{"id":93019,"date":"2024-06-13T00:00:00","date_gmt":"2024-06-13T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/uae\/?post_type=issue&#038;p=93019"},"modified":"2025-12-15T00:38:03","modified_gmt":"2025-12-15T00:38:03","slug":"alef-educations-shares-tumble-on-market-debut","status":"publish","type":"issue","link":"https:\/\/enterpriseam.com\/uae\/issues\/alef-educations-shares-tumble-on-market-debut\/","title":{"rendered":"Alef Education\u2019s shares tumble on market debut"},"content":{"rendered":"<section id=\"93021\" 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=\"93021\">\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\/13\/nmc-healthcare-is-eyeing-an-ipo-more-hedge-funds-plan-expansions-to-abu-dhabi\/\">\r\n                            THIS MORNING: NMC Healthcare is eyeing an IPO + More hedge funds plan expansions to Abu Dhabi                        <\/a>\r\n                    <\/h3>\r\n\r\n                    \r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" style=\"position:relative\">\n        <img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408834.svg\" alt=\"\">\n        Share Story\n        <!-- Dropdown Menu -->\n        <ul class=\"share-menu\">\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/enterpriseam.com\/uae\/2024\/06\/13\/nmc-healthcare-is-eyeing-an-ipo-more-hedge-funds-plan-expansions-to-abu-dhabi\/\" target=\"_blank\">\n        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class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2024\/3\/1651.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"93022\" data-permalink=\"https:\/\/enterpriseam.com\/uae\/2024\/06\/13\/nmc-healthcare-is-eyeing-an-ipo-more-hedge-funds-plan-expansions-to-abu-dhabi\/1651-jpg\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/3\/1651.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"1651.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/3\/1651.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/3\/1651.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-93021\" class=\"content-area-description single-story post-93021 post type-post status-publish format-standard has-post-thumbnail hentry category-what-were-tracking-today tag-abu-dhabi tag-enterpriseam-uae tag-finance tag-ipo-watch tag-nmc-healthcare tag-what-were-tracking-today wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<figure class=\"wp-block-audio mb-0\"><audio controls preload=\"metadata\" src=\"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/6\/.c6fab7a2-55c1-4a12-a7cb-c6b11d098878.mp3\"><\/audio><\/figure><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong style=\"background-color: transparent;\">Good morning, wonderful people. <\/strong><span style=\"background-color: transparent;\">We have a packed issue to keep you busy as we all push through the final stretch of the week before a much-needed four-day weekend.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>THE BIG STORY here at home<\/strong> is Adnoc reaching the final investment decision on its Ruwais plant, and handing out a USD 5.5 bn EPC contract to a JV between engineering companies Technip Energies and JGC Corporation, and National Marine Dredging Company. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Also getting a lot of attention: <\/strong>Alef Education\u2019s lackluster debut on the ADX yesterday. <\/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>#1- UAE bourses on break for Eid al Adha: <\/strong>The UAE\u2019s stock exchanges will be on holiday from Saturday, 15 June until Tuesday, 18 June, next week for Eid al Adha, following in the footsteps of the public and private sector, according to the <a target=\"_blank\" href=\"https:\/\/www.sca.gov.ae\/ar\/media-center\/news\/12\/6\/2024\/financial-markets-to-close-for-eid-al-adha-holidays-from-june-15-to-18.aspx?fbclid=IwZXh0bgNhZW0CMTAAAR0Yk-ktDqG2y8qD6C_2I6Wl0yWyFRxkgoO5-xvaYAsOVSieWcBYhZMxMks_aem_AZWVrf8g6p3S92s-Qinw3xKOE9kC3f7Fm45URl5v17nuos7XqHMHlfHyIRy4-1l5DFDPlBHLO1CpugsefzSMHpa_\" style=\"\" rel=\"noopener\">The Securities and Commodities Authority<\/a>. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#2- Public parks and leisure facilities in Dubai will run on different schedules during Eid <\/strong><strong>Al Adha<\/strong>. You can find the revised timings <a target=\"_blank\" href=\"https:\/\/www.mediaoffice.ae\/en\/news\/2024\/june\/12-06\/dubai-municipality-announces-operating-times-of-public-parks\" style=\"\" rel=\"noopener\">here<\/a>. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">#3- WEATHER- It\u2019s another &gt;40\u00b0C day here at home, with the mercury hitting 41\u00b0C in Dubai, with an overnight low of 32\u00b0C. Abu Dhabi will see slightly cooler temperatures, with a 36\u00b0C high and an overnight low of 32\u00b0C. <\/p>\n<p class=\"tag-border-left\">WATCH THIS SPACE- <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><a id=\"wwtt1\"><\/a> <strong>#1- More hedge funds are eyeing Abu Dhabi: <\/strong>Two UK hedge funds are exploring setting up shop in Abu Dhabi \u2014 the latest in a number of hedge funds that have planted their footprint in the emirate, including Chris Hohn\u2019s TCI and macro fund <a target=\"_blank\" href=\"https:\/\/enterprise.news\/uae\/en\/news\/story\/a66d5bc8-f2e5-433f-bdaf-d0ec78b84ef6\/\" style=\"\" rel=\"noopener\">Brevan Howard<\/a>. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Marshall Wace plans to open an Abu Dhabi office<\/strong> to be nearer to investors in the region, and enhance its ability to attract talent, the <a target=\"_blank\" href=\"https:\/\/www.ft.com\/content\/f936cd98-b338-4801-b085-c0f9a4261357\" style=\"\" rel=\"noopener\">Financial Times<\/a> reports. The move is set to take place within the next few months. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Meanwhile, London-based hedge fund <\/strong><strong><a target=\"_blank\" href=\"https:\/\/www.capulaglobal.com\/\" style=\"\" rel=\"noopener\">Capula Investment Management<\/a><\/strong> <strong> is also reportedly in talks with Abu Dhabi authorities<\/strong> to potentially expand operations into the emirate, <a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2024-06-12\/two-london-hedge-fund-giants-said-to-explore-abu-dhabi-outposts\" style=\"\" rel=\"noopener\">Bloomberg<\/a> reports, citing people with knowledge of the matter. The company\u2019s plan is still at an early stage, with no decision made yet, the sources said.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>ALSO- Deutsche Bank expands GCC wealth management team: <\/strong>Deutsche Bank has recruited 10 new bankers \u2014 a number of them from Credit Suisse \u2014 with an eye to doubling its business in the region by 2028, Deutsche\u2019s head of private banking in the Middle East told <a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2024-06-12\/deutsche-bank-targets-middle-east-wealth-with-10-new-hires\" style=\"\" rel=\"noopener\">Bloomberg<\/a>. \u201cThe Middle East region is one of our core growth markets, so what we are doing right now is to further strengthen the team to capture the huge potential,\u201d Osseiran said, name-checking the UAE, Saudi Arabia, and Qatar as priority markets.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Global wealth managers are vying for the Gulf\u2019s affluent clients and families<\/strong> as the region emerges as a \u201ckey battleground,\u201d Bloomberg said. Deutsche is the latest wealth manager to bolster its GCC team, following <a target=\"_blank\" href=\"https:\/\/enterprise.news\/uae\/en\/news\/story\/362ab5ab-cb8a-47f4-bde8-3b9563710f18\/%253cmark%253ejulius%253c%2Fmark%253e-baer-appoints-new-senior-banker-for-non-resident-indian-businesses-in-dubai\" style=\"\" rel=\"noopener\">Julius Baer<\/a>, Goldman Sachs, and HSBC, who have all ramped up their hiring in the region. <\/p>\n<hr style=\"height:2px;border-width:0;color:gray;background-color:gray\">\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#2- Dubai's first AI-powered platform for urban planning is set to launch within a month<\/strong>, following directives from Dubai Crown Prince Sheikh Hamdan bin Mohammed, <a target=\"_blank\" href=\"https:\/\/wam.ae\/en\/article\/b3m1fdp-hamdan-bin-mohammed-directs-activation-dubais\" style=\"\" rel=\"noopener\">Wam<\/a> reports. The initiative seeks to incorporate generative AI in Dubai\u2019s urban planning, facilitated by the Dubai Urban Design Platform, and will be overseen by the Supreme Committee for Urban Planning in Dubai in collaboration with Dubai Municipality and AI firm <a target=\"_blank\" href=\"https:\/\/toretei.com\/\" style=\"\" rel=\"noopener\">Toretei<\/a>. The initiative positions Dubai as one of the world's first cities to incorporate generative AI into its urban planning.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <a id=\"wwtt2\"><\/a> <strong>#3- NMC Healthcare taps Rothschild for potential IPO:<\/strong> Abu Dhabi-based integrated healthcare services provider NMC Healthcare appointed Rothschild &amp; Co to advise on its strategic restructuring plans, including a potential IPO and sale of the business, it said in a <a target=\"_blank\" href=\"https:\/\/nmc.ae\/en\/news\/NMC-Healthcare-Selects-Financial-Advisors-and-Announces-Review-of-Strategic-Alternatives\" style=\"\" rel=\"noopener\">statement<\/a>. A second financial advisor will be appointed \u201cin due course,\u201d the company said, without disclosing more information.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>In context: <\/strong>NMC underwent restructuring in <a target=\"_blank\" href=\"https:\/\/nmc.ae\/en\/news\/nmc-exits-administration-with-a-strong-focus-on-governance-culture-and-growth-547\" style=\"\" rel=\"noopener\">2022<\/a>, after being placed in administration in 2020 over some USD 4.4 bn in debt and allegations of financial misreporting. The restructuring resulted in 34 core NMC companies exiting administration. NMC has since appointed David Hadley (<a target=\"_blank\" href=\"https:\/\/www.linkedin.com\/in\/2607?original_referer=https%3A%2F%2Fwww%2Egoogle%2Ecom%2F&amp;originalSubdomain=ae\" style=\"\" rel=\"noopener\">LinkedIn<\/a>) as its <a target=\"_blank\" href=\"https:\/\/nmc.ae\/en\/news\/abu-dhabis-nmc-healthcare-new-ceo-david-hadley-takes-over-654\" style=\"\" rel=\"noopener\">CEO<\/a>, in line with a \u201cnew phase of growth and transformation.\u201d<\/p>\n<hr style=\"height:2px;border-width:0;color:gray;background-color:gray\">\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#4- Abu Dhabi-based investment firm Eshraq Investments is looking to expand in the <\/strong><strong>UAE and Saudi <\/strong>in several key sectors, including technology, artificial intelligence, healthcare and others, its chairman Fahad Al Qassim told CNBC (<a target=\"_blank\" href=\"https:\/\/www.youtube.com\/watch?v=OgCeiIckDK0\" style=\"\" rel=\"noopener\">watch, runtime: 13:54<\/a>).<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The investment firm is still evaluating its options for Shuaa Capital\u2019s open-ended fund Goldilocks Fund<\/strong>, which include transferring the fund entirely to Eshraq, exiting it completely, or co-managing it, with a view to make a decision before year\u2019s end, Al Qassim said. Al Qassim clarified that the Goldilocks fund is primarily managed by a Shuaa Capital subsidiary, with Eshraq only providing the funding. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>REMEMBER- <\/strong>Eshraq rolled out its five-year corporate strategy <a target=\"_blank\" href=\"https:\/\/enterprise.news\/uae\/en\/news\/story\/a6b32db8-aa7b-404f-aa69-83403a0c9051\/this-morning:-sidara-makes-final-play-for-wood-group-%2B-president-in-china\" style=\"\" rel=\"noopener\">last month<\/a>, focusing on private equity investments and transitioning legacy portfolio assets, including properties within its existing real estate portfolio and the Goldilocks Fund.<\/p>\n<hr style=\"height:2px;border-width:0;color:gray;background-color:gray\">\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><a id=\"wwtt3\"><\/a> <strong>#5-<\/strong> <strong>Al Habtoor Group scrapped <\/strong><strong><a target=\"_blank\" href=\"https:\/\/enterprise.news\/uae\/en\/news\/story\/5c36c4bd-de96-4c9e-a0ad-f7286877ee82\/major-developers-to-work-on-aed-1-bn-luxury-project-in-ras-al-khamah%25e2%2580%2599s-al-marjan-island\" style=\"\" rel=\"noopener\">plans to launch a TV channel in Beirut<\/a><\/strong><strong>,<\/strong> after receiving physical threats against its founder and chairman, Khalaf Al Habtoor, and staff members, which posed \u201csevere security challenges,\u201d it said in a <a target=\"_blank\" href=\"https:\/\/www.habtoor.com\/en\/news\/26\/2226\/al-habtoor-group-suspends-launch-of-its-television-channel-from-lebanon-due-to-security-concerns-considers-alternatives\" style=\"\" rel=\"noopener\">statement<\/a>. \u201cFollowing the project announcement, the group encountered a barrage of orchestrated campaigns including accusations, slander, and threats,\u201d the company said. The company filed both criminal and civil complaints in Lebanon and other locations against individuals who had allegedly threatened the group and its staff, it said.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Background:<\/strong> The company had been planning to launch a TV channel and a studio city, which had received support from Lebanese Prime Minister Najib Mikati. <\/p>\n<hr style=\"height:2px;border-width:0;color:gray;background-color:gray\">\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><a id=\"wwtt4\"><\/a> <strong>#6- Is Congo buying out the UAE\u2019s stake in their gold-exporting JV? <\/strong>Congo is set to acquire the UAE\u2019s Primera Group\u2019s shares in their JV, Primera Gold, following ongoing discussions, presidential spokesperson spokesperson for Congo\u2019s President, Felix Tshisekedi told <a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2024-06-12\/congo-to-buy-out-uae-partner-in-gold-venture-as-shipments-slump\" style=\"\" rel=\"noopener\">Bloomberg<\/a>. Primera owns 55% of the JV, which has seen gold shipments slump amid rising prices on the black market. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Primera could develop a separate venture<\/strong> focusing on refining tin, tantalum and tungsten from the region, according to Bloomberg. <\/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>The G7 summit kicks off today in Italy<\/strong>, and runs through to Saturday. UAE President Sheikh Mohamed bin Zayed Al Nahyan is expected to attend after <a target=\"_blank\" href=\"https:\/\/enterprise.news\/uae\/en\/news\/story\/ac36486f-33f1-440b-88a0-b0629e08bb65\/vehicle-insurers-to-hike-premiums-on-the-back-of-the-storm-%2B-president-to-attend%253cmark%253e-g7%253c%2Fmark%253e-meeting-in-june\" style=\"\" rel=\"noopener\">receiving an invite<\/a> last month. The meeting is set to discuss the situation in the Middle East, as well as the Russia-Ukraine war, climate change, and AI.<\/p>\n<p class=\"tag-border-left\"> THE BIG STORY ABROAD- <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Steady as she goes says the Fed<\/strong>, who yesterday kept interest rates <a target=\"_blank\" href=\"https:\/\/www.wsj.com\/economy\/central-banking\/cpi-report-fed-meeting-interest-rate-ef93c8b0\" style=\"\" rel=\"noopener\">unchanged<\/a> and forecasted only one cut to come this year in the ongoing will they, won\u2019t they interest rate cut saga occupying central banks across the globe. Despite encouraging inflation <a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/6\/1239.pdf\" style=\"\" rel=\"noopener\">data (pdf)<\/a> for May also released yesterday being \u201ca step in the right direction \u2026 you don\u2019t want to be too motivated by any single data point,\u201d said Fed chief Jerome Powell (<a target=\"_blank\" href=\"https:\/\/www.youtube.com\/watch?v=dY36KZL2ZWw\" style=\"\" rel=\"noopener\">watch, runtime: 1:02:04<\/a>). We have more in Planet Finance, below. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>It seems that Wall Street didn\u2019t get the Fed\u2019s hawkish memo<\/strong>, with the S&amp;P 500 and Nasdaq both hitting all-time highs, while the Dow slipped 0.1%. With inflation falling faster than forecasts, many traders <a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2024-06-12\/bond-market-splits-from-fed-again-by-betting-on-2024-rate-cuts?srnd=homepage-middle-east\" style=\"\" rel=\"noopener\">aren\u2019t buying<\/a> the Fed\u2019s hawkish tone and are pricing two cuts by the end of the year.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>WHILE IN OUR PART OF THE WORLD- Hamas has rejected US claims it has obstructed<\/strong><strong> its ceasefire plan with proposed changes<\/strong>, with officials from the organization <a target=\"_blank\" href=\"https:\/\/www.reuters.com\/world\/middle-east\/hamas-says-it-creates-broad-prospects-ceasefire-deal-gaza-2024-06-12\/\" style=\"\" rel=\"noopener\">taking to the airwaves<\/a> to argue that Israel has instead been the one refusing to agree to an end to hostilities. Despite <a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2024-06-12\/blinken-says-hamas-s-cease-fire-response-means-war-will-continue?srnd=homepage-middle-east\" style=\"\" rel=\"noopener\">claims<\/a> by US State Secretary Antony Blinken that Israel has accepted the ceasefire plan \u201cas it was, as it is,\u201d Israeli PM Netanyahu has repeatedly <a target=\"_blank\" href=\"https:\/\/www.theguardian.com\/world\/article\/2024\/jun\/01\/no-end-to-gaza-war-until-destruction-of-hamas-says-netanyahu-israel\" style=\"\" rel=\"noopener\">insisted<\/a> that he will not end the war before destroying Hamas.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>IN ENERGY MARKETS- We\u2019re going to have a <\/strong><strong><a target=\"_blank\" href=\"https:\/\/www.iea.org\/news\/slowing-demand-growth-and-surging-supply-put-global-oil-markets-on-course-for-major-surplus-this-decade\" style=\"\" rel=\"noopener\">\u201cstaggering\u201d<\/a><\/strong><strong> glut of oil by 2030<\/strong>, according to the International Energy Agency, which will make it a whole lot harder for Opec+ to control prices when there\u2019s 8 mn bdp in spare capacity sloshing around.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>AND IN TARIFF NEWS- Chinese EVs are getting hit by a fresh raft of tariffs from the EU <\/strong>as the bloc adds more fuel to a trade war with China by imposing tariffs of up to 38.1% \u2014 depending on the maker \u2014 on imports of Chinese EVs on top of a pre-existing 10% levy.<\/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 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Show divider before story section -->\r\n        <div \r\n            class=\"\r\n                story-section            \"\r\n            id=\"93024\">\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\/13\/abu-dhabis-first-ipo-in-2024-tumbles-18-on-market-debut\/\">\r\n                            Ab Dhabi\u2019s Alef shares drop 18% on ADX debut                        <\/a>\r\n                    <\/h3>\r\n\r\n                    \r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" style=\"position:relative\">\n        <img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408834.svg\" alt=\"\">\n        Share Story\n        <!-- Dropdown Menu 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           <\/div>\r\n\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/uae\/2024\/06\/13\/abu-dhabis-first-ipo-in-2024-tumbles-18-on-market-debut\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2024\/6\/1165.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"93025\" data-permalink=\"https:\/\/enterpriseam.com\/uae\/2024\/06\/13\/abu-dhabis-first-ipo-in-2024-tumbles-18-on-market-debut\/1165-jpg\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/6\/1165.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"1165.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/6\/1165.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/6\/1165.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-93024\" class=\"content-area-description single-story post-93024 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\/.60a052d1-07d2-43f6-8457-f0080282df16.mp3\"><\/audio><\/figure><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>A lackluster debut for Alef:<\/strong> Abu Dhabi-based edtech firm Alef Education was off to a rough start, falling 18% to AED 1.11 on its trading debut on the ADX, compared to the final IPO price of AED 1.35 per share. <strong>The company\u2019s shares ended the trading session down 12.59%<\/strong>, closing at AED 1.18.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Refresher:<\/strong> The edtech firm raised 1.89 bn from its share sale 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. 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>WATCH THIS SPACE-<\/strong> <strong>Alef is planning to close one or two acquisitions in 2024<\/strong>, \u201cwhich will complement the business and help us fulfill our growth ambitions,\u201d the edtech firm\u2019s CEO Geoffrey Alphonso told <a target=\"_blank\" href=\"https:\/\/www.thenationalnews.com\/business\/markets\/2024\/06\/12\/alef-education-shares-slump-on-adx-trading-debut\/#:~:text=We%20have%20categorised,ambitions%2C%E2%80%9D%20he%20added.\" style=\"\" rel=\"noopener\">The National<\/a>.<\/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 sold <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\">1.4 bn shares<\/a> \u2014 representing a 20% stake \u2014 in the IPO, which marked 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>Alef\u2019s slump is a far cry from the average performance of Abu Dhabi\u2019s other IPOs. <\/strong>The 14 companies that listed their shares in the last three years saw their shares rise by an average of 31% upon debut, according to data compiled by <a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2024-06-12\/abu-dhabi-s-first-ipo-of-the-year-falls-10-in-trading-debut?srnd=markets-vp#:~:text=Abu%20Dhabi%E2%80%99s%20first%20IPO%20of%202024,according%20to%20data%20compiled%20by%20Bloomberg.\" style=\"\" rel=\"noopener\">Bloomberg<\/a>. Agility Global, which had a technical listing on the ADX in May, <a target=\"_blank\" href=\"https:\/\/enterprise.news\/uae\/en\/news\/story\/40cd08aa-1d5d-4ea6-a6e3-dfba0d137825\/%253cmark%253eagility%253c%2Fmark%253e-global-shares-jump-more-than-four-fold-on-adx-debut\" style=\"\" rel=\"noopener\">quadrupled<\/a> on its debut. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The ADX could be seeing more IPOs this year<\/strong> from companies in new sectors, ADX President Abdulla Salem Al Nuaimi told CNBC Arabia in <a target=\"_blank\" href=\"https:\/\/www.cnbcarabia.com\/121267\/2024\/26\/03\/%D8%A7%D9%84%D8%B1%D8%A6%D9%8A%D8%B3-%D8%A7%D9%84%D8%AA%D9%86%D9%81%D9%8A%D8%B0%D9%8A-%D9%84%D8%B3%D9%88%D9%82-%D8%A3%D8%A8%D9%88%D8%B8%D8%A8%D9%8A-%D9%84%D9%84%D8%A3%D9%88%D8%B1%D8%A7%D9%82-%D8%A7%D9%84%D9%85%D8%A7%D9%84%D9%8A%D8%A9-%D9%84%D9%80-CNBC-%D8%B9%D8%B1%D8%A8%D9%8A%D8%A9:-%D9%86%D8%AD%D9%86-%D9%81%D9%8A-%D9%86%D9%82%D8%A7%D8%B4-%D8%AD%D8%A7%D9%84%D9%8A%D8%A7-%D9%84%D8%B7%D8%B1%D8%AD-%D8%A3%D9%86%D9%88%D8%A7%D8%B9-%D8%AC%D8%AF%D9%8A%D8%AF-%D9%85%D9%86-%D8%A7%D9%84%D8%B5%D9%86%D8%A7%D8%AF%D9%8A%D9%82-%D8%A7%D9%84%D8%A7%D8%B3%D8%AA%D8%AB%D9%85%D8%A7%D8%B1%D9%8A%D8%A9-%D9%81%D9%8A-%D8%A7%D9%84%D8%B3%D9%88%D9%82\" style=\"\" rel=\"noopener\">March<\/a>.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>ADVISORS-<\/strong> First Abu Dhabi Bank (FAB) and EFG Hermes acted as joint lead managers and bookrunners for Alef\u2019s IPO. FAB was 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<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>REMEMBER- We have more IPOs in the pipeline: <\/strong><a target=\"_blank\" href=\"https:\/\/enterprise.news\/uae\/en\/news\/story\/c51b4ea9-069c-433b-a44a-d91139d4417f\" style=\"\" rel=\"noopener\">Etihad Airways<\/a> and supermarket chain <a target=\"_blank\" href=\"https:\/\/enterprise.news\/uae\/en\/news\/story\/fa864923-b630-428a-8983-899370e1ccb4\/lulu-moves-forward-with-planned-ipo\" style=\"\" rel=\"noopener\">LuLu group<\/a> have each tapped banks to advise on their planned IPOs on the ADX, while over on the DFM, both construction firm <a target=\"_blank\" href=\"https:\/\/enterprise.news\/uae\/en\/news\/story\/e2feb924-f76a-4703-af1e-485f9061c6b2\/icd-backed-alec-taps-banks-ahead-of-planned-ipo\" style=\"\" rel=\"noopener\">Alec<\/a> and hospitality group <a target=\"_blank\" href=\"https:\/\/enterprise.news\/uae\/en\/news\/story\/e41498de-e70b-4fe3-81cc-992793f20f9c\/%253cmark%253efive-holdings%253c%2Fmark%253e-taps-banks-for-2025-ipo\" style=\"\" rel=\"noopener\">Five Holdings<\/a> tapped <a target=\"_blank\" href=\"https:\/\/enterprise.news\/uae\/en\/news\/story\/e2feb924-f76a-4703-af1e-485f9061c6b2\/icd-backed-alec-taps-banks-ahead-of-planned-ipo\" style=\"\" rel=\"noopener\"><\/a> advisors, and shisha producer Advanced Inhalation Rituals was said to be <a target=\"_blank\" href=\"https:\/\/www.reuters.com\/markets\/deals\/mideasts-biggest-tobacco-firm-air-invites-banks-pitch-roles-ipo-sources-2023-07-04\/\" style=\"\" rel=\"noopener\">eyeing an IPO<\/a> in 1H 2024. Amanat Holdings is <a target=\"_blank\" href=\"https:\/\/enterprise.news\/uae\/en\/news\/story\/a7487593-d87d-409f-8b7b-96601eda5c08\/expect-at-least-five-more-ipos-in-the-uae-this-year\" style=\"\" rel=\"noopener\">looking to list<\/a> either its education or healthcare unit, with reports that its healthcare unit could raise some USD 200 mn as soon as this year.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The story also got ink <\/strong>in <a target=\"_blank\" href=\"https:\/\/www.reuters.com\/markets\/alef-education-shares-tumble-almost-18-abu-dhabi-debut-2024-06-12\/\" style=\"\" rel=\"noopener\">Reuters<\/a>.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/uae\/tag\/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=\"93026\" 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=\"93026\">\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\">ENERGY<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/uae\/2024\/06\/13\/adnoc-reaches-final-investment-decision-awards-usd-5-5-bn-contract-for-ruwais-lng-project\/\">\r\n                            Adnoc reaches final investment decision + awards USD 5.5 bn contract for Ruwais LNG project                        <\/a>\r\n                    <\/h3>\r\n\r\n                    \r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" style=\"position:relative\">\n        <img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408834.svg\" alt=\"\">\n        Share Story\n        <!-- Dropdown Menu -->\n        <ul class=\"share-menu\">\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/enterpriseam.com\/uae\/2024\/06\/13\/adnoc-reaches-final-investment-decision-awards-usd-5-5-bn-contract-for-ruwais-lng-project\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/new-tab.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"#\" target=\"_blank\" onclick=\"event.preventDefault(); 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The company also handed out an engineering, procurement, and construction (EPC) contract for the project.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>REMEMBER- <\/strong>Adnoc planned to reach a final investment decision on the Ruwais project in 1H 2024, <a target=\"_blank\" href=\"https:\/\/enterprise.news\/uae\/en\/news\/story\/9b82da7f-5abf-4706-9357-0842a9172fa5\" style=\"\" rel=\"noopener\">Bloomberg<\/a> previously reported. The oil giant said it would use its own funds to expand production, the business information service said at the time, though several international firms \u2014 including UK oil and gas giant Shell, French TotalEnergies, Japanese trading firm Mitsui &amp; Co., and even <a target=\"_blank\" href=\"https:\/\/enterprise.news\/uae\/en\/news\/story\/f0cd0ec2-8b82-4df8-93f2-8e32668df144\/could-india-acquire-a-stake-in-adnoc%25e2%2580%2599s-al%253cmark%253e-ruwais%253c%2Fmark%253e%3F\" style=\"\" rel=\"noopener\">India<\/a> \u2014 have shown interest in acquiring a stake in the facility since then.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Getting the ball rolling:<\/strong> Adnoc handed out a USD 5.5 bn (AED 20.2 bn) EPC contract for its project, according to the statement. The contract was handed to a JV between engineering companies <a target=\"_blank\" href=\"https:\/\/www.ten.com\/en\" style=\"\" rel=\"noopener\">Technip Energies<\/a> and <a target=\"_blank\" href=\"https:\/\/www.jgc.com\/en\/\" style=\"\" rel=\"noopener\">JGC Corporation<\/a>, and National Marine Dredging Company. Adnoc had previously issued a Limited Notice to Proceed award to the JV back in <a target=\"_blank\" href=\"https:\/\/enterprise.news\/uae\/en\/news\/story\/1fa8b22a-aa62-40a1-8cbb-78f7ec6884cc\/adnoc-advances%253cmark%253e-ruwais%253c%2Fmark%253e-lng-project-with-early-contract\" style=\"\" rel=\"noopener\">March<\/a>.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>More about the JV: <\/strong>The JV was established back in <a target=\"_blank\" href=\"https:\/\/investors.technipenergies.com\/news-releases\/news-release-details\/technip-energies-and-national-petroleum-construction-company\" style=\"\" rel=\"noopener\">July 2022<\/a> to accelerate the UAE\u2019s transition to clean energy. It offers services in blue and green hydrogen, related decarbonization projects, and industrial projects in the fields of waste-to-energy, biorefining, and biochemistry.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>About the facility: <\/strong>The company plans to start exporting from the Ruwais site in 2028. The project is expected to more than double Adnoc\u2019s LNG production capacity to 15 mn metric tons per annum from 6 mn tons. Adnoc previously awarded a USD 400 mn contract to US oil field service company Baker Hughes in <a target=\"_blank\" href=\"https:\/\/www.adnoc.ae\/en\/News-and-Media\/Press-Releases\/2023\/ADNOC-Awards-More-Than-$400m-Critical-Equipment-Contract-for-Low-Carbon-LNG-Project-in-Ruwais\" style=\"\" rel=\"noopener\">October 2023<\/a> for the supply of essential long leads, and noted that early civil works on the site have already commenced.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>\u2026and has been ramping up supply agreements: <\/strong>Adnoc inked 15-year agreements with <a target=\"_blank\" href=\"https:\/\/www.adnoc.ae\/en\/news-and-media\/press-releases\/2023\/adnoc-signs-first-long-term-lng-heads-of-agreement-from-ruwais-low-carbon-lng-project\" style=\"\" rel=\"noopener\">China's ENN Natural Gas<\/a> and <a target=\"_blank\" href=\"https:\/\/enterprise.news\/uae\/en\/news\/story\/39b1c076-be9f-416a-91c1-cb72267526cf\/adnoc-secures-another-lng-supply-agreement-for-al-ruwais\" style=\"\" rel=\"noopener\">SEFE Marketing &amp; Trading Singapore<\/a>, a subsidiary of Germany\u2019s state-owned energy firm Securing Energy for Europe, to deliver to each some 1 mn tons of LNG annually from the new plant. The company also inked a <a target=\"_blank\" href=\"https:\/\/www.wam.ae\/en\/article\/b31snxc-adnoc-signs-third-long-term-heads-agreement-for\" style=\"\" rel=\"noopener\">similar 15-year agreement<\/a> with German energy giant Energie Baden-W\u00fcrttemberg to supply it with 0.6 mn tons of LNG annually.<\/p>\n<p class=\"tag-border-left\"> OTHER ENERGY NEWS-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Wintershall is selling a 10% stake in Abu Dhabi\u2019s Ghasha concession to Thai <\/strong><strong>petroleum firm <\/strong><strong><a target=\"_blank\" href=\"https:\/\/www.pttep.com\/\" style=\"\" rel=\"noopener\">PTTEP<\/a><\/strong>, as it looks to exit its operations in the country, it said in a <a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/6\/1247.pdf\" style=\"\" rel=\"noopener\">statement (pdf)<\/a>. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The move comes amid a broader restructuring <\/strong>that will see it transfer assets and exploration rights in Norway, Argentina, Germany, Mexico, Algeria, Libya, Egypt and Denmark, excluding specific assets, as well as Wintershall Dea\u2019s carbon storage licenses, to Harbour Energy. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>ADVISORS-<\/strong> Dentons advised Wintershall on the transaction, it said in a <a target=\"_blank\" href=\"https:\/\/www.dentons.com\/en\/about-dentons\/news-events-and-awards\/news\/2024\/june\/dentons-advises-wintershall-dea-on-sale-of-interest-in-abu-dhabis-ghasha-concession\" style=\"\" rel=\"noopener\">statement<\/a>.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/uae\/tag\/abu-dhabi\/\">Abu Dhabi<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\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                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"93028 advertiser\" class=\"issue-section enterprise-adv\">\n<div class=\"issue-section__content\">\n<div class=\"stories\">            <!-- Show divider before story section -->\r\n        <div \r\n            class=\"\r\n                            \"\r\n            id=\"93028\">\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/uae\/2024\/06\/13\/93028-2\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-93028\" class=\"content-area-description single-story post-93028 post type-post status-publish format-standard hentry category-advertiser wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><span style=\"font-weight:400;\"><a href=\"https:\/\/www.mashreq.com\/en\/uae\/about-us\/our-company\/awards-accolades\/\" target=\"_blank\" rel=\"noopener\"><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2024\/5\/1928.jpg?ssl=1\"><\/a><\/span><\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"93029\" 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=\"93029\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">4<\/div>\r\n\r\n                    <p class=\"f-graphik\">M&amp;A WATCH<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/uae\/2024\/06\/13\/multiplys-omorfia-takes-over-sisters-and-n-bar-owner-the-grooming-company\/\">\r\n                            Multiply\u2019s Omorfia takes over Sisters and N.Bar owner The Grooming Company                        <\/a>\r\n                    <\/h3>\r\n\r\n                    \r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" style=\"position:relative\">\n      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href=\"https:\/\/www.linkedin.com\/shareArticle?mini=true&url=https:\/\/enterpriseam.com\/uae\/2024\/06\/13\/multiplys-omorfia-takes-over-sisters-and-n-bar-owner-the-grooming-company\/&title=Multiply\u2019s Omorfia takes over Sisters and N.Bar owner The Grooming Company\">\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=Multiply%E2%80%99s+Omorfia+takes+over+Sisters+and+N.Bar+owner+The+Grooming+Company+https%3A%2F%2Fenterpriseam.com%2Fuae%2F2024%2F06%2F13%2Fmultiplys-omorfia-takes-over-sisters-and-n-bar-owner-the-grooming-company%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\/13\/multiplys-omorfia-takes-over-sisters-and-n-bar-owner-the-grooming-company\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2024\/6\/1204.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"93030\" data-permalink=\"https:\/\/enterpriseam.com\/uae\/2024\/06\/13\/multiplys-omorfia-takes-over-sisters-and-n-bar-owner-the-grooming-company\/1204-jpg-2\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/6\/1204.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"1204.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/6\/1204.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/6\/1204.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-93029\" class=\"content-area-description single-story post-93029 post type-post status-publish format-standard has-post-thumbnail hentry category-ma-watch-2 tag-enterpriseam-uae tag-ma-watch tag-multiply-group 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\/.bdceb298-4bcf-48a9-ba99-ccf32a8886ff.mp3\"><\/audio><\/figure><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> Multiply now owns 100% of beauty firm TGCH: <\/strong>Abu Dhabi-based holding company <a target=\"_blank\" href=\"https:\/\/multiply.ae\/\" style=\"\" rel=\"noopener\">Multiply Group<\/a> \u2019s beauty unit Omorfia Group has fully acquired UAE-based beauty services provider <a target=\"_blank\" href=\"https:\/\/www.thegroomingcompany.com\/\" style=\"\" rel=\"noopener\">The Grooming Company Holding<\/a> (TGCH) from private equity firm <a target=\"_blank\" href=\"https:\/\/cedar-bridge.com\/cedarbridge\/\" style=\"\" rel=\"noopener\">CedarBridge Capital Partners<\/a>, according to a <a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/6\/1162.pdf\" style=\"\" rel=\"noopener\">press release (pdf)<\/a>. TGCH owns and operates the Sisters and N.Bar franchises. The statement did not disclose the value of the transaction.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Omorfia has its eyes on global and regional expansion: <\/strong>Omorfia acquired TGCH in a bid to strengthen and expand its foothold in the GCC and Mena region and to pursue further global partnerships. The acquisition brings Omorfia\u2019s total owned and operated beauty salons to 132 across five countries, according to the statement. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>This is Omorfia\u2019s first acquisition in 2024,<\/strong> coming on the heels of the takeover of the Juice Spa and Salon last <a target=\"_blank\" href=\"https:\/\/www.zawya.com\/en\/markets\/equities\/abu-dhabis-multiply-groups-omorfia-fully-acquires-the-juice-spa-and-salon-swdba1iu\" style=\"\" rel=\"noopener\">November<\/a>, which helped Multiply boost its revenues by <a target=\"_blank\" href=\"https:\/\/www.wam.ae\/en\/article\/b24gex7-multiply-group-showcases-strong-growth-momentum#:~:text=Group%20revenue%20increased,Beauty%20%26%20Wellness%20vertical.\" style=\"\" rel=\"noopener\">15% y-o-y<\/a> to AED 1.3 bn in 2023.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>More about TGCH:<\/strong> The conglomerate\u2019s portfolio spans 47 salons under 15 franchises across five countries. TGCH\u2019s flagship brands include N.Bar, a chain of 21 nail bars; 1847, a men-only grooming salon; and Sisters Beauty Lounge, a beauty salon network across eight locations. TGCH\u2019s subsidiary Wellbe Trading is also an exclusive distributor of beauty products to TGCH and other salons throughout the GCC.<\/p>\n<p class=\"tag-border-left\">OTHER M&amp;A NEWS-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>CCL Industries closes USD 143 mn Pacman-CCL buyout: <\/strong>American-Canadian packaging and labeling firm CCL Industries completed its acquisition of the remaining 50% stake in Pacman-CCL, its JV with Dubai-based Albwardy Investment, according to a <a target=\"_blank\" href=\"https:\/\/www.wsj.com\/articles\/ccl-industries-completes-acquisition-of-100-of-middle-east-venture-883bdbda?mod=Searchresults_pos7&amp;page=1\" style=\"\" rel=\"noopener\">press release<\/a>. CCL Industries now fully owns Pacman after purchasing the stake in an all-cash transaction worth USD 143 mn (AED 525 mn). <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Background: <\/strong>CCL and Albwardy agreed on the buyout in <a target=\"_blank\" href=\"https:\/\/enterprise.news\/uae\/en\/news\/story\/1363909e-047a-4583-971f-66a183601fae\/adia-eyes-an-acquisition-of-indian-based-haldiram%25e2%2580%2599s-snacks-business-%25e2%2580%2593report\" style=\"\" rel=\"noopener\">May<\/a>, expecting to finalize it this summer. The JV operates five production facilities across the UAE, Saudi Arabia, Egypt, Oman, and Pakistan, and is the Middle East\u2019s largest label converter. Pacman-CCL recorded USD 34 mn in sales during the first four months of 2024.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/uae\/tag\/ma-watch\/\">M&amp;A WATCH<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/uae\/tag\/multiply-group\/\">Multiply Group<\/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=\"93031\" 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=\"93031\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">5<\/div>\r\n\r\n                    <p class=\"f-graphik\">ECONOMY<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/uae\/2024\/06\/13\/cbuae-holds-rates-steady\/\">\r\n                            CBUAE holds rates steady                        <\/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\/13\/cbuae-holds-rates-steady\/\" 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\/13\/cbuae-holds-rates-steady\/')\">\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\/13\/cbuae-holds-rates-steady\/\">\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=CBUAE holds rates steady&url=https:\/\/enterpriseam.com\/uae\/2024\/06\/13\/cbuae-holds-rates-steady\/\">\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\/13\/cbuae-holds-rates-steady\/&title=CBUAE holds rates steady\">\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=CBUAE+holds+rates+steady+https%3A%2F%2Fenterpriseam.com%2Fuae%2F2024%2F06%2F13%2Fcbuae-holds-rates-steady%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\/13\/cbuae-holds-rates-steady\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2024\/1\/2590.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"93032\" data-permalink=\"https:\/\/enterpriseam.com\/uae\/2024\/06\/13\/cbuae-holds-rates-steady\/2590-jpg-10\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/1\/2590.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"2590.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/1\/2590.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/1\/2590.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-93031\" class=\"content-area-description single-story post-93031 post type-post status-publish format-standard has-post-thumbnail hentry category-economy tag-central-bank-of-the-uae tag-economy tag-enterpriseam-uae tag-interest-rates wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<figure class=\"wp-block-audio mb-0\"><audio controls preload=\"metadata\" src=\"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/6\/.78313e0d-f10e-4d2a-99c4-7bcc753328d7.mp3\"><\/audio><\/figure><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>The Central Bank of the UAE kept interest rates unchanged yesterday, <\/strong>following the US Federal Reserve's decision, maintaining its overnight deposit rate at 5.40% and the overnight lending rate at 5.90%, it said in a <a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/6\/1246.pdf\" style=\"\" rel=\"noopener\">statement (pdf)<\/a>.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>REMEMBER- <\/strong>The UAE\u2019s overnight deposit rate, or the base rate on overnight deposit facilities, is anchored to the US Federal Reserve\u2019s interest rates as the AED is pegged to the USD.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Rate cuts coming in December? <\/strong>Policymakers signaled one rate cut this year in December, though traders are now pricing in two cuts as US inflation continues to show signs of slipping. We have more in Planet Finance, below.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/uae\/tag\/central-bank-of-the-uae\/\">Central Bank of the UAE<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/uae\/tag\/economy\/\">Economy<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/uae\/tag\/interest-rates\/\">interest rates<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"93033\" 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=\"93033\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">6<\/div>\r\n\r\n                    <p class=\"f-graphik\">Banking<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/uae\/2024\/06\/13\/gross-bank-assets-reach-aed-4-25-tn-in-march-cbuae\/\">\r\n                            Gross bank assets reach AED 4.25 tn in March -CBUAE                        <\/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\/13\/gross-bank-assets-reach-aed-4-25-tn-in-march-cbuae\/\" 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\/13\/gross-bank-assets-reach-aed-4-25-tn-in-march-cbuae\/')\">\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\/13\/gross-bank-assets-reach-aed-4-25-tn-in-march-cbuae\/\">\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=Gross bank assets reach AED 4.25 tn in March -CBUAE&url=https:\/\/enterpriseam.com\/uae\/2024\/06\/13\/gross-bank-assets-reach-aed-4-25-tn-in-march-cbuae\/\">\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\/13\/gross-bank-assets-reach-aed-4-25-tn-in-march-cbuae\/&title=Gross bank assets reach AED 4.25 tn in March -CBUAE\">\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=Gross+bank+assets+reach+AED+4.25+tn+in+March+-CBUAE+https%3A%2F%2Fenterpriseam.com%2Fuae%2F2024%2F06%2F13%2Fgross-bank-assets-reach-aed-4-25-tn-in-march-cbuae%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\/13\/gross-bank-assets-reach-aed-4-25-tn-in-march-cbuae\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2024\/6\/1252.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"93034\" data-permalink=\"https:\/\/enterpriseam.com\/uae\/2024\/06\/13\/gross-bank-assets-reach-aed-4-25-tn-in-march-cbuae\/1252-jpg-2\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/6\/1252.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"1252.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/6\/1252.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/6\/1252.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-93033\" class=\"content-area-description single-story post-93033 post type-post status-publish format-standard has-post-thumbnail hentry category-banking tag-banking tag-central-bank-of-the-uae tag-debt tag-enterpriseam-uae 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\/.f9100197-264a-40cc-80cd-6dce73db0a9b.mp3\"><\/audio><\/figure><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>Gross bank assets rose 1.3% m-o-m to AED 4.255 tn at the end of March<\/strong>, according to the Central Bank of the UAE\u2019s (CBUAE) latest <a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/6\/1171.pdf\" style=\"\" rel=\"noopener\">monetary and banking developments report (pdf)<\/a>. Gross credit grew a marginal 1.7% m-o-m to AED 2.014 tn, driven by a 1.1% increase in domestic credit and a 5.3% rise in foreign credit.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The increase in domestic credit was fueled by increased lending mostly to the public <\/strong><strong>sector,<\/strong> which saw a 2.8% m-o-m increase, followed by non-banking financial institutions (1.7%), and the private sector (1.4%).<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Total bank deposits reached AED <\/strong><strong>2.6<\/strong><strong>57 tn at the end of March<\/strong>, propelled by a 1.5% m-o-m increase in resident deposits and a 6.4% increase in non-resident deposits, according to the report. Domestic non-banking financial institutions boosted deposits by 17.8% m-o-m, while the government saw a 3.3% uptick, and the private sector saw a 2% increase. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The CBUAE\u2019s total foreign assets rose some AED 23.12 bn to AED 731.6 bn at the end of <\/strong><strong>March<\/strong>, according to the bank\u2019s latest <a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/6\/1183.pdf\" style=\"\" rel=\"noopener\">data (pdf)<\/a>. <\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/uae\/tag\/banking\/\">banking<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/uae\/tag\/central-bank-of-the-uae\/\">Central Bank of the UAE<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/uae\/tag\/debt\/\">debt<\/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=\"93035\" 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=\"93035\">\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\">Banking<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/uae\/2024\/06\/13\/citibank-and-emirates-nbd-launch-24-7-usd-clearing-service-in-the-uae-and-saudi\/\">\r\n                            CitiBank and Emirates NBD launch 24\/7 USD clearing service in the UAE and Saudi                        <\/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\/13\/citibank-and-emirates-nbd-launch-24-7-usd-clearing-service-in-the-uae-and-saudi\/\" 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\/13\/citibank-and-emirates-nbd-launch-24-7-usd-clearing-service-in-the-uae-and-saudi\/')\">\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\/13\/citibank-and-emirates-nbd-launch-24-7-usd-clearing-service-in-the-uae-and-saudi\/\">\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=CitiBank and Emirates NBD launch 24\/7 USD clearing service in the UAE and Saudi&url=https:\/\/enterpriseam.com\/uae\/2024\/06\/13\/citibank-and-emirates-nbd-launch-24-7-usd-clearing-service-in-the-uae-and-saudi\/\">\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\/13\/citibank-and-emirates-nbd-launch-24-7-usd-clearing-service-in-the-uae-and-saudi\/&title=CitiBank and Emirates NBD launch 24\/7 USD clearing service in the UAE and Saudi\">\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=CitiBank+and+Emirates+NBD+launch+24%2F7+USD+clearing+service+in+the+UAE+and+Saudi+https%3A%2F%2Fenterpriseam.com%2Fuae%2F2024%2F06%2F13%2Fcitibank-and-emirates-nbd-launch-24-7-usd-clearing-service-in-the-uae-and-saudi%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\/13\/citibank-and-emirates-nbd-launch-24-7-usd-clearing-service-in-the-uae-and-saudi\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2024\/5\/899.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"93036\" data-permalink=\"https:\/\/enterpriseam.com\/uae\/2024\/06\/13\/citibank-and-emirates-nbd-launch-24-7-usd-clearing-service-in-the-uae-and-saudi\/899-jpg-5\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/5\/899.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"899.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/5\/899.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/5\/899.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-93035\" class=\"content-area-description single-story post-93035 post type-post status-publish format-standard has-post-thumbnail hentry category-banking tag-banking tag-emirates-nbd tag-enterpriseam-uae 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\/.25eeba78-57ae-44ef-a156-cec3e9600fd9.mp3\"><\/audio><\/figure><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>CitiBank launched a 24\/7 USD clearing service in the region in collaboration <\/strong><strong>with Emirates NBD<\/strong>, according to a <a target=\"_blank\" href=\"https:\/\/www.emiratesnbd.com\/en\/media-center\/citi-and-emirates-nbd-collaborate-to-launch-first-of-its-kind-247-usd-cross-border-payments\" style=\"\" rel=\"noopener\">statement<\/a>. Emirates NBD will be the first bank to onboard the new clearing service, which facilitates cross-border USD payments for its corporate and retail customers every day of the week. The service can be used to handle both commercial and treasury payments.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Emirates NBD will first roll out Citi\u2019s clearing service to its clients in the UAE and Saudi Arabia<\/strong>, seeking to mitigate payment flow barriers in the region caused by varying weekend schedules and early afternoon cut-off times, the statement reads. The bank plans to later roll out the 24\/7 service throughout all of Emirates NBD\u2019s branches regionally and globally, including the bank\u2019s third party affiliates. <\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/uae\/tag\/banking\/\">banking<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/uae\/tag\/emirates-nbd\/\">Emirates NBD<\/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=\"93037\" 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=\"93037\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">8<\/div>\r\n\r\n                    <p class=\"f-graphik\">STARTUP WATCH<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/uae\/2024\/06\/13\/now-money-raises-usd-4-mn-in-equity-round\/\">\r\n                            Dubai-based digital payroll fintech Now Money raises USD 4 mn                        <\/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\/13\/now-money-raises-usd-4-mn-in-equity-round\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/new-tab.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"#\" target=\"_blank\" onclick=\"event.preventDefault(); navigator.clipboard.writeText('https:\/\/enterpriseam.com\/uae\/2024\/06\/13\/now-money-raises-usd-4-mn-in-equity-round\/')\">\n                    Copy Link                <\/a>\n\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https:\/\/enterpriseam.com\/uae\/2024\/06\/13\/now-money-raises-usd-4-mn-in-equity-round\/\">\n                    Facebook                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/facebook-icon2.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/x.com\/intent\/post?text=Now Money raises USD 4 mn in equity round&url=https:\/\/enterpriseam.com\/uae\/2024\/06\/13\/now-money-raises-usd-4-mn-in-equity-round\/\">\n                    X                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/twitter-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/www.linkedin.com\/shareArticle?mini=true&url=https:\/\/enterpriseam.com\/uae\/2024\/06\/13\/now-money-raises-usd-4-mn-in-equity-round\/&title=Now Money raises USD 4 mn in equity round\">\n                    LinkedIn                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/linkedin-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/api.whatsapp.com\/send?text=Now+Money+raises+USD+4+mn+in+equity+round+https%3A%2F%2Fenterpriseam.com%2Fuae%2F2024%2F06%2F13%2Fnow-money-raises-usd-4-mn-in-equity-round%2F\">\n                    WhatsApp                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/whatsapp-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n        <\/ul>\n    <\/div>\n        <\/div>\r\n                    \r\n                <\/div>\r\n\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/uae\/2024\/06\/13\/now-money-raises-usd-4-mn-in-equity-round\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2024\/6\/1249.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"93038\" data-permalink=\"https:\/\/enterpriseam.com\/uae\/2024\/06\/13\/now-money-raises-usd-4-mn-in-equity-round\/1249-jpg\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/6\/1249.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"1249.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/6\/1249.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/6\/1249.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-93037\" class=\"content-area-description single-story post-93037 post type-post status-publish format-standard has-post-thumbnail hentry category-startup-watch tag-enterpriseam-uae tag-fintech tag-startup-watch tag-startups wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<figure class=\"wp-block-audio mb-0\"><audio controls preload=\"metadata\" src=\"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/6\/.f5e36a68-6cac-42bd-8f9b-0d7e2c447ef3.mp3\"><\/audio><\/figure><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>Dubai-based digital payroll fintech <\/strong><strong><a target=\"_blank\" href=\"https:\/\/nowmoney.me\/\" style=\"\" rel=\"noopener\">Now Money<\/a><\/strong><strong> raised USD 4 mn<\/strong> in its latest equity round, marking its second funding round since it was acquired in a move led by Dubai-based entrepreneurs Mark Nutter and Nicolas Andine, according to a <a target=\"_blank\" href=\"https:\/\/nowmoney.me\/blog\/now-money-secures-4m-funding-investment-round\/\" style=\"\" rel=\"noopener\">statement<\/a>. The investors for this round were not disclosed.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>What will the funds be used for? <\/strong>The startup plans to scale up its operations and strengthen its technology product offerings, which aim to provide digital banking solutions for low-income workers in the GCC, especially migrant workers. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>About the startup: <\/strong>Through a mobile application available in multiple languages, the startup provides migrant workers with access to remittances, bill payments, and savings accounts. It also provides in person financial literacy training aimed at \u201cvulnerable\u201d groups.<\/p>\n<p class=\"tag-border-left\"> OTHER STARTUP NEWS-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Adia invests in Indian retailer Purplle:<\/strong> Abu Dhabi Investment Authority (Adia) led a USD 100 mn funding round for Mumbai-based beauty retailer <a target=\"_blank\" href=\"https:\/\/www.purplle.com\/\" style=\"\" rel=\"noopener\">Purplle<\/a>, Indian <a target=\"_blank\" href=\"https:\/\/economictimes.indiatimes.com\/tech\/startups\/funds-make-a-beeline-for-beauty-platforms-purplle-raises-100-million\/articleshow\/110917947.cms?from=mdr\" style=\"\" rel=\"noopener\">Economic Times<\/a> reports, citing sources familiar with the matter. The outlet said the investment is a mix of primary and secondary investment. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Background: <\/strong>The startup reportedly held talks with Adia in April for the USD 100 mn investment through a secondary transaction, Indian news outlet <a target=\"_blank\" href=\"https:\/\/www.livemint.com\/companies\/news\/purplle-plans-offline-push-as-it-looks-to-raise-100-million-from-abu-dhabi-investment-authority-11712234120769.html\" style=\"\" rel=\"noopener\">Mint<\/a> reported. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>What does Purplle do?<\/strong> Founded in 2012 by Manish Taneja (<a target=\"_blank\" href=\"https:\/\/in.linkedin.com\/in\/manish-taneja-64657116\" style=\"\" rel=\"noopener\">LinkedIn<\/a>) and Rahul Dash (<a target=\"_blank\" href=\"https:\/\/in.linkedin.com\/in\/rahuldash\" style=\"\" rel=\"noopener\">LinkedIn<\/a>), the e-commerce platform offers various beauty and personal care products. The startup is eyeing a public listing by early 2026. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Adia and Purplle are no strangers:<\/strong> This funding marks Adia\u2019s second investment in the Indian startup, following its previous USD 50-60 mn investment in Purplle in <a target=\"_blank\" href=\"https:\/\/www.livemint.com\/companies\/news\/adia-invests-50-60-mn-in-purplle-at-1-1-bn-valuation-11684867376467.html#:~:text=MUMBAI%3APurplle%2C%20an%20online%20retailer%20of%20beauty%20and%20personal%20care%20products%2C%20has%20raised%20%2450%2D60%20million%20from%20Abu%20Dhabi%20Investment%20Authority%20(ADIA)%2C%20two%20people%20aware%20of%20the%20matter%20said.\" style=\"\" rel=\"noopener\">May<\/a> 2023. During the same month, the sovereign wealth fund <a target=\"_blank\" href=\"https:\/\/www.ndtvprofit.com\/business\/adia-buys-jsw-ventures-partial-stake-in-beauty-unicorn-purplle\" style=\"\" rel=\"noopener\">acquired a stake<\/a> in the beauty retailer from JSW Ventures.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/uae\/tag\/fintech\/\">fintech<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/uae\/tag\/startup-watch\/\">STARTUP WATCH<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/uae\/tag\/startups\/\">startups<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"93039\" 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=\"93039\">\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\/13\/gulfnav-appoints-new-vice-chairman\/\">\r\n                            GulfNav appoints new vice chairman                        <\/a>\r\n                    <\/h3>\r\n\r\n                    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href=\"https:\/\/www.linkedin.com\/shareArticle?mini=true&url=https:\/\/enterpriseam.com\/uae\/2024\/06\/13\/gulfnav-appoints-new-vice-chairman\/&title=GulfNav appoints new vice chairman\">\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=GulfNav+appoints+new+vice+chairman+https%3A%2F%2Fenterpriseam.com%2Fuae%2F2024%2F06%2F13%2Fgulfnav-appoints-new-vice-chairman%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\/13\/gulfnav-appoints-new-vice-chairman\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2024\/2\/1199.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"93040\" data-permalink=\"https:\/\/enterpriseam.com\/uae\/2024\/06\/13\/gulfnav-appoints-new-vice-chairman\/1199-jpg\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/2\/1199.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"1199.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/2\/1199.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/2\/1199.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-93039\" class=\"content-area-description single-story post-93039 post type-post status-publish format-standard has-post-thumbnail hentry category-moves tag-enterpriseam-uae tag-gulfnav tag-moves wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<figure class=\"wp-block-audio mb-0\"><audio controls preload=\"metadata\" src=\"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/6\/.8bd693d3-54a3-4e36-88a4-ed777e49b99b.mp3\"><\/audio><\/figure><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Gulf Navigation<\/strong>\u2019s board tapped <strong>Abdulrahman Mahmoud AlAfifi<\/strong> as its new <strong>vice <\/strong><strong>chairman<\/strong>, following the resignation of Mohamed Abdulrahman Amir from the position, a <a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/6\/1159.pdf\" style=\"\" rel=\"noopener\">DFM filing (pdf)<\/a> reads. <\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/uae\/tag\/gulfnav\/\">GulfNav<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/uae\/tag\/moves\/\">MOVES<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"93041\" 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=\"93041\">\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\">UAE IN THE NEWS<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/uae\/2024\/06\/13\/the-uks-wealthy-are-flocking-to-abu-dhabi-to-protect-their-assets\/\">\r\n                            The UK\u2019s wealthy are flocking to Abu Dhabi to protect their assets                        <\/a>\r\n                    <\/h3>\r\n\r\n                    \r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" style=\"position:relative\">\n        <img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408834.svg\" alt=\"\">\n        Share Story\n        <!-- Dropdown Menu -->\n        <ul class=\"share-menu\">\n            <li class=\"list-inline-item\">\n                <a 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decoding=\"async\" src=\"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=The UK\u2019s wealthy are flocking to Abu Dhabi to protect their assets&url=https:\/\/enterpriseam.com\/uae\/2024\/06\/13\/the-uks-wealthy-are-flocking-to-abu-dhabi-to-protect-their-assets\/\">\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\/13\/the-uks-wealthy-are-flocking-to-abu-dhabi-to-protect-their-assets\/&title=The UK\u2019s wealthy are flocking to Abu Dhabi to protect their assets\">\n                  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               <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2024\/6\/1245.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"93042\" data-permalink=\"https:\/\/enterpriseam.com\/uae\/2024\/06\/13\/the-uks-wealthy-are-flocking-to-abu-dhabi-to-protect-their-assets\/1245-jpg-4\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/6\/1245.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"1245.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/6\/1245.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/6\/1245.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-93041\" class=\"content-area-description single-story post-93041 post type-post status-publish format-standard has-post-thumbnail hentry category-uae-in-the-news tag-abu-dhabi tag-abu-dhabi-global-market tag-enterpriseam-uae tag-uae-in-the-news 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\/.e42ee680-7792-44c0-a881-4e481f338a7d.mp3\"><\/audio><\/figure><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong><a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2024-06-12\/abu-dhabi-seizes-opportunity-to-woo-britain-s-tax-wary-rich\" style=\"\" rel=\"noopener\">Bloomberg<\/a><\/strong><strong> is once again putting<\/strong><strong> Abu Dhabi in the spotlight as a \u201cmagnet\u201d for the world\u2019s <\/strong><strong>wealthiest<\/strong>, with several British high net worth individuals moving to the emirate to shelter their assets amid changes in the UK's preferential tax treatment for non-domiciled residents. Abu Dhabi Global Market\u2019s \u201crobust regulatory framework and ecosystem with progressive regulations\u201d is to thank for the emirate\u2019s appeal among b\u2019naires, alongside a zero-tax income and a time zone that allows workers to trade across Asian, European and US hours.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/uae\/tag\/abu-dhabi\/\">Abu Dhabi<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/uae\/tag\/abu-dhabi-global-market\/\">Abu Dhabi Global Market<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/uae\/tag\/uae-in-the-news\/\">UAE IN THE NEWS<\/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=\"93043\" 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=\"93043\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">11<\/div>\r\n\r\n                    <p class=\"f-graphik\">ALSO ON OUR RADAR<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/uae\/2024\/06\/13\/abu-dhabi-inks-agreements-with-infrastructure-partners-and-universities-for-new-food-and-water-cluster\/\">\r\n                            Abu Dhabi inks agreements with infrastructure partners and universities for new food and water cluster                        <\/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\/13\/abu-dhabi-inks-agreements-with-infrastructure-partners-and-universities-for-new-food-and-water-cluster\/\" 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                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decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2024\/6\/1243.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"93044\" data-permalink=\"https:\/\/enterpriseam.com\/uae\/2024\/06\/13\/abu-dhabi-inks-agreements-with-infrastructure-partners-and-universities-for-new-food-and-water-cluster\/1243-jpg-4\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/6\/1243.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"1243.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/6\/1243.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/6\/1243.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-93043\" class=\"content-area-description single-story post-93043 post type-post status-publish format-standard has-post-thumbnail hentry category-also-on-our-radar tag-abu-dhabi tag-agrifood-growth-water-abundance tag-also-on-our-radar tag-business tag-education tag-enterpriseam-uae tag-food-security tag-tech tag-water-security 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\/.df80c99a-ed24-4ce2-9d20-848ff02b93e6.mp3\"><\/audio><\/figure><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>Infrastructure players tapped for new Abu Dhabi water and food cluster : <\/strong>Abu Dhabi\u2019s new food and water cluster \u2014 AgriFood Growth & Water Abundance (AGWA) \u2014 inked agreements with four infrastructure partners to provide infrastructure for companies setting up shop there, <a target=\"_blank\" href=\"https:\/\/wam.ae\/en\/article\/b3m1f24-agwa-leverage-key-infrastructure-partners\" style=\"\" rel=\"noopener\">Wam<\/a> reports. The partners are AD Ports, Abu Dhabi Airports, Abu Dhabi Distribution Company (ADDC), and Masdar City. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Background: <\/strong>Abu Dhabi Crown Prince Sheikh Khaled bin Mohamed bin Zayed Al Nahyan approved the launch of AGWA, which is <a target=\"_blank\" href=\"https:\/\/enterprise.news\/uae\/en\/news\/story\/0fdce3a0-e5b0-437d-8117-fea58c2bb24d\/chinese-ev-manufacturer-nio-to-set-up-shop-in-the-uae-before-the-end-of-the-year\" style=\"\" rel=\"noopener\">led<\/a> by the Abu Dhabi Department of Economic Development and the Abu Dhabi Investment Office, earlier this week. The cluster seeks to promote alternative proteins, algae, and reverse osmosis technologies to address global food shortages and water scarcity.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>AGWA also partnered with five of the UAE capital\u2019s leading universities and technology <\/strong><strong>enablers, <\/strong>to set up a framework helping companies develop research and development capabilities in the food and water security sectors, according to <a target=\"_blank\" href=\"https:\/\/wam.ae\/en\/article\/b3m1ez4-abu-dhabi%E2%80%99s-top-research-centres-boost-food-and\" style=\"\" rel=\"noopener\">Wam<\/a>. The agreements were inked with Advanced Technology Research Council, the Abu Dhabi Investment Authority Lab, Khalifa University, the United Arab Emirates University, Hub71. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>ALSO- New regulations to support water + food innovation?<\/strong> The Abu Dhabi Investment Office (ADIO), the Abu Dhabi Agriculture and Food Safety Authority (ADAFSA), and the Abu Dhabi Quality and Conformity Council (ADQCC) will work on building regulatory frameworks that support the goals of AGWA\u2019s technological advancements, <a target=\"_blank\" href=\"https:\/\/wam.ae\/en\/article\/b3m1eza-regulators-unite-support-agwa\" style=\"\" rel=\"noopener\">Wam<\/a> reports. <\/p>\n<p class=\"tag-border-left\">ENERGY-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#1- Fitch Ratings upgraded Abu Dhabi National Energy <\/strong><strong>Company\u2019s<\/strong><strong> (Taqa) long term <\/strong><strong>default rating and senior unsecured rating to AA<\/strong> with a stable outlook, from AA- previously, according to a <a target=\"_blank\" href=\"https:\/\/www.fitchratings.com\/research\/corporate-finance\/fitch-upgrades-taqa-to-aa-removes-uco-stable-outlook-11-06-2024#:~:text=Fitch%20Ratings%20%2D%20Frankfurt%20am%20Main,on%20the%20IDR%20is%20Stable.\" style=\"\" rel=\"noopener\">press release<\/a>. The agency cited its stable revenues and cashflow visibility, as well as support from the Abu Dhabi government as reasons for the upgrade. Fitch also removed Taqa from under criteria observation (UCO), under which it was <a target=\"_blank\" href=\"https:\/\/www.fitchratings.com\/research\/corporate-finance\/fitch-places-19-corporate-entities-on-uco-on-new-gre-rating-criteria-18-01-2024\" style=\"\" rel=\"noopener\">placed<\/a> in January. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#2- Adnoc taps Celeros to provide carbon capture tech for Habshan plant: <\/strong>Adnoc has chosen US-based flow technology company <a target=\"_blank\" href=\"https:\/\/www.celerosft.com\/\" style=\"\" rel=\"noopener\">Celeros<\/a> to provide two high pressure CO2 injection packages \u2014 among the world\u2019s largest \u2014 for carbon capture and storage (CCS) at its gas plant in Habshan, Abu Dhabi, according to a <a target=\"_blank\" href=\"https:\/\/www.celerosft.com\/en-us\/news\/adnoc-ccs-project-to-deploy-celeros-ft-flow-control-solutions\" style=\"\" rel=\"noopener\">statement<\/a>. The <a target=\"_blank\" href=\"https:\/\/enterprise.news\/climate\/en\/news\/story\/ebeea02b-0d26-48a5-b824-a1f3473f1d79\/adnoc-gas-awards-contract-for-major-ccus-project\" style=\"\" rel=\"noopener\">Habshan plant<\/a> will be able to process 1.5 mn tons of CO2 annually.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>REMEMBER- Adnoc has been exploring CCS investment opportunities: <\/strong>Adnoc signed a strategic collaboration agreement with Occidental Petroleum to explore <a target=\"_blank\" href=\"https:\/\/enterprise.news\/climate\/en\/news\/story\/be08c014-7792-41c7-8d9d-fe829a6de1cc\/is-direct-air-capture-an-effective%253cmark%253e-decarbonization%253c%2Fmark%253e-tool%3F\" style=\"\" rel=\"noopener\">potential investment opportunities<\/a> in CCS hubs in the UAE and the US in April. The carbon capture program is part of an initial USD 15 bn decarbonization investment in low-carbon solutions to reach Adnoc\u2019s Net-Zero by 2045.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<p class=\"tag-border-left\">TECH-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#1- National telco Emirates Integrated Telecommunications Company (du) will provide over<\/strong><strong> 100 hyperscale cloud and sovereign AI services <\/strong>for the government and public sector using software companies Oracle and NVIDIA's Oracle Alloy cloud infrastructure platform, it said in a <a target=\"_blank\" href=\"https:\/\/www.du.ae\/about\/media-centre\/newsdetail\/du-to-launch-hyperscale-cloud-and-sovereign-ai-services\" style=\"\" rel=\"noopener\">statement<\/a>. Du will run Oracle\u2019s services from its UAE data center \u2014 making it the first local hyperscale cloud provider \u2014 with a focus on Dubai and the northern emirates.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#2- Dell and Presight<\/strong><strong> ink an MoU<\/strong><strong> to accelerate AI: <\/strong>Dell partnered with UAE-based AI company <a target=\"_blank\" href=\"https:\/\/www.presight.ai\/\" style=\"\" rel=\"noopener\">Presight<\/a> to develop RAN and Internet of Things (IoT) analytics architectures for customers in the UAE, <a target=\"_blank\" href=\"https:\/\/www.tradearabia.com\/news\/IT_423125.html\" style=\"\" rel=\"noopener\">Trade Arabia<\/a> reports. Presight also signed <a target=\"_blank\" href=\"https:\/\/enterprise.news\/uae\/en\/news\/story\/6b6e491b-b0f9-44f5-9ee6-2380e0e4d514\/binghatti-is-launching-a-new-aed-3-bn-business-bay-project\" style=\"\" rel=\"noopener\">an MoU<\/a> in May with Dell on the development of private cloud solutions as well as the development and deployment of sustainable data center solutions. <\/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\">DEBT- <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Emirates Global Aluminium (EGA) funded its acquisition of German aluminum recycling <\/strong><strong>company <\/strong><strong><a target=\"_blank\" href=\"https:\/\/www.leichtmetall.eu\/de\/\" style=\"\" rel=\"noopener\">Leichtmetall Aluminum Giesserei<\/a><\/strong><strong> with its first green loan facility<\/strong>, it said in a <a target=\"_blank\" href=\"https:\/\/media.ega.ae\/ega-launches-green-finance-framework-reveals-first-green-loan-facility\/\" style=\"\" rel=\"noopener\">statement<\/a>, which did not disclose the size of the loan. The loan comes as part of EGA\u2019s newly inaugurated green finance framework, developed with support from First Abu Dhabi Bank. Citi and ING are the lead sustainability structuring banks for the framework.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>REFRESHER- <\/strong>EGA closed its acquisition of 100% of Leichtmetall Aluminum Giesserei from Leichtmetall Holding <a target=\"_blank\" href=\"https:\/\/enterprise.news\/uae\/en\/news\/story\/405d2695-3a2f-459f-ad36-c9b0c76777f3\/dubizzle-acquires-automotive-news-platform-drive-arabia-%2B-ega-completes%253cmark%253e-leichtmetall%253c%2Fmark%253e-acquisition\" style=\"\" rel=\"noopener\">last month<\/a>, marking its first major acquisition since it was formed through the <a target=\"_blank\" href=\"https:\/\/www.reuters.com\/article\/emirates-aluminium-merger-idUSL5N0EF1GE20130603\/\" style=\"\" rel=\"noopener\">merger<\/a> of Dubai Aluminum and Emirates Aluminum. EGA did not provide details on the value of the purchase.<\/p>\n<p class=\"tag-border-left\">DEFENSE-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Edge + Cummins collaborate on military maintenance:<\/strong> Defense conglomerate <a target=\"_blank\" href=\"https:\/\/edgegroup.ae\/\" style=\"\" rel=\"noopener\">Edge Group<\/a> \u2019s military maintenance, repair, and overhaul arm <a target=\"_blank\" href=\"https:\/\/altaif.ae\/\" style=\"\" rel=\"noopener\">Al Taif<\/a> signed two MoUs with power provider <a target=\"_blank\" href=\"https:\/\/www.cummins.com\/news\/2017\/06\/23\/introducing-cummins-arabia\" style=\"\" rel=\"noopener\">Cummins Arabia<\/a> to partner on the sales, maintenance, and servicing activities of Cummins\u2019 engines and products owned by the UAE Armed Forces and other government entities, <a target=\"_blank\" href=\"https:\/\/wam.ae\/en\/article\/b3mmu6k-edge-signs-two-mous-with-%E2%80%98cummins-arabia%E2%80%99\" style=\"\" rel=\"noopener\">Wam<\/a> reported. The agreements also cover marketing, promotion, and sales of rugged mobile power products.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<p class=\"tag-border-left\">INFRASTRUCTURE- <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>AD Ports is taking over three tourism terminals in Egypt: <\/strong>AD Ports will develop, operate, and manage three cruise terminals in Egypt\u2019s Red Sea cities of Hurghada, Safaga, and Sharm El Sheikh, after inking a USD 4.7 mn 15-year concession agreement with the Red Sea Port Authority, the group said in a <a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/6\/1190.pdf\" style=\"\" rel=\"noopener\">statement (pdf)<\/a> yesterday. Under the agreement, AD Ports will \u201cprovide new services, improve access for cruise operators and add new itineraries through the Group\u2019s cruise terminal network in the Red Sea.\u201d<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>ALSO FROM AD PORTS- <\/strong>The group ratified two 30-year concession agreements with the SCZone that will see it develop, manage, and operate a roll-on, roll-off ship terminal and a cruise terminal in Ain Sokhna Port.<\/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>Meydan Freezone premises will now be open round the clock,<\/strong> courtesy of a Dubai 247 initiative launched by Meydan to offer clients and investors round-the-clock access to its company establishment processes and visa services, <a target=\"_blank\" href=\"https:\/\/www.wam.ae\/en\/article\/b3mmuig-meydan-free-zone-unveils-dubai-24x7-grow-from\" style=\"\" rel=\"noopener\">Wam<\/a> reports. An operations team will also be available 24\/7 in the client lobby for consultations, transactions, and document issuances.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<p class=\"tag-border-left\">EDUCATION-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#1- Dubai teachers to get schooled in AI: <\/strong>Crown Prince of Dubai Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum launched an initiative aiming to train teachers in Dubai to use AI on the sidelines of the AI Retreat 2024, according to a <a target=\"_blank\" href=\"https:\/\/www.mediaoffice.ae\/en\/news\/2024\/june\/12-06\/hamdan-bin-mohammed-launches-initiative-to-expand-role-of-educators-in-driving-ai-transformation\" style=\"\" rel=\"noopener\">Dubai Media Office statement<\/a>. The initiative \u2014 which will be overseen by the Dubai Center for Artificial Intelligence and the Knowledge and Human Development Authority \u2014 will focus on advanced AI applications to automate tasks and personalize learning experiences. Some AED 1 mn in awards will be distributed to the top ten teachers adapting AI in education at the next AI Retreat in 2025.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#2-<\/strong> <strong>Gulf Medical University signed an MoU with Meridian Healthcare<\/strong> to promote healthcare education and research, according to a <a target=\"_blank\" href=\"https:\/\/www.zawya.com\/en\/press-release\/companies-news\/gulf-medical-university-and-meridian-healthcare-sign-mou-to-promote-research-and-health-professions-education-yzbwr0sf\" style=\"\" rel=\"noopener\">press release<\/a>. The agreement will include the improvement of an AI-focused curriculum, training on AI applications, the development of research projects and faculty development initiatives. <\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/uae\/tag\/abu-dhabi\/\">Abu Dhabi<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/uae\/tag\/agrifood-growth-water-abundance\/\">AgriFood Growth &amp; Water Abundance<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/uae\/tag\/also-on-our-radar\/\">ALSO ON OUR RADAR<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/uae\/tag\/business\/\">business<\/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\/food-security\/\">Food security<\/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\/water-security\/\">water security<\/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=\"93045\" 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=\"93045\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">12<\/div>\r\n\r\n                    <p class=\"f-graphik\">PLANET FINANCE<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/uae\/2024\/06\/13\/us-inflation-slips-in-may-boosting-hopes-of-more-rate-cuts-this-year-despite-policymakers-signaling-one-rate-cut\/\">\r\n                            US inflation slips in May, boosting hopes of more rate cuts this year despite policymakers signaling one rate cut                        <\/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\/13\/us-inflation-slips-in-may-boosting-hopes-of-more-rate-cuts-this-year-despite-policymakers-signaling-one-rate-cut\/\" 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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Closer to home, Saudi Arabia could be mulling changes to its tax regime to attract foreign investors to its local debt markets.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#1- US consumer prices remained unchanged in May<\/strong>, driven by lower gasoline prices offsetting higher costs for rental housing, according to the <a target=\"_blank\" href=\"https:\/\/www.bls.gov\/news.release\/cpi.nr0.htm\" style=\"\" rel=\"noopener\">US Labor Department<\/a>. This is down from a 0.3% increase in April. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The positive inflation reading boosted hopes for two rate cuts this year,<\/strong> one in September and another in December, despite policymakers indicating just a single rate cut in December in the Fed\u2019s dot plot, <a target=\"_blank\" href=\"https:\/\/www.reuters.com\/markets\/us\/us-consumer-prices-flat-may-defying-expectations-slight-rise-2024-06-12\/\" style=\"\" rel=\"noopener\">Reuters<\/a> reports. On the bright side, 2025 is expected to see four rate cuts \u2014 amounting to a 100 bps cut. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The US Federal Reserve kept its benchmark federal funds rate steady<\/strong> at a 5.25% to 5.5% range at yesterday\u2019s meeting. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#2- CLOSER TO HOME- <\/strong><strong>Is KSA mulling easing taxes to lure foreign investments in local <\/strong><strong>debt?<\/strong> The Saudi Capital Market Authority (CMA) is considering eliminating a 5% withholding tax on interest payments for debt instruments, it said in a <a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/6\/1208.pdf\" style=\"\" rel=\"noopener\">report (pdf)<\/a> outlining a strategy to develop the Kingdom\u2019s debt capital market. The potential tax change is one of several proposals on the table to help attract foreign investors to local corporate bonds. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The pitch:<\/strong> The withholding is \u201cunattractive and discouraging for foreign institutional investors,\u201d the CMA said in its report. The regulator will also look into easing requirements for debt offerings to encourage local issuances and work on facilitating trading, settlement and clearing of foreign-currency denominated debt instruments by local companies. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The rationale:<\/strong> The Saudi debt capital market is still nascent, particularly when compared to the equity market, which \u201chas been a point of strength\u201d in Saudi \u201cthanks in part to a thriving environment for initial public offerings,\u201d <a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2024-06-12\/saudis-may-ease-tax-rules-to-boost-appeal-of-bonds-to-foreigners?srnd=markets-vp&amp;embedded-checkout=true\" style=\"\" rel=\"noopener\">Bloomberg<\/a> notes. Our friend EFG Hermes Head of Research Ahmed Shams El Din also told EnterpriseAM Saudi <a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\/news\/story\/4bcd3720-29a6-4af8-bd2d-4f648523c1e2\/asset-managers-underweighting-saudi-are-missing-the-boat\" style=\"\" rel=\"noopener\">earlier this year<\/a> that the \u201cdark horse in Saudi Arabia is debt capital markets,\u201d which are still lagging behind most emerging markets. A lacking debt capital market will make \u201cthe hype\u201d on equity capital markets \u201cnot sustainable,\u201d he told us.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>ALSO- EY\u2019s UK\u2019s head Hywel Ball handed in his resignation, <\/strong>setting off a leadership race while the Big Four firm navigates a market downturn, the <a target=\"_blank\" href=\"https:\/\/www.ft.com\/content\/30a7bdb2-ecf5-4928-b741-b2552c6b0351\" style=\"\" rel=\"noopener\">Financial Times<\/a> reports, citing an email it has seen. Ball \u2014 who has helmed EY UK since 2020 and was handed a second tenure extension in <a target=\"_blank\" href=\"https:\/\/www.ft.com\/content\/279714b5-9c57-4c5e-abc5-9e49769992f3\" style=\"\" rel=\"noopener\">January<\/a> \u2014 wrote in the email that it was time to \u201chand the baton\u201d to new leadership, with the internal selection process slated to be kicked off in 2H 2024, EY said in a statement. <\/p>\n<p class=\"tag-border-left\">MARKETS THIS MORNING- <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Asian markets are rallying<\/strong> on news of the Fed keeping interest rates unchanged and gains in EV stocks in Hong Kong. Wall Street futures also rose, indicating a continued strong streak for US benchmarks this week. <\/p>\n<p><a target=\"_blank\" id=\"t.27623d3de18bad95430089cee51d5632aed6f921\" 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\">8,930<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">-0.8% (YTD: -6.8%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<p><svg class=\"e-icon e-TypeMarkets1\"><use xlink:href=\"#e-TypeMarkets1\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>D<\/strong><strong>F<\/strong><strong>M<\/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\">3,979<\/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: -2.0%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<p><svg class=\"e-icon e-TypeMarkets1\"><use xlink:href=\"#e-TypeMarkets1\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;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\">3366<\/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\">-0.43% (YTD: -12.4%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-none\">\n<td class=\"td-list-none\">\n<p><svg class=\"e-icon e-TypeMarkets\"><use xlink:href=\"#e-TypeMarkets\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>USD : AED<\/strong><strong> CBUAE<\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">Buy 3.67<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">Sell 3.67<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-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\">5.3% 1 yr<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<p><svg class=\"e-icon e-TypeMarkets1\"><use xlink:href=\"#e-TypeMarkets1\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;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\">11,652<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">-1.1% (YTD: -2.6%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;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\">26,133<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">+0.2% (YTD: +5.0%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>S&amp;P 500<\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">5,421<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">+0.9% (YTD: +13.7%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>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\">8,215<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">+0.8% (YTD: +6.2%)<\/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>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\">5,034<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">+1.4% (YTD: +11.3%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>Brent crude<\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">USD 82.48<\/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%<\/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>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 3.05<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">- 2.7%<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>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 2,354.8<\/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\">+ 1.2%<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>BTC<\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">USD 68,208.00<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">+1.5% (YTD: +61.1%)<\/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 0.7% yesterday<\/strong> on turnover of AED 275. mn. The index is down 2.0% 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>Agility The Public Warehousing Company (+3.7%), Watania International Holding (+2.8%) and Orascom Construction (+1.8%).<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>In the red: <\/strong>Al Salam Sudan (-4.8%), Dubai Islamic Insurance and Reinsurance Co. (-3.9%) and Air Arabia (-3.5%). <\/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 closed down 0.8% on turnover of AED 485.4 mn. Meanwhile Nasdaq Dubai closed down 0.43%.<\/p>\n<p class=\"tag-border-left\">CORPORATE ACTIONS-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Naeem Holding for Investment approved the purchase of 7 mn treasury shares<\/strong>, amounting to 2% of the company's total shares, on the condition that the transaction is completed within one month from today, according to a <a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/6\/1206.pdf\" style=\"\" rel=\"noopener\">DFM disclosure (pdf)<\/a>. <\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/uae\/tag\/inflation\/\">inflation<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/uae\/tag\/interest-rates\/\">interest rates<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/uae\/tag\/planet-finance\/\">PLANET FINANCE<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/uae\/tag\/saudi-arabia\/\">Saudi Arabia<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/uae\/tag\/tax\/\">tax<\/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=\"93047\" 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=\"93047\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">13<\/div>\r\n\r\n                    <p class=\"f-graphik\">DIPLOMACY<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/uae\/2024\/06\/13\/uae-austria-discuss-ramping-up-trade-and-investment-ties\/\">\r\n                            UAE, Austria discuss ramping up trade and investment ties                        <\/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\/13\/uae-austria-discuss-ramping-up-trade-and-investment-ties\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/new-tab.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"#\" target=\"_blank\" onclick=\"event.preventDefault(); navigator.clipboard.writeText('https:\/\/enterpriseam.com\/uae\/2024\/06\/13\/uae-austria-discuss-ramping-up-trade-and-investment-ties\/')\">\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\/13\/uae-austria-discuss-ramping-up-trade-and-investment-ties\/\">\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, Austria discuss ramping up trade and investment ties&url=https:\/\/enterpriseam.com\/uae\/2024\/06\/13\/uae-austria-discuss-ramping-up-trade-and-investment-ties\/\">\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\/13\/uae-austria-discuss-ramping-up-trade-and-investment-ties\/&title=UAE, Austria discuss ramping up trade and investment ties\">\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%2C+Austria+discuss+ramping+up+trade+and+investment+ties+https%3A%2F%2Fenterpriseam.com%2Fuae%2F2024%2F06%2F13%2Fuae-austria-discuss-ramping-up-trade-and-investment-ties%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\/13\/uae-austria-discuss-ramping-up-trade-and-investment-ties\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2024\/6\/1207.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"93048\" data-permalink=\"https:\/\/enterpriseam.com\/uae\/2024\/06\/13\/uae-austria-discuss-ramping-up-trade-and-investment-ties\/1207-jpg\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/6\/1207.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"1207.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/6\/1207.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/6\/1207.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-93047\" class=\"content-area-description single-story post-93047 post type-post status-publish format-standard has-post-thumbnail hentry category-diplomacy tag-diplomacy tag-enterpriseam-uae tag-investment tag-trade tag-ukraine 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\/.a2992283-2233-4637-b4cf-8b9125c41667.mp3\"><\/audio><\/figure><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Foreign Affairs Minister Sheikh Abdullah bin Zayed Al Nahyan met with his Austrian <\/strong><strong>counterpart Alexander Schallenberg <\/strong>to discuss ramping up cooperation in economic, trade, investment, education, culture, energy, and climate action sectors, <a target=\"_blank\" href=\"https:\/\/wam.ae\/en\/article\/b3mmur6-abdullah-bin-zayed-austrian-discuss-bilateral\" style=\"\" rel=\"noopener\">Wam<\/a> reports. The ministers also explored cooperation with international organizations.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The minister also met Austrian Chancellor Karl Nehammer to discuss boosting cooperation<\/strong>, <a target=\"_blank\" href=\"https:\/\/wam.ae\/en\/article\/b3mmuwx-chancellor-austria-receives-abdullah-bin-zayed\" style=\"\" rel=\"noopener\">Wam<\/a> reported separately. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>UAE Justice Minister Abdullah bin Sultan bin Awad Al Nuaimi met with his Uzbek counterpart Akbar Tashkulov<\/strong> to discuss ramping up judicial cooperation, <a target=\"_blank\" href=\"https:\/\/www.wam.ae\/en\/article\/b3mmuzt-uae-uzbek-ministers-justice-discuss-enhancing\" style=\"\" rel=\"noopener\">Wam<\/a> reported. <\/p>\n<p class=\"tag-border-left\">OTHER DIPLOMACY NEWS- <\/p>\n<ul>\n<li><strong>State Minister Noura Al Kaabi took part in the Oslo Forum in Norway <\/strong><strong>yesterday, <\/strong>discussing strategies for conflict resolution and peacemaking and calling for increased global communication and cooperation across politics, economy, technology, health, food, and climate change fields. (<a target=\"_blank\" href=\"https:\/\/www.mofa.gov.ae\/en\/mediahub\/news\/2024\/6\/12\/12-6-2024-uae-oslo\" style=\"\" rel=\"noopener\">Statement<\/a>) <\/li>\n<li><strong>International Cooperation Minister Reem Al Hashimy headed the UAE <\/strong><strong>delegation at the Ukraine Recovery Conference<\/strong> in Berlin yesterday, reaffirming the UAE\u2019s commitment to Ukraine's recovery and reconstruction and outlining upcoming support plans to support Ukrainian educational and healthcare systems. The minister held several bilateral meetings on the sidelines of the conference. (<a target=\"_blank\" href=\"https:\/\/wam.ae\/en\/article\/b3mmuij-uae-participates-ukraine-recovery-conference\" style=\"\" rel=\"noopener\">Wam<\/a>) <\/li>\n<\/ul>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/uae\/tag\/diplomacy\/\">DIPLOMACY<\/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\/trade\/\">trade<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/uae\/tag\/ukraine\/\">Ukraine<\/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=\"93049\" 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\/13\/93049-2\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-93049\" class=\"content-area-description single-story post-93049 post type-post status-publish format-standard hentry category-calendar wpautop entry\">\n\n\t\t\t<hr class=\"wp-block-separator has-text-color has-primary-color has-alpha-channel-opacity has-primary-background-color has-background is-style-wide\">\n\n\t\t<h2 class=\"wp-block-heading mt-0 has-primary-color has-text-color has-link-color has-normal-font-size\" style=\"padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px\">\n\t\t\t<strong> CALENDAR<\/strong>\n\t\t<\/h2>\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">JUNE<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">15 June (Saturday): Arafat day, national holiday.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">16-18 June (Sunday-Tuesday): Eid Al Adha, national holiday.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">24 June (Monday): The deadline for shareholders of Ras Al Khaimah White Cement to sell their shares to Ultratech.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700;\">Signposted to happen sometime in 1H 2024:<\/span><\/p>\n<ul>\n<li><span style=\"font-weight:400;\">Spinneys inaugurates its first store in KSA<\/span><\/li>\n<\/ul>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700;\">JULY<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">7 July (Sunday): Islamic new year, national holiday.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">AUGUST<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">3 August (Saturday): UFC Fight Night, Etihad arena, Abu Dhabi.  <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">21-22 August (Wednesday-Thursday): Dubai Business Forum in Beijing, China.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700;\">Signposted to happen sometime in mid-August:<\/span><\/p>\n<ul>\n<li><span style=\"font-weight:400;\">New regulations around telemarketing calls will go into effect<\/span><\/li>\n<\/ul>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700;\">SEPTEMBER<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">9-11 September (Monday-Wednesday): World Utilities Congress, Abu Dhabi.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">28-30 September (Saturday-Monday): World Association of Nuclear Operators (WANO) Biennial General Meeting, Abu Dhabi. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700;\">OCTOBER<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">15 October (Tuesday): Deadline for the European Commission to make a decision on its probe into e&\u2019s acquisition of PPF\u2019s Eastern European assets. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">24-27 October (Thursday-Sunday): International Sports Medicine Conference, Dubai.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">30-1 November (Wednesday-Friday): World Cities Cultural Summit, Dubai.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">29 October - 2 November (Tuesday-Saturday): Abu Dhabi Early Childhood Week, Abu Dhabi.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700;\">NOVEMBER<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">11-14 November (Monday-Thursday): ADIPEC, Abu Dhabi.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">11-14 November (Monday-Thursday): ADIPEC Maritime and Logistics Exhibition and Conference, Abu Dhabi.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">11-14 November (Monday-Thursday): ADIPEC Decarbonisation Accelerator, Abu Dhabi.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span>23 November (Saturday): <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.wirelessfestival.me\/\" style=\"\">Wireless Festival Middle East<\/a><\/span><span style=\"font-weight:400;\">, Etihad Park, Abu Dhabi. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">27-28 November (Wednesday-Thursday): RAK Energy Summit, Al Hamra International Exhibition and Conference Centre, Ras Al Khaimah.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700;\">DECEMBER<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">2-3 December (Monday-Tuesday): National Day, public holiday.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span>5-8 December (Thursday-Sunday): <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/tickets.formula1.com\/en\/f1-3312-abu-dhabi?pgs=1&gad_source=1&gclid=CjwKCAjw_e2wBhAEEiwAyFFFo5lKSTphNqFv_Ectz0OzLo0NjMI0mNztBGynm9Rtn7X60C1_KW-XpBoCweIQAvD_BwE\" style=\"\">Formula 1 Etihad Airways Abu Dhabi Grand Prix<\/a><\/span><span style=\"font-weight:400;\">, Yas Marina Circuit. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">8-12 December (Sunday-Thursday): International Desalination and Reuse Association World Congress, Adnec Centre Abu Dhabi.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span>9-10 December (Saturday-Sunday): <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/b.tc\/conference\/mena\" style=\"\">The Bitcoin Mena Conference<\/a><\/span><span style=\"font-weight:400;\">, Adnec Centre Abu Dhabi.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">10-12 December (Tuesday-Thursday): Middle East Business Aviation, Dubai World Central.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700;\">Signposted to happen sometime before the end of the year:<\/span><\/p>\n<ul>\n<li><span style=\"font-weight:400;\">Spinneys inaugurates three more stores in KSA<\/span><\/li>\n<\/ul>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700;\">Signposted to happen in 2025:<\/span><\/p>\n<ul>\n<li><span style=\"font-weight:400;\">6-11 April (Sunday-Friday): Geo-Spatial Week 2025, Dubai.<\/span><\/li>\n<li><span style=\"font-weight:400;\">3-4 June (Tuesday-Wednesday): Make-A-Wish International\u2019s Global Wish summit, Abu Dhabi.<\/span><\/li>\n<li><span style=\"font-weight:400;\">TBD: The Middle East Electric Vehicle Show, Expo Center Sharjah. <\/span><\/li>\n<\/ul>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700;\">Signposted to happen sometime in 2028:<\/span><\/p>\n<ul>\n<li><span style=\"font-weight:400;\"> Abu Dhabi to host the 47th Chess Olympiad<\/span><\/li>\n<\/ul>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n","protected":false},"excerpt":{"rendered":"<p>Adnoc awards EPC contract for Ruwais | Omorfia acquires Sisters owner The Grooming Company | Emirates NBD launches 24\/7 USD clearing service<\/p>\n","protected":false},"featured_media":93020,"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-93019","issue","type-issue","status-publish","has-post-thumbnail","hentry","wpautop","entry"],"acf":{"mongo_id":"d5a4a098-819a-4b36-a37a-7f30e767d589","teaser":"Adnoc awards EPC contract for Ruwais | Omorfia acquires Sisters owner The Grooming Company | Emirates NBD launches 24\/7 USD clearing 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