{"id":93278,"date":"2024-06-27T00:00:00","date_gmt":"2024-06-27T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/uae\/?post_type=issue&#038;p=93278"},"modified":"2025-12-15T00:42:34","modified_gmt":"2025-12-15T00:42:34","slug":"abu-dhabi-investment-authority-among-investors-in-usd-3-5-bn-hedge-fund","status":"publish","type":"issue","link":"https:\/\/enterpriseam.com\/uae\/issues\/abu-dhabi-investment-authority-among-investors-in-usd-3-5-bn-hedge-fund\/","title":{"rendered":"Abu Dhabi Investment Authority among investors in USD 3.5 bn hedge fund"},"content":{"rendered":"<section id=\"93280\" 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=\"93280\">\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\/27\/adia-invests-in-jain-global-al-zeyoudi-wants-to-grow-trade-ties-with-the-us\/\">\r\n                            THIS MORNING: Adia invests in Jain Global + Al Zeyoudi wants to grow trade ties with the US                        <\/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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href=\"https:\/\/enterpriseam.com\/uae\/2024\/06\/27\/adia-invests-in-jain-global-al-zeyoudi-wants-to-grow-trade-ties-with-the-us\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2024\/6\/1776.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"93281\" data-permalink=\"https:\/\/enterpriseam.com\/uae\/2024\/06\/27\/adia-invests-in-jain-global-al-zeyoudi-wants-to-grow-trade-ties-with-the-us\/1776-jpg-6\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/6\/1776.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"1776.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/6\/1776.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/6\/1776.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-93280\" class=\"content-area-description single-story post-93280 post type-post status-publish format-standard has-post-thumbnail hentry category-what-were-tracking-today tag-energy tag-enterpriseam-uae tag-ma tag-masdar tag-uae-us-relations 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\/.0e966e38-f21c-4512-b483-9d8461bde390.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, ladies and gentlemen.<\/strong><span style=\"background-color: transparent;\"> It\u2019s not a particularly busy morning as we approach the end of the last workweek of the month, although the news cycle is giving us quite the range of stories to get the day started.<\/span><\/p>\n<p class=\"tag-border-left\"> PUBLIC SERVICE ANNOUNCEMENT- <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Customers can now use video calls to inquire about or receive support from the Human<\/strong><strong> Resources and Emiratisation Ministry<\/strong>, after the authority launched the service through its official smart application, <a target=\"_blank\" href=\"https:\/\/wam.ae\/en\/article\/b3uywki-ministry-human-resources-and-emiratisation\" style=\"\" rel=\"noopener\">Wam<\/a> reports. The move comes as the ministry looks to expand the availability of digital services as part of the government\u2019s digital transformation goals. The video call service will run during the ministry\u2019s official working hours, and can also be accessed on WhatsApp using the number 600590000.<\/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- Expanding trade ties with the US on the horizon: <\/strong>Trade Minister Thani Ahmed Al Zeyoudi is looking to strengthen UAE-US ties by increasing the 1.5k US companies operating in the Emirates, he said during an official visit to Washington this week for the SelectUSA Investment conference, <a target=\"_blank\" href=\"https:\/\/www.al-monitor.com\/originals\/2024\/06\/g42-microsoft-partnership-kenya-just-beginning-says-uae-trade-minister#:~:text=In%20an%20exclusive%20interview%20with,priority%20in%20UAE%20trade%20policy.\" style=\"\" rel=\"noopener\">Al Monitor<\/a> writes.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>It\u2019s not just oil:<\/strong> Non-oil trade between the two countries is approaching the USD 40 bn per year mark, with a steady annual growth rate, while the UAE\u2019s total investment in the US currently stands at USD 38 bn, spanning sectors from technology to energy. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The UAE is encouraging US manufacturers to bring in their technology <\/strong>and improve operational efficiency by leveraging complementary services offered in the UAE, Al Zeyoudi said. \u201cIn the last three years, through the CEPA program, we're talking about [providing access to a market of] more than 2.2 billion, through the UAE for US manufacturing.\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\"><a id=\"wwtt2\"><\/a> <strong>#2- Masdar sets sights on US growth: <\/strong>Masdar is also looking to grow \u201cbeyond tenfold\u201d in the US over the next three to seven years, President and Chief Executive of Masdar Americas Philip Haddad said during the 2024 SelectUSA Investor Summit, according to <a target=\"_blank\" href=\"https:\/\/www.thenationalnews.com\/business\/energy\/2024\/06\/25\/abu-dhabis-masdar-in-us-for-the-long-term\/\" style=\"\" rel=\"noopener\">the National<\/a>. Masdar aims to achieve this through investment in development and operating platforms, and already signed an agreement to acquire a <a target=\"_blank\" href=\"https:\/\/enterprise.news\/climate\/en\/news\/story\/084355bf-3c28-446d-994e-42633fe5f3e8\/masdar-to-acquire-50%2525-of-us-renewables-firm%253cmark%253e-terra%253c%2Fmark%253e-%253cmark%253egen%253c%2Fmark%253e-power\" style=\"\" rel=\"noopener\">50% stake<\/a> in US renewables firm Terra-Gen Power Holdings in March.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>REMEMBER- Masdar has plans to expand globally and already has a foothold in the US: <\/strong>Masdar has set a goal to achieve 100 GW of global energy capacity by 2030. In the US, Masdar <a target=\"_blank\" href=\"https:\/\/enterprise.news\/climate\/en\/news\/story\/084355bf-3c28-446d-994e-42633fe5f3e8\/masdar-to-acquire-50%2525-of-us-renewables-firm%253cmark%253e-terra%253c%2Fmark%253e-%253cmark%253egen%253c%2Fmark%253e-power\" style=\"\" rel=\"noopener\">finalized its acquisition<\/a> of a 50% share in EDF Renewables North America\u2019s 128 MW Big Beau solar plant in California last year. In 2020, Masdar and EDF inked an agreement to jointly co-develop eight US-based renewables plants that would yield a total of 1.6 GW. The company\u2019s portfolio in the US currently consists of four wind projects in Texas and New Mexico and five solar projects in California.<\/p>\n<hr style=\"height:2px;border-width:0;color:gray;background-color:gray\">\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><a id=\"wwtt3\"><\/a> <strong>#3- Masdar is eying a 49% stake in Indian green hydrogen and ammonia producer <\/strong> <strong><a target=\"_blank\" href=\"https:\/\/www.hygenco.in\/\" style=\"\" rel=\"noopener\">Hygenco<\/a><\/strong><strong> in what would be a USD 400 mn transaction<\/strong>, Indian news outlet <a target=\"_blank\" href=\"https:\/\/www.livemint.com\/industry\/energy\/masdar-aiib-sojitz-mitsubishi-gentari-marubeni-ifc-among-others-eye-hygenco-stake-sale-in-400-million-deal-11719205970630.html\" style=\"\" rel=\"noopener\">Mint<\/a> reports. Other bidders for Hygenco include China\u2019s AIIB and Australia\u2019s Macquarie Group. All bidders are expected to present non-binding offers next, followed by binding offers, according to <a target=\"_blank\" href=\"https:\/\/www.zawya.com\/en\/projects\/industry\/masdar-in-race-to-buy-stake-in-indias-green-hydrogen-manufacturer-report-mkq1mpaz\" style=\"\" rel=\"noopener\">Zawya<\/a>. The funds will help Hygenco develop 10 GW of production and distribution assets by 2030.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><a id=\"wwtt4\"><\/a> <strong>#4- Dubai Investments starts work <\/strong><strong>on economic<\/strong><strong> zone in Angola:<\/strong> Dubai Investments has begun the development of a mixed-use economic zone covering 2k hectares in Angola\u2019s Dande province, located 50 km from the capital city of Luanda, <a target=\"_blank\" href=\"https:\/\/www.tradearabia.com\/news\/CONS_423543.html\" style=\"\" rel=\"noopener\">Trade Arabia<\/a> reported. The project \u2014 called Dubai Investments Park Angola (DIP Angola) \u2014 will include industrial, commercial, residential, and recreational spaces, in efforts to become a strategic hub for various sectors such as manufacturing, logistics, technology, retail, and tourism. The economic park is set to become Angola\u2019s first fully integrated economic zone.<\/p>\n<p class=\"tag-border-left\">DATA POINT-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Nafis registered companies grow 28% in 1H:<\/strong> The number of private companies registered in the <a target=\"_blank\" href=\"https:\/\/nafis.gov.ae\/\" style=\"\" rel=\"noopener\">Nafis<\/a> Emiratisation program year-to-date has grown 28% y-o-y, <a target=\"_blank\" href=\"https:\/\/www.alkhaleej.ae\/2024-06-25\/%D8%A7%D8%B1%D8%AA%D9%81%D8%A7%D8%B9-%D8%A7%D9%84%D8%B4%D8%B1%D9%83%D8%A7%D8%AA-%D8%A7%D9%84%D8%AE%D8%A7%D8%B5%D8%A9-%D8%A7%D9%84%D9%85%D8%B3%D8%AC%D9%84%D8%A9-%D9%84%D8%AF%D9%89-%D9%86%D8%A7%D9%81%D8%B3-28-%D8%AE%D9%84%D8%A7%D9%84-2024\/%D8%A3%D8%AE%D8%A8%D8%A7%D8%B1-%D9%85%D9%86-%D8%A7%D9%84%D8%A5%D9%85%D8%A7%D8%B1%D8%A7%D8%AA\/%D8%A3%D8%AE%D8%A8%D8%A7%D8%B1-%D8%A7%D9%84%D8%AF%D8%A7%D8%B1\" style=\"\" rel=\"noopener\">Al Khaleej<\/a> reports. Since the beginning of 2024, 3.7k new companies have registered, bringing the total number of firms to over 17k, all operating across various sectors. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>About the program:<\/strong> The Nafis program, launched in 2021, has a target of integrating 36k Emirati citizens into the private workforce by 2024 as part of the Emiratisation goals for the private sector. The initiative seeks to enhance the competitiveness of Emiratis to fill positions in private sector companies over the next five years. <\/p>\n<div class=\"row\">\n<div class=\"col-md-12 subscribe-box-panel\">\n<div class=\"\">\n<div class=\"title\">\n<h4 class=\"fw-lighter mb-10\">   Get <b style=\"font-weight: 700\">Enterprise<\/b> daily   <\/h4>\n<\/p><\/div>\n<p class=\"mb-10\">The roundup of news and trends that move your markets and shape corporate agendas delivered straight to your inbox.<\/p>\n<p>  <a target=\"_blank\" href=\"\/egypt\/en\/user\/NewsLetters\" type=\"button \" class=\"btn-green px-3 d-flex align-items-center\" rel=\"noopener\">Subscribe here<\/a>  <\/div>\n<\/p><\/div>\n<\/p><\/div>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>***<br \/><\/strong><strong>DID YOU KNOW that we also cover <\/strong><strong><a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/user\/news-letters\" style=\"\" rel=\"noopener\">Egypt<\/a><\/strong><strong> and <\/strong><strong><a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\/user\/news-letters\" style=\"\" rel=\"noopener\">Saudi Arabia<\/a><\/strong><strong>?<\/strong><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Want to subscribe? <\/strong><a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\/user\/news-letters\" style=\"\" rel=\"noopener\">Tap or click here<\/a> to get your own copy of EnterpriseAM UAE delivered every weekday before 7am UAE time \u2014 without charge, thanks to our friends at Mashreq.<br \/><strong>***<\/strong><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><a href=\"https:\/\/uaeformar.enterprise.news\/\" target=\"_blank\" rel=\"noopener\"><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2024\/6\/836.jpg?ssl=1\"><\/a> <\/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>What everyone in the global press is talking about now: <\/strong><a target=\"_blank\" href=\"https:\/\/www.nytimes.com\/2024\/06\/26\/world\/americas\/bolivia-unrest-military.html\" style=\"\" rel=\"noopener\">Troops in Bolivia<\/a> have pulled back from the presidential palace and nearby areas after trying to occupy the compound. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>What they\u2019ll be talking about when the business day begins: <\/strong>The 31 largest US banks have <a target=\"_blank\" href=\"https:\/\/www.ft.com\/content\/ba8980db-2f9e-472f-98b1-37268ac0f652\" style=\"\" rel=\"noopener\">passed their annual \u201cstress tests,\u201d<\/a> with this year\u2019s scenario testing who could be wiped out by a hypothetical scenario that included 10% unemployment in the midst of a deep recession that also saw real estate prices drop 36-40%. The impact on the sector would be nasty, but banks including Goldman Sachs and JPMorgan Chase would all meet minimum regulatory standards. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>What they\u2019ll be talking about tonight and into the weekend: <\/strong><a target=\"_blank\" href=\"https:\/\/www.politico.com\/news\/2024\/06\/26\/trump-debate-preparation-00165187\" style=\"\" rel=\"noopener\">Donald Trump<\/a> and <a target=\"_blank\" href=\"https:\/\/www.nytimes.com\/interactive\/2024\/06\/26\/us\/biden-debate-style.html\" style=\"\" rel=\"noopener\">Joe<\/a><a target=\"_blank\" href=\"https:\/\/www.nytimes.com\/interactive\/2024\/06\/26\/us\/biden-debate-style.html\" style=\"\" rel=\"noopener\">Biden<\/a> face off tonight in the first of two presidential election debates. The fireworks start at 9pm Eastern (that\u2019s 4am in Cairo and Riyadh, 5am in Abu Dhabi and Dubai). You\u2019ll need to tune in to CNN to catch it, though it looks like they also plan to <a target=\"_blank\" href=\"https:\/\/www.youtube.com\/watch?v=-v-8wJkmwBY\" style=\"\" rel=\"noopener\">stream it on Youtube<\/a>. <\/p>\n<p class=\"tag-border-left\"> CIRCLE YOUR CALENDAR- <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Expo City Dubai is set to host the Asia Pacific Cities Summit from 27-29 October 2025<\/strong>, it said in a <a target=\"_blank\" href=\"https:\/\/www.expocitydubai.com\/en\/2025-asia-pacific-cities-summit-and-mayors-forum\/\" style=\"\" rel=\"noopener\">statement<\/a>. The event, which will be held at the Dubai Exhibition Centre, will bring together business leaders and professionals from the Middle East, Africa, South Asia, and the Asia Pacific region. Held biennially, the summit will focus on creating business opportunities and investing in sustainable growth and urban development plans.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Check out our full calendar on the web<\/strong> for a comprehensive listing of upcoming news events, national holidays and news triggers.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/uae\/tag\/energy\/\">energy<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/uae\/tag\/ma\/\">M&amp;A<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" 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  <div \r\n            class=\"\r\n                story-section            \"\r\n            id=\"93283\">\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\">INVESTMENT WATCH<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/uae\/2024\/06\/27\/adia-backs-jain-global\/\">\r\n                            ADIA backs Jain Global                        <\/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                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data-permalink=\"https:\/\/enterpriseam.com\/uae\/2024\/06\/27\/adia-backs-jain-global\/1704-jpg-3\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/6\/1704.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"1704.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/6\/1704.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/6\/1704.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-93283\" class=\"content-area-description single-story post-93283 post type-post status-publish format-standard has-post-thumbnail hentry category-investment-watch tag-abu-dhabi-investment-authority tag-enterpriseam-uae tag-hedge-fund tag-investment-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\/.f2f17cb8-2e1a-4fd2-b989-161d947d432c.mp3\"><\/audio><\/figure><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>Bobby Jain secures investment ticket from Adia<\/strong><strong> for <\/strong><strong>USD 5.3 bn <\/strong><strong>hedge fund: <\/strong>The Abu Dhabi Investment Authority (Adia) has made an unspecified investment in former Credit Suisse managing director Bobby Jain\u2019s new hedge fund, Jain Global, which raised a total USD 5.3 bn ahead of its launch next month, <a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2024-06-24\/jain-raises-5-3-billion-in-biggest-hedge-fund-debut-since-2018\" style=\"\" rel=\"noopener\">Bloomberg<\/a> reports, citing sources familiar with the matter. The fund is set to commence trading on 1 July.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Who else pitched in?<\/strong> The fund also received backing from lenders including Morgan Stanley, Goldman Sachs, UBS, and HSBC. The fund also drew investments from various unnamed endowments, foundations, family offices, and pensions. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>About the fund: <\/strong>The firm raised the capital through a drawdown fund, enabling it to access the money as needed over a one-year period. Despite initially aiming to raise USD 10 bn, Jain lowered the target to USD 5-6 bn, reducing client fees to attract investors. The secured investment positions Jain Global as the biggest hedge fund launch since 2018, surpassing Taula Capital Management, which began trading <a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2024-06-03\/ex-millennium-trader-megia-debuts-own-hedge-fund-with-5-billion\" style=\"\" rel=\"noopener\">earlier this month<\/a> with USD 5 bn. <\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/uae\/tag\/abu-dhabi-investment-authority\/\">Abu Dhabi Investment Authority<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/uae\/tag\/hedge-fund\/\">Hedge fund<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/uae\/tag\/investment-watch\/\">INVESTMENT WATCH<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"93285\" 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=\"93285\">\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\">ECONOMY<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/uae\/2024\/06\/27\/abu-dhabis-fcy-issuer-default-rating-affirmed-at-aa\/\">\r\n                            Abu Dhabi\u2019s FCY issuer default rating affirmed at AA                        <\/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\/27\/abu-dhabis-fcy-issuer-default-rating-affirmed-at-aa\/\" 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\/27\/abu-dhabis-fcy-issuer-default-rating-affirmed-at-aa\/')\">\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\/27\/abu-dhabis-fcy-issuer-default-rating-affirmed-at-aa\/\">\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=Abu Dhabi\u2019s FCY issuer default rating affirmed at AA&url=https:\/\/enterpriseam.com\/uae\/2024\/06\/27\/abu-dhabis-fcy-issuer-default-rating-affirmed-at-aa\/\">\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\/27\/abu-dhabis-fcy-issuer-default-rating-affirmed-at-aa\/&title=Abu Dhabi\u2019s FCY issuer default rating affirmed at AA\">\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=Abu+Dhabi%E2%80%99s+FCY+issuer+default+rating+affirmed+at+AA+https%3A%2F%2Fenterpriseam.com%2Fuae%2F2024%2F06%2F27%2Fabu-dhabis-fcy-issuer-default-rating-affirmed-at-aa%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\/27\/abu-dhabis-fcy-issuer-default-rating-affirmed-at-aa\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2024\/1\/1891.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"93286\" data-permalink=\"https:\/\/enterpriseam.com\/uae\/2024\/06\/27\/abu-dhabis-fcy-issuer-default-rating-affirmed-at-aa\/1891-jpg-5\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/1\/1891.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"1891.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/1\/1891.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/1\/1891.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-93285\" class=\"content-area-description single-story post-93285 post type-post status-publish format-standard has-post-thumbnail hentry category-economy tag-abu-dhabi tag-debt tag-economy 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\/.1c69bc28-4978-4e88-a4a2-a8f117542035.mp3\"><\/audio><\/figure><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>Fitch Ratings affirmed Abu Dhabi's long-term foreign-currency issuer default rating at AA<\/strong><strong> with a stable outlook<\/strong>, it said in a <a target=\"_blank\" href=\"https:\/\/www.fitchratings.com\/research\/sovereigns\/fitch-affirms-abu-dhabi-at-aa-outlook-stable-25-06-2024#:~:text=Fitch%20Ratings%20%2D%20Hong%20Kong%20%2D%2025,of%20this%20rating%20action%20commentary.\" style=\"\" rel=\"noopener\">statement<\/a>. The rating affirmation \u201creflects Abu Dhabi's high GDP per capita and strong fiscal and external metrics,\u201d the ratings agency said.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The fiscal forecast:<\/strong> Fitch expects to see the emirate maintaining a fiscal surplus this year and next, although the surplus is expected to narrow from an estimated 11% in 2023. Abu Dhabi is expected to have a fiscal surplus of 5.4% of GDP in 2024 and 3.6% in 2025, Fitch says. The surplus figure without accounting for investment income from the Abu Dhabi Investment Authority comes in at 1.8% of GDP in 2024 and \u201cclose to balance\u201d next year. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>What\u2019s constraining the rating:<\/strong> Abu Dhabi\u2019s high reliance on hydrocarbons and a \u201crelatively weak but improving economic policy framework and low governance indicators compared with peers\u201d as the primary factors holding it back from a rating upgrade. Hydrocarbon revenue accounted for an estimated 76% of annual fiscal revenue, on average, from 2019 through to 2023, Fitch says. \u201cAu Dhabi's ability to diversify revenue sources remains constrained by the GCC's low tax environment and policy aimed at keeping conditions attractive for FDI and supporting economic diversification.\u201d<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>What would have a positive impact on the rating:<\/strong> Structural economic factors, including reducing its reliance on oil and hydrocarbon revenue, would support a higher rating for Abu Dhabi, Fitch said. \u201cA strengthening in governance and a reduction in geopolitical risk while maintaining strong fiscal and external balance sheets\u201d could also support a rating upgrade.<\/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\/debt\/\">debt<\/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                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"93287 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=\"93287\">\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/uae\/2024\/06\/27\/93287-2\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-93287\" class=\"content-area-description single-story post-93287 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=\"93288\" 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=\"93288\">\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\/27\/ihcs-sirius-international-holding-snags-derby-group-ahead-of-ipo\/\">\r\n                            IHC\u2019s Sirius International Holding snags Derby Group ahead of IPO                        <\/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\/27\/ihcs-sirius-international-holding-snags-derby-group-ahead-of-ipo\/\" 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 move comes as part of the investment firm\u2019s efforts to scale digital solutions globally, focusing on digital integrations and implementations.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Sirius will integrate Derby\u2019s services and infrastructure to deepen its capabilities across<\/strong><strong> its subsidiaries <\/strong>involved in delivering digital and governmental transformation globally. It will also leverage the firm to ramp up efforts in AI, blockchain, and other digital innovations for governmental projects.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>What they said:<\/strong> \u201cBy integrating the diverse and successful businesses of Derby Group, we bring further depth, expertise, and capability to our portfolio, ultimately strengthening our diverse platform and positioning us to unlock further possibilities,\u201d said Sirius CEO Ajay Bhatia.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The acquisition comes ahead of Sirius\u2019 IPO:<\/strong> Investment giant IHC plans to list Sirius on the public market in 2025, IHC CEO Syed Basar Shueb previously told <a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2024-05-24\/abu-dhabi-s-ihc-eyes-buyback-as-stock-cools-after-43-000-jump\" style=\"\" rel=\"noopener\">Bloomberg<\/a>. The investment company is also planning to debut International Technology Holding this year, and Daman Ins., a unit of its subsidiary PureHealth.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>About Derby Group: <\/strong>The company offers services across multiple business sectors \u2014 including staff outsourcing, debt collection, recruitment, concierge, injection molding, interiors and fit-outs and translation services, according to its <a target=\"_blank\" href=\"https:\/\/derbygroup.ae\/about-us-basic.html\" style=\"\" rel=\"noopener\">website<\/a>. Its client base includes prestigious banks and other organizations, including Spinneys SuperMarket and Emirates NBD.<\/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\/ihc\/\">IHC<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/uae\/tag\/international-holding-company\/\">International Holding Company<\/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\/ma\/\">M&amp;A<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/uae\/tag\/ma-watch\/\">M&amp;A WATCH<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"93290\" 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=\"93290\">\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\">M&amp;A WATCH<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/uae\/2024\/06\/27\/dubai-mercantile-exchange-%e2%86%92-gulf-mercantile-exchange\/\">\r\n                            Tadawul Group snaps up 32.6% stake in Dubai Mercantile Exchange                        <\/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\/27\/dubai-mercantile-exchange-%e2%86%92-gulf-mercantile-exchange\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/new-tab.svg\" alt=\"\"> -->\n                <\/a>\n        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alt=\"\" data-attachment-id=\"93291\" data-permalink=\"https:\/\/enterpriseam.com\/uae\/2024\/06\/27\/dubai-mercantile-exchange-%e2%86%92-gulf-mercantile-exchange\/1763-jpg-3\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/3\/1763.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"1763.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/3\/1763.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/3\/1763.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-93290\" class=\"content-area-description single-story post-93290 post type-post status-publish format-standard has-post-thumbnail hentry category-ma-watch-2 tag-cme-group tag-dme-holdings-limited tag-enterpriseam-uae tag-gulf-mercantile-exchange tag-ma-watch tag-saudi-tadawul-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\/.be11e03b-ff0c-4e69-affc-64ef4cfde61d.mp3\"><\/audio><\/figure><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>Saudi Tadawul Group signed a sale and purchase agreement to acquire a 32.6% stake in<\/strong> <strong>Dubai Mercantile Exchange (DME) for USD 28.5 mn<\/strong>, it said in a <a target=\"_blank\" href=\"https:\/\/www.saudiexchange.sa\/wps\/portal\/saudiexchange\/newsandreports\/issuer-news\/issuer-announcements\/issuer-announcements-details\/!ut\/p\/z1\/04_Sj9CPykssy0xPLMnMz0vMAfIjo8ziTR3NDIw8LAz83d2MXA0C3SydAl1c3Q0NvE30w1EVGAQHmAIVBPga-xgEGbgbmOlHEaPfAAdwNCCsPwqvEndzdAVYnAhWgMcNXvpR6Tn5SZDwyCgpKbBSNVA1KElMSSwvzVEFujE5P7cgMa8yuDI3KR-oyBAI9INT8_QLckMjDDIDcsN1HRUBo4lsag!!\/dz\/d5\/L0lDU0NTQ2xDbENRb0tVUW9LVVFvZ3BSQ2lDbEVpUSEhL1lGVUVBQUFJSUVNQ0lFQUtJS0dJR0lPQkpCSk9CRk5GTk9GRERMRExISUVFRFBQQXZBblBNSW9FTUEhIS80SkNpaksyTVhIRUlKU1pDa21vcHlGTk5Relc3V1d6bXA1cmRyTFlMVVVxcU1VQSEvWjdfNUE2MDJIODBPMEhUQzA2MFNHNlVUODFEUTYvWjZfNUE2MDJIODBPMEhUQzA2MFNHNlVUODFESTMvdmlldy9ub3JtYWwvQU5OT1VOQ0VNRU5UX05VTUJFUi84MDk5OC9jb21wYW55U3ltYm9sLzExMTEvaHR0cDolMCUwdGFkYXd1bCUwL2FubkNhdC8xL2FuSWQvZW4!\/\" style=\"\" rel=\"noopener\">disclosure<\/a>. The acquisition was first agreed <a target=\"_blank\" href=\"https:\/\/enterprise.news\/uae\/en\/news\/story\/40c52b64-bf76-4eba-b741-3de5e4cd00c4\/saudi-tadawul-group-to-acquire-a-32.6%2525-stake-in-dme-holdings\" style=\"\" rel=\"noopener\">in January<\/a> under the same terms, and gives STG the option to buy more shares in the future.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The fine print:<\/strong> Tadawul Group will take a strategic stake in DME\u2019s parent company, DME Holdings, making it the joint largest shareholder alongside financial services company <a target=\"_blank\" href=\"https:\/\/www.cmegroup.com\/company\/history\/index.html\" style=\"\" rel=\"noopener\">CME Group<\/a>. Other DME Holdings shareholders include Oman Investment Authority and Dubai Holding. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>A regional rebrand:<\/strong> Saudi Tadawul will rebrand the DME as the Gulf Mercantile Exchange, which it says is meant to emphasize the exchange\u2019s regional and global significance. The Gulf Mercantile Exchange will continue to operate out of the Dubai International Finance Center and be regulated by the Dubai Financial Services Authority. CME Group will continue to provide the exchange\u2019s technology and clearing services.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Keeping the DME Oman contract out of it:<\/strong> The agreement stipulates that no changes will occur to any aspect of DME Oman contract and that \u201cno Saudi Arabian crude oil contract will be traded, sold or bought on, or indexed to, nor will Saudi crude be delivered against, the DME Oman contract via DME\u201d to maintain neutrality and price discovery.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>What is the DME Oman contract? <\/strong>DME hosts the DME Oman contract, the world\u2019s largest physically delivered crude oil generator. This contract ranks as the third most important global benchmark for crude oil and is used by five national oil companies in GCC countries.<\/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\/cme-group\/\">CME Group<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/uae\/tag\/dme-holdings-limited\/\">DME Holdings Limited<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/uae\/tag\/gulf-mercantile-exchange\/\">Gulf Mercantile Exchange<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/uae\/tag\/ma-watch\/\">M&amp;A WATCH<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/uae\/tag\/saudi-tadawul-group\/\">Saudi Tadawul 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=\"93292\" 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=\"93292\">\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\">DEBT WATCH<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/uae\/2024\/06\/27\/hong-kongs-new-world-development-adia-refinance-usd-1-2-bn-loan\/\">\r\n                            Hong Kong\u2019s New World Development and Adia refinance USD 1.2 bn loan                        <\/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\/27\/hong-kongs-new-world-development-adia-refinance-usd-1-2-bn-loan\/\" 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\/27\/hong-kongs-new-world-development-adia-refinance-usd-1-2-bn-loan\/')\">\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\/27\/hong-kongs-new-world-development-adia-refinance-usd-1-2-bn-loan\/\">\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=Hong Kong\u2019s New World Development + Adia refinance USD 1.2 bn loan&url=https:\/\/enterpriseam.com\/uae\/2024\/06\/27\/hong-kongs-new-world-development-adia-refinance-usd-1-2-bn-loan\/\">\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\/27\/hong-kongs-new-world-development-adia-refinance-usd-1-2-bn-loan\/&title=Hong Kong\u2019s New World Development + Adia refinance USD 1.2 bn loan\">\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=Hong+Kong%E2%80%99s+New+World+Development+%2B+Adia+refinance+USD+1.2+bn+loan+https%3A%2F%2Fenterpriseam.com%2Fuae%2F2024%2F06%2F27%2Fhong-kongs-new-world-development-adia-refinance-usd-1-2-bn-loan%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\/27\/hong-kongs-new-world-development-adia-refinance-usd-1-2-bn-loan\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2024\/3\/1554.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"93293\" data-permalink=\"https:\/\/enterpriseam.com\/uae\/2024\/06\/27\/hong-kongs-new-world-development-adia-refinance-usd-1-2-bn-loan\/1554-jpg-7\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/3\/1554.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"1554.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/3\/1554.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/3\/1554.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-93292\" class=\"content-area-description single-story post-93292 post type-post status-publish format-standard has-post-thumbnail hentry category-debt-watch tag-abu-dhabi-investment-authority tag-debt-watch tag-hong-kong tag-hospitality 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\/.455d7930-7c5c-4687-a587-f0c2e298a070.mp3\"><\/audio><\/figure><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>New World Development and Adia refinance loan for hotel acquisitions:<\/strong> Hong Kong-based New World Development and the Abu Dhabi Investment Authority (Adia) have refinanced their joint syndicated loan to USD 1.21 bn for the acquisition of three luxury hotels in Hong Kong, adding approximately USD 33 mn in new funds, <a target=\"_blank\" href=\"https:\/\/www.mingtiandi.com\/real-estate\/finance\/new-world-completes-4-5b-of-new-loans-debt-repayments\/\" style=\"\" rel=\"noopener\">Mingtiandi<\/a> reports. The facility, similar in size to a 2015 loan refinanced in 2018, funded the acquisitions of Renaissance Harbour View, Hyatt Regency Hong Kong, and Grand Hyatt Hong Kong.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>REMEMBER-<\/strong> Hong Kong\u2019s New World Development and Adia have been in talks since <a target=\"_blank\" href=\"https:\/\/enterprise.news\/uae\/en\/news\/story\/0264addb-0ed9-4d3e-bdd6-3452dc45784a\/response-plus-medical-acquires-uk-based-prometheus-medical-%2B-japan-kyoto-trade-exhibition-begins-today\" style=\"\" rel=\"noopener\">January<\/a> to refinance the original loan. Adia bought a 50% stake in the three Hong Kong hotels in 2015 from New World Development, via a joint venture it formed with two New World subsidiaries for further acquisitions of Hong Kong hotels. <\/p>\n<p style=\"border-right-style:solid;border-top-width:0pt;border-left-style:solid;orphans:2;text-align:left;padding:0;margin:0;border-right-width:0pt;line-height:1.15;border-left-width:0pt;border-top-style:solid;border-bottom-width:0pt;border-bottom-style:solid;widows:2\"><strong>Details remain undisclosed: <\/strong>Both parties did not reveal the new maturity date of the refinanced loan. Originally set to mature this month, the loan should last between three to five years, New World told Mingtiandi. The Hong Kong-based company indicated that most of its US and Hong Kong USD loans follow this duration.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/uae\/tag\/abu-dhabi-investment-authority\/\">Abu Dhabi Investment Authority<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/uae\/tag\/debt-watch\/\">DEBT WATCH<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/uae\/tag\/hong-kong\/\">Hong Kong<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/uae\/tag\/hospitality\/\">hospitality<\/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=\"93294\" 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=\"93294\">\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\">ENERGY<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/uae\/2024\/06\/27\/kkr-ignis-partner-on-green-hydrogen-and-ammonia-platform\/\">\r\n                            US\u2019 KKR + Spain\u2019s Ignis partner on green hydrogen and ammonia platform                        <\/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\/27\/kkr-ignis-partner-on-green-hydrogen-and-ammonia-platform\/\" 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\/27\/kkr-ignis-partner-on-green-hydrogen-and-ammonia-platform\/')\">\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\/27\/kkr-ignis-partner-on-green-hydrogen-and-ammonia-platform\/\">\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=KKR + Ignis partner on green hydrogen and ammonia platform&url=https:\/\/enterpriseam.com\/uae\/2024\/06\/27\/kkr-ignis-partner-on-green-hydrogen-and-ammonia-platform\/\">\n                  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                  <!-- <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\/27\/kkr-ignis-partner-on-green-hydrogen-and-ammonia-platform\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2024\/6\/1765.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"93295\" data-permalink=\"https:\/\/enterpriseam.com\/uae\/2024\/06\/27\/kkr-ignis-partner-on-green-hydrogen-and-ammonia-platform\/1765-jpg-3\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/6\/1765.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"1765.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/6\/1765.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/6\/1765.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-93294\" class=\"content-area-description single-story post-93294 post type-post status-publish format-standard has-post-thumbnail hentry category-energy tag-energy tag-green-hydrogen 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\/.df29a73c-987d-468f-bdfe-74cf0bf62a4c.mp3\"><\/audio><\/figure><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>KKR + Vortex portfolio company Ignis to launch green hydrogen and ammonia platform:<\/strong> US private equity firm <a target=\"_blank\" href=\"https:\/\/www.kkr.com\/\" style=\"\" rel=\"noopener\">KKR<\/a> and Spanish renewable group <a target=\"_blank\" href=\"https:\/\/ignis.es\/en\/\" style=\"\" rel=\"noopener\">Ignis<\/a> \u2014 a portfolio company of ADGM-domiciled company Vortex Energy \u2014 are partnering to create a new platform for developing green hydrogen and ammonia projects targeting hard-to-abate-sectors, according to a <a target=\"_blank\" href=\"https:\/\/media.kkr.com\/news-details\/?news_id=6ba7fd08-f147-466c-81d6-94c4825bd719&amp;type=1\" style=\"\" rel=\"noopener\">press release<\/a>. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>By the numbers:<\/strong> KKR will invest up to EUR 400 mn into the JV, with both companies owning 50% of the platform, dubbed IGNIS <a target=\"_blank\" href=\"https:\/\/ptx-hub.org\/how-ptx-works\/\" style=\"\" rel=\"noopener\">P2X<\/a>. The platform will start with a pipeline of 20 GW of projects and 10 GW of renewable projects in Spain and globally.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>More details: <\/strong>IGNIS P2X will develop plants for producing green hydrogen, ammonia, e-methanol, e-fuels, renewables, and sustainable aviation fuel (SAF), serving industries like refining, steel, chemicals, and fertilizers.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>KKR is looking to invest big in climate: <\/strong>The firm announced that it was looking to raise as much as <a target=\"_blank\" href=\"https:\/\/enterprise.news\/climate\/en\/news\/story\/e44c889f-c83f-4575-a600-36f507775849\/eib-issues-first-common-principles-on-nature-positive-finance-and-usd-bns-in-financing-for-solar-and-agriculture\" style=\"\" rel=\"noopener\">USD 7 bn<\/a> from its first planned climate transition fund back in December. The fund will scope out green mobility, battery storage, and decarbonization projects across the US, EU, and Asia Pacific markets, with plans to earmark between USD 300 and 750 mn for each venture.<\/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\/energy\/\">energy<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/uae\/tag\/green-hydrogen\/\">green hydrogen<\/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=\"93296\" 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=\"93296\">\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\">REGULATION WATCH<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/uae\/2024\/06\/27\/ppp-guidelines-get-cabinet-sign-off\/\">\r\n                            Cabinet approves guidelines for public-private partnerships                        <\/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\/27\/ppp-guidelines-get-cabinet-sign-off\/\" 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\/27\/ppp-guidelines-get-cabinet-sign-off\/')\">\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\/27\/ppp-guidelines-get-cabinet-sign-off\/\">\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=PPP guidelines get cabinet sign-off&url=https:\/\/enterpriseam.com\/uae\/2024\/06\/27\/ppp-guidelines-get-cabinet-sign-off\/\">\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\/27\/ppp-guidelines-get-cabinet-sign-off\/&title=PPP guidelines get cabinet sign-off\">\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=PPP+guidelines+get+cabinet+sign-off+https%3A%2F%2Fenterpriseam.com%2Fuae%2F2024%2F06%2F27%2Fppp-guidelines-get-cabinet-sign-off%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\/27\/ppp-guidelines-get-cabinet-sign-off\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2024\/1\/1589.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"93297\" data-permalink=\"https:\/\/enterpriseam.com\/uae\/2024\/06\/27\/ppp-guidelines-get-cabinet-sign-off\/1589-jpg-5\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/1\/1589.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"1589.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/1\/1589.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/1\/1589.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-93296\" class=\"content-area-description single-story post-93296 post type-post status-publish format-standard has-post-thumbnail hentry category-regulation-watch tag-enterpriseam-uae tag-finance-ministry tag-public-private-partnership tag-regulation-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\/.e58bf41b-6252-41a0-a312-b21e26f1b1fa.mp3\"><\/audio><\/figure><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>Cabinet signs off on new PPP guidelines: <\/strong>The cabinet has given its approval to the Finance Ministry\u2019s public-private partnerships (PPPs) manual, in accordance with the ministry\u2019s recent law regulating PPPs, <a target=\"_blank\" href=\"https:\/\/wam.ae\/en\/article\/b3udhd9-mof-issues-public-private-partnership-manual\" style=\"\" rel=\"noopener\">Wam<\/a> reports. These guidelines aim to support the implementation of developmental and strategic projects by leveraging the \u201cfinancial, administrative, and technological expertise of the private sector,\u201d encouraging private sector participation in their \u201cefforts to develop national and strategic projects\u201d according to the state news agency.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The manual outlines the roles of government entities in the PPP procedures and <\/strong><strong>contracts,<\/strong> covering \u201cproposals from the private sector, market studies, value-for-cost assessments, project structuring, and management.\u201d Additionally, The manual sets priorities for partnership projects, evaluation methods for potential private sector partners, and procedures for participating in tenders. It also details new streamlined standards and mechanisms for PPP implementation. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Background: <\/strong>The Finance Ministry announced in <a target=\"_blank\" href=\"https:\/\/enterprise.news\/uae\/en\/news\/story\/7cf3c3db-8c9e-4de8-af5b-f58f103e6e88\/a-new-law-for-public-private-partnerships\" style=\"\" rel=\"noopener\">January<\/a> that it had established a new legislative framework to regulate PPPs, aiming to boost the private sector\u2019s role in national projects. The law took effect on 1 December 2023, replacing a <a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/1\/1594.pdf\" style=\"\" rel=\"noopener\">decree (pdf)<\/a> the cabinet had issued in 2017. The <a target=\"_blank\" href=\"https:\/\/www.dof.gov.ae\/en-us\/pnp\/Pages\/PPP-Unit-Information.aspx#:~:text=All%20of%20the,the%20private%20sector.\" style=\"\" rel=\"noopener\">Dubai<\/a> and <a target=\"_blank\" href=\"https:\/\/wam.ae\/en\/details\/1395302872191\" style=\"\" rel=\"noopener\">Abu Dhabi<\/a> governments had also individually adopted PPP laws.<\/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\/finance-ministry\/\">Finance Ministry<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/uae\/tag\/public-private-partnership\/\">public-private partnership<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/uae\/tag\/regulation-watch\/\">REGULATION 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=\"93298\" 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=\"93298\">\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\/27\/emirates-family-office-association-taps-new-executive-director\/\">\r\n                            Emirates Family Office Association taps new executive director                        <\/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\/27\/emirates-family-office-association-taps-new-executive-director\/\" 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\/27\/emirates-family-office-association-taps-new-executive-director\/')\">\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\/27\/emirates-family-office-association-taps-new-executive-director\/\">\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=Emirates Family Office Association taps new executive director&url=https:\/\/enterpriseam.com\/uae\/2024\/06\/27\/emirates-family-office-association-taps-new-executive-director\/\">\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\/27\/emirates-family-office-association-taps-new-executive-director\/&title=Emirates Family Office Association taps new executive director\">\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=Emirates+Family+Office+Association+taps+new+executive+director+https%3A%2F%2Fenterpriseam.com%2Fuae%2F2024%2F06%2F27%2Femirates-family-office-association-taps-new-executive-director%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\/27\/emirates-family-office-association-taps-new-executive-director\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2024\/6\/1767.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"93299\" data-permalink=\"https:\/\/enterpriseam.com\/uae\/2024\/06\/27\/emirates-family-office-association-taps-new-executive-director\/1767-jpg\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/6\/1767.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"1767.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/6\/1767.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/6\/1767.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-93298\" class=\"content-area-description single-story post-93298 post type-post status-publish format-standard has-post-thumbnail hentry category-moves tag-enterpriseam-uae tag-family-offices 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\/.f6a45ecf-3a54-4bfd-bba7-07a5e9ce9ac1.mp3\"><\/audio><\/figure><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The Emirates Family Office Association<\/strong> (<a target=\"_blank\" href=\"https:\/\/emiratesfoa.com\/\" style=\"\" rel=\"noopener\">EFOA<\/a>) appointed <strong>Aisha Al Mansoori<\/strong> (<a target=\"_blank\" href=\"https:\/\/www.linkedin.com\/in\/aisha-al-mansoori-a74639109\/\" style=\"\" rel=\"noopener\">Linkedin<\/a>) as its new executive director, according to a <a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/6\/1716.pdf\" style=\"\" rel=\"noopener\">press release (pdf)<\/a>. In her new role, Al Mansoori will be working with stakeholders, launching new member initiatives, and focusing on ramping up the growth and value proposition of EFOA. She previously held directorial roles at Accenture Middle East and EY, and holds experience in the private, public, and family office sectors.<\/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\/family-offices\/\">Family offices<\/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=\"93300\" 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=\"93300\">\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\/27\/bybit-grows-to-worlds-second-largest-crypto-exchange\/\">\r\n                            Dubai-based Bybit grows to world\u2019s second-largest crypto exchange                        <\/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\/27\/bybit-grows-to-worlds-second-largest-crypto-exchange\/\" 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\/27\/bybit-grows-to-worlds-second-largest-crypto-exchange\/')\">\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\/27\/bybit-grows-to-worlds-second-largest-crypto-exchange\/\">\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=Bybit grows to world\u2019s second-largest crypto exchange&url=https:\/\/enterpriseam.com\/uae\/2024\/06\/27\/bybit-grows-to-worlds-second-largest-crypto-exchange\/\">\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\/27\/bybit-grows-to-worlds-second-largest-crypto-exchange\/&title=Bybit grows to world\u2019s second-largest crypto exchange\">\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=Bybit+grows+to+world%E2%80%99s+second-largest+crypto+exchange+https%3A%2F%2Fenterpriseam.com%2Fuae%2F2024%2F06%2F27%2Fbybit-grows-to-worlds-second-largest-crypto-exchange%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\/27\/bybit-grows-to-worlds-second-largest-crypto-exchange\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2024\/6\/1726.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"93301\" data-permalink=\"https:\/\/enterpriseam.com\/uae\/2024\/06\/27\/bybit-grows-to-worlds-second-largest-crypto-exchange\/1726-jpg\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/6\/1726.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"1726.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/6\/1726.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/6\/1726.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-93300\" class=\"content-area-description single-story post-93300 post type-post status-publish format-standard has-post-thumbnail hentry category-uae-in-the-news tag-crypto 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\/.293ffdc3-8094-4db7-a055-f119236aa7e5.mp3\"><\/audio><\/figure><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Dubai-headquartered crypto exchange <\/strong><strong><a target=\"_blank\" href=\"https:\/\/www.google.com\/aclk?sa=l&amp;ai=DChcSEwi-n6KU9viGAxWgPwYAHZLMC8IYABAAGgJ3cw&amp;ase=2&amp;gclid=CjwKCAjw-O6zBhASEiwAOHeGxVFlNJvzR-1BvUK0OmEQ8sJo92dQlPncbgfaVeB4Q205VjyGPz96vxoCqaUQAvD_BwE&amp;sig=AOD64_3d6f0NaFSe1SCbUA_n0Z_kVnjxEg&amp;q&amp;nis=4&amp;adurl&amp;ved=2ahUKEwj9l5yU9viGAxXz-gIHHRW9DvgQ0Qx6BAgGEAE\" style=\"\" rel=\"noopener\">Bybit<\/a><\/strong><strong> has become the world\u2019s <\/strong><strong>second-largest crypto exchange<\/strong>, surpassing Coinbase in trading volume in March, trailing only Binance, <a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2024-06-25\/bybit-is-now-the-world-s-second-largest-crypto-exchange\" style=\"\" rel=\"noopener\">Bloomberg<\/a> reports, citing a <a target=\"_blank\" href=\"https:\/\/research.kaiko.com\/insights\/bybits-push-for-dominance#:~:text=One%20exchange%20has%20by%20far%20made%20the%20most%20gains%3A%20Bybit.%20Since%20October%2C%20the%20exchange%E2%80%99s%20market%20share%20has%20surged%20from%208%25%20to%2016%25%2C%20surpassing%20Coinbase%20in%20March%20to%20become%20the%20second%2Dlargest%20exchange%20after%20Binance.\" style=\"\" rel=\"noopener\">report<\/a> from crypto research firm Kaiko. The exchange rose after doubling its market share to 16% in March from 8% in October, following the introduction of spot Bitcoin exchange-traded funds (ETFs) in the US.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Background: <\/strong>Bybit moved its headquarters from Singapore to Dubai in <a target=\"_blank\" href=\"https:\/\/blog.bybit.com\/post\/bybit-opens-new-headquarters-in-dubai-on-the-heels-of-50-increase-in-user-base-blt4edb1eaa0a63a501\/\" style=\"\" rel=\"noopener\">2023<\/a>, a year after it obtained <a target=\"_blank\" href=\"https:\/\/blog.bybit.com\/en\/post\/this-just-in-bybit-is-coming-to-dubai--blt566e59d84a932b51\/#:~:text=This%20March%2C%20we%20are%20pleased%20to%20announce%20that%20Bybit%20has%20received%20in%2Dprinciple%20approval%20to%20conduct%20a%20full%20spectrum%20of%20virtual%20assets%20business%20in%20the%20UAE.%20With%20that%2C%20we%20are%20moving%20our%20global%20headquarters%20to%20Dubai!\" style=\"\" rel=\"noopener\">in-principle approval<\/a> to operate in the UAE from Dubai\u2019s Virtual Assets Regulatory Authority (VARA).<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The UAE and the US are seeing eye to eye on how AI technologies are being <\/strong><strong>pushed forward,<\/strong> UAE AI and Digital Economy State Minister Omar Al Olama told <a target=\"_blank\" href=\"https:\/\/edition.cnn.com\/2024\/06\/26\/tech\/uae-ai-minister-omar-al-olama-hnk-spc-intl\/index.html\" style=\"\" rel=\"noopener\">CNN<\/a>. The UAE is a riskfree, \u201ctrustworthy\u201d partner, Al Olama said, \u201cespecially since there\u2019s a lot of cutting-edge American technology that is in the UAE.\u201d The comments are a response to US concern over potential <a target=\"_blank\" href=\"https:\/\/enterprise.news\/uae\/en\/news\/story\/am\/2024-06-12\/11\" style=\"\" rel=\"noopener\">security threats<\/a> that could come from moving advanced chip technology from the region to China.<\/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\/crypto\/\">CRYPTO<\/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=\"93302\" 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=\"93302\">\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\/27\/etihad-cargo-to-start-operating-freighters-to-china\/\">\r\n                            Etihad Cargo to start operating freighters to China                        <\/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\/27\/etihad-cargo-to-start-operating-freighters-to-china\/\" 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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This will bring the total number of weekly cargo flights between the two cities to five.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>ALSO- Etihad Cargo will add a fifth Chinese city to its flights<\/strong> as both airlines gear up to operate a new weekly freighter between Shenzhen and Abu Dhabi. The move will add more than 200 tons in cargo capacity, increasing the maximum cargo capacity between the two countries to 630 tons per week.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Supply management at Dubai Airports has improved thanks to MRP:<\/strong> Using AI-powered material requirement planning (MRP) tools at <a target=\"_blank\" href=\"https:\/\/www.dubaiairports.ae\/\" style=\"\" rel=\"noopener\">Dubai Airports<\/a> has made inventory management more efficient, the airline announced, according to <a target=\"_blank\" href=\"https:\/\/wam.ae\/en\/article\/b3uywkf-dubai-airports-sets-new-standards-with-ai-powered\" style=\"\" rel=\"noopener\">Wam<\/a>. The owner of the Dubai International Airport and Al Maktoum International Airport has reported a 400% improvement in the efficiency of inventory ordering, a 30% improvement in forecast accuracy, and a 12% decline in excess stock.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Passenger services at Dubai Airports are also getting an upgrade: <\/strong>Dubai\u2019s General Directorate of Residency and Foreigners Affairs inked a cooperation agreement with Dubai Airports to electronically link security systems, according to the <a target=\"_blank\" href=\"https:\/\/mediaoffice.ae\/en\/news\/2024\/june\/26-06\/gdrfa-dubai-and-dubai-airports-ink-cooperation-agreement-to-enhance-passenger-services\" style=\"\" rel=\"noopener\">Dubai Media Office<\/a>. The agreement will see a link added to the Dubai Airports website to streamline the process of inquiring about registration at the smart gates via the website, and allow passengers to check their registration status in the smart portals. This service will help inform and guide passengers about using the smart gates before they reach the passport hall in a bid to streamline and speed up the traffic flow.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Emirates Flight Catering inks agreement to boost operational efficiency: <\/strong>Emirates Flight Catering (<a target=\"_blank\" href=\"https:\/\/utdmotors.com\/\" style=\"\" rel=\"noopener\">EKFC<\/a>) has signed an agreement with United Motors and Heavy Equipment Company (<a target=\"_blank\" href=\"https:\/\/utdmotors.com\/\" style=\"\" rel=\"noopener\">UMHE<\/a>) to improve their operational efficiency, according to a <a target=\"_blank\" href=\"https:\/\/www.zawya.com\/en\/press-release\/companies-news\/united-motors-and-heavy-equipment-lands-deal-with-emirates-flight-catering-jx59l0nw\" style=\"\" rel=\"noopener\">press release<\/a>. EKFC is set to acquire a fleet of trucks with advanced technology that will improve their operational efficiency while UMHE is responsible for supplying the vehicles. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>E<\/strong><strong>tihad Airways launched its first flight to Denpasar, Bali<\/strong>, operating four times a week with a Boeing 787-9 Dreamliner, featuring Business Studios and Economy Smart seats, <a target=\"_blank\" href=\"https:\/\/wam.ae\/en\/article\/b3uywq8-etihad-airways-launches-direct-flights-bali\" style=\"\" rel=\"noopener\">Wam<\/a> reports. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<p class=\"tag-border-left\">BUSINESS-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Laser Digital receives the green light from regulators: <\/strong>Digital asset manager Laser Digital is now licensed to offer broker-dealer and asset management services in the Abu Dhabi Global Market \u2014 including for virtual and tangible assets \u2014 after receiving the financial services permission from Abu Dhabi\u2019s Financial Services Regulatory Authority, Laser Digital parent company Nomura said in a <a target=\"_blank\" href=\"https:\/\/www.nomuraholdings.com\/news\/nr\/europe\/20240619\/20240619.html\" style=\"\" rel=\"noopener\">statement<\/a>.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>REMEMBER- <\/strong>Laser Digital received preliminary approval from the Regulatory Authority <a target=\"_blank\" href=\"https:\/\/www.nomuraholdings.com\/news\/nr\/europe\/20230926\/20230926.html\" style=\"\" rel=\"noopener\">last year<\/a>.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<p class=\"tag-border-left\">REAL ESTATE-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong><a target=\"_blank\" href=\"https:\/\/www.bayut.com\/\" style=\"\" rel=\"noopener\">Bayut<\/a><\/strong><strong> and Dubai\u2019s Land Department developed an AI-powered property valuation tool <\/strong><strong>dubbed TruEstimate<\/strong>, <a target=\"_blank\" href=\"https:\/\/wam.ae\/en\/article\/b3udhor-bayut-launches-property-valuation-tool\" style=\"\" rel=\"noopener\">Wam<\/a> writes. The new tool combines Bayut's data with the Dubai Land Department's property databases to provide customers with up to date real estate market insights. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>RAK Properties launched the <\/strong><strong><a target=\"_blank\" href=\"https:\/\/www.rakproperties.ae\/our-properties\/nb-collection\/\" style=\"\" rel=\"noopener\">NB Collection<\/a><\/strong><strong> of luxury villas on Hayat Island<\/strong>, Ras Al Khaimah, offering waterfront living with direct beach access, <a target=\"_blank\" href=\"https:\/\/tradearabia.com\/news\/CONS_423550.html\" style=\"\" rel=\"noopener\">Trade Arabia<\/a> reports. Each of the 11 villas spans 6.7k square feet and includes four bedrooms, according to the developer\u2019s website. The project is slated for completion in 4Q 2026. <\/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\">STARTUPS-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Smpl introduces a new USD 10 mn fund:<\/strong> Abu-Dhabi-based Smpl Holdings has launched a USD 10 mn fund, Smpl Fund I., to offer seed capital and strategic support to tech and AI startups in the Mena region and beyond, according to a <a target=\"_blank\" href=\"https:\/\/www.zawya.com\/en\/press-release\/companies-news\/smpl-holdings-announces-the-launch-of-a-10mln-fund-ulma5naq\" style=\"\" rel=\"noopener\">press release<\/a>. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\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>Africa50 earmarks USD 100 mn to back renewables projects: <\/strong>The pan-African infrastructure investment platform Africa50 has earmarked USD 100 mn to fund renewable energy projects in the continent under an agreement signed with the International Renewable Energy Agency, according to a <a target=\"_blank\" href=\"https:\/\/www.africa50.com\/news-insights\/news\/africa50-joins-irenas-etaf-platform-to-accelerate-renewable-energy-deployment-in-africa\/\" style=\"\" rel=\"noopener\">statement<\/a> from Africa50. The funding will be disbursed via IRENA\u2019s <a target=\"_blank\" href=\"https:\/\/etafplatform.org\/\" style=\"\" rel=\"noopener\">Energy Transition Accelerator Financing<\/a> platform.<\/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\">ENVIRONMENT-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Abu Dhabi\u2019s coasts to be monitored for water quality to ensure sustainability targets:<\/strong> Abu Dhabi National Oil Company (Adnoc) and Abu Dhabi\u2019s Environment Agency (EAD) plan to implement an electronic information-sharing system to monitor marine water quality across the emirate\u2019s coasts, according to a statement from the <a target=\"_blank\" href=\"https:\/\/www.mediaoffice.abudhabi\/en\/environment\/environment-agency-abu-dhabi-partners-with-adnoc-to-enhance-environmental-coastal-conservation-across-the-emirate\/\" style=\"\" rel=\"noopener\">Abu Dhabi Media Office<\/a>. The system will allow EAD to efficiently act against potential environmental threats.<\/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\">FOOD-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>OPEC Fund + IFAD work on food security:<\/strong> The Opec Fund for International Development \u2014 a financial institution made up of OPEC member countries \u2014 and the UN\u2019s International Fund for Agricultural Development have expanded their partnership, focusing on projects that boost food security and climate resilience, <a target=\"_blank\" href=\"https:\/\/www.tradearabia.com\/news\/OGN_423535.html\" style=\"\" rel=\"noopener\">Trade Arabia<\/a> writes. The collaboration will provide support to smallholder farmers, who produce one-third of the world's food, through increased synergies, knowledge sharing, and improved project efficiency.<\/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\">CAPITAL MARKETS- <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Al Hilal Bank streamlines IPO subscription to sharia-compliant IPOs on ADX: <\/strong>ADCB Group\u2019s Al Hilal Bank has launched an instant subscription service to sharia-compliant IPOs on the Abu Dhabi Securities Exchange (ADX) for its clients, <a target=\"_blank\" href=\"https:\/\/wam.ae\/en\/article\/b3uywz2-hilal-bank-launches-instant-digital\" style=\"\" rel=\"noopener\">Wam<\/a> reports. The service can be accessed via the bank\u2019s mobile app and the ADX\u2019s e-IPO platform.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<p class=\"tag-border-left\">CRYPTO- <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Hashed Ventures to set up shop in Abu Dhabi: <\/strong>South Korea-based crypto investment firm <a target=\"_blank\" href=\"https:\/\/www.hashed.com\/\" style=\"\" rel=\"noopener\">Hashed Ventures<\/a> plans to establish an office in Abu Dhabi and introduce more Korean startups specializing in fintech and digital assets to the emirate, as part of a new partnership with Abu Dhabi tech ecosystem <a target=\"_blank\" href=\"https:\/\/www.hub71.com\/\" style=\"\" rel=\"noopener\">Hub71<\/a>, <a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2024-06-26\/south-korea-crypto-investment-firm-hashed-expands-to-abu-dhabi\" style=\"\" rel=\"noopener\">Bloomberg<\/a> cites Hashed CEO and Managing Partner Simon Seo-Joon Kim as saying. The move comes as the digital asset company looks to expand overseas to overcome domestic challenges in the Korean startup ecosystem. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>About Hashed: <\/strong>Hashed manages approximately USD 700 mn in assets globally, with its portfolio including notable companies such as <a target=\"_blank\" href=\"https:\/\/yuga.com\/\" style=\"\" rel=\"noopener\">Yuga Labs<\/a>, <a target=\"_blank\" href=\"https:\/\/dydx.exchange\/\" style=\"\" rel=\"noopener\">dYdX<\/a>, and <a target=\"_blank\" href=\"https:\/\/axieinfinity.com\/\" style=\"\" rel=\"noopener\">Axie Infinity<\/a>. The firm has offices in San Francisco and Singapore. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<p class=\"tag-border-left\">LOGISTICS- <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>AD Ports inks another MoU to upgrade Bangladesh\u2019s ports: <\/strong><a target=\"_blank\" href=\"https:\/\/www.adportsgroup.com\/\" style=\"\" rel=\"noopener\">AD Ports Group<\/a> inked an MoU with Bangladesh-based power plant equipment supplier <a target=\"_blank\" href=\"https:\/\/www.saifpowertecltd.com\/\" style=\"\" rel=\"noopener\">Saif Powertec Ltd<\/a> to cooperate on ports, container depots, and logistics facilities projects in Chattogram, Mongla, and Dhaka, Bangladesh, <a target=\"_blank\" href=\"https:\/\/wam.ae\/en\/article\/b3uyx1y-ports-group-saif-powertec-lmited-explore\" style=\"\" rel=\"noopener\">Wam<\/a> reports. The agreement will see the entities establish a joint working group to facilitate expertise, strategy, and technical assistance sharing, and the implementation of joint activities.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>REFRESHER- <\/strong>AD Ports inked an MoU with Bangladesh\u2019s Chittagong Port Authority <a target=\"_blank\" href=\"https:\/\/enterprise.news\/uae\/en\/news\/story\/3529a6cb-30de-47c9-a3a6-c0cd3061df0a\/ad-ports-to-upgrade%253cmark%253e-bangladesh%253c%2Fmark%253e%25e2%2580%2599s-chittagong-ports\" style=\"\" rel=\"noopener\">last month<\/a> to explore the development and operation of the multi-purpose port in Chittagong. <\/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\" 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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=\"93304\" 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=\"93304\">\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\/27\/the-fruits-of-a-global-bnaire-tax-scheme\/\">\r\n                            Global bn\u2019aire tax scheme would raise USD 250 bn annually -G20 report                        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data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/6\/1724.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/6\/1724.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-93304\" class=\"content-area-description single-story post-93304 post type-post status-publish format-standard has-post-thumbnail hentry category-planet-finance tag-enterpriseam-uae tag-financial-markets tag-g20 tag-planet-finance wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<figure class=\"wp-block-audio mb-0\"><audio controls preload=\"metadata\" src=\"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/6\/.d06be3ba-e24f-49f6-9db6-1724cdb2cf4d.mp3\"><\/audio><\/figure><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>What would it look like if global b\u2019naires had to pay the taxman?<\/strong> A global scheme to tax the world\u2019s 3k b\u2019naires could raise up to USD 250 bn annually, according to a <a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/6\/1723.pdf\" style=\"\" rel=\"noopener\">report (pdf)<\/a> by French economist Gabriel Zucman, who maintains the scheme is feasible. Commissioned by Brazil, which currently holds the G20 presidency, the study highlights that the OECD\u2019s <a target=\"_blank\" href=\"https:\/\/www.weforum.org\/agenda\/2024\/02\/oecd-minimum-tax-rate\/\" style=\"\" rel=\"noopener\">recently introduced 15% global corporate tax<\/a> attests to the potential success of imposing a global tax on wealthy individuals. Initially proposed by Brazil\u2019s finance minister in <a target=\"_blank\" href=\"https:\/\/apnews.com\/article\/brazil-g20-economy-finance-ministers-tax-super-rich-282e2982e53bfb7f63752bc969da6d72\" style=\"\" rel=\"noopener\">February<\/a> and <a target=\"_blank\" href=\"https:\/\/www.reuters.com\/world\/france-backs-global-minimum-tax-billionaires-g20-2024-02-28\/\" style=\"\" rel=\"noopener\">endorsed<\/a> by French Finance Minister Bruno Le Maire, the draft proposal will be on the table for discussion at the upcoming G20 finance ministers\u2019 meeting in Rio de Janeiro next month.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The study proposes a minimum annual tax of 2% on individuals with a net worth exceeding USD 1 bn.<\/strong> That\u2019s a departure from the current average tax rate among b\u2019naires of 0.3%, albeit far below the global average income tax rate. Zucman recommends an additional levy to ensure b\u2019naires contribute at least 2% of their wealth in taxes each year. The estimated tax revenue would be directed towards funding public services like education, healthcare, and climate change mitigation.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Not everyone is on board:<\/strong> Implementing a global tax could be impractical with the \u201ctwo countries with the largest number of b\u2019naires [being] the US and China. Neither will realistically implement this,\" one tax policy pundit told the <a target=\"_blank\" href=\"https:\/\/www.ft.com\/content\/8e7adbe6-22c7-45c6-8b81-b2173240d78c\" style=\"\" rel=\"noopener\">Financial Times<\/a>, expressing skepticism about the practicality of the proposal. For the tax to be effective, the report stressed that it is essential for countries to establish enhanced cross-border information sharing mechanisms on affluent individuals, including improving the identification of beneficial ownership across various assets such as financial holdings, properties, companies, and other legal entities.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>It\u2019s not going to be easy, but it\u2019s feasible \u2014 even with current global political turbulence<\/strong>, Zucman maintains. He points to the recent global corporate tax \u2014 which was met with <a target=\"_blank\" href=\"https:\/\/www.ft.com\/content\/cd88500d-a063-4f15-b6ad-e453a1d8b16d\" style=\"\" rel=\"noopener\">fierce pushback<\/a> and is yet to be ratified by the US Congress \u2014 as evidence of possible change, <a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2024-06-25\/brazil-unveils-global-billionaire-tax-plan-that-has-split-g-20\" style=\"\" rel=\"noopener\">Bloomberg<\/a> reports. However, for Brazil to garner support for the proposal after the end of its G20 presidency, it must demonstrate success with smaller reforms, as its \u201creal challenge is to maintain visibility and momentum,\" former chief broker for the global corporate tax agreement Pascal Saint-Amans told the news outlet. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>ALSO FROM PLANET FINANCE-<\/strong><\/p>\n<ul>\n<li><strong>Romania and Bulgaria still have a way to go before they\u2019re let in the Eurozone:<\/strong> High inflation rates and weak regulatory and oversight authorities led to Romania and Bulgaria failing to meet the European Central Bank\u2019s economic criteria required to adopt the EUR. (<a target=\"_blank\" href=\"https:\/\/www.ft.com\/content\/c38b1284-5bb7-42c0-a1cb-68a9aa1bb718\" style=\"\" rel=\"noopener\">Financial Times<\/a>)<\/li>\n<\/ul>\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>All five major Asian benchmarks we follow are solidly in the red in early trading this <\/strong><strong>morning. <\/strong>The ASX 200 (-1.3%) and the Nikkei (-1.1%) are leading the dip, followed by the Hang Seng, Kospi, and Shanghai Composite. The selldown comes as the JPY hit a 38-year low against the greenback, <a target=\"_blank\" href=\"https:\/\/www.cnbc.com\/2024\/06\/27\/asia-markets-live-yen-hits-near-38-year-low-overnight-.html\" style=\"\" rel=\"noopener\">CNBC<\/a> reports.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">And if futures are any indicator, <strong>US and European markets are also looking at selling <\/strong><strong>pressure <\/strong>when the opening bell sounds later today.<\/p>\n<p><a target=\"_blank\" id=\"t.808d7bd5cb41cfb66fe8b6bfd7a5f2f39a05ed14\" 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\">8,965<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">-0.4% (YTD: -6.4%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>DFM<\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">4,006<\/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: -1.3%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<p><svg class=\"e-icon e-TypeMarkets1\"><use xlink:href=\"#e-TypeMarkets1\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>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\">3436<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">-0.1% (YTD: -10.6%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-none\">\n<td class=\"td-list-none\">\n<p><svg class=\"e-icon e-TypeMarkets\"><use xlink:href=\"#e-TypeMarkets\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>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\">4.9% o\/n<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">5.5% 1 yr<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-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\">11,672<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">-0.5% (YTD: -2.5%)<\/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\">27,501<\/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: +10.5%)<\/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\">5,478<\/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: +14.8%)<\/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>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\">8,225<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">-0.3% (YTD: +6.4%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<p><svg class=\"e-icon e-TypeMarkets1\"><use xlink:href=\"#e-TypeMarkets1\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>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\">4,916<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">-0.4% (YTD: +8.7%)<\/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>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 85.25<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">+0.3%<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<p><svg class=\"e-icon e-TypeMarkets1\"><use xlink:href=\"#e-TypeMarkets1\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>Natural gas (Nymex)<\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">USD 2.63<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">-4.6%<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<p><svg class=\"e-icon e-TypeMarkets1\"><use xlink:href=\"#e-TypeMarkets1\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>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 2,312.20<\/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%<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<p><svg class=\"e-icon e-TypeMarkets1\"><use xlink:href=\"#e-TypeMarkets1\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>BTC<\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">USD 61,044.30<\/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: +44.4%)<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>THE CLOSING BELL-<\/strong><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The ADX fell 0.4% yesterday<\/strong> on turnover of AED 1 bn. The index is down 6.4% YTD.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>In the green: <\/strong>National Corporation for Tourism &amp; Hotels (+9.7%), Aram Group (+7%) and Palms Sports (+3.9%).<\/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 Ain Ahlia Insurance Company (-6.3%), Rak Co. for White Cement and Construction Materials (-6.1%) and Fujairah Cements Industries (-4.8%). <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Over on the DFM, <\/strong>the index closed up 0.2% on turnover of AED 353.8 mn. Meanwhile, Nasdaq Dubai closed down 0.1%.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/uae\/tag\/financial-markets\/\">Financial markets<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/uae\/tag\/g20\/\">G20<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/uae\/tag\/planet-finance\/\">PLANET FINANCE<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"93306\" 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=\"93306\">\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\/27\/uae-brokers-fifth-russia-ukraine-prisoner-swap\/\">\r\n                            UAE brokers fifth Russia-Ukraine prisoner swap                        <\/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\/27\/uae-brokers-fifth-russia-ukraine-prisoner-swap\/\" 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 swap saw 90 Ukrainian soldiers return home, Ukraine\u2019s President Volodymyr Zelenskiy confirmed, in exchange for 90 Russians released, Russia\u2019s Defense Ministry revealed. The UAE has <a target=\"_blank\" href=\"https:\/\/enterprise.news\/uae\/en\/news\/story\/dcdd6691-aee7-428a-a80b-dc454c40b17a\/uae-brokers-russia-ukraine-prisoner-swap-%2B-mohamed-bin-zayed-meets-who-chief\" style=\"\" rel=\"noopener\">assisted<\/a> in four prisoner exchange agreements between the two countries this year, including in January 2024 \u2014 and prior to this year in October 2022.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/uae\/tag\/diplomacy\/\">DIPLOMACY<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/uae\/tag\/uae-russia-relations\/\">UAE-Russia relations<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"93308\" 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\/27\/93308-2\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-93308\" class=\"content-area-description single-story post-93308 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;\">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>18-20 November (Monday-Wednesday): <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.fastmarkets.com\/events\/middle-east-iron-steel\/\" style=\"\">Fastmarkets Middle East Iron & Steel 2024<\/a><\/span><span style=\"font-weight:400;\">, Dubai.<\/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;\">9-12 December (Saturday-Thursday): Abu Dhabi Finance 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: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;\">OCTOBER 2025 <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">27-29 October (Monday-Wednesday): Asia Pacific Cities Summit, Dubai Exhibition Centre.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight: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>ADIA invests in Jain Global | Abu Dhabi default rating affirmed at AA | Al Zeyoudi wants more US trade | Sirius Int\u2019l snags Derby Group. B\u2019naire tax?<\/p>\n","protected":false},"featured_media":93279,"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-93278","issue","type-issue","status-publish","has-post-thumbnail","hentry","wpautop","entry"],"acf":{"mongo_id":"4790c00b-ffd2-479b-9d6c-eef1be58f0f3","teaser":"ADIA invests in Jain Global | Abu Dhabi default rating affirmed at AA | Al Zeyoudi wants more US trade | Sirius Int\u2019l snags Derby Group. 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