{"id":94489,"date":"2024-08-05T00:00:00","date_gmt":"2024-08-05T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/uae\/?post_type=issue&#038;p=94489"},"modified":"2025-12-15T01:03:19","modified_gmt":"2025-12-15T01:03:19","slug":"ai-investor-mgx-makes-its-first-play-with-airtrunk-bid","status":"publish","type":"issue","link":"https:\/\/enterpriseam.com\/uae\/issues\/ai-investor-mgx-makes-its-first-play-with-airtrunk-bid\/","title":{"rendered":"AI investor MGX makes its first play with AirTrunk bid"},"content":{"rendered":"<section id=\"94491\" 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=\"94491\">\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\/08\/05\/adnoc-and-bp-eye-cyprus-natural-gas-sector-dubais-real-estate-transactions-surpass-100k-in-1h-2024\/\">\r\n                            THIS MORNING: Adnoc and BP eye Cyprus\u2019 natural gas sector + Dubai\u2019s real estate transactions surpass 100k in 1H 2024                        <\/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\/08\/05\/adnoc-and-bp-eye-cyprus-natural-gas-sector-dubais-real-estate-transactions-surpass-100k-in-1h-2024\/\" 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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For everyone stuck in the city, expect intensely humid days and heat much worse than the c.40\u00b0C we see in weather reports.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>THE BIG STORY here at home<\/strong> is news that AI fund MGX is joining a consortium bidding for a Australian data center operator AirTrunk in a transaction that could potentially cost some USD 20 bn. <\/p>\n<hr style=\"height:2px;border-width:0;color:gray;background-color:gray\">\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>MEANWHILE- Are you planning to be in Egypt on 24 September? <\/strong>You may be interested in attending our 2024 Enterprise Finance Forum. Seating is strictly limited at our flagship, invitation-only forum for C-suite executives and other senior leaders. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Why attend? We\u2019re in the early days of a generational realignment of power in our <\/strong><strong>industry<\/strong> \u2014 in our region and beyond \u2014 and on the cusp of <strong>the biggest intergenerational transfer of wealth the world has ever seen<\/strong>. With that as the backdrop, we\u2019re going to take stock of where we stand six months after the float of the EGP and ask what\u2019s next for finance in Egypt and the wider region. Among the questions we\u2019ll be asking:<\/p>\n<ul>\n<li>What roles will Egypt, Saudi and the UAE play in the regional industry going forward? <\/li>\n<li>What are foreign investors looking for right now? <\/li>\n<li>Is real estate the only asset class in Egypt?<\/li>\n<li>What does the next generation of leaders think as they take over established family businesses? <\/li>\n<\/ul>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Do you want to request an invitation? <\/strong>Tap or click the image below. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><a href=\"http:\/\/finance2024.enterprise.news\/\" target=\"_blank\" rel=\"noopener\"><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/ads\/imgs\/272.jpg?ssl=1\"><\/a> <\/p>\n<p class=\"tag-border-left\"> HAPPENING TODAY- <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>S&amp;P Global will be publishing its purchasing managers\u2019 index (PMI) for the UAE<\/strong><strong> shortly after we hit \u201cdispatch\u201d<\/strong> on today\u2019s issue. You\u2019ll find the full rundown on the report in tomorrow\u2019s issue. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>FROM THE OLYMPICS- Keep an eye out for the UAE National Show Jumping Team, <\/strong>which will compete in an individual event featuring over 75 riders, <a target=\"_blank\" href=\"https:\/\/wam.ae\/en\/article\/b4i6tpd-uae-riders-compete-individual-paris-olympics\" style=\"\" rel=\"noopener\">Wam<\/a> reports. The competition \u2014 which is based on the number of faults and recorded times \u2014 will see the top 30 riders advance to the final stage.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>WEATHER- It\u2019s a cloudy day in Dubai with a chance of a shower later this evening, <\/strong>with the mercury hitting 42\u00b0C in the day before cooling to an overnight low of 36\u00b0C. Over in <strong>Abu Dhabi<\/strong>, expect some clouds as the mercury hits 35\u00b0C today, with an overnight low of 34\u00b0C. <\/p>\n<p class=\"tag-border-left\"> PUBLIC SERVICE ANNOUNCEMENTS-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#1-<\/strong> <strong>Abu Dhabi residents can get car inspections without charge at 12 of Adnoc <\/strong><strong>Distribution's <\/strong><strong>service and vehicle inspection centers <\/strong>during the summer, <a target=\"_blank\" href=\"https:\/\/wam.ae\/en\/article\/b4gzxy5-abu-dhabi-police-adnoc-distribution-launch-free\" style=\"\" rel=\"noopener\">Wam<\/a> reports. Launched in partnership with the General Command of Abu Dhabi Police, the initiative covers checks on engine oil, brake fluid, coolant, and air filters.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#2- Dubai Metro update:<\/strong> Separate trains on the Metro\u2019s Red Line will run directly to Expo 2020 and the UAE Exchange Stations, eliminating the need for passengers heading to either station to change trains at Jebel Ali, the Roads and Transport Authority said in an <a target=\"_blank\" href=\"https:\/\/x.com\/rta_dubai\/status\/1819392717601816611\" style=\"\" rel=\"noopener\">X post<\/a>. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#3- <\/strong><strong>Scammers have<\/strong><strong> been using International Holding Company\u2019s (IHC) name, logo, and <\/strong><strong>employee details in a phishing campaign to promote fake tenders online,<\/strong> the company warned in a <a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/8\/245.pdf\" style=\"\" rel=\"noopener\">statement (pdf)<\/a>. IHC cautioned that it never requests customer information or payments through email and mail.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#4-<\/strong> <strong>Resident <\/strong><strong>legal entities <\/strong><strong>with licenses issued in June \u2014 regardless of the year of <\/strong><strong>issuance \u2014 should submit their corporate tax registration applications by 31 August,<\/strong> <a target=\"_blank\" href=\"https:\/\/wam.ae\/en\/article\/141thbs-fta-urges-resident-juridical-persons-with-licences\" style=\"\" rel=\"noopener\">Wam<\/a> reports citing the Federal Tax Authority as saying. Registrations can be made via the EmaraTax digital tax services <a target=\"_blank\" href=\"https:\/\/eservices.tax.gov.ae\/#\/Logon\" style=\"\" rel=\"noopener\">platform<\/a>, or through accredited tax agents and government service centers across the UAE. Corporates with multiple licenses should use the license with the earliest issuance date for registration. <\/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- Adnoc and BP eye Cyprus\u2019 natural gas sector: <\/strong>Representatives from the Abu Dhabi National Oil Company (<a target=\"_blank\" href=\"https:\/\/www.adnoc.ae\/\" style=\"\" rel=\"noopener\">Adnoc<\/a>) and UK energy giant BP met with Cypriot Energy Ministry officials to explore investments in Cyprus' emerging natural gas sector, <a target=\"_blank\" href=\"https:\/\/www.reuters.com\/business\/energy\/bp-adnoc-meet-cyprus-officials-explore-east-med-gas-investments-2024-08-02\" style=\"\" rel=\"noopener\">Reuters<\/a> reports, citing an undisclosed source familiar with consultations. The meeting focused on potential cooperation in Cyprus' exclusive economic zone, where Cyprus has commercial rights.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>REMEMBER- Adnoc and BP like teaming up for natural gas finds: <\/strong>Earlier in <a target=\"_blank\" href=\"https:\/\/enterprise.news\/uae\/en\/news\/story\/9fd335ef-2113-4b8c-9749-0ac62362768a\" style=\"\" rel=\"noopener\">February<\/a>, the companies agreed to form a joint venture to develop natural gas assets in Egypt. The two also agreed to jointly acquire 50% of Israel\u2019s NewMed Energy for nearly USD 2 bn back in <a target=\"_blank\" href=\"https:\/\/www.reuters.com\/markets\/deals\/adnoc-bp-bids-interest-israels-newmed-energy-2023-03-28\/\" style=\"\" rel=\"noopener\">March 2023<\/a>, but later <a target=\"_blank\" href=\"https:\/\/enterprise.news\/uae\/en\/news\/story\/6dfacfc8-c431-4a7e-938b-a330c9d30130\/adnoc,%253cmark%253e-bp%253c%2Fmark%253e-put-newmed-stake-acquisition-on-hold-%2B-uk-takes-another-step-towards-blocking-redbird-imi%25e2%2580%2599s-telegraph-takeover-bid\" style=\"\" rel=\"noopener\">paused negotiations<\/a> amid \u201cuncertainty created in the external environment.\u201d<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Plus: Adnoc \u2764\ufe0fnatural gas<\/strong><strong>. <\/strong>The oil giant has been expanding its natural gas and liquefied natural gas operations through acquisitions and partnerships abroad, including potentially <a target=\"_blank\" href=\"https:\/\/enterprise.news\/uae\/en\/news\/story\/41b10c67-5723-4ce6-a19e-f9ef2e6c2a81\/this-morning:-abu-dhabi-to-roll-out-tech-ventures-this-year-%2B-adnoc-could-invest-in-another-us-lng-project--report\" style=\"\" rel=\"noopener\">investing<\/a> in Australian oil and gas producer Woodside Energy\u2019s recently acquired US liquefied natural gas (LNG) project. It is also <a target=\"_blank\" href=\"https:\/\/enterprise.news\/uae\/en\/news\/story\/a34b15eb-7613-494e-84e6-8348973333f2\/another-adnoc-acquisition%3F-%2B-sharjah-sets-final-yield-on-usd-1-bn-sukuk-auction\" style=\"\" rel=\"noopener\">reportedly<\/a> <strong><a target=\"_blank\" href=\"https:\/\/enterprise.news\/uae\/en\/news\/story\/a34b15eb-7613-494e-84e6-8348973333f2\/another-adnoc-acquisition%3F-%2B-sharjah-sets-final-yield-on-usd-1-bn-sukuk-auction\" style=\"\" rel=\"noopener\"><\/a><\/strong><a target=\"_blank\" href=\"https:\/\/enterprise.news\/uae\/en\/news\/story\/a34b15eb-7613-494e-84e6-8348973333f2\/another-adnoc-acquisition%3F-%2B-sharjah-sets-final-yield-on-usd-1-bn-sukuk-auction\" style=\"\" rel=\"noopener\">studying<\/a> bids for Australian oil and gas firm Santos, and has <a target=\"_blank\" href=\"https:\/\/enterprise.news\/uae\/en\/news\/story\/338dd02a-506c-4dc0-b525-18a065a6f7fa\/adnoc-acquires-10%2525-of-mozambique-lng-project\" style=\"\" rel=\"noopener\">acquired<\/a> a 10% stake in a concession Mozambique's Rovuma basin, and an 11.7% stake in the first phase of sustainable liquefied natural gas (LNG) producer NextDecade's USD 18 bn Rio Grande LNG export facility in Texas. It\u2019s also doubling its LNG capacity at home with its new <a target=\"_blank\" href=\"https:\/\/enterprise.news\/uae\/en\/news\/story\/c316bbef-20db-4ce6-aa08-64f3fd6f45fd\/adnoc-sells-40%2525-of-ruwais-lng-project-%2B-secures-supply-agreements\" style=\"\" rel=\"noopener\">Ruwais LNG project<\/a>, in which it sold a 40% stake to BP, UK oil and gas giant Shell, French TotalEnergies, Japan\u2019s Mitsui. <\/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- Abu Dhabi-backed chipmaker could be eyeing October date for IPO:<\/strong> Abu Dhabi-backed Cerebras Systems, an AI-focused chipmaking startup, plans to IPO in the US as early as October, <a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2024-08-01\/ai-chipmaker-cerebras-is-said-to-plan-ipo-as-soon-as-october\" style=\"\" rel=\"noopener\">Bloomberg<\/a> reported, citing people it says are in the know. Cerebras filed for the IPO with the US Securities and Exchange Commission <a target=\"_blank\" href=\"https:\/\/enterprise.news\/uae\/en\/news\/story\/28bfb3be-c609-4673-899f-32a9a106c9c9\/sanad-to-provide-mro-services-on-airbus-engines\" style=\"\" rel=\"noopener\">last week<\/a>, and is reportedly seeking a valuation of above its current USD 4 bn valuation.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>ADVISORS-<\/strong> The company has tapped Barclays to join advisers on offering, the sources said. Cerebras reportedly appointed Citigroup as the lead bank in April.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Background:<\/strong> In <a target=\"_blank\" href=\"https:\/\/www.cerebras.net\/press-release\/cerebras-systems-raises-250m-in-funding-for-over-4b-valuation-to-advance-the-future-of-artificial-intelligence-compute\/\" style=\"\" rel=\"noopener\">2021<\/a>, the Silicon Valley startup secured USD 250 mn in a series F funding round that saw the participation of Abu Dhabi Growth Fund and G42, valuing Cerebras at USD 4 bn.<\/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- <\/strong><strong>Top execs at UK\u2019s Aster Capital Management move to <\/strong><strong>new Dubai office<\/strong><strong>:<\/strong> Nabil Ouajjane, founder of London-based <a target=\"_blank\" href=\"https:\/\/www.aster-capital.co.uk\/\" style=\"\" rel=\"noopener\">Aster Capital Management<\/a>, is moving to Dubai to expand the operations of the investment management firm there, <a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2024-08-02\/schonfeld-backed-hedge-fund-founder-moving-to-new-hub-in-dubai\" style=\"\" rel=\"noopener\">Bloomberg<\/a> reports, citing people it says are in the know. Ouajjane, along with four colleagues, will move to the Dubai office this year, while retaining the London office. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>More on Aster<\/strong>: Aster Capital has been managing investments exclusively for US Schonfeld Strategic Advisors since 2019 after receiving backing from the US company.<\/p>\n<hr style=\"height:2px;border-width:0;color:gray;background-color:gray\">\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#4- EFG Hermes ONE upgrade to launch in the UAE soon:<\/strong> Our friends at EFG Hermes have launched a rebranded version of online trading platform EFG Hermes ONE, with a new brand identity and user interface coming to the UAE soon, according to a <a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/8\/251.pdf\" style=\"\" rel=\"noopener\">press release (pdf)<\/a>. The new visual identity \u201cembodies the forward-thinking and dynamic essence of EFG Holding,\u201d said EFG Holding Group Chief Marketing and Communications Officer May El Gammal.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>What\u2019s new:<\/strong> The upgraded app introduces several new features, including multiple payment options and Egypt\u2019s <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/5d7cba0e-dca9-4076-8cf2-65acb605251c\/%253cmark%253eefg-hermes-one%253c%2Fmark%253e-to-launch-a-digital-onboarding-process.-plus:-gregy-tenders-go-live,-qatari-developer-eyes-sixth-of-october-project\" style=\"\" rel=\"noopener\">first licensed digital onboarding process<\/a>. The app \u2014 currently available in a number of markets including Egypt and Kuwait \u2014 provides users access to 35 global markets and offers them various trading options, portfolio management tools, and technical analysis capabilities. EFG Hermes has also added customer support features such as calls, emails, and chatbots.<\/p>\n<hr style=\"height:2px;border-width:0;color:gray;background-color:gray\">\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#5- A step closer for Amea Power\u2019s Mozambique solar plant: <\/strong>Dubai-based renewables firm Amea Power is holding a two-day public consultation for its <a target=\"_blank\" href=\"https:\/\/enterprise.news\/climate\/en\/news\/story\/f5d06bc8-c9c5-4090-b5e9-b14fc8a9a50c\/\" style=\"\" rel=\"noopener\">125 MW Matambo solar plant<\/a> in Mozambique from Thursday, <a target=\"_blank\" href=\"https:\/\/360mozambique.com\/development\/renewables\/uae-pushes-ahead-with-125-megawatt-solar-plant-in-tete\/\" style=\"\" rel=\"noopener\">Mozambique 360<\/a> reported, citing Portuguese news agency <a target=\"_blank\" href=\"https:\/\/www.lusa.pt\/article\/2024-08-01\/43271545\/investidores-dos-emirados-%C3%A1rabes-unidos-avan%C3%A7am-com-parque-solar-em-mo%C3%A7ambique\" style=\"\" rel=\"noopener\">Luca<\/a>. The USD 150 mn project will be established in Tete province in partnership with Mozambique\u2019s <a target=\"_blank\" href=\"https:\/\/www.bni.co.mz\/\" style=\"\" rel=\"noopener\">Banco Nacional de Investimento<\/a>, and will be directly connected to the <a target=\"_blank\" href=\"https:\/\/www.edm.co.mz\/\" style=\"\" rel=\"noopener\">Electricidade de Mo\u00e7ambique<\/a> substation. The project \u2014 signed on the sidelines of COP28 in the UAE last year \u2014 will be able to power 150k homes, offsetting around 233k tons of CO2 annually. <\/p>\n<p class=\"tag-border-left\"> DATA POINTS- <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><a id=\"wwtt4\"><\/a><strong> #1- Dubai\u2019s real estate sector recorded over 100.5k transactions worth AED 346 bn in 1H <\/strong><strong>2024<\/strong>, marking a 23% y-o-y increase, according to data from the Dubai Land Department, <a target=\"_blank\" href=\"https:\/\/wam.ae\/en\/article\/141rc6a-uaes-real-estate-sector-upward-trajectory-2024\" style=\"\" rel=\"noopener\">Wam<\/a> reports. The emirate led the UAE\u2019s real estate growth with over 12 new projects from developers including Emaar, Deyaar, and Dubai Investments.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Some 6.6k new residential units in 1H 2024 were completed during the period,<\/strong> bringing the total number of residential units in the emirate to 736k, with around 20k slated to be delivered in the second half of the year.<\/p>\n<hr style=\"height:2px;border-width:0;color:gray;background-color:gray\">\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#2- Ajman Chamber of Commerce memberships hit 19.3k and certificates of origin <\/strong><strong>reached 22.7k in 1H 2024<\/strong>, <a target=\"_blank\" href=\"https:\/\/wam.ae\/en\/article\/141thc4-800-industrial-establishments-ajman-during-first\" style=\"\" rel=\"noopener\">Wam<\/a> reported. Membership grew 4% y-o-y driven by an increase in industrial memberships to 800, up from 770 in 1H 2023. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>T<\/strong><strong>he Freezones Authority of Ajman\u2019s net income increased 18% y-o-y in 1H 2024 on the back of a 70% increase in the amount of companies operating in the emirate<\/strong>, <a target=\"_blank\" href=\"https:\/\/wam.ae\/en\/article\/141tha9-ajman-free-zones-see-18-growth-net-profit-2024\" style=\"\" rel=\"noopener\">Wam<\/a> reports. The occupancy rate over the past six months hit 96%.<\/p>\n<hr style=\"height:2px;border-width:0;color:gray;background-color:gray\">\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#3- Abu Dhabi saw a 102% year-on-year growth in residential rental contracts in 1H 2024, <\/strong>registering 49.1k contracts, <a target=\"_blank\" href=\"https:\/\/www.wam.ae\/en\/article\/b4gzy3u-abu-dhabi-sees-102-growth-documented-residential\" style=\"\" rel=\"noopener\">Wam<\/a> reports. Contracts in Abu Dhabi city accounted for the lion\u2019s share, with 43.9k contracts, marking a 104.9% y-o-y rise, while Al Ain City saw a 77% increase, totaling 4.8k contracts, and Al Dhafra's contracts rose to 331.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#4- Digital customs transactions at Abu Dhabi's border points grew 27% y-o-y in 1H 2024, <\/strong>according to an Abu Dhabi Media Office <a target=\"_blank\" href=\"https:\/\/www.mediaoffice.abudhabi\/en\/economy\/abu-dhabi-customs-records-27-growth-in-digital-transactions-in-the-first-half-of-2024\/\" style=\"\" rel=\"noopener\">statement<\/a>, citing Abu Dhabi Customs. Proactive and automated transactions increased 28% y-o-y during the period, making up a \u201csignificant portion\u201d of total customs transactions.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Customs declarations grew 2% y-o-y during the first six months of the year, <\/strong>with pre-arrival customs clearance transactions comprising 71% of the total, up 46% y-o-y.<\/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>It\u2019s somewhat of a mixed bag in the international business press this morning<\/strong>, with front-page coverage split between one of two stories \u2014 an equity selloff on the back of US recession fears, and global concerns of escalation between Iran and Israel following Hamas leader Ismail Haniyeh\u2019s assassination in Tehran. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Recession fears in the US after \u201calarming\u201d US economy data \u2014 including a jump in <\/strong><strong>unemployment rates to 4.3% \u2014 have thrown equity markets into a tailspin<\/strong>, with the S&amp;P 500 and Nasdaq Composite both tumbling from their record highs. Markets are now pricing in a \u201cnear 70% chance\u201d that the US Federal Reserve will move to cut interest rates come September, with some suggesting that it could move to cut rates by 50 bps next month. Analysts say the Fed will need to bring down rates \u201csharply, and quickly, to support growth.\u201d <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The sell-off isn\u2019t remaining contained in the US, with Asia-Pacific markets approaching <\/strong><strong>bear market territory<\/strong> after entering a third day of a sell-off triggered by a surging JPY, coupled with Middle East tensions and the Bank of Japan raising interest rates last week. (<a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2024-08-05\/japan-s-stock-rout-enters-third-day-with-nikkei-in-bear-market?srnd=homepage-middle-east\" style=\"\" rel=\"noopener\">Bloomberg<\/a> | <a target=\"_blank\" href=\"https:\/\/www.cnbc.com\/2024\/08\/05\/asia-markets.html\" style=\"\" rel=\"noopener\">CNBC<\/a> | <a target=\"_blank\" href=\"https:\/\/www.reuters.com\/markets\/global-markets-wrapup-1-2024-08-04\/\" style=\"\" rel=\"noopener\">Reuters<\/a> | <a target=\"_blank\" href=\"https:\/\/www.ft.com\/content\/ef7198e5-44b4-47a0-86f5-a7bf9a34d76b\" style=\"\" rel=\"noopener\">Financial Times<\/a>)<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The market stability also isn\u2019t being helped by rising tensions in our backyard<\/strong>, with leaders bracing for retaliatory attacks against Israel from Iran and Hezbollah \u201cas early as Monday\u201d following Israeli assassinations of senior leaders of both Hamas and Hezbollah last week. Hezbollah and Israel \u201cexchanged limited fire\u201d yesterday, with the Lebanon-based group saying it fired rockets into northern Israel, but it appears to be far from a full-fledged retaliatory attack. US and Arab leaders have called on Iran to \u201cshow restraint\u201d and are pushing for a de-escalation. (<a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2024-08-04\/israel-braces-for-attack-from-iran-as-us-urges-gaza-cease-fire?srnd=homepage-middle-east\" style=\"\" rel=\"noopener\">Bloomberg<\/a> | <a target=\"_blank\" href=\"https:\/\/www.wsj.com\/world\/middle-east\/iran-rebuffs-calls-for-restraint-in-its-response-to-killing-of-hamas-leader-309314e7\" style=\"\" rel=\"noopener\">Wall Street Journal<\/a> | <a target=\"_blank\" href=\"https:\/\/www.nytimes.com\/live\/2024\/08\/04\/world\/israel-hamas-hezbollah-iran-gaza\" style=\"\" rel=\"noopener\">New York Times<\/a>)<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>MEANWHILE- Kamala Harris shot down Donald Trump\u2019s pitch for a 4 September debate <\/strong><strong>on Fox News<\/strong>, with Harris\u2019 campaign claiming Trump is trying to avoid the originally scheduled debate on ABC. The ABC debate was penciled in with President Joe Biden before his withdrawal from the presidential race. Trump argued the debate on Fox would follow similar rules to his prior debate with Biden, featuring a full arena audience in Pennsylvania, and claimed Biden\u2019s withdrawal effectively \u201cterminated\u201d the ABC debate \u2014 a point ABC has not confirmed. (<a target=\"_blank\" href=\"https:\/\/www.reuters.com\/world\/us\/donald-trump-agrees-with-fox-news-debate-kamala-harris-sept-4-2024-08-03\/\" style=\"\" rel=\"noopener\">Reuters<\/a>) <\/p>\n<p class=\"tag-border-left\">OLYMPICS-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>It was another busy day in Paris \u2014 <\/strong>here is everything you need to know about day 9 of the 2024 Olympics. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Meet the world\u2019s fastest man: <\/strong>Noah Lyles did not disappoint the Americans who had high hopes for him to restore the United States' glory in short-distance track and field events. Lyles managed to nab the gold medal in the 100-meter dash, which was dramatically decided by a <a target=\"_blank\" href=\"https:\/\/x.com\/NBCOlympics\/status\/1820192437198868780\" style=\"\" rel=\"noopener\">photo finish<\/a> after both Lyles and Jamaican Kishane Thompson clocked a time of 9.79 seconds. The US also secured the bronze medal in the race through sprinter Fred Kerley.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>A first for Africa: <\/strong>Algeria\u2019s 17-year-old gymnast Kaylia Nemour won gold in the women's individual event on the uneven bars \u2014 becoming the first Arab and African gymnast to secure an Olympic gold. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Djokovic secures his long-awaited Olympic gold: <\/strong>Serbian tennis legend Novak Djokovic completed the missing piece in his career by securing the gold medal in the men's singles after defeating Spain's golden boy Carlos Alcaraz in a marathon match with two sets, both ending 7-6.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>China ended America\u2019s 40-year monopoly of the men's swimming 4x100 medley relay <\/strong>with a perfect finish by the world record holder in the 100-meter freestyle, Pan Zhanle. Until yesterday, the US had never lost this race in the Olympics since it was introduced 64 years ago in the Rome Games, snagging the gold in every run of the games except in 1980, when it boycotted the Moscow Games. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Meanwhile, South Korea sweeps archery gold. <\/strong>The Koreans have secured all five available gold medals in archery after claiming the men's individual gold yesterday. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The medal standings now at the Paris Olympics:<\/strong><\/p>\n<ul>\n<li>United States (19 gold, 71 overall)<\/li>\n<li>China (19 gold, 45 overall)<\/li>\n<li>France (12 gold, 44 overall)<\/li>\n<li>Australia (12 gold, 31 overall)<\/li>\n<li>South Korea (10 gold, 24 overall)<\/li>\n<\/ul>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Want to see when your favorite sport is on?<\/strong> <a target=\"_blank\" href=\"https:\/\/olympics.com\/en\/paris-2024\/schedule\/29-july\" style=\"\" rel=\"noopener\">Check out the official schedule here<\/a>.<\/p>\n<div class=\"row\">\n<div class=\"col-md-12 subscribe-box-panel\">\n<div class=\"\">\n<div class=\"title\">\n<h4 class=\"fw-lighter mb-10\">   Get <b style=\"font-weight: 700\">Enterprise<\/b> daily   <\/h4>\n<\/p><\/div>\n<p class=\"mb-10\">The roundup of news and trends that move your markets and shape corporate agendas delivered straight to your inbox.<\/p>\n<p>  <a target=\"_blank\" href=\"\/egypt\/en\/user\/NewsLetters\" type=\"button \" class=\"btn-green px-3 d-flex align-items-center\" rel=\"noopener\">Subscribe here<\/a>  <\/div>\n<\/p><\/div>\n<\/p><\/div>\n<p class=\"tag-border-left\"> CIRCLE YOUR CALENDAR- <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The <\/strong><strong><a target=\"_blank\" href=\"https:\/\/worldesgsummit.com\/\" style=\"\" rel=\"noopener\">World ESG Summit<\/a><\/strong><strong> is scheduled to take place on 20-21 August at Dusit Thani in <\/strong><strong>Dubai.<\/strong> The two-day business conference will gather public and private sector players from key sectors like energy, utilities finance, and manufacturing to explore ESG integration across all industries. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>T<\/strong><strong>he Sharjah Entrepreneurship Centre (Sheraa) is accepting applications for the <\/strong><strong><a target=\"_blank\" href=\"https:\/\/www.startups.sheraa.ae\/\" style=\"\" rel=\"noopener\">Access<\/a><\/strong><strong><a target=\"_blank\" href=\"https:\/\/www.startups.sheraa.ae\/\" style=\"\" rel=\"noopener\">Sharjah Challenge<\/a><\/strong><strong> until 5 September, <\/strong>offering two grants worth AED 250k to two startups in the sectors of agritech and livestock health. Shortlisted startups will receive mentorship to help them expand.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The <\/strong><strong><a target=\"_blank\" href=\"https:\/\/euroarabmed.com\/\" style=\"\" rel=\"noopener\">European-Arab Medical Congress<\/a><\/strong><strong> will take place in Abu Dhabi on 11-13 December<\/strong>, according to a <a target=\"_blank\" href=\"https:\/\/www.zawya.com\/en\/press-release\/events-and-conferences\/abu-dhabi-to-host-the-34th-european-arab-medical-congress-for-the-first-time-ef80jj0v\" style=\"\" rel=\"noopener\">press release<\/a> <strong>. <\/strong>Hosted by the <a target=\"_blank\" href=\"https:\/\/www.emiratesscholar.com\/event\/eamc\/\" style=\"\" rel=\"noopener\">Emirates Scholar Center for Research and Studies<\/a>, the event will host 50 speakers and feature 20 workshops covering various medical specializations. <\/p>\n<p 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data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/8\/237.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-94494\" class=\"content-area-description single-story post-94494 post type-post status-publish format-standard has-post-thumbnail hentry category-ma-watch-2 tag-airtrunk tag-enterpriseam-uae tag-ma-watch tag-mgx tag-tech wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<figure class=\"wp-block-audio mb-0\"><audio controls preload=\"metadata\" src=\"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/8\/.5311b13c-5d60-4034-a89f-77347bf083dd.mp3\"><\/audio><\/figure><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>MGX makes its first overseas play: <\/strong>Abu Dhabi-based AI investment company MGX has reportedly joined a consortium led by <a target=\"_blank\" href=\"https:\/\/www.ifminvestors.com\/\" style=\"\" rel=\"noopener\">IFM Investors<\/a>, <a target=\"_blank\" href=\"https:\/\/www.digitalbridge.com\/\" style=\"\" rel=\"noopener\">DigitalBridge<\/a>, <a target=\"_blank\" href=\"https:\/\/www.silverlake.com\/\" style=\"\" rel=\"noopener\">Silver Lake Management<\/a>, and <a target=\"_blank\" href=\"https:\/\/www.global-infra.com\/\" style=\"\" rel=\"noopener\">Global Infrastructure Partners<\/a> (GIF) in bidding for Australian data center operator <a target=\"_blank\" href=\"https:\/\/airtrunk.com\/\" style=\"\" rel=\"noopener\">AirTrunk<\/a>, the <a target=\"_blank\" href=\"https:\/\/www.afr.com\/street-talk\/abu-dhabi-fund-flies-into-ifm-consortium-at-airtrunk-s-20b-sale-20240804-p5jzbq\" style=\"\" rel=\"noopener\">Australian Financial Review<\/a> reports. The sale of AirTunk is expected to be one of the largest digital infrastructure transactions in Asia Pacific this year. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Background: <\/strong>AirTrunk kicked off the sale process in <a target=\"_blank\" href=\"https:\/\/www.reuters.com\/markets\/deals\/macquarie-canadas-psp-starts-airtrunk-data-centre-sales-process-source-says-2024-03-19\/\" style=\"\" rel=\"noopener\">March<\/a>, seeking around USD 20 bn, with at least two bidders in the fray, <a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2024-07-29\/silver-lake-is-said-to-join-ifm-backed-group-in-airtrunk-bidding\" style=\"\" rel=\"noopener\">Bloomberg<\/a> reports. US alternative investment manager Blackstone has also reportedly shown interest in AirTrunk. Private credit funds are reportedly looking to provide <a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2024-08-02\/private-credit-firms-weigh-1-billion-loan-for-airtrunk-bidders\" style=\"\" rel=\"noopener\">AUD 1.5 bn<\/a> (c. USD 978 mn) in junior debt to support a potential buyout of the data center operator. This financing would be accompanied by a <a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2024-06-24\/airtrunk-s-owners-said-to-seek-a-waiver-from-current-lenders\" style=\"\" rel=\"noopener\">AUD 7 bn (c. USD 4.5 bn) loan<\/a> from several banks including HSBC Holdings and Credit Agricole. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>REFRESHER- <\/strong>MGX, formed last <a target=\"_blank\" href=\"https:\/\/enterprise.news\/uae\/en\/news\/story\/6b72b38a-9260-428f-bc60-adf550deb3f6\/abu-dhabi-rolls-out-new-investment-company-for-ai-and-tech\" style=\"\" rel=\"noopener\">March<\/a> by the Artificial Intelligence and Advanced Technology Council, is targeting more than USD 100 bn in assets under management in a few years. The company was reportedly also looking to invest in <a target=\"_blank\" href=\"https:\/\/enterprise.news\/uae\/en\/news\/story\/976fe709-9cb0-4bc5-b79b-0b4661d46cb5\/world-government-summit-kicks-off-in-dubai-today\" style=\"\" rel=\"noopener\">OpenAI\u2019s new AI chip and power production venture<\/a>, which is estimated to require some USD 7 tn.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>About AirTrunk: <\/strong>The data center giant designs, builds and operates some of the largest independent hyperscale data centers in Asia Pacific, spanning Australia, Singapore, Hong Kong, Japan, and Malaysia. The data center operator was sold in 2020 to Macquarie Infrastructure & Real Assets, in a transaction that valued AirTrunk at AUD 3 bn (c. USD 2.1 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\/airtrunk\/\">AirTrunk<\/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\/mgx\/\">MGX<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/uae\/tag\/tech\/\">tech<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"94496\" 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=\"94496\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">3<\/div>\r\n\r\n                    <p class=\"f-graphik\">DEBT WATCH<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/uae\/2024\/08\/05\/adcb-extends-usd-60-mn-loan-to-tethys-oil\/\">\r\n                            Abu Dhabi Commercial Bank extends USD 60 mn loan to Swedish Tethys Oil                        <\/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\/08\/05\/adcb-extends-usd-60-mn-loan-to-tethys-oil\/\" 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\/08\/05\/adcb-extends-usd-60-mn-loan-to-tethys-oil\/')\">\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\/08\/05\/adcb-extends-usd-60-mn-loan-to-tethys-oil\/\">\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=ADCB extends USD 60 mn loan to Tethys Oil&url=https:\/\/enterpriseam.com\/uae\/2024\/08\/05\/adcb-extends-usd-60-mn-loan-to-tethys-oil\/\">\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\/08\/05\/adcb-extends-usd-60-mn-loan-to-tethys-oil\/&title=ADCB extends USD 60 mn loan to Tethys Oil\">\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=ADCB+extends+USD+60+mn+loan+to+Tethys+Oil+https%3A%2F%2Fenterpriseam.com%2Fuae%2F2024%2F08%2F05%2Fadcb-extends-usd-60-mn-loan-to-tethys-oil%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\/08\/05\/adcb-extends-usd-60-mn-loan-to-tethys-oil\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2024\/1\/2754.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"94497\" data-permalink=\"https:\/\/enterpriseam.com\/uae\/2024\/08\/05\/adcb-extends-usd-60-mn-loan-to-tethys-oil\/2754-jpg-2\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/1\/2754.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"2754.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/1\/2754.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/1\/2754.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-94496\" class=\"content-area-description single-story post-94496 post type-post status-publish format-standard has-post-thumbnail hentry category-debt-watch tag-abu-dhabi-commercial-bank tag-debt-watch tag-enterpriseam-uae tag-oil tag-tethys-oil 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\/8\/.c3cc3ec4-d016-4a64-89f3-2ccdf088a6ef.mp3\"><\/audio><\/figure><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>Abu Dhabi Commercial Bank (ADCB) has extended a five-year USD 60 mn <\/strong><strong>loan to <\/strong><strong>Swedish Tethys Oil<\/strong>, according to a <a target=\"_blank\" href=\"https:\/\/view.news.eu.nasdaq.com\/view?id=b70452d1751516e23b5617255f5744022&lang=en&src=micro\" style=\"\" rel=\"noopener\">disclosure<\/a>. The funds will be used to support Tethys\u2019 expenditures in its <a target=\"_blank\" href=\"https:\/\/www.tethysoil.com\/en\/oman-blocks-34\/\" style=\"\" rel=\"noopener\">Block 3 & 4<\/a> in Oman, which will also serve as collateral for the debt facility.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The details:<\/strong> The loan features a 12-month drawdown availability period, with a fixed amortization schedule starting nine months after entering the agreement. The loan is expected to carry single-digit interest, to be paid quarterly. Under the agreement, Tethys Oil will hedge at least 50% of the interest rates and 35% of its oil sales. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The loan will help Tethys ramp up its investments,<\/strong> \u201c[ensuring] that [the company] is fully funded and positioned to continue investing across its portfolio of assets in various stages of maturity. [The facility] provides Tethys Oil\u2019s Board of Directors additional flexibility and optionality in the Group\u2019s ongoing strategic review,\u201d the disclosure reads. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>ADVISOR: <\/strong>UK-based <a target=\"_blank\" href=\"https:\/\/www.gfigroup.com\/about-the-group\/corporate-information\/companies-trading-divisions\/trading-divisions\/carlingford\/\" style=\"\" rel=\"noopener\">Carlingford<\/a>, a division of GFI Securities, arranged the transaction. <\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/uae\/tag\/abu-dhabi-commercial-bank\/\">Abu Dhabi Commercial Bank<\/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\/oil\/\">Oil<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/uae\/tag\/tethys-oil\/\">Tethys Oil<\/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=\"94498 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=\"94498\">\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/uae\/2024\/08\/05\/94498-2\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-94498\" class=\"content-area-description single-story post-94498 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\/neo\/\" target=\"_blank\" rel=\"noopener\"><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2024\/7\/1087.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=\"94499\" 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=\"94499\">\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\">EARNINGS WATCH<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/uae\/2024\/08\/05\/tecom-emsteel-orient-takaful-2q-earnings\/\">\r\n                            Tecom, Emsteel, Orient Takaful report 2Q earnings                        <\/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\/08\/05\/tecom-emsteel-orient-takaful-2q-earnings\/\" 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\/08\/05\/tecom-emsteel-orient-takaful-2q-earnings\/')\">\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\/08\/05\/tecom-emsteel-orient-takaful-2q-earnings\/\">\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=Tecom, Emsteel, Orient Takaful 2Q earnings&url=https:\/\/enterpriseam.com\/uae\/2024\/08\/05\/tecom-emsteel-orient-takaful-2q-earnings\/\">\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\/08\/05\/tecom-emsteel-orient-takaful-2q-earnings\/&title=Tecom, Emsteel, Orient Takaful 2Q earnings\">\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=Tecom%2C+Emsteel%2C+Orient+Takaful+2Q+earnings+https%3A%2F%2Fenterpriseam.com%2Fuae%2F2024%2F08%2F05%2Ftecom-emsteel-orient-takaful-2q-earnings%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\/08\/05\/tecom-emsteel-orient-takaful-2q-earnings\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2024\/6\/949.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"94500\" data-permalink=\"https:\/\/enterpriseam.com\/uae\/2024\/08\/05\/tecom-emsteel-orient-takaful-2q-earnings\/949-jpg-2\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/6\/949.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"949.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/6\/949.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/6\/949.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-94499\" class=\"content-area-description single-story post-94499 post type-post status-publish format-standard has-post-thumbnail hentry category-earnings-watch tag-earnings-watch tag-emirates-steel-arkan tag-enterpriseam-uae tag-orient-takaful tag-tecom-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\/8\/.9db1d148-2de8-4331-a0cd-049b3c484589.mp3\"><\/audio><\/figure><p class=\"tag-border-left\">TECOM GROUP-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> Business district developer Tecom Group posted AED 310.5 mn in net income in 2Q 2024<\/strong>, up 35% y-o-y, according to the company\u2019s <a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/8\/209.pdf\" style=\"\" rel=\"noopener\">financials (pdf)<\/a>. Its top line rose 9% y-o-y to AED 584 mn, primarily fueled by high occupancy rates, with commercial and industrial portfolios seeing 92% occupancy, and industrial lands seeing 96%, according to a separate <a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/8\/211.pdf\" style=\"\" rel=\"noopener\">earnings release (pdf)<\/a>.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>On a 1H basis:<\/strong> Tecom Group saw its net income reach AED 603 mn in 1H 2024, marking a 24% y-o-y increase. Its revenues for the period rose 9% y-o-y to AED 1.15 bn, bolstered by ongoing increases in rental and occupancy rates across all business segments, along with robust retention figures.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Dividends:<\/strong> Tecom approved AED 400 mn in interim dividends for 1H 2024, set to be distributed in September 2024.<\/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\">EMIRATES STEEL ARKAN- <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Emsteel\u2019s income <\/strong><strong>falls<\/strong><strong> 64%: <\/strong>Emirates Steel Arkan (Emsteel) saw its net income fall 64% y-o-y to AED 46.3 mn in 2Q 2024, according to its <a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/8\/202.pdf\" style=\"\" rel=\"noopener\">financials (pdf)<\/a>. The company\u2019s revenues also fell 10% y-o-y to AED 1.82 bn in revenues. The company attributed the drop in performance to pressure on international steel markets as a result of geopolitical tensions and a slowdown in the Chinese economy that has impacted both export and domestic markets,\u201d according to its <a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/8\/201.pdf\" style=\"\" rel=\"noopener\">earnings release (pdf)<\/a>. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>On a six-month basis, <\/strong>Emsteel\u2019s bottom line dipped 38% y-o-y to AED 174.5 mn in 1H 2024. Revenues were down 11% y-o-y, falling to AED 3.96 bn during the period. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Looking ahead, <\/strong>Emsteel plans to \u201cremain vigilant in monitoring market dynamics to<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">stay agile, continue to collaborate closely with downstream customers to meet their needs for value-added and low-carbon products\u2026 [and] maintain [its] commitment to supplying premium steel products, to landmark projects in the region, such as [Emsteel\u2019s] latest <a target=\"_blank\" href=\"https:\/\/enterprise.news\/uae\/en\/news\/story\/76c3d7c8-0965-4226-84f5-f34da060e862\/amea-power-to-expand-renewable-energy-projects-in-egypt#:~:text=Emirates%20Steel%20will%20partner%20with%20Malaysian%20steel%20structure%20firm%20Eversendai%20to%20supply%20steel%20for%20a%20project%20in%20Saudi%20Arabia%E2%80%99s%20Neom%2C%20according%20to%20a%20press%20release.%20Under%20the%20agreement%2C%20Emirates%20steel%20will%20provide%20its%20low%2Dcarbon%20premium%20steel%20beams%20for%20the%20construction%20of%20the%20Trojena%20Ski%20Village%20in%20Neom.\" style=\"\" rel=\"noopener\">agreement with Eversendai<\/a> for the construction of the NEOM Trojena Ski Village,\u201d said Group CEO Saeed Ghumran Al Remeithi. <\/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\">ORIENT TAKAFUL-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Orient Takaful\u2019s net income fell 21% y-o-y to AED 11.2 mn in 2Q 2024<\/strong>, according to the company\u2019s <a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/8\/213.pdf\" style=\"\" rel=\"noopener\">financials (pdf)<\/a>. The company\u2019s revenues rose 33% y-o-y to AED 198.2 mn. Orient\u2019s bottom line grew 18% y-o-y to AED 24.3 mn in 1H 2024, while revenues grew 33% y-o-y to AED 385.1 mn. <\/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\/earnings-watch\/\">EARNINGS WATCH<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/uae\/tag\/emirates-steel-arkan\/\">Emirates Steel Arkan<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/uae\/tag\/orient-takaful\/\">Orient Takaful<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/uae\/tag\/tecom-group\/\">Tecom 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=\"94501\" 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=\"94501\">\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\">UAE IN THE NEWS<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/uae\/2024\/08\/05\/the-uaes-diplomatic-efforts-in-gaza-get-ink\/\">\r\n                            The UAE\u2019s diplomatic efforts in Gaza get ink                        <\/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\/08\/05\/the-uaes-diplomatic-efforts-in-gaza-get-ink\/\" 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\/08\/05\/the-uaes-diplomatic-efforts-in-gaza-get-ink\/')\">\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\/08\/05\/the-uaes-diplomatic-efforts-in-gaza-get-ink\/\">\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=The UAE\u2019s diplomatic efforts in Gaza get ink&url=https:\/\/enterpriseam.com\/uae\/2024\/08\/05\/the-uaes-diplomatic-efforts-in-gaza-get-ink\/\">\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\/08\/05\/the-uaes-diplomatic-efforts-in-gaza-get-ink\/&title=The UAE\u2019s diplomatic efforts in Gaza get ink\">\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=The+UAE%E2%80%99s+diplomatic+efforts+in+Gaza+get+ink+https%3A%2F%2Fenterpriseam.com%2Fuae%2F2024%2F08%2F05%2Fthe-uaes-diplomatic-efforts-in-gaza-get-ink%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\/08\/05\/the-uaes-diplomatic-efforts-in-gaza-get-ink\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2024\/8\/277.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"94502\" data-permalink=\"https:\/\/enterpriseam.com\/uae\/2024\/08\/05\/the-uaes-diplomatic-efforts-in-gaza-get-ink\/277-jpg-2\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/8\/277.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"277.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/8\/277.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/8\/277.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-94501\" class=\"content-area-description single-story post-94501 post type-post status-publish format-standard has-post-thumbnail hentry category-uae-in-the-news tag-enterpriseam-uae tag-gaza tag-uae-in-the-news tag-war-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\/8\/.ee494f6b-79e7-414e-976c-949fc631b6be.mp3\"><\/audio><\/figure><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The UAE\u2019s extensive humanitarian efforts in Gaza and Northern Sinai amid the ongoing <\/strong><strong>war in Gaza got a detailed feature<\/strong> in <a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2024-08-04\/uae-shows-regional-diplomatic-sway-with-gaza-aid-ties-to-israel\" style=\"\" rel=\"noopener\">Bloomberg<\/a>. The UAE's aid, costing around USD 700 mn, includes medical facilities and water desalination plants in El-Arish and Gaza, and marks another step towards ramping up its diplomacy in the region. <\/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\/gaza\/\">Gaza<\/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                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/uae\/tag\/war-watch\/\">War 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=\"94503\" 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=\"94503\">\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\">ALSO ON OUR RADAR<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/uae\/2024\/08\/05\/oraseya-capital-backs-seven-startups-in-latest-sandbox-cohort\/\">\r\n                            Oraseya Capital backs seven startups in latest sandbox cohort                        <\/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\/08\/05\/oraseya-capital-backs-seven-startups-in-latest-sandbox-cohort\/\" 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 investment wraps up the fourth Sandbox cohort, which drew over 1.5k applications, with the next round set to begin in September. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The cohort includes:<\/strong> Recruitment tech startup <a target=\"_blank\" href=\"https:\/\/www.qureos.com\/\" style=\"\" rel=\"noopener\">Qureos<\/a> ; <a target=\"_blank\" href=\"https:\/\/www.herogo.ae\/\" style=\"\" rel=\"noopener\">Herogo<\/a>, which offers a sustainable produce subscription service; <a target=\"_blank\" href=\"https:\/\/lisan.ai\/en\/lisan\" style=\"\" rel=\"noopener\">Lisan<\/a>, which specializes in generative AI for Arabic linguistics; <a target=\"_blank\" href=\"https:\/\/sthrive.com\/\" style=\"\" rel=\"noopener\">Sthrive<\/a>, a B2B software as a service designed to boost retail performance; <a target=\"_blank\" href=\"https:\/\/zoya.finance\/\" style=\"\" rel=\"noopener\">Zoya<\/a>, a fintech for halal investments; freelance training platform <a target=\"_blank\" href=\"https:\/\/jobescape.me\/chat-v3?utm_source=google&utm_campaign=20602993900&utm_adgroupid=153664876746&utm_keyword=jobescape&gad_source=1&gclid=Cj0KCQjwzby1BhCQARIsAJ_0t5PnZeFaWYM-qvjKsWhsNrEqmxJTbiw4HdHbRC5y9ksTm-8OnXsFhAsaAmzSEALw_wcB\" style=\"\" rel=\"noopener\">JobEscape<\/a> ; and AI construction planning software startup <a target=\"_blank\" href=\"https:\/\/opteam.ai\/\" style=\"\" rel=\"noopener\">Opteam<\/a>. <\/p>\n<p class=\"tag-border-left\">INS.- <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>West P&I to set up shop in Dubai: <\/strong>Marine ins. provider <a target=\"_blank\" href=\"https:\/\/www.westpandi.com\/\" style=\"\" rel=\"noopener\">West of England P&I Club<\/a> plans to launch a new regional office in Dubai International Financial Center, making it the first <a target=\"_blank\" href=\"https:\/\/www.igpandi.org\/\" style=\"\" rel=\"noopener\">International Group of P&I Clubs<\/a> member to set up shop there, a company <a target=\"_blank\" href=\"https:\/\/www.westpandi.com\/news-and-resources\/news\/august-2024\/dubai-office-announcement\/\" style=\"\" rel=\"noopener\">statement<\/a> showed. The office will serve GCC countries and the Indian subcontinent, with operations scheduled to kick off by autumn.<\/p>\n<p class=\"tag-border-left\">M&A-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Dariush Soudi taps into the veterinary care market: <\/strong>Entrepreneur and founder of <a target=\"_blank\" href=\"https:\/\/l.instagram.com\/?u=http%3A%2F%2Fwww.arenacapital.com%2F&e=AT3fyV5fxnkDuXgDDuaemCQnva1ol1SW4FhGIc3pUkFh_oHXZuzME1ZOrPUha-sWThmC4xcnyBuPUP4ix3pB6Dhne4f2-b_b0aKGKA\" style=\"\" rel=\"noopener\">Arena<\/a><a target=\"_blank\" href=\"https:\/\/l.instagram.com\/?u=http%3A%2F%2Fwww.arenacapital.com%2F&e=AT3fyV5fxnkDuXgDDuaemCQnva1ol1SW4FhGIc3pUkFh_oHXZuzME1ZOrPUha-sWThmC4xcnyBuPUP4ix3pB6Dhne4f2-b_b0aKGKA\" style=\"\" rel=\"noopener\">Capital<\/a> Dariush Soudi acquired <a target=\"_blank\" href=\"https:\/\/noblevetclinic.com\/\" style=\"\" rel=\"noopener\">Noble Veterinary Clinics<\/a> for an undisclosed sum through his family office, according to a <a target=\"_blank\" href=\"https:\/\/www.zawya.com\/en\/press-release\/companies-news\/dariush-soudi-expands-investment-portfolio-with-acquisition-of-dubais-noble-veterinary-clinics-fmj35jg3\" style=\"\" rel=\"noopener\">statement<\/a>. The business runs two clinics in Dubai Investment Park and Jumeirah Lake Towers.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>ALSO- Soudi is in the market for beauty clinics: <\/strong>Soudi is shopping for investments in beauty clinics and polyclinics, he said in the statement, adding that he has formed partnerships in the UK and Germany to help him nail down potential choices.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<p class=\"tag-border-left\"> EDUCATION-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Rubu' Qarn gets a STEM arm:<\/strong> Wife of Sharjah Ruler Sheikha Jawaher bint Mohammed Al Qasimi has launched a STEM arm for the <a target=\"_blank\" href=\"https:\/\/www.rqsharjah.ae\/en\/index.aspx\" style=\"\" rel=\"noopener\">Rubu' Qarn<\/a> (RQ) foundation, the RQ Science and Technology Center, in Sharjah\u2019s Research Technology and Innovation Park, <a target=\"_blank\" href=\"https:\/\/wam.ae\/en\/article\/b4gzy0z-jawaher-qasimi-launches-rq%E2%80%99s-science-technology\" style=\"\" rel=\"noopener\">Wam<\/a> reported. The new center plans to partner with public and private sector players as well as global academic institutions to organize competitions, forums, and events, and provide specialized courses to beef up the country\u2019s talents in science and technology.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<p class=\"tag-border-left\">AUTOMOTIVE-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#1- South Korea\u2019s largest car rental company <\/strong><strong><a target=\"_blank\" href=\"https:\/\/www.lotterentacar.net\/hp\/eng\/reservation\/index.do?LANG=eng\" style=\"\" rel=\"noopener\">Lotte Rental<\/a><\/strong><strong> has launched a regional sister <\/strong><strong>company for its used-car selling business<\/strong> <a target=\"_blank\" href=\"https:\/\/www.lotte-autoglobal.net\/\" style=\"\" rel=\"noopener\">Lotte Auto Global<\/a> in Dubai, the <a target=\"_blank\" href=\"https:\/\/www.kedglobal.com\/automobiles\/newsView\/ked202408010005\" style=\"\" rel=\"noopener\">Korea Economic Daily<\/a> reported. Lotte Auto Global Middle East will focus on boosting the company\u2019s sales in the Mena and Commonwealth of Independent States (CIS) regions.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#2- EV brand Zeekr opens its first showroom in Dubai:<\/strong> Electric vehicle (EV) brand Zeekr\u2019s official distributor AW Rostamani Group (AWR) launched the first dedicated Zeekr showroom in the UAE on Sheikh Zayed road in Dubai, according to a <a target=\"_blank\" href=\"https:\/\/www.zeekr.ae\/posts\/aw-rostamani-group-achieves-new-milestone-in-uae-with-opening-of-first-zeekr-showroom-and-service-center\" style=\"\" rel=\"noopener\">statement<\/a>. The distributor also launched a dedicated service center in Deira offering after-sale support.<\/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>#<\/strong><strong>1- SCCI + ADCCI to boost cooperation: <\/strong>The Sharjah Chamber of Commerce and Industry (SCCI) met with the Abu Dhabi Chamber of Commerce and Industry (ADCCI) to discuss joint cooperation to ramp up service quality and diversity for private sector members in Abu Dhabi and Sharjah, according to a <a target=\"_blank\" href=\"https:\/\/www.zawya.com\/en\/press-release\/government-news\/sharjah-and-abu-dhabi-chambers-discuss-cooperation-in-enhancing-private-sector-services-c1c5i2bw\" style=\"\" rel=\"noopener\">press release<\/a>. The two sides also discussed launching initiatives and projects to boost economic ties between UAE businesses and their global counterparts, and support expansion into regional and global markets.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#2- Mapei\u2019s Zero line lands in the UAE: <\/strong>Mapei Group, an Italian chemical products manufacturer for the building industry, launched its sustainable Zero line in the MENA region, according to a <a target=\"_blank\" href=\"https:\/\/www.zawya.com\/en\/press-release\/companies-news\/mapei-group-drives-sustainable-development-with-launch-of-zero-line-of-products-in-middle-east-c1gxky99\" style=\"\" rel=\"noopener\">press release<\/a>. The line includes eco-friendly construction products for ceramics and natural stone, cleaning, maintaining, protecting surfaces, waterproofing, concrete repair, and more. <\/p>\n<p class=\"tag-border-left\">SUSTAINABILITY- <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The Climate Change and Environment Ministry launched a program to upskill agricultural <\/strong><strong>extension agents and staff,<\/strong> focusing on communication skills to facilitate technology transfer and modern farming techniques, <a target=\"_blank\" href=\"https:\/\/wam.ae\/en\/article\/b4i6te4-moccae-launches-programme-boost-agricultural\" style=\"\" rel=\"noopener\">Wam<\/a> reports. The program features specialized training courses covering areas including soil and irrigation, crop and vegetable production, fruit production, pest prevention and control, and beekeeping. It will be rolled out in collaboration with partners, research centers, and global experts.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The ministry is also planning to develop an annual agricultural guidance plan to monitor and support farmers<\/strong>, providing data analysis and recommendations to farmers in reports focusing on crop production and pest protection. <\/p>\n<p class=\"tag-border-left\">TRANSPORT- <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Dubai gets 10 new truck rest stops:<\/strong> Dubai\u2019s Roads and Transport Authority (RTA) and Adnoc completed the construction of 10 out of 16 rest stops for trucks, each able to accommodate 30-45 vehicles, <a target=\"_blank\" href=\"https:\/\/wam.ae\/en\/article\/b4i6tb9-rta-completing-construction-truck-rest-stops\" style=\"\" rel=\"noopener\">Wam<\/a> reported. The rest stops are located on Sheikh Mohammed bin Zayed Road, Emirates Road, Dubai - Hatta Road, Dubai - Al Ain Road, Jebel Ali - Lehbab Road, and Al Awir Road.<\/p>\n<p class=\"tag-border-left\">BANKING- <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The CBUAE has slapped an unnamed UAE bank with a AED 5.8 mn fine<\/strong> for breaching anti-money laundering and counter terrorism financing regulations, according to a <a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/8\/221.pdf\" style=\"\" rel=\"noopener\">statement (pdf)<\/a>.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/uae\/tag\/also-on-our-radar\/\">ALSO ON OUR RADAR<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/uae\/tag\/automotive\/\">automotive<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/uae\/tag\/business\/\">business<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/uae\/tag\/education\/\">Education<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/uae\/tag\/insurance\/\">insurance<\/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\/startups\/\">startups<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/uae\/tag\/sustainability\/\">sustainability<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/uae\/tag\/tech\/\">tech<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/uae\/tag\/trade\/\">trade<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/uae\/tag\/transport\/\">transport<\/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=\"94505\" 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=\"94505\">\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\">PLANET FINANCE<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/uae\/2024\/08\/05\/the-nasdaq-is-in-correction-territory-warren-buffett-is-shifting-to-cash-investors-fret-about-ai-things-are-getting-interesting-on-planet-finance\/\">\r\n                            The Nasdaq is in correction territory. Warren Buffett is shifting to cash. Investors fret about AI. Things are getting interesting on Planet Finance.                        <\/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\/08\/05\/the-nasdaq-is-in-correction-territory-warren-buffett-is-shifting-to-cash-investors-fret-about-ai-things-are-getting-interesting-on-planet-finance\/\" 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\/08\/05\/the-nasdaq-is-in-correction-territory-warren-buffett-is-shifting-to-cash-investors-fret-about-ai-things-are-getting-interesting-on-planet-finance\/')\">\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\/08\/05\/the-nasdaq-is-in-correction-territory-warren-buffett-is-shifting-to-cash-investors-fret-about-ai-things-are-getting-interesting-on-planet-finance\/\">\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=The Nasdaq is in correction territory. Warren Buffett is shifting to cash. Investors fret about AI. Things are getting interesting on Planet Finance.&url=https:\/\/enterpriseam.com\/uae\/2024\/08\/05\/the-nasdaq-is-in-correction-territory-warren-buffett-is-shifting-to-cash-investors-fret-about-ai-things-are-getting-interesting-on-planet-finance\/\">\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\/08\/05\/the-nasdaq-is-in-correction-territory-warren-buffett-is-shifting-to-cash-investors-fret-about-ai-things-are-getting-interesting-on-planet-finance\/&title=The Nasdaq is in correction territory. Warren Buffett is shifting to cash. Investors fret about AI. 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That just added momentum to a selloff of Big Tech shares as traders <a target=\"_blank\" href=\"https:\/\/edition.cnn.com\/2024\/08\/02\/tech\/wall-street-asks-big-tech-will-ai-ever-make-money\/index.html\" style=\"\" rel=\"noopener\">worry about the commercial viability of artificial intelligence<\/a>. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The Nasdaq is now down more than 10% since 11 July<\/strong> after losing 2.4% on Friday and the Dow lost 600 points heading into the weekend, good for a one-week drop of 2.1%. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Investors <\/strong><strong><a target=\"_blank\" href=\"https:\/\/www.ft.com\/content\/166d25c5-5d26-4a3e-bd37-d4394306b596\" style=\"\" rel=\"noopener\">pummeled Intel<\/a><\/strong><strong>, sending its shares down 26% <\/strong>after it announced it would lay off 15k people as part of a plan to cut bns of USD in spending. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The weak jobs report has some wondering whether the Fed will need to cut rates by more <\/strong><strong>than a quarter point <\/strong>when it meets in September. While rate cuts should be good for equities (lower rates sends money into the stock market looking for better returns), the concern is that the Fed may have waited too long to act, setting up worries about the health of the US economy.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>WATCH THIS SPACE #1- Berkshire nearly halves its stake in Apple: <\/strong>Warren Buffett\u2019s Berkshire Hathaway cut its massive stake in Apple by nearly 50% to USD 84.2 bn in 2Q 2024, the firm\u2019s latest <a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/8\/162.pdf\" style=\"\" rel=\"noopener\">earnings filing (pdf)<\/a> showed. The stake sale, which raised the conglomerate\u2019s cash holdings to a record USD 277 bn, is part of a wider sell off that saw Berkshire offload some USD 75.5 bn worth of stock on a net basis during the quarter as the <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/82f6a9a5-55db-4c34-99a3-4777e5913282\/\" style=\"\" rel=\"noopener\">S&P 500 rallied<\/a>.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Could this add momentum to a risk-off, signaling that cash is king?<\/strong> \u201cYou could conclude this is another sell signal,\u201d Edward Jones analyst Jim Shanahan <a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2024-08-03\/berkshire-hathaway-s-cash-pile-soars-to-record-276-9-billion?srnd=homepage-middle-easthttps:\/\/www.bloomberg.com\/news\/articles\/2024-08-03\/berkshire-hathaway-s-cash-pile-soars-to-record-276-9-billion?srnd=homepage-middle-east\" style=\"\" rel=\"noopener\">said<\/a>. \u201cThis was a far higher level of selling activity than we were expecting.\u201d<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>WATCH THIS SPACE #2- Is all of this a signal that we\u2019re in for a turbulent fall? <\/strong>Mayhaps, to quote the resident 17-year-old. <a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2024-08-03\/how-to-invest-after-stocks-fall-tips-for-rate-cuts-big-tech-and-us-election?sref=mmeFTDW1\" style=\"\" rel=\"noopener\">Bloomberg<\/a> has a rundown of views well worth your reading.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The bottom line? <\/strong>\u201cThis is what a growth scare looks like,\u201d Wasif Latif, president and chief investment officer at Sarmaya Partners, told <a target=\"_blank\" href=\"https:\/\/www.reuters.com\/markets\/us\/wall-st-week-ahead-flaring-economic-worries-threaten-us-stocks-rally-2024-08-02\/\" style=\"\" rel=\"noopener\">Reuters<\/a>. \u201cThe market is now realizing that the economy is indeed slowing.\u201d<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Want more? <\/strong>See reports in the <a target=\"_blank\" href=\"https:\/\/www.ft.com\/content\/ad982723-4d08-4f3d-a31a-415786004653\" style=\"\" rel=\"noopener\">Financial Times<\/a> | <a target=\"_blank\" href=\"https:\/\/www.reuters.com\/markets\/us\/nasdaq-falls-10-record-high-2024-08-02\/\" style=\"\" rel=\"noopener\">Reuters<\/a> | <a target=\"_blank\" href=\"https:\/\/www.cnbc.com\/2024\/08\/01\/stock-market-today-live-updates.html\" style=\"\" rel=\"noopener\">CNBC<\/a> <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\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>Major Asian benchmarks are in the red this morning<\/strong>, which <a target=\"_blank\" href=\"https:\/\/www.cnbc.com\/2024\/08\/05\/asia-markets.html\" style=\"\" rel=\"noopener\">CNBC<\/a> blames on investors adopting a wait-and-see approach as they wait for key trade data from China and Taiwan and interest rate decisions from the central banks of Australia and India due later this week. Japan\u2019s Nikkei is down almost 6% at dispatch time \u2014 inching closer to bear territory, after falling near 20% since its high recorded on 11 July \u2014 the Kospi is down almost 5%, and the Hang Seng fell close to 1%. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Meanwhile, <\/strong><strong><a target=\"_blank\" href=\"https:\/\/www.cnbc.com\/2024\/08\/04\/stock-market-today-live-updates.html\" style=\"\" rel=\"noopener\">US stock futures fell last night<\/a><\/strong> after last week\u2019s selldown. <\/p>\n<p><a target=\"_blank\" id=\"t.65b548ac20dbf69191d0ea65899f4a4bf9769b7d\" rel=\"noopener\"><\/a><a target=\"_blank\" id=\"t.0\" rel=\"noopener\"><\/a> <\/p>\n<div class='stock-ticker-panel'>\n<table class='table stock-ticker-table markets-table'>\n<tr class='tr-row-down'>\n<td class='td-list-down'>\n<p><svg class='e-icon e-TypeMarkets1'><use xlink:href='#e-TypeMarkets1'><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>ADX<\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">9,292<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">-0.8% (YTD: -3.0%)<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-down'>\n<td class='td-list-down'>\n<p><svg class='e-icon e-TypeMarkets1'><use xlink:href='#e-TypeMarkets1'><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>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\">4,237<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">-1.0% (YTD: +4.4%)<\/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>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\">3696<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">-1.0% (YTD: -3.8%)<\/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-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>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\">4.9% 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\">11,754<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">-2.4% (YTD: -2.3%)<\/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>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\">28,504<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">-2.9% (YTD: +14.5%)<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-down'>\n<td class='td-list-down'>\n<p><svg class='e-icon e-TypeMarkets1'><use xlink:href='#e-TypeMarkets1'><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>S&P 500<\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">5,347<\/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\">-1.8% (YTD: +12.1%)<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-down'>\n<td class='td-list-down'>\n<p><svg class='e-icon e-TypeMarkets1'><use xlink:href='#e-TypeMarkets1'><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>FTSE 1<\/strong><strong>0<\/strong><strong>0<\/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\">8,175<\/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\">-1.3% (YTD: +5.7%)<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-down'>\n<td class='td-list-down'>\n<p><svg class='e-icon e-TypeMarkets1'><use xlink:href='#e-TypeMarkets1'><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>Euro Stoxx 50<\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">4,639<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">-2.7% (YTD: +2.6%)<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-down'>\n<td class='td-list-down'>\n<p><svg class='e-icon e-TypeMarkets1'><use xlink:href='#e-TypeMarkets1'><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>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 76.81<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">-3.4%<\/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>Natural gas <\/strong>(Nymex)<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">USD 1.97<\/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%<\/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 2,470<\/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%<\/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 58,903<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">-2.9% (YTD: +39.7%)<\/p>\n<\/td>\n<\/tr>\n<\/table>\n<\/div>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>THE CLOSING BELL-<\/strong><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The ADX fell 0.7% on <\/strong><strong>Friday<\/strong> on turnover of AED 902.7 mn. The index is down 3% 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>Abu Dhabi Ship Building Co. (+2.5%), Ooredoo (+2%) Emirates Telecommunications Group Company (+1,5%).<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>In the red: <\/strong>National Bank of Umm Al Quwain (-6.4%), GFH Financial Group (-4.1%) and Al Dar Properties (-4%). <\/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>, fell 1% on turnover of 395.9 mn. Meanwhile Nasdaq Dubai fell 1%<\/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\"> CORPORATE ACTIONS-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Alef Education will pay AED 203.6 mn in interim dividends for 1H 2024<\/strong>, according to an <a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/8\/232.pdf\" style=\"\" rel=\"noopener\">ADX filing (pdf)<\/a>. This includes an AED 67.5 mn payout to freefloat investors \u2014 per an earlier <a target=\"_blank\" href=\"https:\/\/enterprise.news\/uae\/en\/news\/story\/4e5daecb-6e2b-4935-8e23-d15a2606694c\/alef-education-plans-june-adx-debut\" style=\"\" rel=\"noopener\">commitment<\/a> made ahead of its IPO earlier this year \u2014 and an AED 136.1 mn payout to founding shareholders. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>REMEMBER- <\/strong>Alef debuted on the ADX in <a target=\"_blank\" href=\"https:\/\/enterprise.news\/uae\/en\/news\/story\/8f0fda5b-4767-467e-a4af-d1219b067b0e\/abu-dhabi%25e2%2580%2599s-first-ipo-in-2024-tumbles-18%2525-on-market-debut\" style=\"\" rel=\"noopener\">June<\/a>, raising AED 1.89 bn \u2014 making it the biggest this year \u2014 but seeing a lackluster debut, with shares falling 18% on its first day of trading. <\/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\/market-outlook\/\">market outlook<\/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=\"94507\" 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\/08\/05\/94507-2\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-94507\" class=\"content-area-description single-story post-94507 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\">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;\">14 August (Wednesday): UAE to participate in ceasefire talks co-mediated by the US and KSA between the warring factions in Sudan. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span>20-21 August (Tuesday-Wednesday): <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/worldesgsummit.com\/\" style=\"\">The World ESG Summit<\/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>21-22 August (Wednesday-Thursday): <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/rexconferences.com\/conference-info\" style=\"\">Rex Fuels Global Expo & Conference 2024- Bitumen, Petrochemicals & Products<\/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 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>25 August (Sunday): Deadline to register for the <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/web.cvent.com\/event\/815bd57e-4235-40ee-aaaf-59cb1da72d53\/summary\" style=\"\">AI Challenge<\/a><\/span><span style=\"font-weight:400;\">. <\/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 on 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;\">4-5 September (Wednesday-Thursday): 2024 International Government Communication Forum, Expo Centre Sharjah, Sharjah.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span>5 September (Thursday): Deadline to apply for the sixth edition of <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.startups.sheraa.ae\/\" style=\"\">Access Sharjah Challenge<\/a><\/span><span style=\"font-weight:400;\">.<\/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>10-11 September (Tuesday-Wednesday): <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/pppmenaforum.com\/\" style=\"\">MENA PPP forum<\/a><\/span><span style=\"font-weight:400;\">, Jumeirah Emirates Towers, Dubai.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span>10-11 September (Tuesday-Wednesday): <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/menacoolforum.com\/\" style=\"\">MENA District Cooling Projects & MENA Cool Forum<\/a><\/span><span style=\"font-weight:400;\">, Grand Hyatt Dubai, Dubai Healthcare City, Dubai. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span>11-12 September (Wednesday-Thursday): <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/menaoilandgasdigitalization.com\/\" style=\"\">MENA oil and gas digitization conference<\/a><\/span><span style=\"font-weight:400;\">, Abu Dhabi. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span>16-18 September (Monday-Wednesday): <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.worldutilitiescongress.com\/\" style=\"\">World Utilities Congress<\/a><\/span><span style=\"font-weight:400;\">, Abu Dhabi.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span>23-25 September (Monday-Wednesday): <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.worldfzo.org\/Events\/Upcoming-Events\/id\/702\/zones-and-the-shifting-global-economic-structures-unlocking-new-investment-avenues\" style=\"\">World<\/a><\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.worldfzo.org\/Events\/Upcoming-Events\/id\/702\/zones-and-the-shifting-global-economic-structures-unlocking-new-investment-avenues\" style=\"\">Freezones<\/a><\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.worldfzo.org\/Events\/Upcoming-Events\/id\/702\/zones-and-the-shifting-global-economic-structures-unlocking-new-investment-avenues\" style=\"\">Organization\u2019s Annual International Conference and Exhibition<\/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>25-26 September (Wednesday-Thursday): <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/steel.apexevents.cn\/\" style=\"\">Green Steel Summit<\/a><\/span><span style=\"font-weight:400;\">, Dubai, UAE.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span>25-26 September (Wednesday-Thursday): <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.aerospacesummit.com\/\" style=\"\">Global Aerospace Summit<\/a><\/span><span style=\"font-weight:400;\">, Abu Dhabi, UAE.<\/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>30 September (Monday): <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/dpc.org.ae\/en\/podfestdubai\" style=\"\">Dubai Podfest<\/a><\/span><span style=\"font-weight:400;\">, World Trade Center, Dubai. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700;\">OCTOBER<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span>1-3 October (Tuesday-Thursday): <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.wetex.ae\" style=\"\">Water, Energy and Environment Technology Exhibition<\/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>2-3 October (Wednesday-Thursday): <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.wges.ae\/\" style=\"\">The World Green Economy Summit<\/a><\/span><span>, World Trade Center Dubai.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span>7-8 October (Monday-Tuesday): <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/theforexexpo.com\/dubai2024\/#About\" style=\"\">Forex expo<\/a><\/span><span style=\"font-weight:400;\">, World Trade Center, Dubai. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span>8-9 October (Tuesday-Wednesday)): <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/events.economist.com\/global-trade-week\/?RefID=ad_google_gts2024\" style=\"\">Global Trade and Supply Chain Summit<\/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>8-10 October (Tuesday-Thursday): <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.wam.ae\/en\/article\/b25n998-under-patronage-mansour-bin-zayed-inaugural-global\" style=\"\">The Global Rail Transport Infrastructure Exhibition and Conference<\/a><\/span><span style=\"font-weight:400;\">(Global Rail), Abu Dhabi. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span>14-18 October (Monday-Friday): <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.ieee-ras.org\/conferences-workshops\/financially-co-sponsored\/iros\" style=\"\">IEEE\/RSJ International Conference on Intelligent Robots and Systems<\/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;\">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>21-22 October (Monday-Tuesday): <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/portdevelopmentmea.com\/\" style=\"\">Port Development MEA Forum<\/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>21-22 October (Monday-Tuesday): <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/rbtmena.com\/\" style=\"\">Roads, Bridges, Tunnels MENA Conference<\/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>21-22 October (Monday-Tuesday): <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.aimsummit.com\/event\/dubai\/summary\" style=\"\">The Alternative Investment Summit<\/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 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>26-27 October (Saturday-Sunday): <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/theires.org\/Conference\/18859\/ICTTL\/\" style=\"\">International Conference on Tourism, Transport, and Logistics<\/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>28-29 October (Monday-Tuesday): <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/menaclimateproof.com\/\" style=\"\">MENA Climate Proof Forum<\/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 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:400;\">30 October-1 November (Wednesday-Friday): World Cities Cultural Summit, Dubai.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700;\">NOVEMBER<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span>3-10 November (Sunday-Sunday):<\/span> <span style=\"font-weight:400;\">Dubai Premier Padel P1, Dubai Dutyfree Tennis Stadium, Dubai. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span>4-7 November (Monday-Thursday): <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.adipec.com\/?utm_source=social-internal&utm_medium=twitter&utm_term=&utm_content=vis%202406&utm_campaign=mari%202406\" style=\"\">ADIPEC<\/a><\/span><span style=\"font-weight:400;\">, 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;\">4-7 November (Wednesday-Saturday): 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;\">4-7 November (Wednesday-Saturday): 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>6 November (Friday): <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/events.futureforums.com\/world-finance-forum-dubai\" style=\"\">World Finance Forum<\/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>11 November (Monday): <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/diamondconference.ae\/\" style=\"\">Dubai Diamond Conference<\/a><\/span><span style=\"font-weight:400;\">, Jafza One Convention Centre, Dubai. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span>11-12 November (Monday-Tuesday): <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/menacinema.com\/\" style=\"\">META Cinema Forum<\/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>11-14 November (Monday-Thursday): <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.adipec.com\/\" style=\"\">Abu Dhabi International Petroleum Exhibition & Conference<\/a><\/span><span style=\"font-weight:400;\">, Abu Dhabi. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span>11-14 November (Monday-Thursday): <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.adipec.com\/maritime-logistics\/\" style=\"\">ADIPEC Maritime and Logistics Exhibition and Conference<\/a><\/span><span style=\"font-weight:400;\">, 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>20-22 November (Wednesday-Friday): <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.adnec.ae\/en\/eventlisting\/xpanse-2024\" style=\"\">Xpanse Abu Dhabi<\/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>22-23 November (Friday-Saturday): <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/unitedresearchforum.com\/GMEEE2024\/\" style=\"\">Global Meet on Electronics & Electrical Engineering (GMEEE)<\/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;\">26-27 November (Tuesday-Wednesday) Global Food Security Summit, 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>27-28 November (Wednesday-Thursday): <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/rakenergysummit.rak.ae\/\" style=\"\">RAK Energy Summit<\/a><\/span><span style=\"font-weight:400;\">, 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\">Signposted to happen ahead of ADIPEC: <\/span><\/p>\n<ul>\n<li><span style=\"font-weight:400;\">Changemakers Majlis, Abu Dhabi. <\/span><\/li>\n<\/ul>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700;\">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>10-12 December (Tuesday-Thursday): <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/meira.me\/conference\/\" style=\"\">Middle East Investor Relations Association (MEIRA)<\/a><\/span><span style=\"font-weight:400;\">, Conrad Abu Dhabi Etihad Towers Hotel, Abu Dhabi. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span> 11-13 December (Friday-Sunday): <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/euroarabmed.com\/\" style=\"\">European-Arab Medical Congress<\/a><\/span><span>, <\/span><span>Abu Dhabi<\/span><span style=\"font-weight:400;\">.<\/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;\">JANUARY 2025<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span>1 January (Wednesday): ADGM to <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/uae\/en\/news\/story\/f7d3f193-18ec-4d19-8c9d-0a8bb935f0be\/this-morning:-lots-of-ipos-%2B-alkaabi-confirms-plans-for-second-nuclear-plant\" style=\"\">slash licensing fees<\/a><\/span><span style=\"font-weight:400;\"> for retail and non-financial firms, and hike fees for finance firms. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span>14-16 January (Tuesday-Thursday): <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.worldfutureenergysummit.com\/\" style=\"\">World Energy Summit<\/a><\/span><span style=\"font-weight:400;\">, 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;\">FEBRUARY 2025<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span>24-25 February (Monday-Tuesday): <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.gmevents.ae\/event\/3rd-world-passenger-experience-forum\/\" style=\"\">3rd World Passenger Experience Forum<\/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>24-26 February (Monday-Wednesday): <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.mena.gh2events.com\/\" style=\"\">Connecting Hydrogen MENA<\/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 style=\"font-weight:700;\">APRIL 2025<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span>16-17 April: <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/globalportsforum.com\/dubai-to-host-gpf\/\" style=\"\">Global Ports Forum<\/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 style=\"font-weight:700;\">MAY 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;\">26-28 May (Monday-Wednesday): Arab Media Summit, World Trade Centre, Dubai. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700;\">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<li><span style=\"font-weight:400;\">TBD: e& will complete Adnoc\u2019s private 5G network. <\/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 the fall of 2025:<\/span><\/p>\n<ul>\n<li><span style=\"font-weight:400;\">2025 Games of the Future, Dubai.<\/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<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 2029:<\/span><\/p>\n<ul>\n<li><span style=\"font-weight:400;\">Dubai to host the International Conference on Computer Vision.<\/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>Plus: PMI is out today<\/p>\n","protected":false},"featured_media":94490,"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-94489","issue","type-issue","status-publish","has-post-thumbnail","hentry","wpautop","entry"],"acf":{"mongo_id":"d2f5e074-f681-4f75-a7a5-1855122db703","teaser":"Plus: PMI is out today","photo_url":"https:\/\/ent.news\/2024\/2\/1204.jpg"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>AI investor MGX makes its first play with AirTrunk bid - 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