\/strong>, <a target=\"_blank\" href=\"https:\/\/www.reuters.com\/world\/middle-east\/israel-says-jets-strike-school-containing-hamas-compound-gaza-media-says-27-2024-06-06\/\" style=\"\" rel=\"noopener\">Reuters<\/a> reports.<\/p>\n<div class=\"row\">\n<div class=\"col-md-12 subscribe-box-panel\">\n<div class=\"\">\n<div class=\"title\">\n<h4 class=\"fw-lighter mb-10\">   Get <b style=\"font-weight: 700\">Enterprise<\/b> daily   <\/h4>\n<\/p><\/div>\n<p class=\"mb-10\">The roundup of news and trends that move your markets and shape corporate agendas delivered straight to your inbox.<\/p>\n<p>  <a target=\"_blank\" href=\"\/egypt\/en\/user\/NewsLetters\" type=\"button \" class=\"btn-green px-3 d-flex align-items-center\" rel=\"noopener\">Subscribe here<\/a>  <\/div>\n<\/p><\/div>\n<\/p><\/div>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<p class=\"tag-border-left\"> CIRCLE YOUR CALENDAR- <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The International Desalination and Reuse Association World Congress will take <\/strong><strong>place from 8-12 December <\/strong>at Adnec Centre Abu Dhabi, according to the <a target=\"_blank\" href=\"https:\/\/www.mediaoffice.abudhabi\/en\/energy\/adnec-group-and-department-of-energy-abu-dhabi-partner-to-organise-international-desalination-association-world-congress-2024-in-the-emirate\/\" style=\"\" rel=\"noopener\">Abu Dhabi Media Office<\/a>. The five-day congress, which is being hosted by Adnec Group and Abu Dhabi\u2019s Department of Energy, seeks to address global water scarcity, focusing on new desalination and water reuse technologies.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Check out our full calendar on the web<\/strong> for a comprehensive listing of upcoming news events, national holidays and news triggers.<\/p>\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/uae\/tag\/adnoc\/\">Adnoc<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/uae\/tag\/energy\/\">energy<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                 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section -->\r\n        <div \r\n            class=\"\r\n                story-section            \"\r\n            id=\"92823\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">2<\/div>\r\n\r\n                    <p class=\"f-graphik\">IPO WATCH<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/uae\/2024\/06\/07\/first-abu-dhabi-ipo-of-the-year-raises-aed-1-89-bn\/\">\r\n                            First Abu Dhabi IPO of the year raises AED 1.89 bn                        <\/a>\r\n                    <\/h3>\r\n\r\n                    \r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn 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 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decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2024\/4\/244.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"92824\" data-permalink=\"https:\/\/enterpriseam.com\/uae\/2024\/06\/07\/first-abu-dhabi-ipo-of-the-year-raises-aed-1-89-bn\/244-jpg-10\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/4\/244.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"244.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/4\/244.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/4\/244.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-92823\" class=\"content-area-description single-story post-92823 post type-post status-publish format-standard has-post-thumbnail hentry category-ipo-watch tag-alef-education tag-edtech tag-education tag-enterpriseam-uae tag-ipo tag-ipo-watch wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<figure class=\"wp-block-audio mb-0\"><audio controls preload=\"metadata\" src=\"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/6\/.2e949568-be72-4cb2-b6fa-767f834f7184.mp3\"><\/audio><\/figure><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>Abu Dhabi-based edtech firm Alef Education raised AED 1.89 bn from its <\/strong><strong>IPO<\/strong> after pricing it at the top of the initial price range, with over AED 74 bn in orders from local, regional and international investors at the close of the offering period, according to a <a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/6\/631.pdf\" style=\"\" rel=\"noopener\">statement (pdf)<\/a>. The order book was 39x oversubscribed.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Final share price:<\/strong> The edtech company set its final IPO price at the top of its initial price range at AED 1.35 per share. This gives the company a market cap of AED 9.45 bn and proceeds worth AED 1.89 bn. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Shares will start trading on the ADX on Thursday, 12 June<\/strong>, under the ticker AlefEdT, the statement reads.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>REMEMBER- <\/strong>Alef\u2019s shareholders, Tech Nova Investment and Kryptonite Investments, are <a target=\"_blank\" href=\"https:\/\/enterprise.news\/uae\/en\/news\/story\/4e5daecb-6e2b-4935-8e23-d15a2606694c\/alef-education-plans-june-adx-debut\" style=\"\" rel=\"noopener\">offering<\/a> up to a 20% stake (1.4 bn shares) in an IPO on the ADX. This marks Abu Dhabi's first IPO of the year and the UAE's third, following the successful IPOs of Parkin, which raised <a target=\"_blank\" href=\"https:\/\/enterprise.news\/uae\/en\/news\/story\/de573f5b-c1df-4b13-ba64-58e95fdfcffb\/%253cmark%253eparkin%253c%2Fmark%253e-share-price-rises-35%2525-on-market-debut\" style=\"\" rel=\"noopener\">AED 1.57 bn<\/a>, and Spinneys, which <a target=\"_blank\" href=\"https:\/\/enterprise.news\/uae\/en\/news\/story\/65ee8d31-39fa-4506-ac4e-bdf3e240be04\/%253cmark%253espinneys%253c%2Fmark%253e-share-jump-on-market-debut\" style=\"\" rel=\"noopener\">raised AED 1.38 bn<\/a>.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>What\u2019s next for the company? <\/strong>\u201cLooking ahead, we have ambitious growth plans to expand further into our target markets, broaden our product offering and continue delivering value to our core UAE market,\u201d CEO Geoffrey Alphonso said. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The annualized dividend yield to shareholders will be a minimum of 7.1%<\/strong>, the company said. Alef had pledged to pay shareholders a minimum dividend payout ratio of 90% of net income for both 2024 and 2025, and is targeting distributing no less than AED 135 mn annually for both years, according to the company\u2019s <a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/5\/1561.pdf\" style=\"\" rel=\"noopener\">intention to float (pdf)<\/a>. Dividends will be paid semi-annually, with payouts for the first-half results distributed to shareholders in 4Q of that year, and dividends for the second half paid in 2Q of the following calendar year.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>ADVISORS-<\/strong> FAB and EFG Hermes are acting as joint lead managers and bookrunners. FAB is also the listing advisor and lead receiving bank of the IPO, with Abu Dhabi Islamic Bank, Abu Dhabi Commercial Bank, and Al Maryah Community Bank acting as receiving banks.<\/p>\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/uae\/tag\/alef-education\/\">Alef Education<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/uae\/tag\/edtech\/\">edtech<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/uae\/tag\/education\/\">Education<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/uae\/tag\/ipo\/\">IPO<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/uae\/tag\/ipo-watch\/\">IPO WATCH<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"92825\" 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=\"92825\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">3<\/div>\r\n\r\n                    <p class=\"f-graphik\">M&amp;A WATCH<\/p>\r\n                    <h3 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            <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2024\/1\/2218.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"92826\" data-permalink=\"https:\/\/enterpriseam.com\/uae\/2024\/06\/07\/mubadala-backed-zamp-acquires-rights-to-starbucks-brand-stores-in-brazil-gfh-gets-shareholder-nod-to-acquire-ithmaar-holding\/2218-jpg\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/1\/2218.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"2218.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/1\/2218.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/1\/2218.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-92825\" class=\"content-area-description single-story post-92825 post type-post status-publish format-standard has-post-thumbnail hentry category-ma-watch-2 tag-bahrain tag-brazil tag-dfm tag-enterpriseam-uae tag-gfh-financial-group tag-ma-watch tag-mubadala tag-zamp 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\/.72ac53bd-a4cb-4592-ad18-e9b6462731f3.mp3\"><\/audio><\/figure><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>Mubadala-backed Brazilian restaurant chain operator <\/strong><strong><a target=\"_blank\" href=\"https:\/\/ri.zamp.com.br\/Default.aspx\" style=\"\" rel=\"noopener\">Zamp<\/a><\/strong><strong> agreed to buy <\/strong><strong>the rights to operate the Starbucks brand and some of its stores in Brazil <\/strong>after entering into a USD 22.7 mn sale and purchase agreement with SouthRock, which is under bankruptcy protection, according to a bourse <a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/6\/661.pdf\" style=\"\" rel=\"noopener\">filing (pdf)<\/a>. The exact number of stores it will acquire has not been finalized, according to the filing, with the pricing expected to change. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The details:<\/strong> The sale will take place through a \u201ccompetitive bidding process\u201d in line with Zamp\u2019s bankruptcy protection proceedings that allow Zamp to match potentially higher bids. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>What\u2019s next? <\/strong>Brazil's antitrust watchdog CADE, as well as the court overseeing SouthRock\u2019s bankruptcy, will need to give the transaction its stamp of approval. The company is also seeking a final agreement with Starbucks over the operation of its stores and brand in the country. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Market reax:<\/strong> Shares of Zamp jumped as much as 19.4% before closing up some 10.2%. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Background:<\/strong> The company <a target=\"_blank\" href=\"https:\/\/enterprise.news\/uae\/en\/news\/story\/c6ab62e3-42b5-4d90-8661-abd1750d89f2\/mubadala-buys-out-truist-ins.-holdings-alongside-co-investors-%2B-ups-its-stake-in-brazilian-food-retailer\" style=\"\" rel=\"noopener\">has been in talks<\/a> with Starbucks to operate its brand since February. It currently operates Burger King and Popeyes restaurants in the country. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>REMEMBER- Mubadala is bullish on Brazil: <\/strong>Mubadala Capital <a target=\"_blank\" href=\"https:\/\/enterprise.news\/uae\/en\/news\/story\/a7a9f8fa-4dab-4e70-b0e7-40ee8ce0f191\/mubadala-capital-plans-more-than-usd-13.5-bn-in-investments-in-brazil\" style=\"\" rel=\"noopener\">raised its stake<\/a> in Zamp to 58% after investing some USD 200 mn in Zamp alongside Affinity Partners, and said it wouldn\u2019t rule out further investments in the company. The asset manager is reportedly mulling ownership in a new Brazilian football league.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>ADVISORS- <\/strong>Rothschild & Co served as the exclusive financial advisor, while BMA Advogados acted as Zamp\u2019s legal advisor.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<p class=\"tag-border-left\">OTHER M&A NEWS-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>ADIA to buy into Emerson and Blackstone JV: <\/strong>A subsidiary of the Abu Dhabi Investment Authority (ADIA) is investing alongside Blackstone and Singapore state fund GIC in asset manager Emerson\u2019s USD 3.5 bn, 40% stake in its <a target=\"_blank\" href=\"https:\/\/www.copeland.com\/en-ae\" style=\"\" rel=\"noopener\">Copeland<\/a> joint venture, according to a <a target=\"_blank\" href=\"https:\/\/www.blackstone.com\/news\/press\/emerson-announces-sale-of-remaining-interests-in-copeland-to-blackstone\/\" style=\"\" rel=\"noopener\">statement<\/a>.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Background:<\/strong>ADIA and GIC are both limited partners of Blackstone\u2019s funds, and are together also several acquisitions, including <a target=\"_blank\" href=\"https:\/\/enterprise.news\/uae\/en\/news\/story\/1363909e-047a-4583-971f-66a183601fae\/%253cmark%253eadia%253c%2Fmark%253e-eyes-an-acquisition-of-indian-based-haldiram%25e2%2580%2599s-snacks-business-%25e2%2580%2593report\" style=\"\" rel=\"noopener\">a bid<\/a> for a 75% majority stake in Indian restaurant company Haldiram\u2019s snacks business, and a bid for <a target=\"_blank\" href=\"https:\/\/enterprise.news\/uae\/en\/news\/story\/b621c113-0d36-4013-b351-34113ee59471\/%253cmark%253eadia%253c%2Fmark%253e-and-cvc-mull-another-bid-for-hargreaves-lansdown,-after-the-first-was-rejected\" style=\"\" rel=\"noopener\">DB Schenker\u2019s logistics unit<\/a>. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<hr style=\"height:2px;border-width:0;color:gray;background-color:gray\">\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>GFH Financial Group to acquire Ithmaar Holding: <\/strong>Bahrain-based Islamic investment bank <a target=\"_blank\" href=\"https:\/\/gfh.com\/\" style=\"\" rel=\"noopener\">GFH Financial Group<\/a> is set to acquire Bahraini investment firm <a target=\"_blank\" href=\"https:\/\/ithmaarholding.com\/\" style=\"\" rel=\"noopener\">Ithmaar Holding<\/a> \u2019s financing and investment portfolios, after Ithmaar\u2019s shareholders approved the proposed transaction in an extraordinary general meeting last week, according to a <a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/6\/653.pdf\" style=\"\" rel=\"noopener\">DFM disclosure (pdf)<\/a>. The exact structure and value of the transaction were not disclosed and details on the transaction\u2019s impact on GFH\u2019s financial position will be disclosed at a later date. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>What\u2019s next? <\/strong>The DFM-listed companies are continuing discussions for the acquisition, with Ithmaar\u2019s board of directors tasked with negotiating and agreeing on the proposed transaction's final structure, terms, and documents, the disclosure reads.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Background:<\/strong> GFH operates <a target=\"_blank\" href=\"https:\/\/gfhpartners.com\/\" style=\"\" rel=\"noopener\">GFH Partners<\/a>, a real estate asset management arm based in DIFC. <\/p>\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/uae\/tag\/bahrain\/\">Bahrain<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/uae\/tag\/brazil\/\">Brazil<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/uae\/tag\/dfm\/\">DFM<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/uae\/tag\/gfh-financial-group\/\">GFH Financial Group<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/uae\/tag\/ma-watch\/\">M&amp;A WATCH<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a 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       story-section            \"\r\n            id=\"92828\">\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\">DEBT WATCH<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/uae\/2024\/06\/07\/sharjahs-arada-developments-will-issue-usd-denominated-sukuk-after-awarding-aed-1-48-bn-in-contracts\/\">\r\n                            Sharjah\u2019s Arada Developments will issue USD-denominated sukuk                        <\/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 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data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/6\/644.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"644.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/6\/644.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/6\/644.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-92828\" class=\"content-area-description single-story post-92828 post type-post status-publish format-standard has-post-thumbnail hentry category-debt-watch tag-arada-developments tag-debt-watch tag-enterpriseam-uae tag-real-estate tag-sharjah tag-sukuk 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\/.0e9a443c-13b7-4fa0-9e55-7c1c5fc97743.mp3\"><\/audio><\/figure><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>Sharjah\u2019s largest developer <\/strong><strong><a target=\"_blank\" href=\"https:\/\/www.arada.com\/en\/nesba\/?utm_source=Search_Google&utm_medium=Banner&utm_campaign=launching_nesba02&utm_content=UAE&utm_term=English&keyword__c=aljada%20developments%20llc&network=g&campaignid=16972103178&adgroupid=138798287714&_device=c&gad_source=1&gclid=CjwKCAjwvIWzBhAlEiwAHHWgvWllF1fUTyCvUhlsfclhDs065Uzs7QJMhQosGwF3DFHlW6D_l9Ic3BoCOUgQAvD_BwE\" style=\"\" rel=\"noopener\">Arada Developments<\/a><\/strong><strong> is set to issue USD-denominated <\/strong><strong>five-year senior unsecured sukuk<\/strong> after hiring banks to advise on the issuance, <a target=\"_blank\" href=\"https:\/\/www.zawya.com\/en\/islamic-economy\/islamic-finance\/sharjahs-arada-developments-plans-five-year-sukuk-ifr-uvef99bx\" style=\"\" rel=\"noopener\">Zawya<\/a> reports, citing an IFR report. The sukuk, which would raise a minimum of USD 500 mn, is set to be rated B1\/-\/BB\u2013, IFR reported. Investor meetings and fixed income investor calls started yesterday. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>This would be Arada\u2019s second sukuk issuance:<\/strong> The Sharjah-based developer <a target=\"_blank\" href=\"https:\/\/www.arada.com\/en\/latest-news\/arada-successfully-closes-landmark-debut-350-million-deal-completing-the-first-usd-corporate-sukuk-globally-in-2022\/\" style=\"\" rel=\"noopener\">raised<\/a> USD 359 mn from its first foreign sukuk issuance back in 2022. The sukuk issuance was set at an 8.1% yield, and attracted USD 720 mn in orders. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>ADVISORS-<\/strong> Our friends at <strong>Mashreq<\/strong>, along with <strong>RAK Bank<\/strong>,<strong> Sharjah Islamic Bank<\/strong>, and <strong>Warba Bank<\/strong>, are acting as joint lead managers and bookrunners. They are joined by <strong>Abu Dhabi Commercial Bank<\/strong>, <strong>Dubai Islamic Bank<\/strong>, <strong>Emirates NBD Capital<\/strong>, and <strong>Standard Chartered Bank<\/strong> as joint global coordinators, together with <strong>Arab Bank<\/strong>,<strong> Al Rajhi Capital<\/strong>, and <strong>Kamco Invest<\/strong>. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>News of the issuance follows the awarding of AED 1.48 bn in contract to develop its projects:<\/strong> The developer awarded AED 1.48 bn in contracts to Abu Dhabi-based <a target=\"_blank\" href=\"https:\/\/www.pivot.ae\/\" style=\"\" rel=\"noopener\">Pivot Engineering<\/a> and Sharjah-based contractor <a target=\"_blank\" href=\"https:\/\/intermassgroup.com\/\" style=\"\" rel=\"noopener\">Intermass<\/a> for the development of the last two phases of its AED 9.5 bn woodland megaprojects, Masaar, <a target=\"_blank\" href=\"https:\/\/www.wam.ae\/en\/article\/b3j28gu-arada-awards-aed148-billion-contracts-build-final\" 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>Who\u2019s doing what? <\/strong>Intermass received a AED 830 mn contract to build 597 units in the sixth and final phase of the project, named Saro, while Pivot secured a AED 650 mn contract to build 428 residential units in Sequoia, the project\u2019s fifth phase. Intermass previously undertook the development of the first phase, Sendian, and is currently responsible for the construction of Masaar\u2019s third phase. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The timeline:<\/strong> Construction on the two phases is set to start immediately, with both slated for completion by summer 2026. Meanwhile, the second and third phases \u2014 dubbed Kaya and Robinia \u2014 are on track for completion in the coming months. Once fully finished in 2026, the entire Masaar project will consist of 3k villas and townhouses across its six phases.<\/p>\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/uae\/tag\/arada-developments\/\">Arada Developments<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/uae\/tag\/debt-watch\/\">DEBT WATCH<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/uae\/tag\/real-estate\/\">Real estate<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/uae\/tag\/sharjah\/\">Sharjah<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <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=\"92830\" 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=\"92830\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">5<\/div>\r\n\r\n                    <p class=\"f-graphik\">INVESTMENT WATCH<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/uae\/2024\/06\/07\/eagle-hills-to-build-usd-1-5-bn-baghdad-golf-course\/\">\r\n                            Eagle Hills to build USD 1.5 bn golf course in Baghdad                        <\/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\/07\/eagle-hills-to-build-usd-1-5-bn-baghdad-golf-course\/\" 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\/07\/eagle-hills-to-build-usd-1-5-bn-baghdad-golf-course\/')\">\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\/07\/eagle-hills-to-build-usd-1-5-bn-baghdad-golf-course\/\">\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=Eagle Hills to build USD 1.5 bn Baghdad golf course&url=https:\/\/enterpriseam.com\/uae\/2024\/06\/07\/eagle-hills-to-build-usd-1-5-bn-baghdad-golf-course\/\">\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\/07\/eagle-hills-to-build-usd-1-5-bn-baghdad-golf-course\/&title=Eagle Hills to build USD 1.5 bn Baghdad golf course\">\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=Eagle+Hills+to+build+USD+1.5+bn+Baghdad+golf+course+https%3A%2F%2Fenterpriseam.com%2Fuae%2F2024%2F06%2F07%2Feagle-hills-to-build-usd-1-5-bn-baghdad-golf-course%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\/07\/eagle-hills-to-build-usd-1-5-bn-baghdad-golf-course\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2024\/6\/614.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"92831\" data-permalink=\"https:\/\/enterpriseam.com\/uae\/2024\/06\/07\/eagle-hills-to-build-usd-1-5-bn-baghdad-golf-course\/614-jpg\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/6\/614.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"614.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/6\/614.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/6\/614.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-92830\" class=\"content-area-description single-story post-92830 post type-post status-publish format-standard has-post-thumbnail hentry category-investment-watch tag-eagle-hills tag-enterpriseam-uae tag-investment-watch tag-iraq tag-real-estate wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<figure class=\"wp-block-audio mb-0\"><audio controls preload=\"metadata\" src=\"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/6\/.53051637-8326-46a5-9c0b-0c1072aa2e7b.mp3\"><\/audio><\/figure><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>Eagle Hills snaps up Baghdad land: <\/strong>Abu Dhabi-based developer <a target=\"_blank\" href=\"https:\/\/eaglehills.com\/\" style=\"\" rel=\"noopener\">Eagle Hills<\/a> has purchased land in Baghdad to develop a USD 1.5 bn golf course and spa, according to a <a target=\"_blank\" href=\"https:\/\/www.zawya.com\/en\/press-release\/companies-news\/eagle-hills-abu-dhabi-acquires-land-for-15bln-for-baghdad-international-golf-club-resort-development-err9rgfx\" style=\"\" rel=\"noopener\">press release<\/a>. The development will feature a five-star hotel, residential complexes, a golf course, and a resort club. The developer did not disclose the project\u2019s expected timeline.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>What was said:<\/strong> \u201cBaghdad is a city with a rich history and vibrant culture. Our aim with the Baghdad Golf Course and Spa is to honor this heritage while also providing a modern, luxurious experience for its residents and visitors. This project praises Baghdad's enduring spirit and celebrates its bright future,\u201d Eagle Hills Chairman Mohamed Alabbar said, following a meeting with Iraqi Prime Minister Mohamed Shia Al Sudani.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Eagle Hills has been expanding its reach in recent months:<\/strong> Eagle Hills agreed to help develop a Budapest neighborhood under a EUR 5 bn agreement inked in <a target=\"_blank\" href=\"https:\/\/enterprise.news\/uae\/en\/news\/story\/c90bed8e-937b-4b69-a5e8-8ac3d6383796\/eagle-hills-to-invest-eur-5-bn-into-development-of-a-railway-station-in-budapest\" style=\"\" rel=\"noopener\">March<\/a>. It also <a target=\"_blank\" href=\"https:\/\/enterprise.news\/uae\/en\/news\/story\/72625886-4a14-42be-91d6-609d89e6c719\/eagle-hills-%2B-udc-real-estate-are-investing-in-bahrain-and-egypt\" style=\"\" rel=\"noopener\">agreed<\/a> last February to establish a USD 4 bn real estate company in Bahrain to develop multi-purpose projects in the Kingdom.<\/p>\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/uae\/tag\/eagle-hills\/\">Eagle Hills<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/uae\/tag\/investment-watch\/\">INVESTMENT WATCH<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/uae\/tag\/iraq\/\">Iraq<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/uae\/tag\/real-estate\/\">Real estate<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"92832\" 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=\"92832\">\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\">FINANCE<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/uae\/2024\/06\/07\/paxos-international-debuts-usdl-stablecoin-in-adgm\/\">\r\n                            Paxos International debuts USDL stablecoin in ADGM                        <\/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\/07\/paxos-international-debuts-usdl-stablecoin-in-adgm\/\" 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\/07\/paxos-international-debuts-usdl-stablecoin-in-adgm\/')\">\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\/07\/paxos-international-debuts-usdl-stablecoin-in-adgm\/\">\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=Paxos International debuts USDL stablecoin in ADGM&url=https:\/\/enterpriseam.com\/uae\/2024\/06\/07\/paxos-international-debuts-usdl-stablecoin-in-adgm\/\">\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\/07\/paxos-international-debuts-usdl-stablecoin-in-adgm\/&title=Paxos International debuts USDL stablecoin in ADGM\">\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=Paxos+International+debuts+USDL+stablecoin+in+ADGM+https%3A%2F%2Fenterpriseam.com%2Fuae%2F2024%2F06%2F07%2Fpaxos-international-debuts-usdl-stablecoin-in-adgm%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\/07\/paxos-international-debuts-usdl-stablecoin-in-adgm\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2024\/2\/755.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"92833\" data-permalink=\"https:\/\/enterpriseam.com\/uae\/2024\/06\/07\/paxos-international-debuts-usdl-stablecoin-in-adgm\/755-jpg-10\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/2\/755.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"755.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/2\/755.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/2\/755.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-92832\" class=\"content-area-description single-story post-92832 post type-post status-publish format-standard has-post-thumbnail hentry category-finance tag-adgm tag-crypto tag-dfsa tag-enterpriseam-uae tag-finance 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\/.e550b99f-497d-40c0-9978-fa1d7c2f91b8.mp3\"><\/audio><\/figure><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>New stablecoin in ADGM:<\/strong> UAE-based Paxos International, an affiliate of <a target=\"_blank\" href=\"https:\/\/paxos.com\/\" style=\"\" rel=\"noopener\">Paxos<\/a>, launched the Life USD (USDL), a yield-bearing stablecoin regulated by the Abu Dhabi Global Market\u2019s Financial Services Regulatory Authority (FSRA), according to a Paxos <a target=\"_blank\" href=\"https:\/\/paxos.com\/blog\/from-paxos-international-paxos-international-introduces-lift-dollar-usdl-the-first-stablecoin-to-offer-holders-daily-yield-in-wallet-under-regulatory-oversight\/\" style=\"\" rel=\"noopener\">press release<\/a>. USDL will offer holders an annual yield of approximately 5%, <a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2024-06-05\/paxos-debuts-yield-bearing-stablecoin-issued-by-uae-affiliate\" style=\"\" rel=\"noopener\">Bloomberg<\/a> writes. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>How it works:<\/strong> USDL offers holders daily yield from US government securities and cash equivalents, overseen by the FSRA. The stablecoin is issued on the <a target=\"_blank\" href=\"https:\/\/ethereum.org\/en\/\" style=\"\" rel=\"noopener\">Ethereum<\/a> blockchain. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>\u201cUSDL is a first-of-its-kind <\/strong>\u2014 a regulated product, earning and paying safe yield on a daily basis. Until now, only centralized issuers have benefitted from the economics of stablecoin reserves,\u201d CEO Charles Cascarilla said. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Why Abu Dhabi? <\/strong>Paxos wanted to make USDL \u201cavailable in jurisdictions where we have a lot more confidence that it is able to comply with all the different rules and regulations and laws,\u201d Cascarilla told Bloomberg. In the US, scrutiny over stablecoins could lead to it being viewed as a type of security, governed by a different set of regulations. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Background: <\/strong>Accessing stablecoins is currently limited in places like the US, UK and Japan due to prohibitive local regulations, according to Bloomberg. <strong>The UAE is currently <\/strong><strong><a target=\"_blank\" href=\"https:\/\/enterprise.news\/uae\/en\/news\/story\/4ae97f82-12f4-491b-92b1-a25654989fa6\/good-news-for-stablecoin-investors\" style=\"\" rel=\"noopener\">working on its own regulations<\/a><\/strong><strong> to govern and license stablecoins. <\/strong><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Can stablecoins in the UAE be USD-backed?<\/strong> <a target=\"_blank\" href=\"https:\/\/www.unlock-bc.com\/124215\/paxos-international-usdl-yield-stablecoin-adgm\/\" style=\"\" rel=\"noopener\">Reports have circulated<\/a> recently claiming that only AED-backed stablecoins are accepted in the UAE, though Baker McKenzie partner Mazen Boustany told Enterprise the CBUAE has yet to issue regulations around stablecoins. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Where will USDL be used?<\/strong> Argentina will be the USDL\u2019s debut market where users can access the stablecoin through distribution partners Ripio, Buenbit and TiendaCrypto. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>ICYMI- The Dubai Financial Services Authority <\/strong><strong><a target=\"_blank\" href=\"https:\/\/enterprise.news\/uae\/en\/news\/story\/4ae97f82-12f4-491b-92b1-a25654989fa6\/good-news-for-stablecoin-investors\" style=\"\" rel=\"noopener\">earlier this week<\/a><\/strong><strong> eased regulations around unrecognized crypto tokens and stablecoins<\/strong>. The Dubai-based financial authority issued fresh regulations for stablecoins that demand reserves matching or exceeding the token's total value, in the same fiat currency, composed of stable, liquid, diversified, and low-risk assets. <\/p>\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/uae\/tag\/adgm\/\">ADGM<\/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\/dfsa\/\">DFSA<\/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                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"92834\" 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=\"92834\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">7<\/div>\r\n\r\n                    <p class=\"f-graphik\">DEBT WATCH<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/uae\/2024\/06\/07\/amea-power-reaches-financial-close-on-its-south-african-solar-plant\/\">\r\n                            Amea Power reaches financial close on its South African solar plant                        <\/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\/07\/amea-power-reaches-financial-close-on-its-south-african-solar-plant\/\" 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\/07\/amea-power-reaches-financial-close-on-its-south-african-solar-plant\/')\">\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\/07\/amea-power-reaches-financial-close-on-its-south-african-solar-plant\/\">\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=Amea Power reaches financial close on its South African solar plant&url=https:\/\/enterpriseam.com\/uae\/2024\/06\/07\/amea-power-reaches-financial-close-on-its-south-african-solar-plant\/\">\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\/07\/amea-power-reaches-financial-close-on-its-south-african-solar-plant\/&title=Amea Power reaches financial close on its South African solar plant\">\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=Amea+Power+reaches+financial+close+on+its+South+African+solar+plant+https%3A%2F%2Fenterpriseam.com%2Fuae%2F2024%2F06%2F07%2Famea-power-reaches-financial-close-on-its-south-african-solar-plant%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\/07\/amea-power-reaches-financial-close-on-its-south-african-solar-plant\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2024\/1\/2575.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"92835\" data-permalink=\"https:\/\/enterpriseam.com\/uae\/2024\/06\/07\/amea-power-reaches-financial-close-on-its-south-african-solar-plant\/2575-jpg-3\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/1\/2575.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"2575.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/1\/2575.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/1\/2575.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-92834\" class=\"content-area-description single-story post-92834 post type-post status-publish format-standard has-post-thumbnail hentry category-debt-watch tag-amea-power tag-debt-watch tag-enterpriseam-uae tag-solar-energy 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\/.fc6b6d9a-9637-48f8-a340-153ea312f936.mp3\"><\/audio><\/figure><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>UAE renewables company Amea Power reached financial close on its 120 <\/strong><strong>MW<\/strong> <strong>Doornhoek solar energy plant in South Africa<\/strong>, according to a <a target=\"_blank\" href=\"https:\/\/www.ameapower.com\/amea-power-reached-financial-close-on-the-120mw-doornhoek-solar-photovoltaic-project-in-south-africa\/\" style=\"\" rel=\"noopener\">statement<\/a> published on Thursday. Amea will get USD 100 mn in debt funding from <a target=\"_blank\" href=\"https:\/\/www.standardbank.co.za\/southafrica\/personal\/home\" style=\"\" rel=\"noopener\">Standard Bank South Africa<\/a>, while USD 8 mn in equity funding from the <a target=\"_blank\" href=\"https:\/\/www.idc.co.za\/\" style=\"\" rel=\"noopener\">Industrial Development Corporation<\/a> will go to the company\u2019s local partners. The project will start commercial operations by December 2025.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Background: <\/strong>Amea Power was awarded the 120 MW project in 2022, with construction set to begin mid-2023. Amea holds the majority of the project's shares, on which it partnered with <a target=\"_blank\" href=\"https:\/\/www.ziyandaenergy.co.za\/\" style=\"\" rel=\"noopener\">Ziyanda Energy<\/a> and <a target=\"_blank\" href=\"https:\/\/www.dzimuzwo.co.za\/\" style=\"\" rel=\"noopener\">Dzimuzwo Energy<\/a>. The company signed a <a target=\"_blank\" href=\"https:\/\/enterprise.news\/climate\/en\/news\/story\/09d18009-0f3b-4832-8c55-688201490a15\" style=\"\" rel=\"noopener\">20-year power purchase agreement<\/a> for the plant with South Africa\u2019s Eskom last month. The plant will generate over 325 GWh of clean energy, offsetting 330k tons of CO2 emissions annually, and powering some 97k households. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The company\u2019s African portfolio is booming: <\/strong>Amea Power signed agreements with the governments of Uganda, Djibouti, Mozambique and Zimbabwe to develop renewables projects with a <a target=\"_blank\" href=\"https:\/\/enterprise.news\/climate\/en\/news\/story\/33ab6716-a218-45df-878d-3ef203cde7da\/\" style=\"\" rel=\"noopener\">combined 200 MW generation capacity<\/a> at Cop28. It also signed an agreement with Ethiopia\u2019s Finance Ministry to build a USD 600 mn, 300 MW onshore wind power plant in the country. The UAE firm is also reportedly set to sign a <a target=\"_blank\" href=\"https:\/\/enterprise.news\/climate\/en\/news\/story\/48d8b583-0313-4a09-9f1c-7a8786be6a6c\/\" style=\"\" rel=\"noopener\">USD 800<\/a><a target=\"_blank\" href=\"https:\/\/enterprise.news\/climate\/en\/news\/story\/48d8b583-0313-4a09-9f1c-7a8786be6a6c\/\" style=\"\" rel=\"noopener\">mn agreement<\/a> with Geothermal Development Co of Kenya to develop the 200 MW Baka geothermal energy generation plant in the East African country.<\/p>\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/uae\/tag\/amea-power\/\">AMEA Power<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/uae\/tag\/debt-watch\/\">DEBT WATCH<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/uae\/tag\/solar-energy\/\">solar energy<\/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=\"92836\" 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=\"92836\">\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\">KUDOS<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/uae\/2024\/06\/07\/uae-tops-global-rankings-in-air-transport-infrastructure-and-quality\/\">\r\n                            UAE tops global rankings in air transport infrastructure and quality                        <\/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\/07\/uae-tops-global-rankings-in-air-transport-infrastructure-and-quality\/\" 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\/07\/uae-tops-global-rankings-in-air-transport-infrastructure-and-quality\/')\">\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\/07\/uae-tops-global-rankings-in-air-transport-infrastructure-and-quality\/\">\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 tops global rankings in air transport infrastructure and quality&url=https:\/\/enterpriseam.com\/uae\/2024\/06\/07\/uae-tops-global-rankings-in-air-transport-infrastructure-and-quality\/\">\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\/07\/uae-tops-global-rankings-in-air-transport-infrastructure-and-quality\/&title=UAE tops global rankings in air transport infrastructure and quality\">\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+tops+global+rankings+in+air+transport+infrastructure+and+quality+https%3A%2F%2Fenterpriseam.com%2Fuae%2F2024%2F06%2F07%2Fuae-tops-global-rankings-in-air-transport-infrastructure-and-quality%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\/07\/uae-tops-global-rankings-in-air-transport-infrastructure-and-quality\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2024\/5\/202.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"92837\" data-permalink=\"https:\/\/enterpriseam.com\/uae\/2024\/06\/07\/uae-tops-global-rankings-in-air-transport-infrastructure-and-quality\/202-jpg-3\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/5\/202.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"202.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/5\/202.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/5\/202.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-92836\" class=\"content-area-description single-story post-92836 post type-post status-publish format-standard has-post-thumbnail hentry category-kudos tag-aviation tag-enterpriseam-uae tag-kudos tag-world-economic-forum 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\/.e0132285-34f0-4e4d-8633-aa57ff0a1de2.mp3\"><\/audio><\/figure><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> The UAE ranked first globally in air transport infrastructure quality and air <\/strong><strong>transport quality,<\/strong> <a target=\"_blank\" href=\"https:\/\/wam.ae\/en\/article\/b3j28vb-uae-ranks-1st-globally-air-transport\" style=\"\" rel=\"noopener\">Wam<\/a> reports, citing the World Economic Forum's 2024 Travel and Tourism Development Index and the International Institute for Management Development\u2019s 2023 Global Competitiveness Report. The country also topped the MENA region in the number of operating airlines and air transport agreements, and scored third place globally for both air transport services efficiency and available airline seat km.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Mashreq bags MENA banking excellence award + four private banking awards: <\/strong>Our friends at Mashreq received the <a target=\"_blank\" href=\"https:\/\/www.linkedin.com\/posts\/mashreq-uae_mashreq-bankinginnovation-customeronboarding-activity-7203304454765355008-73Ep\/?utm_source=share&utm_medium=member_desktop\" style=\"\" rel=\"noopener\">MENA Banking Excellence Award<\/a> for customer onboarding in retail banking, while its private banking decision received four additional <a target=\"_blank\" href=\"https:\/\/www.linkedin.com\/posts\/mashreq-uae_private-banking-activity-7204384074851926016-qtz9\/?utm_source=share&utm_medium=member_desktop\" style=\"\" rel=\"noopener\">accolades<\/a> at the Global Private Banking Awards, according to the bank. The bank was named the best private bank for funds, and was highly acclaimed in the best private bank in the UAE, best private bank in digital innovation, and outstanding mobile banking initiative categories. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Abu Dhabi Commercial Bank also received the best private bank in the UAE and the Middle East awards<\/strong>, as well as best private bank for private markets, according to two LinkedIn posts (<a target=\"_blank\" href=\"https:\/\/www.linkedin.com\/posts\/global-private-banker_gpb24-privatebanking-assetmanagement-activity-7204225476347764736-N8N2?utm_source=share&utm_medium=member_desktop\" style=\"\" rel=\"noopener\">here<\/a>, <a target=\"_blank\" href=\"https:\/\/www.linkedin.com\/posts\/global-private-banker_gpb24-privatebanking-assetmanagement-activity-7204202835188621313-OHmj?utm_source=share&utm_medium=member_desktop\" style=\"\" rel=\"noopener\">here<\/a>, and <a target=\"_blank\" href=\"https:\/\/www.linkedin.com\/posts\/global-private-banker_gpb24-privatebanking-assetmanagement-activity-7204195289891504129-H_KG?utm_source=share&utm_medium=member_desktop\" style=\"\" rel=\"noopener\">here<\/a>). <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>ALSO-<\/strong> <strong><a target=\"_blank\" href=\"https:\/\/www.adcustoms.gov.ae\/\" style=\"\" rel=\"noopener\">The General Administration of Abu Dhabi Customs<\/a><\/strong><strong> has received four awards from World <\/strong><strong>Business Outlook magazine<\/strong>, according to <a target=\"_blank\" href=\"https:\/\/wam.ae\/en\/article\/b3igtce-abu-dhabi-customs-wins-awards-from-world-business\" style=\"\" rel=\"noopener\">Wam<\/a>, among them the best corporate identity award for 2024 for the launch of its new logo. Abu Dhabi customs also received three more awards for its new corporate identity project under the marketing and communications category.<\/p>\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/uae\/tag\/aviation\/\">Aviation<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/uae\/tag\/kudos\/\">KUDOS<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/uae\/tag\/world-economic-forum\/\">World Economic Forum<\/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=\"92838\" 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=\"92838\">\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\">MOVES<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/uae\/2024\/06\/07\/bank-of-america-relocates-london-energy-banker-to-dubai-sheraa-promotes-executive-director-to-vp-and-emirates-ins-taps-coo\/\">\r\n                            Bank of America relocates London energy banker to Dubai + Sheraa promotes executive director to VP and Emirates Ins. taps COO                        <\/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\/07\/bank-of-america-relocates-london-energy-banker-to-dubai-sheraa-promotes-executive-director-to-vp-and-emirates-ins-taps-coo\/\" 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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href=\"https:\/\/enterpriseam.com\/uae\/2024\/06\/07\/bank-of-america-relocates-london-energy-banker-to-dubai-sheraa-promotes-executive-director-to-vp-and-emirates-ins-taps-coo\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2024\/6\/646.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"92839\" data-permalink=\"https:\/\/enterpriseam.com\/uae\/2024\/06\/07\/bank-of-america-relocates-london-energy-banker-to-dubai-sheraa-promotes-executive-director-to-vp-and-emirates-ins-taps-coo\/646-jpg-3\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/6\/646.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"646.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/6\/646.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/6\/646.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-92838\" class=\"content-area-description single-story post-92838 post type-post status-publish format-standard has-post-thumbnail hentry category-moves tag-bank-of-america tag-dubai tag-emirates-insurance tag-enterpriseam-uae tag-moves tag-sharjah wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<figure class=\"wp-block-audio mb-0\"><audio controls preload=\"metadata\" src=\"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/6\/.14ba15e7-0737-4527-8b3d-ae2c0f7f863a.mp3\"><\/audio><\/figure><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Bank of America<\/strong> has relocated managing director of its natural resources and energy transition group <strong>Shoaib Noormahomed<\/strong> (<a target=\"_blank\" href=\"https:\/\/www.linkedin.com\/in\/shoaib-noormahomed-27656413\/\" style=\"\" rel=\"noopener\">LinkedIn<\/a>) <strong>from London to Dubai<\/strong>, as the firm looks to ramp up its efforts in the Middle Eastern energy sector, <a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2024-06-06\/bank-of-america-energy-banker-relocating-to-dubai-as-deals-surge\" style=\"\" rel=\"noopener\">Bloomberg<\/a> reports, citing people familiar with the matter. Noormahomed\u2019s experience includes nearly a decade at European financial services group Societe Generale, before he joined Bank of America in 2019.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The move comes as Bank of America helps to arrange Saudi Aramco's <\/strong><strong><a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\/news\/story\/4b51a41c-d94e-4d73-adeb-17186d5bb104\/inching-closer-to-a-blockbuster-aramco-share-sale\" style=\"\" rel=\"noopener\">USD 12 bn share sale<\/a><\/strong><strong>, <\/strong>and after the lender worked on the Abu Dhabi National Oil Company\u2019s USD 10 bn stake sale in its natural gas pipelines in <a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2020-06-23\/abu-dhabi-sells-10-billion-stake-in-pipelines-to-gip-led-group\" style=\"\" rel=\"noopener\">2020<\/a>.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">The Sharjah Entrepreneurship Center (<strong>Sheraa<\/strong>) promoted its executive director <strong>Najla Al Midfa<\/strong> (<a target=\"_blank\" href=\"https:\/\/www.linkedin.com\/in\/najla-al-midfa-665ba41\" style=\"\" rel=\"noopener\">LinkedIn<\/a>) to <strong>VP<\/strong>, <a target=\"_blank\" href=\"https:\/\/wam.ae\/ar\/article\/b3j20x4-%D8%A8%D8%AF%D9%88%D8%B1-%D8%A7%D9%84%D9%82%D8%A7%D8%B3%D9%85%D9%8A-%D8%AA%D8%B5%D8%AF%D8%B1-%D9%82%D8%B1%D8%A7%D8%B1%D8%A7-%D8%A8%D8%AA%D8%B1%D9%82%D9%8A%D8%A9-%D9%86%D8%AC%D9%84%D8%A7%D8%A1-%D8%A7%D9%84%D9%85%D8%AF%D9%81%D8%B9-%D9%86%D8%A7%D8%A6%D8%A8%D8%A7\" style=\"\" rel=\"noopener\">Wam<\/a> reports. The company appointed <strong>Sarah Al Nuaimi<\/strong> as its new<strong> executive director<\/strong>.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Emirates Ins. <\/strong>has tapped <strong>Stefan Schrey<\/strong> (<a target=\"_blank\" href=\"https:\/\/www.linkedin.com\/in\/stefan-schrey-93188038\/?originalSubdomain=ae\" style=\"\" rel=\"noopener\">LinkedIn<\/a>) as <strong>COO<\/strong>, according to an <a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/6\/652.pdf\" style=\"\" rel=\"noopener\">ADX<\/a><a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/6\/652.pdf\" style=\"\" rel=\"noopener\">disclosure (pdf)<\/a>. Schrey, who previously served as Emirates Ins.\u2019 head of claims, has business and ins. experience at multinational ins companies in Europe and GCC.<\/p>\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/uae\/tag\/bank-of-america\/\">Bank of America<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/uae\/tag\/dubai\/\">Dubai<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/uae\/tag\/emirates-insurance\/\">Emirates Insurance<\/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                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/uae\/tag\/sharjah\/\">Sharjah<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"92840\" 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=\"92840\">\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\">ALSO ON OUR RADAR<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/uae\/2024\/06\/07\/ebs-lands-aed-225-mn-steel-supply-contracts-for-uae-and-saudi-projects\/\">\r\n                            EBS lands AED 225 mn steel supply contracts for UAE and Saudi projects                        <\/a>\r\n                    <\/h3>\r\n\r\n                    \r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" style=\"position:relative\">\n        <img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408834.svg\" alt=\"\">\n        Share Story\n        <!-- Dropdown Menu -->\n        <ul class=\"share-menu\">\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/enterpriseam.com\/uae\/2024\/06\/07\/ebs-lands-aed-225-mn-steel-supply-contracts-for-uae-and-saudi-projects\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" 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class=\"list-inline-item\">\n                <a href=\"https:\/\/api.whatsapp.com\/send?text=EBS+lands+AED+225+mn+steel+supply+contracts+for+UAE+and+Saudi+projects+https%3A%2F%2Fenterpriseam.com%2Fuae%2F2024%2F06%2F07%2Febs-lands-aed-225-mn-steel-supply-contracts-for-uae-and-saudi-projects%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\/07\/ebs-lands-aed-225-mn-steel-supply-contracts-for-uae-and-saudi-projects\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2024\/5\/2165.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"92841\" data-permalink=\"https:\/\/enterpriseam.com\/uae\/2024\/06\/07\/ebs-lands-aed-225-mn-steel-supply-contracts-for-uae-and-saudi-projects\/2165-jpg\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/5\/2165.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"2165.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/5\/2165.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/5\/2165.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-92840\" class=\"content-area-description single-story post-92840 post type-post status-publish format-standard has-post-thumbnail hentry category-also-on-our-radar tag-also-on-our-radar tag-business tag-difc tag-dispute tag-enterpriseam-uae tag-fintech tag-healthcare tag-housing tag-investment tag-manufacturing tag-real-estate tag-sports tag-tech tag-trade 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\/.ffeb4b43-e12f-47f3-b04d-79801a9279f0.mp3\"><\/audio><\/figure><p class=\"tag-border-left\">MANUFACTURING- <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>EBS bags AED 225 mn in contracts: <\/strong>Dubai Investments subsidiary <a target=\"_blank\" href=\"https:\/\/www.ebsl.com\/\" style=\"\" rel=\"noopener\">Emirates Building Systems<\/a> (EBS) was awarded contracts worth over AED 225 mn to supply steel to projects in the UAE and Saudi Arabia, according to a <a target=\"_blank\" href=\"https:\/\/www.ebsl.com\/news\/emirates-building-systems-secures-landmark-projects-worth-aed-225-million\" 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>The projects include:<\/strong><\/p>\n<ul>\n<li>A manufacturing plant for <a target=\"_blank\" href=\"https:\/\/lucidmotors.com\/\" style=\"\" rel=\"noopener\">Lucid Motors<\/a> in Saudi Arabia;<\/li>\n<li>The catering central building and laundry building for Saudi <a target=\"_blank\" href=\"https:\/\/www.catrion.com\/\" style=\"\" rel=\"noopener\">Catrion<\/a> ;<\/li>\n<li>Adnoc\u2019s Habshan gas processing facility in Abu Dhabi;<\/li>\n<li>Part of the steel structure for the 82-floor Habtoor Tower in Dubai.<\/li>\n<\/ul>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>WATCH THIS SPACE- <\/strong>The steel manufacturer is also in talks for contracts worth \u201chundreds of mns\u201d to supply several major projects, EBS said in the press release.<\/p>\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>Parkin expands its private developer portfolio<\/strong>: Dubai's state paid public parking provider <a target=\"_blank\" href=\"https:\/\/www.parkin.ae\/\" style=\"\" rel=\"noopener\">Parkin<\/a>, signed an agreement to operate and manage c.7.5k new privately owned parking spaces across six additional locations in Dubai for four years, according to a <a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/6\/634.pdf\" style=\"\" rel=\"noopener\">DFM disclosure (pdf)<\/a>. The parking spaces \u2014 which will be sprawled across areas in Arjan, Jaddaf, Al Sufouh, Majan, and Liwan \u2014 will boost the parking operator\u2019s portfolio to 17.5k parking spaces. <\/p>\n<p class=\"tag-border-left\"> HEALTHCARE-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#1- Abu Dhabi\u2019s Health Department (DoH) and biopharma company AstraZeneca will <\/strong><strong>establish a center for rare diseases<\/strong> in the emirate, according to a press release published on the <a target=\"_blank\" href=\"https:\/\/www.doh.gov.ae\/en\/news\/doh-and-astrazeneca-expand-partnership-during-bio-2024\" style=\"\" rel=\"noopener\">DoH website<\/a>. The center will provide comprehensive diagnosis, treatment, and research for haematological, neurological, and metabolic disorders. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#2- The DoH also inked an MoU with US biotech company <\/strong><strong><a target=\"_blank\" href=\"https:\/\/www.illumina.com\/\" style=\"\" rel=\"noopener\">Illumina<\/a><\/strong> to develop expertise, infrastructure, and a skilled workforce for integrating genomics into clinical practice and research locally and internationally, <a target=\"_blank\" href=\"https:\/\/wam.ae\/en\/article\/b3j28jp-department-health-illumina-collaborate-extend\" 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\">\n<p class=\"tag-border-left\">COMMODITIES-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The Abu Dhabi Agriculture and Food Safety Authority (ADAFSA) issued a decision to <\/strong><strong>regulate the sampling of food and fodder<\/strong> in Abu Dhabi through the authority\u2019s general director and appointed staff, according to a <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/adafsa.gov\/posts\/pfbid02aZbtR78at7nDYCZxRTzFfy1tv5bQcpdv2THnRHz3hxgpKs7NGMUzsFRwCFfZLGkWl?__cft__[0]=AZVeNRVhV__kPd5q5yT6j3GCZoMuxL7EgUl1X5ulzPNC3TGamFV9DFmScQQ70OFAC4f3Pg1Hbrv_bcDq59lPuFrsVFNYATcR4Grii53l7cg1VOilC6ypMBBHYM9p0v4OfvFecSKUgRS17Ds12wKJm4wHrh70mLAybDLCFL2YhQfuheaYJptnIau5wZxK5jdPLepT-HOmfbR48B9ESpo7SNXY&__tn__=%2CO%2CP-R\" style=\"\" rel=\"noopener\">statement<\/a>. The decision aims to facilitate \u201cre-analysis of samples taken from food establishments and fodder handling facilities for control and inspection purposes,\u201d according to ADAFSA. <\/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\">BUSINESS-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#1- Abu Dhabi streamlines business setup: <\/strong>Abu Dhabi Department of Economic Development and Abu Dhabi Free Zones Council launched a unified economic license in Abu Dhabi, unifying procedures for economic license registration across the emirate and its freezones, according to an Abu Dhabi media office <a target=\"_blank\" href=\"https:\/\/www.mediaoffice.abudhabi\/en\/economy\/abu-dhabi-department-of-economic-development-in-collaboration-with-abu-dhabi-free-zones-council-launches-unified-economic-licence-in-the-emirate\/\" style=\"\" rel=\"noopener\">statement<\/a>. The initiative introduces a standardized reference number for all licenses and integrates company data within a new Abu Dhabi registry, in a bid to simplify data management and speed up the digital setup process for investors and entrepreneurs while ensuring transparency and fostering collaboration between freezones and mainland authorities.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Helping roll out the initiative: <\/strong>AD Ports Group subsidiary KEZAD Group, Abu Dhabi Airports Free Zone, Masdar City Free Zone, and Creative Media Authority.<\/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:\/\/dmcc.ae\/\" style=\"\" rel=\"noopener\">Dubai Multi-Commodities Centre<\/a><\/strong><strong> wrapped its global trade roadshow, <\/strong><strong><a target=\"_blank\" href=\"https:\/\/landing.dmcc.ae\/made-for-trade-live-london\" style=\"\" rel=\"noopener\">Made For<\/a><\/strong><strong><a target=\"_blank\" href=\"https:\/\/landing.dmcc.ae\/made-for-trade-live-london\" style=\"\" rel=\"noopener\"><\/a><\/strong><strong><a target=\"_blank\" href=\"https:\/\/landing.dmcc.ae\/made-for-trade-live-london\" style=\"\" rel=\"noopener\">Trade Live<\/a><\/strong><strong>, in Vietnam yesterday<\/strong> in a bid to ramp up trade, investment, and business connectivity with Vietnamese and Southeast Asian markets, according to the <a target=\"_blank\" href=\"https:\/\/www.mediaoffice.ae\/en\/news\/2024\/june\/06-06\/dmcc-hosts-first-trade-roadshow\" style=\"\" rel=\"noopener\">Dubai Media Office<\/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\">SPORTS-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Palms Sports tapped as official operator of Egyptian sports infrastructure: <\/strong>Abu Dhabi-based global sports management company Palms Sports was selected as the official operator of Egypt\u2019s El Qalaa El Hamraa Mega Sports Complex, located in Cairo\u2019s Sheikh Zayed City, it said in an <a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/6\/642.pdf\" style=\"\" rel=\"noopener\">ADX disclosure (pdf)<\/a>. The project is owned by Egypt's Al Ahly FC.<\/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>Chinese CMB opens DIFC office:<\/strong> <a target=\"_blank\" href=\"https:\/\/english.cmbchina.com\/\" style=\"\" rel=\"noopener\">China Merchants Bank (CMB) International<\/a> has launched its new representative office in Dubai International Financial Centre (DIFC), after obtaining a license in April from DIFC regulator, the Dubai Financial Services Authority (DFSA), <a target=\"_blank\" href=\"https:\/\/citywire.com\/asia\/news\/china-merchants-bank-international-opens-dubai-branch\/a2443878\" style=\"\" rel=\"noopener\">Citywire<\/a> reports, citing DFSA\u2019s <a target=\"_blank\" href=\"https:\/\/www.dfsa.ae\/public-register\/firms\/cmb-international-securities-limited\" style=\"\" rel=\"noopener\">public register<\/a>. The lender had announced in <a target=\"_blank\" href=\"https:\/\/www.moomoo.com\/news\/post\/35589129\/china-merchants-bank-03968-plans-to-set-up-a-branch?level=2&data_ticket=1717680187714668\" style=\"\" rel=\"noopener\">March<\/a> its plans to establish a presence in DIFC, with CNY 50 mn (AED 25 mn) in working capital.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Is CMB the fifth Chinese lender to set up shop in DIFC?<\/strong> DFSA CEO Ian Johnston had revealed in <a target=\"_blank\" href=\"https:\/\/enterprise.news\/uae\/en\/news\/story\/8ed8f1bd-e243-4429-b1c6-0b0f2e1cc9d7\/plenty-of-news-from-day-one-of-the-arabian-travel-market#:~:text=Another%20Chinese%20lender,DIFC%2C%E2%80%9D%20Johnston%20said.\" style=\"\" rel=\"noopener\">May<\/a> that a fifth Chinese bank will soon establish an office in the business center. <\/p>\n<p class=\"tag-border-left\">TECH- <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>DIFC, CMT to ramp up tech analysis training: <\/strong>Dubai International Financial Centre (DIFC)\u2019s education center DIFC Academy inked an MoU with technical analysis education provider Chartered Market Technician Association to develop training programs in technical analysis, behavioral finance, market strategy, and fintech integration, it said in a <a target=\"_blank\" href=\"https:\/\/www.difc.ae\/whats-on\/news\/difc-academy-and-cmt-association-forge-strategic-partnership-to-enhance-financial-education\" style=\"\" rel=\"noopener\">statement<\/a>. The programs will target finance professionals, and cover cross-asset relationships, market trends, risk management, and trading strategies.<\/p>\n<p class=\"tag-border-left\"> FINTECH-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Digital bank <\/strong><strong><a target=\"_blank\" href=\"https:\/\/www.zand.ae\/en\" style=\"\" rel=\"noopener\">Zand Bank<\/a><\/strong><strong> and blockchain <\/strong><strong><a target=\"_blank\" href=\"https:\/\/www.mantrachain.io\/\" style=\"\" rel=\"noopener\">Mantra<\/a><\/strong><strong> signed an MoU to facilitate the<\/strong> <strong>tokenization of real-world assets<\/strong>, including by developing frameworks and providing clear guidelines for tokenization, a <a target=\"_blank\" href=\"https:\/\/www.zawya.com\/en\/press-release\/companies-news\/zand-bank-and-mantra-sign-landmark-mou-umbe5x7z\" style=\"\" rel=\"noopener\">press release<\/a> reads. <\/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\"> DISPUTE WATCH-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Drake & Scull\u2019s engineering arm will receive an AED 36.7 mn payment from a major Dubai <\/strong><strong>company <\/strong>after receiving a favorable ruling from the Dubai Court of Appeal, according to a <a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/6\/638.pdf\" style=\"\" rel=\"noopener\">DFM filing (pdf)<\/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\">REAL ESTATE- <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Binghatti to boost DLD\u2019s Dubai Real Estate Broker Program: <\/strong>Dubai-based property developer Binghatti inked an MoU with the Dubai Land Department (DLD) to support its Dubai real estate broker program, <a target=\"_blank\" href=\"https:\/\/www.mubasher.info\/news\/4300942\/-%D8%A3%D8%B1%D8%A7%D8%B6%D9%8A-%D8%AF%D8%A8%D9%8A-%D8%AA%D9%88%D9%82-%D8%B9-%D8%A7%D8%AA%D9%81%D8%A7%D9%82%D9%8A%D8%A9-%D9%85%D8%B9-%D8%A8%D9%86-%D8%BA%D8%A7%D8%B7%D9%8A-%D9%84%D9%84%D8%AA%D8%B7%D9%88%D9%8A%D8%B1-%D9%84%D8%AF%D8%B9%D9%85-%D8%A7%D9%84%D9%85%D9%88%D8%A7%D8%B7%D9%86%D9%8A%D9%86-%D8%A8%D8%A7%D9%84%D8%B3%D9%88%D9%82-%D8%A7%D9%84%D8%B9%D9%82%D8%A7%D8%B1%D9%8A%D8%A9\/?currentUserCountryCode=--\" style=\"\" rel=\"noopener\">Mubasher<\/a> reports. Binghatti will design and implement supportive projects, and provide job windows for young citizens as part of the agreement.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>REFRESHER- <\/strong>DLD launched the Dubai Real Estate Broker Programme earlier in <a target=\"_blank\" href=\"https:\/\/enterprise.news\/uae\/en\/news\/story\/32137061-9b1f-47bd-a27c-e5c007f39160\/g42-to-develop-ai-corporate-assistant\" style=\"\" rel=\"noopener\">March<\/a> to encourage young citizens to participate in the real estate sector. <\/p>\n<p class=\"tag-border-left\">TRADE- <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>UAE, India to ramp up business ties: <\/strong>The Ras Al Khaimah Economic Zone (Rakez) inked an MoU with the Indian Chamber of Commerce (ICC) to enhance business ties between the UAE and India, <a target=\"_blank\" href=\"https:\/\/wam.ae\/en\/article\/b3j2915-rakez-indian-chamber-commerce-ink-mou-boost\" style=\"\" rel=\"noopener\">Wam<\/a> reports. This partnership aims to connect Rakez with the Indian business community through the ICC\u2019s network, providing ICC members with the chance to engage and expand in the UAE market. The move comes after RAKEZ hosted a business delegation from India\u2019s PHD Chamber of Commerce and Industry to explore business windows in healthcare, agri-food processing, leather, information technology, and AI sectors.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>India \u2764\ufe0f UAE for trade: <\/strong>The UAE is India\u2019s third-largest trading partner and second-largest export destination, with some 6k Indian companies currently operating within RAKEZ.<\/p>\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/uae\/tag\/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\/business\/\">business<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/uae\/tag\/difc\/\">DIFC<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/uae\/tag\/dispute\/\">Dispute<\/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\/healthcare\/\">Healthcare<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/uae\/tag\/housing\/\">Housing<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/uae\/tag\/investment\/\">investment<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/uae\/tag\/manufacturing\/\">MANUFACTURING<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/uae\/tag\/real-estate\/\">Real estate<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/uae\/tag\/sports\/\">Sports<\/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                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/uae\/tag\/trade\/\">trade<\/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=\"92842\" 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=\"92842\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">11<\/div>\r\n\r\n                    <p class=\"f-graphik\">PLANET FINANCE<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/uae\/2024\/06\/07\/turkey-could-levy-a-tax-on-stocks\/\">\r\n                            Turkey could levy a tax on stocks                        <\/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\/07\/turkey-could-levy-a-tax-on-stocks\/\" 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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Treasury and Finance Minister Mehmet Simsek <a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2024-06-05\/turkey-has-no-plan-to-tax-profits-on-stocks-crypto-simsek-says?ref=biztoc.com\" style=\"\" rel=\"noopener\"><\/a><a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2024-06-05\/turkey-has-no-plan-to-tax-profits-on-stocks-crypto-simsek-says?ref=biztoc.com\" style=\"\" rel=\"noopener\">yesterday<\/a> denied the news, saying only that the government is considering a \u201cvery limited\u201d transaction tax. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The tax would come as part of a wider monetary tightening plan<\/strong>, aimed at shoring up Turkey\u2019s fiscal position and boosting price stability, <a target=\"_blank\" href=\"https:\/\/www.reuters.com\/world\/middle-east\/turkey-impose-stocks-crypto-assets-transaction-tax-official-says-2024-06-05\/\" style=\"\" rel=\"noopener\"><\/a><a target=\"_blank\" href=\"https:\/\/www.reuters.com\/world\/middle-east\/turkey-impose-stocks-crypto-assets-transaction-tax-official-says-2024-06-05\/\" style=\"\" rel=\"noopener\">Reuters<\/a> reports. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Turks are taking a liking to the market: <\/strong>This move could reel in substantial proceeds as more Turks are investing in the stock market, which saw equity accounts surge to 8.3 mn this year, a nearly seven-fold increase since early 2020, Bloomberg said, citing the Central Securities Depository of Turkey. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>But the tax could reduce volatility, analysts say:<\/strong> \u201cIn the short term, this sounds like pain for the equity market, but in the long term, it means a huge gain, [as this tax may] reduce volatility, enhance the investment culture and reduce speculation,\u201d Burak Cetinceker, a money manager at Strateji Portfoy in Istanbul told Bloomberg. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The Turkish market seesawed on the news,<\/strong> reversing losses yesterday after Borsa Istanbul fell to a near three-week low on Tuesday, closing at 1.8%. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<p class=\"tag-border-left\">MARKETS THIS MORNING- <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Asian markets are mixed<\/strong> as investors digest fresh macro data from Japan and the European Central Bank\u2019s first rate cut in five years, and await data on Chinese exports. The Nikkei slipped 0.19%, while the Kospi rose 0.7% and Hang Seng inched up 0.3%. <strong>Wall Street futures are little changed<\/strong> as the three major US indices continue to tick up to wrap a strong week.<\/p>\n<p><a target=\"_blank\" id=\"t.57ea3cf253c68288f3e46ea868ed777f9bf9588d\" rel=\"noopener\"><\/a><a target=\"_blank\" id=\"t.0\" rel=\"noopener\"><\/a> <\/p>\n<div class='stock-ticker-panel'>\n<table class='table stock-ticker-table markets-table'>\n<tbody>\n<tr class='tr-row-down'>\n<td class='td-list-down'>\n<p><svg class='e-icon e-TypeMarkets1'><use xlink:href='#e-TypeMarkets1'><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>ADX<\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">8,937.7<\/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:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">-0.1% (YTD: -6.7%)<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-none'>\n<td class='td-list-none'>\n<p><svg class='e-icon e-TypeMarkets'><use xlink:href='#e-TypeMarkets'><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>DFM<\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">3,978.8<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">0.0% (YTD: -0.2%)<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-down'>\n<td class='td-list-down'>\n<p><svg class='e-icon e-TypeMarkets1'><use xlink:href='#e-TypeMarkets1'><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>Nasdaq Dubai UAE20<\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">3335.9<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">-0.1% (YTD: -13.2%)<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-none'>\n<td class='td-list-none'>\n<p><svg class='e-icon e-TypeMarkets'><use xlink:href='#e-TypeMarkets'><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>USD : AED<\/strong><strong> CBUAE<\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">Buy 3.67<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">Sell 3.67<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-down'>\n<td class='td-list-down'>\n<p><svg class='e-icon e-TypeMarkets1'><use xlink:href='#e-TypeMarkets1'><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>EIBOR<\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">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:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">5.2% 1 yr<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-up'>\n<td class='td-list-up'>\n<p><svg class='e-icon e-TypeMarkets11'><use xlink:href='#e-TypeMarkets11'><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>TASI<\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">11,560.4<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">+0.1%% (YTD: -3.4%)<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-down'>\n<td class='td-list-down'>\n<p><svg class='e-icon e-TypeMarkets1'><use xlink:href='#e-TypeMarkets1'><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>EGX30 <\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">26,428<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">-1% (YTD: +6.2%)<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-down'>\n<td class='td-list-down'>\n<p><svg class='e-icon e-TypeMarkets1'><use xlink:href='#e-TypeMarkets1'><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>S&P 500<\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">5,352.9<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">-0.0% (YTD: +12.2%)<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-up'>\n<td class='td-list-up'>\n<p><svg class='e-icon e-TypeMarkets11'><use xlink:href='#e-TypeMarkets11'><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>FTSE 100<\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">8,285.3<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">+0.5% (YTD: +7.1%)<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-up'>\n<td class='td-list-up'>\n<p><svg class='e-icon e-TypeMarkets11'><use xlink:href='#e-TypeMarkets11'><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>Euro Stoxx 50<\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">5,069.1<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">+-0.7% (YTD: +12.11%)<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-up'>\n<td class='td-list-up'>\n<p><svg class='e-icon e-TypeMarkets11'><use xlink:href='#e-TypeMarkets11'><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>Brent crude<\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">USD 79.87<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">+1.9%<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-up'>\n<td class='td-list-up'>\n<p><svg class='e-icon e-TypeMarkets11'><use xlink:href='#e-TypeMarkets11'><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>Natural gas <\/strong>(Nymex)<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">USD 236.09<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">+0.1%<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-up'>\n<td class='td-list-up'>\n<p><svg class='e-icon e-TypeMarkets11'><use xlink:href='#e-TypeMarkets11'><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>Gold<\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">USD 2,395.6<\/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:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">+0.2%<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-down'>\n<td class='td-list-down'>\n<p><svg class='e-icon e-TypeMarkets1'><use xlink:href='#e-TypeMarkets1'><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>BTC<\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">USD 70,865.14<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">-0.6% (YTD: +67.4%)<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>THE CLOSING BELL-<\/strong><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The DFM fell 0.04% yesterday<\/strong> on turnover of AED 423.7 mn. The index is down 0.2% YTD.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>In the green: <\/strong>Drake & Scull International (+9.9%), Amanat Holdings (+2.9%), Taaleem (+2.4%).<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>In the red: <\/strong>Emirates Investment Bank (-9.1%), Orascom Construction (-5.5%) and Dubai Taxi Company (-2.7%). <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Over on the ADX<\/strong>, the index fell 0.1% yesterday on turnover of AED 906.1 mn. Meanwhile Nasdaq Dubai fell 0.1%.<\/p>\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/uae\/tag\/capital-markets\/\">capital markets<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/uae\/tag\/financial-markets\/\">Financial markets<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/uae\/tag\/planet-finance\/\">PLANET FINANCE<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <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=\"92844\" 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=\"92844\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">12<\/div>\r\n\r\n                    <p class=\"f-graphik\">DIPLOMACY<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/uae\/2024\/06\/07\/fm-meets-tuvauluan-counterpart-more-uae-new-zealand-cooperation\/\">\r\n                            FM meets Tuvauluan counterpart + more UAE-New Zealand cooperation                        <\/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\/07\/fm-meets-tuvauluan-counterpart-more-uae-new-zealand-cooperation\/\" 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\/07\/fm-meets-tuvauluan-counterpart-more-uae-new-zealand-cooperation\/')\">\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\/07\/fm-meets-tuvauluan-counterpart-more-uae-new-zealand-cooperation\/\">\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=FM meets Tuvauluan counterpart + more UAE-New Zealand cooperation&url=https:\/\/enterpriseam.com\/uae\/2024\/06\/07\/fm-meets-tuvauluan-counterpart-more-uae-new-zealand-cooperation\/\">\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\/07\/fm-meets-tuvauluan-counterpart-more-uae-new-zealand-cooperation\/&title=FM meets Tuvauluan counterpart + more UAE-New Zealand cooperation\">\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=FM+meets+Tuvauluan+counterpart+%2B+more+UAE-New+Zealand+cooperation+https%3A%2F%2Fenterpriseam.com%2Fuae%2F2024%2F06%2F07%2Ffm-meets-tuvauluan-counterpart-more-uae-new-zealand-cooperation%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\/07\/fm-meets-tuvauluan-counterpart-more-uae-new-zealand-cooperation\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2024\/6\/660.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"92845\" data-permalink=\"https:\/\/enterpriseam.com\/uae\/2024\/06\/07\/fm-meets-tuvauluan-counterpart-more-uae-new-zealand-cooperation\/660-jpg\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/6\/660.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"660.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/6\/660.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/6\/660.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-92844\" class=\"content-area-description single-story post-92844 post type-post status-publish format-standard has-post-thumbnail hentry category-diplomacy tag-diplomacy tag-enterpriseam-uae tag-trade tag-uae-new-zealand-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\/.c0e47ae8-20b4-49eb-8012-59e1e7f508e8.mp3\"><\/audio><\/figure><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Foreign Minister of Tuvalu visits Abdullah bin Zayed: <\/strong>Foreign Affairs Minister Sheikh Abdullah bin Zayed Al Nahyan welcomed his counterpart from Tuvalu, Paulson Panapa, in Abu Dhabi, <a target=\"_blank\" href=\"https:\/\/wam.ae\/en\/article\/b3igtnx-abdullah-bin-zayed-receives-tuvalu\" style=\"\" rel=\"noopener\">Wam<\/a> reports. The two diplomats discussed ways to strengthen cooperation between their two countries across various sectors such as the economy, investment, and renewable energy.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>President Sheikh Mohamed bin Zayed Al Nahyan spoke with Azerbaijani <\/strong><strong>President Ilham Aliyev <\/strong>on the phone to discuss cooperation in the fields of economy, development, renewable energy, and climate action, <a target=\"_blank\" href=\"https:\/\/wam.ae\/en\/article\/b3igti7-presidents-uae-azerbaijan-discuss-bilateral\" style=\"\" rel=\"noopener\">Wam<\/a> reports. The two leaders also addressed Azerbaijan's preparations to host (COP29) later this year.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The UAE and New Zealand discussed ramping up cooperation in climate change, <\/strong><strong>defense, and multilateral cooperation<\/strong> at the second session of their political consultation committee in Abu Dhabi, according to a <a target=\"_blank\" href=\"https:\/\/www.mofa.gov.ae\/en\/mediahub\/news\/2024\/6\/6\/6-6-2024-uae-new-zealand\" style=\"\" rel=\"noopener\">statement<\/a> by the Foreign Affairs Ministry yesterday. The parties also touched on regional and international developments, exploring joint efforts to reach an immediate ceasefire and implement a comprehensive two-state solution in Gaza.<\/p>\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/uae\/tag\/diplomacy\/\">DIPLOMACY<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/uae\/tag\/trade\/\">trade<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/uae\/tag\/uae-new-zealand-relations\/\">UAE-New Zealand 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=\"92846\" 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=\"92846\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">13<\/div>\r\n\r\n                    <p class=\"f-graphik\">MY MORNING ROUTINE<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/uae\/2024\/06\/07\/my-morning-routine-max-avtukhov-ceo-at-yango-tech\/\">\r\n                            My Morning Routine: Max Avtukhov, CEO at Yango Tech                        <\/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\/07\/my-morning-routine-max-avtukhov-ceo-at-yango-tech\/\" 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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Speaking to us this week is Max Avtukhov (<a target=\"_blank\" href=\"https:\/\/www.linkedin.com\/in\/max-avtukhov\/\" style=\"\" rel=\"noopener\">LinkedIn<\/a>), CEO of <a target=\"_blank\" href=\"https:\/\/www.yango-tech.com\/\" style=\"\" rel=\"noopener\">Yango Tech<\/a>. <strong>Edited excerpts from our conversation:<\/strong><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>I'm the CEO of Yango Tech. I started my career with investment banking <\/strong>in Deutsche Bank, as well as some other investment banks, and then I moved to the technology sector. I joined one of the biggest European tech companies, <a target=\"_blank\" href=\"https:\/\/yandex.com\/\" style=\"\" rel=\"noopener\">Yandex<\/a>. About two years ago, some of my team members and I co-founded the technology venture that we are now developing, Yango Tech. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>I was interested in finance, and wanted to pursue a career in investment banking. <\/strong>I went into corporate finance to understand the lay of the land. I got a degree in finance, then went off to work, and understood how markets work. I grew my professional and networking skills along the way. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>One of the key limitations of working in corporate finance is that it\u2019s majorly project <\/strong><strong>based.<\/strong> You work on a project, then you wrap up and switch to another project. There is no sense of continuity, so you don't feel like you\u2019re growing. That\u2019s when I realized I wanted to do something else, and started working at a technology company. What I realized while working there is that while the people are undoubtedly some of the smartest, their true strength lies in their organizational talent. They excel at organizing things around them.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>That's when we co-founded an e-grocery business based on dark stores<\/strong>, which now operates in over 600 locations. I handled the business side, including commerce and finance. Over seven to eight years, we achieved regional success and learned how to build products, teams, and [grow] the business itself.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Yango Tech originates from a larger family of sister companies under the Yango <\/strong><strong>corporation<\/strong>. Our goal is to make last-mile delivery as timely as possible. We achieve this by installing technologies, offering guidelines, and training our partners to deliver the best possible experience to their customers.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Our technology platform offers a comprehensive suite of services<\/strong>, including client applications, warehouse management, inventory solutions, commerce services, and last-mile delivery. Recognizing the challenges traditional retailers face in keeping up with digital trends, especially against online giants like Amazon, we provide a solution tailored to their needs through advanced machine learning and algorithms, ensuring precise, fast, and predictable fulfillment. We envision a trajectory akin to SAP and Oracle. We aim to become the go-to for innovative retail solutions. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>My primary focus at work is on three key areas<\/strong>. The first objective is to monitor our progress against primary KPIs. Secondly, I prioritize team effectiveness, overseeing a team of 120 individuals, plus outsourced support, to ensure they're efficient, aligned, and adequately resourced, especially during crises. This often involves personal attention to address any obstacles hindering progress. Lastly, I engage with customers and partners \u2014 this comprises a significant portion of my workload. This includes communication preparation, direct interaction, and debriefing sessions, all aimed at strengthening our relationships with those we serve.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Our clients are top-ranking grocery retailers in various countries<\/strong>, in Saudi Arabia and Bolivia for example. Our clients generally have some online experience and are eager to improve their digital presence. Despite cultural differences, they share a strong commitment to excelling online. We focus on supporting challengers \u2014 retailers who aim to grow and disrupt the market \u2014 rather than established market leaders. Our technology is best suited for those who want to innovate and expand.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>For me, the most interesting aspects of the industry are classical analytical AI and GPT <\/strong><strong>technologies<\/strong>. Analytical AI helps predict metrics and personalize customer experiences, significantly boosting revenue. GPT technologies have the potential to revolutionize retail, from conversational commerce to backend optimizations. This potential for transforming customer interactions captivates me daily.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Unlike many CEOs who have intense morning routines, my mornings are quite different <\/strong><strong>due to having a young child under two years old<\/strong>. We wake up around 5:30 or 6am, and after a rough night with his active sleep, I focus on getting myself together. Once he's settled, I take a little time for myself, often playing some games before starting the day. Over the weekends I do jiu jitsu at one of the best gyms I\u2019ve ever seen, <a target=\"_blank\" href=\"https:\/\/teamnogueiradubai.com\/\" style=\"\" rel=\"noopener\">Nogueira Dubai<\/a>. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>I go home straight after work to spend time with my son,<\/strong> who goes to bed around 8 pm. From 6:30 to 8pm, I'm with him. After that, I finish up work and other tasks. Occasionally, work overlaps with family time, especially when I have meetings with Latin America due to the time difference. These meetings often happen around 7pm my time, which is convenient for them. Generally, though, my workday wraps up around 10pm. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Since the birth of my child, I've felt a significant change in myself<\/strong>. I read that the birth of a first child can spark brain development in men, especially in areas related to empathy. Over the last two years, I've noticed these changes firsthand. Because of him, I feel uneasy if I have to spend my evenings away from home. Family time has become incredibly important to me.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>I began my career in investment banking<\/strong>,<strong> known for its demanding work culture and poor <\/strong><strong>work-life balance<\/strong>. Through this experience, I realized that long hours didn't necessarily equate to productivity or creativity. If I pushed myself to work excessively, the quality of my output suffered. I discovered that I needed idle periods and rest to foster creativity and generate new ideas. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Now, I intentionally limit my work hours to around 8 to 10 hours a day<\/strong>, prioritizing quality over quantity. I've learned to be honest with myself and recognize that better work-life balance, not longer hours, is essential for both personal well-being and organizational success.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>One of the best pieces of advice I've received is encapsulated in the phrase, \u201ceverything <\/strong><strong>is a game.\u201d<\/strong> It presses the importance of understanding the rules and playing accordingly, regardless of the outcome. Whether facing success or failure, adopting the right attitude towards life's challenges is key. While anxiety and stress are inevitable at times, viewing life as a game helps me maintain perspective and navigate through difficulties with resilience.<\/p>\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/uae\/tag\/my-morning-routine\/\">MY MORNING ROUTINE<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"92848\" class=\"issue-section \">\n<div class=\"issue-section__content\">\n<div class=\"stories\">            <!-- Show divider before story section -->\r\n        <div \r\n            class=\"\r\n                story-section            \"\r\n            id=\"calendar\">\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/uae\/2024\/06\/07\/92848-2\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-92848\" class=\"content-area-description single-story post-92848 post type-post status-publish format-standard hentry category-calendar wpautop entry\">\n\n\t\t\t<hr class=\"wp-block-separator has-text-color has-primary-color has-alpha-channel-opacity has-primary-background-color has-background is-style-wide\">\n\n\t\t<h2 class=\"wp-block-heading mt-0 has-primary-color has-text-color has-link-color has-normal-font-size\" style=\"padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px\">\n\t\t\t<strong> CALENDAR<\/strong>\n\t\t<\/h2>\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<div class='snippet-calendar'><\/div>\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${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>Mubadala\u2019s Zamp acquires Starbucks brand rights in Brazil | Arada to issue sukuk | Paxos debuts stablecoin in ADGM<\/p>\n","protected":false},"featured_media":92819,"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-92818","issue","type-issue","status-publish","has-post-thumbnail","hentry","wpautop","entry"],"acf":{"mongo_id":"5ddbf8d7-5eea-41a7-8dd6-2a6c7458418f","teaser":"Mubadala\u2019s Zamp acquires Starbucks brand rights in Brazil | Arada to issue sukuk | Paxos debuts stablecoin in ADGM","photo_url":"https:\/\/ent.news\/2024\/4\/851.jpg"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - 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