{"id":95024,"date":"2024-08-22T00:00:00","date_gmt":"2024-08-22T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/uae\/?post_type=issue&#038;p=95024"},"modified":"2025-12-15T01:13:23","modified_gmt":"2025-12-15T01:13:23","slug":"aed-backed-stablecoin-in-the-works","status":"publish","type":"issue","link":"https:\/\/enterpriseam.com\/uae\/issues\/aed-backed-stablecoin-in-the-works\/","title":{"rendered":"AED-backed stablecoin in the works"},"content":{"rendered":"<section id=\"95026\" 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=\"95026\">\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           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decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2024\/3\/1775.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"95027\" data-permalink=\"https:\/\/enterpriseam.com\/uae\/2024\/08\/22\/this-morning-nmdc-to-list-epc-services-subsidiary-uae-ranked-first-globally-in-terms-of-fdi-to-gdp-ratio-in-2023\/1775-jpg-12\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/3\/1775.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"1775.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/3\/1775.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/3\/1775.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-95026\" class=\"content-area-description single-story post-95026 post type-post status-publish format-standard has-post-thumbnail hentry category-what-were-tracking-today tag-enterpriseam-uae tag-fdi tag-investment tag-ipo-watch tag-national-marine-dredging-company tag-what-were-tracking-today wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<figure class=\"wp-block-audio mb-0\"><audio controls preload=\"metadata\" src=\"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/8\/.dd4b1588-c9ab-481e-810f-e896cf7a5945.mp3\"><\/audio><\/figure><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Good morning, wonderful people. <\/strong>We have a busy issue for you this morning as we near the end of the week, with several big M&A transactions in the works and news of an AED-backed stablecoin to rival the USD. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>PLUS- We have fresh insights into Gems Education\u2019s landmark USD 3.2 bn sustainability-linked facility <\/strong>\u2014 and much more on the outlook on s-linked finance in the region \u2014 from a sit-down with global head of investment banking at Mashreq, Chiradeep Deb, who led negotiations as the lead sustainability coordinator on the transaction. <\/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\"><a id=\"wwtt1\"><\/a><strong> Sixth, seventh and eighth graders to get project-based tests in lieu of mid-terms:<\/strong> The Education Ministry has overhauled the student assessment system across public schools for grades six through eight, replacing traditional end-of-term exams for the second term with skills-based projects, <a target=\"_blank\" href=\"https:\/\/www.wam.ae\/en\/article\/b4rpr38-ministry-education-announces-full-readiness-for#:~:text=Al%20Amiri%20also%20mentioned,enriching%20their%20learning%20outcomes.\" style=\"\" rel=\"noopener\">Wam<\/a> reports, citing Education Minister Sarah Al Amiri. The new project-based evaluation aims to enhance students\u2019 learning outcomes by \u201c[focusing] on skill measurement, [and helping] students put theoretical knowledge into practice,\u201d Al Amiri said.<\/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\"> HAPPENING TODAY- <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#1- The Dubai Business Forum in Beijing, China kicked off yesterday and runs until today. <\/strong>The event gathers over 50 Dubai-based companies and 350 Chinese firms to explore potential investments in sectors like green tech, AI, healthcare, and renewable energy, president and CEO of Dubai Chambers Mohammad Ali Rashed Lootah told <a target=\"_blank\" href=\"https:\/\/www.thenationalnews.com\/business\/economy\/2024\/08\/12\/dubai-aims-to-attract-more-chinese-investment-amid-strengthening-of-ties\/\" style=\"\" rel=\"noopener\">the National<\/a>. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#3- The <\/strong><strong><a target=\"_blank\" href=\"https:\/\/rexconferences.com\/index\" style=\"\" rel=\"noopener\">Global Bitumen, Petrochemicals & Petroproducts Conference<\/a><\/strong><strong> kicked off at <\/strong><strong>the JW Marriott Marquis Hotel in Dubai yesterday and wraps today<\/strong>. The conference brings together bitumen and petroleum producers, suppliers, and traders, to network and discuss trends and challenges in the industry.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>WEATHER-<\/strong> <strong>The National Center of Meteorology <\/strong><strong><a target=\"_blank\" href=\"https:\/\/x.com\/ncmuae\/status\/1825252154837241976\/photo\/1\" style=\"\" rel=\"noopener\">forecasts<\/a><\/strong><strong> fair weather<\/strong><strong> with occasional clouds today<\/strong>. Temperatures will hit 39\u00b0C in Dubai, with an overnight low of 34\u00b0C, and 37\u00b0C in Abu Dhabi, before cooling to an overnight low of 34\u00b0C.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<p class=\"tag-border-left\"> WATCH THIS SPACE- <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <a id=\"wwtt2\"><\/a> <strong>#1- NMDC considers IPO for EPC services subsidiary:<\/strong> The <a target=\"_blank\" href=\"https:\/\/nmdc-group.com\/\" style=\"\" rel=\"noopener\">National Marine Dredging<\/a><a target=\"_blank\" href=\"https:\/\/nmdc-group.com\/\" style=\"\" rel=\"noopener\">Company (NMDC) Group<\/a> is mulling selling shares in its subsidiary <a target=\"_blank\" href=\"https:\/\/nmdc-group.com\/\" style=\"\" rel=\"noopener\">NMDC Energy<\/a>, an EPC solutions provider for the energy sector, in an IPO, according to an <a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/8\/1921.pdf\" style=\"\" rel=\"noopener\">ADX disclosure (pdf)<\/a>. NMDC\u2019s board will hold a meeting tomorrow to look into the potential offering, the company said, without providing details on the size or value of the IPO planned.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><a id=\"wwtt3\"><\/a> <strong>#2- Dar Global taps int\u2019l adviser as it eyes KSA, London expansion: <\/strong>London-listed <a target=\"_blank\" href=\"https:\/\/darglobal.co.uk\/\" style=\"\" rel=\"noopener\">Dar<\/a><a target=\"_blank\" href=\"https:\/\/darglobal.co.uk\/\" style=\"\" rel=\"noopener\">Global<\/a>, the Dubai-based developer and global arm of Saudi Dar Al Arkan, tapped US giant financial advisory Rothschild & Co to help in its search for potential acquisitions and joint ventures in Saudi Arabia and London, according to a <a target=\"_blank\" href=\"https:\/\/www.zawya.com\/en\/press-release\/companies-news\/dar-global-appoints-rothschild-and-co-to-explore-further-growth-opportunities-in-london-and-saudi-arabia-markets-k0k6fafx\" style=\"\" rel=\"noopener\">statement<\/a>.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>REMEMBER-<\/strong> Dar Global seeks to grow its annual revenue to USD 3 bn from USD 700 mn by growing its presence in the GCC, the company\u2019s CEO Ziaad El Chaar revealed in <a target=\"_blank\" href=\"https:\/\/enterprise.news\/uae\/en\/news\/story\/de98445d-93db-4679-a8ea-e4fb0f1e69be\" style=\"\" rel=\"noopener\">June<\/a>, adding at the time that the company is in talks over two \u201cmega projects\u201d in the UAE, without providing further details. Dar Global later announced plans to <a target=\"_blank\" href=\"https:\/\/enterprise.news\/uae\/en\/news\/story\/203bee46-1c70-41d4-a0c4-ca47f20ae0fe\/%253cmark%253edar-global%253c%2Fmark%253e-to-develop-trump-tower-dubai\" style=\"\" rel=\"noopener\">build a Trump Tower<\/a> in Dubai, and another <a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\/news\/story\/eee494ae-8a35-48d8-92ca-3ccf8069a7ac\/dar-global-to-build-a%253cmark%253e-trump-tower%253c%2Fmark%253e-in-jeddah\" style=\"\" rel=\"noopener\">in Jeddah<\/a>.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<hr style=\"height:2px;border-width:0;color:gray;background-color:gray\">\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><a id=\"wwtt3\"><\/a> <strong>#3- Dewa, China probe energy collaboration:<\/strong> Dubai Electricity and Water Authority (Dewa) looked into potential investments with China and probed means for boosting partnerships with Chinese companies in the areas of renewable energy, energy storage, and smart power grids, <a target=\"_blank\" href=\"https:\/\/www.wam.ae\/en\/article\/b4sb6d4-dewa-discusses-enhancing-ties-with-chinese\" style=\"\" rel=\"noopener\">Wam<\/a> reports. Discussions of ramping up collaboration came during a meeting between Dewa\u2019s CEO Saeed Mohammed Al Tayer and the Consul-General of China to Dubai Ou Boqian.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#4- Sharjah Ruler Sheikh Sultan bin Muhammed Al Qasimi approved creating 400 new<\/strong> <strong>jobs for the emirate\u2019s citizens <\/strong>in several local government entities starting in September, <a target=\"_blank\" href=\"https:\/\/www.wam.ae\/en\/article\/b4sb6rr-sharjah-ruler-approves-400-new-jobs-for-emirate%E2%80%99s\" style=\"\" rel=\"noopener\">Wam<\/a> reports. The Sharjah Department of Human Resources will contact registered job seekers to match them with positions.<\/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\"> 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- The UAE ranked first globally in attracting foreign direct investment (FDI) relative to <\/strong><strong>its GDP in 2023<\/strong>, outpacing Costa Rica, the top FDI destination for the past three years, according to fDi Intelligence\u2019s latest <a target=\"_blank\" href=\"https:\/\/www.fdiintelligence.com\/content\/news\/uae-ascends-to-top-of-fdi-outperformer-ranking-83946\" style=\"\" rel=\"noopener\">Greenfield FDI Performance Index<\/a>. The UAE led with the highest FDI-to-GDP ratio out of 108 countries assessed, advancing two spots from the previous ranking. With the highest increase in FDI projects, up by 316 projects from 2022, the UAE\u2019s rise was driven by growth in projects across the business services, tech, real estate, and industrial equipment sectors. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#2- The Sharjah Economic Development Department logged a 4.1% y-o-y increase in <\/strong><strong>business licenses in 2023<\/strong>, with 6.4k business licenses issued (11.7%) and renewed (88.3%), <a target=\"_blank\" href=\"https:\/\/www.wam.ae\/en\/article\/b4sb6rp-sedd-releases-2023-annual-report\" style=\"\" rel=\"noopener\">Wam<\/a> reports, citing its annual report. Growth was driven by Eitimad domestic licenses \u2014 licenses for home-based or online businesses \u2014 which saw issued licenses rise 21% during the year. E-commerce licenses saw renewals grow 34% and issuances increase 19% in 2023.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Foreign investment was up during the year: <\/strong>Foreign ownership licenses made up 13% of total licenses in 2023, with a total capital of AED 3.23 bn. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<p class=\"tag-border-left\"> THE BIG STORY ABROAD-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Ahead of Jackson Hole meeting, Fed minutes show September rate hike are all the more <\/strong><strong>likely:<\/strong> The \u201cvast majority\u201d of policymakers at the US Federal Reserve\u2019s FOMC meeting in July agreed \u201cit would likely be appropriate to ease policy at the [Reserve\u2019s] next meeting,\u201d provided inflation and employment data remain \u201cencouraging,\u201d according to the <a target=\"_blank\" href=\"https:\/\/www.federalreserve.gov\/monetarypolicy\/files\/fomcminutes20240731.pdf\" style=\"\" rel=\"noopener\">meeting minutes pdf<\/a>. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The Fed officials agreed inflation is \u201cmoving sustainably towards\u201d the target of 2%<\/strong>, with expectations of continued downward pressure on inflation figures in the months ahead, the minutes showed. Although some officials said there was room to enact the first round of cuts at last month\u2019s meeting, they unanimously agreed to leave rates unchanged. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The minutes were published ahead of an annual gathering of central bankers at Jackson <\/strong><strong>Hole<\/strong>, where US Federal Reserve Chair Jay Powell is scheduled to speak on the country\u2019s economic outlook tomorrow. The data provide further impetus for Powell to make the case that kicking off a monetary easing cycle is unlikely to push rates back up, particularly as the Fed now grapples with the need to mitigate the risks of recession. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Markets have already priced in September rate cuts<\/strong>, with the majority expecting a 25 bps reduction next month, while futures have priced in a total of 100 bps of easing through the end of 2024. The story is broadly leading headlines in the international business press this morning: (<a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2024-08-21\/fed-minutes-show-several-saw-case-for-cutting-rates-in-july\" style=\"\" rel=\"noopener\">Bloomberg<\/a> | <a target=\"_blank\" href=\"https:\/\/www.cnbc.com\/2024\/08\/21\/fed-minutes-july-2024.html\" style=\"\" rel=\"noopener\">CNBC<\/a> | <a target=\"_blank\" href=\"https:\/\/www.ft.com\/content\/7fb4856f-b0f3-483a-840e-a2c4aa455ee8\" style=\"\" rel=\"noopener\">Financial Times<\/a> | <a target=\"_blank\" href=\"https:\/\/www.wsj.com\/economy\/central-banking\/fed-chair-jerome-powell-inflation-recession-4b978880\" style=\"\" rel=\"noopener\">Wall Street Journal<\/a>)<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>OVER IN CHICAGO- <\/strong>Kamala Harris\u2019 running mate and Minnesota Governor Tim Walz is set to take the stage at the Democratic National Convention, marking his first high-profile national speech. Also speaking at the convention overnight: Former US President Bill Clinton and former House Speaker Nancy Pelosi. (<a target=\"_blank\" href=\"https:\/\/www.nytimes.com\/live\/2024\/08\/21\/us\/harriz-walz-dnc-trump\" style=\"\" rel=\"noopener\">New York Times<\/a> | <a target=\"_blank\" href=\"https:\/\/www.washingtonpost.com\/elections\/2024\/08\/21\/democratic-national-convention-harris-trump-election-updates\/\" style=\"\" rel=\"noopener\">Washington Post<\/a> | <a target=\"_blank\" href=\"https:\/\/www.politico.com\/live-updates\/2024\/08\/21\/dnc-live-updates-coverage\" style=\"\" rel=\"noopener\">Politico<\/a> | <a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/live-blog\/2024-08-21\/democratic-national-convention-aug-21\" style=\"\" rel=\"noopener\">Bloomberg<\/a> | <a target=\"_blank\" href=\"https:\/\/www.reuters.com\/world\/us\/dnc-wednesday-minnesotas-walz-pelosi-bill-clinton-2024-08-21\/\" style=\"\" rel=\"noopener\">Reuters<\/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 style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">***<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>You\u2019re reading EnterpriseAM UAE<\/strong>, your essential daily roundup of business, economics, and must-read news about the UAE, delivered straight to your inbox. 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Show divider before story section -->\r\n        <div \r\n            class=\"\r\n                story-section            \"\r\n            id=\"95029\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">2<\/div>\r\n\r\n                    <p class=\"f-graphik\">M&amp;A WATCH<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/uae\/2024\/08\/22\/tj-maxx-and-marshalls-owner-to-acquire-35-stake-in-dubais-brands-for-less\/\">\r\n                            US discount retailer TJX to acquire 35% stake in Dubai\u2019s Brands for Less                        <\/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 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   <\/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\/22\/tj-maxx-and-marshalls-owner-to-acquire-35-stake-in-dubais-brands-for-less\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2024\/8\/1982.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"95030\" data-permalink=\"https:\/\/enterpriseam.com\/uae\/2024\/08\/22\/tj-maxx-and-marshalls-owner-to-acquire-35-stake-in-dubais-brands-for-less\/1982-jpg-3\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/8\/1982.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"1982.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/8\/1982.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/8\/1982.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-95029\" class=\"content-area-description single-story post-95029 post type-post status-publish format-standard has-post-thumbnail hentry category-ma-watch-2 tag-brands-for-less tag-enterpriseam-uae tag-ma tag-ma-watch tag-retail 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\/.9c65c479-09fc-44f1-9402-9356f28df095.mp3\"><\/audio><\/figure><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>TJX to snap up 35% stake in Dubai\u2019s Brands for Less for USD 360 mn: <\/strong>US discount retailer TJX \u2014 which operates TJ Maxx and Marshalls \u2014 inked a definitive agreement to acquire a 35% stake in Dubai-based <a target=\"_blank\" href=\"https:\/\/www.brandsforless.com\/en-ae\/\" style=\"\" rel=\"noopener\">Brands for Less<\/a> (BFL) for USD 360 mn (AED 1.3 bn), it said in a <a target=\"_blank\" href=\"https:\/\/investor.tjx.com\/news-releases\/news-release-details\/tjx-companies-inc-reports-q2-fy25-results-comp-store-sales\" style=\"\" rel=\"noopener\">statement (pdf)<\/a>. The company touted Brands for Less as an&nbsp;<span style=\"background-color: transparent;\">\u201cestablished, off-price retailer with significant growth potential.\" The<\/span><span style=\"background-color: transparent;\">&nbsp;transaction is expected to close later in its fiscal year, which ends 1 February 2025.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>About BFL: <\/strong>BFL is the region's sole major off-price retailer, offering price reductions of up to 80% on branded apparel, toys, and home fashions. The company opened its first store in 1996 in Lebanon, but decamped and moved to Dubai a few years later. It now operates over 100 stores across seven Middle Eastern markets, as well as an e-commerce business. BLF\u2019s enterprise value stands at USD 1.2 bn.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>BFL has big expansion plans now: <\/strong>BFL plans to double its number of stores in the next five years, with the new support from TJX, the company\u2019s co-founder and chairman, Toufic Kreidieh, told <a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2024-08-21\/tj-maxx-owner-gains-mideast-access-with-brands-for-less-stake?sref=YX0aeoLL\" style=\"\" rel=\"noopener\">Bloomberg<\/a>. The acquisition will grant BFL access to TJX\u2019s 5k stores globally, fueling its expansion into new markets in the Persian Gulf and beyond, including Singapore and Malaysia.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>About TJX: <\/strong>TJX offers brand name and designer apparel and home fashions merchandise at prices 20% to 60% lower than regular retail prices, and manages e-commerce sites. Its portfolio includes over 5k stores spanning nine countries, including TJ Maxx, Marshalls, HomeGoods, and Sierra in the US, and TK Maxx and Homesense in Europe.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>ADVISORS- <\/strong>Dubai's deNovo Partners served as the sole financial adviser to BFL during the transaction, while White &amp; Case provided legal counsel. Meanwhile, BofA Securities acted as financial advisor for TJX, and Ropes &amp; Gray offered legal counsel.<\/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\/brands-for-less\/\">Brands for Less<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/uae\/tag\/ma\/\">M&amp;A<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/uae\/tag\/ma-watch\/\">M&amp;A WATCH<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/uae\/tag\/retail\/\">retail<\/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=\"95031\" 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=\"95031\">\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\">INVESTMENT WATCH<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/uae\/2024\/08\/22\/mubadala-backs-yondr-group-in-hyperscale-data-center-push\/\">\r\n                            Mubadala backs Yondr Group in hyperscale data center push                        <\/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\/22\/mubadala-backs-yondr-group-in-hyperscale-data-center-push\/\" 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\/22\/mubadala-backs-yondr-group-in-hyperscale-data-center-push\/')\">\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\/22\/mubadala-backs-yondr-group-in-hyperscale-data-center-push\/\">\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=Mubadala backs Yondr Group in hyperscale data center push&url=https:\/\/enterpriseam.com\/uae\/2024\/08\/22\/mubadala-backs-yondr-group-in-hyperscale-data-center-push\/\">\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\/22\/mubadala-backs-yondr-group-in-hyperscale-data-center-push\/&title=Mubadala backs Yondr Group in hyperscale data center push\">\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=Mubadala+backs+Yondr+Group+in+hyperscale+data+center+push+https%3A%2F%2Fenterpriseam.com%2Fuae%2F2024%2F08%2F22%2Fmubadala-backs-yondr-group-in-hyperscale-data-center-push%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\/22\/mubadala-backs-yondr-group-in-hyperscale-data-center-push\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2024\/8\/1231.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"95032\" data-permalink=\"https:\/\/enterpriseam.com\/uae\/2024\/08\/22\/mubadala-backs-yondr-group-in-hyperscale-data-center-push\/1231-jpg-2\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/8\/1231.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"1231.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/8\/1231.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/8\/1231.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-95031\" class=\"content-area-description single-story post-95031 post type-post status-publish format-standard has-post-thumbnail hentry category-investment-watch tag-data-centers tag-enterpriseam-uae tag-investment tag-investment-watch tag-mubadala 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\/.069e30d3-1afe-44d0-bb3d-6c3628399b08.mp3\"><\/audio><\/figure><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>Abu Dhabi\u2019s sovereign wealth fund Mubadala is investing in <\/strong><strong>London-headquartered hyperscale <\/strong><strong>data center developer <\/strong><strong><a target=\"_blank\" href=\"https:\/\/www.yondrgroup.com\/?_gl=1%2A1hmc6ol%2A_up%2AMQ..%2A_ga%2ANDE3MjAwOTQzLjE3MjQyNDEyODQ.%2A_ga_QTYT7VE7Z5%2AMTcyNDI0MTI4NC4xLjEuMTcyNDI0MjU0MS4wLjAuMA..\" style=\"\" rel=\"noopener\">Yondr Group<\/a><\/strong>, according to a Mubadala <a target=\"_blank\" href=\"https:\/\/www.mubadala.com\/en\/news\/mubadala-invests-in-leading-global-hyperscale-data-center-developer-yondr-group\" style=\"\" rel=\"noopener\">press release<\/a>. The investment was made alongside US-based <a target=\"_blank\" href=\"https:\/\/www.apollo.com\/\" style=\"\" rel=\"noopener\">Apollo Management<\/a> 's through its existing investment funds. The financial details and terms of the transaction were not disclosed. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Mubadala is backing Yondr Group to fuel its growth strategy as global demand for cloud services surges <\/strong>on the back of advancements in artificial intelligence, 5G technology and the internet of things, according to the sovereign fund.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>More on Yondr:<\/strong> Established in 2019, Yondr is a global developer and operator of hyperscale data centers, providing scalable infrastructure for major tech companies. The company has 878 MW in contracted and reserved capacity for the data centers, with 58 MW currently operational. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Mubadala has been steadily expanding its digital infrastructure portfolio:<\/strong> In 2023, Mubadala <a target=\"_blank\" href=\"https:\/\/www.mubadala.com\/en\/news\/mubadala-invests-in-aligned-data-centers-a-pan-american-data-center-company\" style=\"\" rel=\"noopener\">invested<\/a> in <a target=\"_blank\" href=\"https:\/\/aligneddc.com\/\" style=\"\" rel=\"noopener\">Aligned Data Centers<\/a>, a US-based company specializing in scale data centers and build-to-suit solutions for scaled enterprises. The year prior, the Abu Dhabi wealth fund <a target=\"_blank\" href=\"https:\/\/www.mubadala.com\/en\/news\/mubadala-invest-350m-princeton-digital-group-asias-leading-data-center-company\" style=\"\" rel=\"noopener\">backed<\/a><a target=\"_blank\" href=\"https:\/\/princetondg.com\/\" style=\"\" rel=\"noopener\">Princeton Digital Group<\/a>, a pan-Asian data center provider. Mubadala has also <a target=\"_blank\" href=\"https:\/\/www.mubadala.com\/en\/news\/cityfibre-completes-1125bn-financing-largest-ever-capital-raise-uk-full-fibre-deployment\" style=\"\" rel=\"noopener\">invested<\/a> in global fiber network providers like the UK's <a target=\"_blank\" href=\"https:\/\/cityfibre.com\/\" style=\"\" rel=\"noopener\">CityFibre<\/a> and Northern Europe's <a target=\"_blank\" href=\"https:\/\/www.mubadala.com\/en\/news\/mubadala-invests-in-eqts-leading-fiber-based-services-provider-globalconnect\" style=\"\" rel=\"noopener\">GlobalConnect<\/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\"> OTHER MUBADALA NEWS- <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Mubadala-backed Fortress Investment joins consortium vying for Paramount takeover: <\/strong>Veteran media executive Edgar Bronfman Jr. submitted a USD 4.3 bn rival bid to acquire Paramount Global through National Amusements, which owns a controlling stake in Paramount, <a target=\"_blank\" href=\"https:\/\/www.reuters.com\/markets\/deals\/edgar-bronfman-submits-rival-bid-acquire-paramount-global-2024-08-20\/\" style=\"\" rel=\"noopener\">Reuters<\/a> reports, citing people familiar with the matter. The bid was carried out via a Bronfman-led investor group of 19 entities, including Mubadala-backed Fortress Investment Group.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The offer: <\/strong>The bid includes USD 2.4 bn in debt and equity for National Amusements, as well as a USD 1.5 bn pledge to improve Paramount's balance sheet. It matches the terms of a purchase agreement inked between Skydance Media and Paramount <a target=\"_blank\" href=\"https:\/\/www.reuters.com\/markets\/deals\/special-committee-paramount-global-endorses-plan-merge-with-skydance-media-2024-07-07\/\" style=\"\" rel=\"noopener\">last month<\/a>, with the additional promise of a 7% premium to class A shareholders, not extending to non-voting shares.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>What\u2019s next?<\/strong> A special committee of Paramount\u2019s board will meet next Wednesday to review the competing bid, with the go-shop deadline potentially extended to 5 September to evaluate the offer. If Paramount decides in favor of the Bronfman-led group, the latter will cover the USD 400 mn breakup fee to Skydance, the newswire quotes sources as saying, adding that the group is ready to commit up to 5.5 bn to close 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\/data-centers\/\">Data centers<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/uae\/tag\/investment\/\">investment<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/uae\/tag\/investment-watch\/\">INVESTMENT WATCH<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/uae\/tag\/mubadala\/\">Mubadala<\/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=\"95033 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=\"95033\">\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/uae\/2024\/08\/22\/95033-2\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-95033\" class=\"content-area-description single-story post-95033 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=\"95034\" 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=\"95034\">\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\">CRYPTO<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/uae\/2024\/08\/22\/phoenix-group-and-tether-to-launch-aed-pegged-stablecoin\/\">\r\n                            Phoenix Group and Tether to launch AED-pegged stablecoin                        <\/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\/22\/phoenix-group-and-tether-to-launch-aed-pegged-stablecoin\/\" 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\/22\/phoenix-group-and-tether-to-launch-aed-pegged-stablecoin\/')\">\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\/22\/phoenix-group-and-tether-to-launch-aed-pegged-stablecoin\/\">\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=Phoenix Group and Tether to launch AED-pegged stablecoin&url=https:\/\/enterpriseam.com\/uae\/2024\/08\/22\/phoenix-group-and-tether-to-launch-aed-pegged-stablecoin\/\">\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\/22\/phoenix-group-and-tether-to-launch-aed-pegged-stablecoin\/&title=Phoenix Group and Tether to launch AED-pegged stablecoin\">\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=Phoenix+Group+and+Tether+to+launch+AED-pegged+stablecoin+https%3A%2F%2Fenterpriseam.com%2Fuae%2F2024%2F08%2F22%2Fphoenix-group-and-tether-to-launch-aed-pegged-stablecoin%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\/22\/phoenix-group-and-tether-to-launch-aed-pegged-stablecoin\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2024\/7\/727.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"95035\" data-permalink=\"https:\/\/enterpriseam.com\/uae\/2024\/08\/22\/phoenix-group-and-tether-to-launch-aed-pegged-stablecoin\/727-jpg-6\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/7\/727.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"727.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/7\/727.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/7\/727.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-95034\" class=\"content-area-description single-story post-95034 post type-post status-publish format-standard has-post-thumbnail hentry category-crypto tag-crypto tag-cryptocurrency tag-enterpriseam-uae tag-phoenix-group tag-tether 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\/.d43a67ab-ce3c-4354-a3a0-fd0d37629a37.mp3\"><\/audio><\/figure><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>An AED-pegged stablecoin is in the works: <\/strong>ADX-listed crypto miner Phoenix Group and cryptocurrency giant <a target=\"_blank\" href=\"https:\/\/tether.to\/\" style=\"\" rel=\"noopener\">Tether<\/a> are planning to launch a new AED-pegged stablecoin, with support from Green Acorn Investment, according to an <a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/8\/1938.pdf\" style=\"\" rel=\"noopener\">ADX disclosure (pdf)<\/a>. The stablecoin will be \u201cfully backed\u201d by liquid UAE-based reserves, and accessible globally, according to a separate <a target=\"_blank\" href=\"https:\/\/tether.io\/news\/tether-to-develop-uae-dirham-pegged-stablecoin\/\" style=\"\" rel=\"noopener\">statement<\/a> from Tether. The collaboration is subject to regulatory review and approval.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Uh, Enterprise, what is a stablecoin? <\/strong>Stablecoins are digital tokens that maintain a stable value by being tied to fiat currencies like the USD. They can be used for both payments and crypto trading.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The move comes in a bid to offer an alternative to USD-backed stablecoins, <\/strong><a target=\"_blank\" href=\"https:\/\/www.reuters.com\/technology\/tether-provide-stablecoin-pegged-uaes-dirham-2024-08-21\/\" style=\"\" rel=\"noopener\">Reuters<\/a> cites Tether CEO Paolo Ardoino as saying during an event in Dubai. \u201cWe see a lot of interest in holding AED outside of the UAE,\u201d Ardoino said, adding that he suspects the AED will become a preferred currency as global trade shifts, driven by the stability and safety of the UAE and its balance sheet.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Timeline: <\/strong>While the crypto players did not disclose a specific launch date for the stablecoin, Reuters quotes Ardoino as saying licensing from the Central Bank could take a few months.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>REMEMBER- <\/strong>The Abu Dhabi Global Market just published draft regulations to allow the issuance of stablecoins, after the Dubai Financial Services Authority recently <a target=\"_blank\" href=\"https:\/\/enterprise.news\/uae\/en\/news\/story\/4ae97f82-12f4-491b-92b1-a25654989fa6\/good-news-for-stablecoin-investors\" style=\"\" rel=\"noopener\">eased<\/a> stablecoin regulations. The Central Bank of the UAE\u2019s board also greenlit the introduction of a licensing and regulatory system for stable cryptocurrencies. <\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/uae\/tag\/crypto\/\">CRYPTO<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/uae\/tag\/cryptocurrency\/\">cryptocurrency<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/uae\/tag\/phoenix-group\/\">Phoenix Group<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/uae\/tag\/tether\/\">Tether<\/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=\"95036\" 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=\"95036\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">5<\/div>\r\n\r\n                    <p class=\"f-graphik\">M&amp;A WATCH<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/uae\/2024\/08\/22\/kuwait-finance-house-offloads-aed-1-3-bn-stake-in-sharjah-islamic-bank\/\">\r\n                            Kuwait Finance House offloads AED 1.3 bn stake in Sharjah Islamic Bank                        <\/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\/22\/kuwait-finance-house-offloads-aed-1-3-bn-stake-in-sharjah-islamic-bank\/\" 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\/22\/kuwait-finance-house-offloads-aed-1-3-bn-stake-in-sharjah-islamic-bank\/')\">\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\/22\/kuwait-finance-house-offloads-aed-1-3-bn-stake-in-sharjah-islamic-bank\/\">\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=Kuwait Finance House offloads AED 1.3 bn stake in Sharjah Islamic Bank&url=https:\/\/enterpriseam.com\/uae\/2024\/08\/22\/kuwait-finance-house-offloads-aed-1-3-bn-stake-in-sharjah-islamic-bank\/\">\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\/22\/kuwait-finance-house-offloads-aed-1-3-bn-stake-in-sharjah-islamic-bank\/&title=Kuwait Finance House offloads AED 1.3 bn stake in Sharjah Islamic Bank\">\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=Kuwait+Finance+House+offloads+AED+1.3+bn+stake+in+Sharjah+Islamic+Bank+https%3A%2F%2Fenterpriseam.com%2Fuae%2F2024%2F08%2F22%2Fkuwait-finance-house-offloads-aed-1-3-bn-stake-in-sharjah-islamic-bank%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\/22\/kuwait-finance-house-offloads-aed-1-3-bn-stake-in-sharjah-islamic-bank\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2024\/8\/1976.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"95037\" data-permalink=\"https:\/\/enterpriseam.com\/uae\/2024\/08\/22\/kuwait-finance-house-offloads-aed-1-3-bn-stake-in-sharjah-islamic-bank\/1976-jpg\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/8\/1976.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"1976.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/8\/1976.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/8\/1976.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-95036\" class=\"content-area-description single-story post-95036 post type-post status-publish format-standard has-post-thumbnail hentry category-ma-watch-2 tag-banking tag-debt tag-enterpriseam-uae tag-ma-watch tag-sharjah-islamic-bank 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\/.82c33e6f-9c09-4479-b73b-0466551c555f.mp3\"><\/audio><\/figure><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>KFH divests<\/strong><strong> entire<\/strong><strong> Sharjah Islamic Bank stake<\/strong>: Kuwait Finance House (KFH) agreed to sell its entire 18.2% stake in Sharjah Islamic Bank for AED 1.29 bn in an off-market transaction, according to an <a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/8\/1892.pdf\" style=\"\" rel=\"noopener\">ADX filing (pdf)<\/a>. The stake sale will see KFH sell its 588.3 mn shares at AED 2.2 per share, according to the statement. The transaction is pending the requisite regulatory approvals. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Who\u2019s buying? <\/strong>Sheikh Sultan bin Mohammed bin Saqr Al Qasimi Foundation is buying 226.5 mn shares (7%), while Sharjah Social Security Fund will get 194.1 mn shares (6%). The rest of the shares \u2014 5.18% \u2014 will be bought back by the bank as treasury shares. <\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/uae\/tag\/banking\/\">banking<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/uae\/tag\/debt\/\">debt<\/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\/sharjah-islamic-bank\/\">Sharjah Islamic Bank<\/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=\"95038\" 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=\"95038\">\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\">BUSINESS<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/uae\/2024\/08\/22\/uae-corporates-saw-working-capital-stabilize-in-2023-pwc\/\">\r\n                            UAE corporates saw working capital stabilize in 2023 -PwC                        <\/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\/22\/uae-corporates-saw-working-capital-stabilize-in-2023-pwc\/\" 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\/22\/uae-corporates-saw-working-capital-stabilize-in-2023-pwc\/')\">\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\/22\/uae-corporates-saw-working-capital-stabilize-in-2023-pwc\/\">\n                    Facebook                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/facebook-icon2.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/x.com\/intent\/post?text=UAE corporates saw working capital stabilize in 2023 -PwC&url=https:\/\/enterpriseam.com\/uae\/2024\/08\/22\/uae-corporates-saw-working-capital-stabilize-in-2023-pwc\/\">\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\/22\/uae-corporates-saw-working-capital-stabilize-in-2023-pwc\/&title=UAE corporates saw working capital stabilize in 2023 -PwC\">\n                    LinkedIn                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/linkedin-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/api.whatsapp.com\/send?text=UAE+corporates+saw+working+capital+stabilize+in+2023+-PwC+https%3A%2F%2Fenterpriseam.com%2Fuae%2F2024%2F08%2F22%2Fuae-corporates-saw-working-capital-stabilize-in-2023-pwc%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\/22\/uae-corporates-saw-working-capital-stabilize-in-2023-pwc\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2024\/8\/1974.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"95039\" data-permalink=\"https:\/\/enterpriseam.com\/uae\/2024\/08\/22\/uae-corporates-saw-working-capital-stabilize-in-2023-pwc\/1974-jpg\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/8\/1974.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"1974.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/8\/1974.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/8\/1974.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-95038\" class=\"content-area-description single-story post-95038 post type-post status-publish format-standard has-post-thumbnail hentry category-business tag-business tag-debt tag-enterpriseam-uae tag-finance wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<figure class=\"wp-block-audio mb-0\"><audio controls preload=\"metadata\" src=\"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/8\/.cc93bfaf-00ca-4e4f-afce-4d4318d7c84b.mp3\"><\/audio><\/figure><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>UAE working capital held steady in 2023: <\/strong>UAE businesses\u2019 working capital performance remained stable in 2023, maintaining an average of 83 net working capital (NWC) days last year, the same as in 2022, according to PwC\u2019s <a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/8\/1901.pdf\" style=\"\" rel=\"noopener\">Middle East Working Capital Study (pdf)<\/a>. The stable performance followed a sharp correction in 2022 that reversed the pandemic-era decline in companies\u2019 working capital management. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>SOUND SMART-<\/strong> NWC days is a metric for the duration businesses require to convert their net assets into revenue \u2014 a way to evaluate companies\u2019 liquidity, operational efficiency, and short-term financial risk. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The stable performance was driven by minor fluctuations in <\/strong><strong>days sales outstanding<\/strong><strong>, <\/strong><strong>days payable outstanding<\/strong><strong>, and <\/strong><strong>days inventory outstanding<\/strong> offsetting each other. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Companies in the UAE are doubling down on targeted working capital improvement strategies<\/strong> and large-scale turnarounds, with the need to optimize working capital leading to a trend of major internal overhauls, more so as working capital has become a key factor in recent M&A transactions, the report said. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The regional picture: <\/strong>Mena businesses saw profitability decline for the second consecutive year in 2023, despite robust revenue growth. The downturn was attributed to rising costs, with falling oil prices impacting margin gains in the energy sector in addition to increased competition between businesses for securing government contracts. The region has also become exposed to global inflation due to businesses\u2019 reliance on imports, while supply chain disruptions and geopolitical tensions elevated logistics costs. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>In response, companies have ramped up their efforts to enhance their cashflow<\/strong> by trimming indirect costs and optimizing their working capital. The market saw significant cuts in selling, general, and administrative costs, dropping from an average of 9.4% in 2020 to 7.8% in 2023.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>However, around USD 50 bn in liquidity remains \u201ctrapped on corporate balance sheets,\u201d<\/strong> particularly in underperforming sectors, according to PwC. Unlocking this capital through sustainable capital improvement strategies could drive substantial growth for the regional market, the report said. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The caveat:<\/strong> Despite the improvements in Mena companies\u2019 working capital efficiency, many still rely on short-term measures that fail to address the internal inefficiencies hampering their working capital improvement. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Tightening working capital management is a pressing issue amid anticipated high borrowing costs<\/strong> due to expected high interest rates over the next three to five years, PwC wrote. With the elevated borrowing costs, the inefficiencies in working capital deployment could drain capital that could be directed towards M&A transactions, expansion plans, or shareholder returns.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>In 2023, corporate interest expenses in the Mena region hit record highs,<\/strong> climbing 37% y-o-y, despite total corporate debt inching up by 4% y-o-y. Debt costs surged by 120 bps between 2022 and 2023.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The outlook:<\/strong> PwC projects that high borrowing costs will persist, with Bloomberg forecasting that the benchmark AED interest rate, the Emirates Interbank Offered Rate (EIBOR), will remain above 4% for the next five years. <\/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\/business\/\">business<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/uae\/tag\/debt\/\">debt<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/uae\/tag\/finance\/\">Finance<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"95040\" 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=\"95040\">\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\">SPOTLIGHT<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/uae\/2024\/08\/22\/on-s-linked-finance-gems-educations-landmark-facility-and-avoiding-froth-in-esg-conversations\/\">\r\n                            On s-linked finance, Gems Education\u2019s landmark facility, and avoiding \u201cfroth\u201d in ESG conversations                        <\/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\/22\/on-s-linked-finance-gems-educations-landmark-facility-and-avoiding-froth-in-esg-conversations\/\" 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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Still, the market is considered nascent, and a lot of companies in the region are still in the process of developing an ESG framework that can allow them to tap into this burgeoning debt market, Mashreq\u2019s Global Head of Investment Banking Chiradeep Deb (<a target=\"_blank\" href=\"https:\/\/ae.linkedin.com\/in\/chiradeepdeb\" style=\"\" rel=\"noopener\">LinkedIn<\/a>) told EnterpriseAM UAE. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>A company that already had an ESG framework in place and emerged as a great candidate for sustainability-linked finance was Gems Education. <\/strong>Last June, four Emirati lenders \u2014 our friends at Mashreq and First Abu Dhabi Bank, as well as Abu Dhabi Commercial Bank and Dubai Islamic Bank \u2014 <a target=\"_blank\" href=\"https:\/\/enterprise.news\/uae\/en\/news\/story\/30a14fdf-434d-4143-822d-d34f272bae51\/brookfield-led-consortium-to-invest-in%253cmark%253e-gems%253c%2Fmark%253e\" style=\"\" rel=\"noopener\">led the financing<\/a> of a USD 3.25 bn loan for Gems Education, facilitating asset manager Brookefield and its consortium\u2019s acquisition of a majority stake in the Dubai-based school operator \u2014 one of the largest private equity transactions in a business in the Gulf.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>What we know:<\/strong> The new loan is estimated to have reduced borrowing costs to about 350 basis points over the benchmark, <a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2024-06-28\/middle-east-banks-are-beating-wall-street-at-its-own-game\" style=\"\" rel=\"noopener\">Bloomberg<\/a> quoted people familiar with the matter as saying. It also reportedly came with a USD 100 mn revolving credit facility to help Gems finance its day-to-day operations, Bloomberg said. Deb could not confirm or deny the specifics of the transaction. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Mashreq was the lead sustainability coordinator, initial mandated lead arranger and bookrunner, and global and conventional facility agent on the transaction.<\/strong> We had a chat with Deb on what went into the process of arranging the facility, determining the KPIs for the sustainability side of the transaction, and his outlook on s-linked finance in the region in the run-up to COP and over the next year.<strong> Edited excerpts from our conversation:<\/strong><\/p>\n<p style=\"padding:0;margin:0;line-height:1.1500000000000001;orphans:2;widows:2;text-align:left\"><strong>Enterprise: Tell us about your work on the transaction. How did negotiations unfold? <\/strong><\/p>\n<p style=\"padding:0;margin:0;line-height:1.1500000000000001;orphans:2;widows:2;text-align:left\"><strong>CD:<\/strong> <strong>You would imagine, putting together the largest private LBO financing in the region was a herculean task and took some time<\/strong>. However, within that we were able to successfully trigger a conversation to link the financing terms to sustainability linked KPIs. We were fortunate enough to interact with a knowledgeable team of people at Gems who already had a companywide ESG framework in place. It took some time to settle on the KPIs, particularly as you might appreciate the data gathering, validation process, and peer benchmarking can be a challenging task. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.1500000000000001;orphans:2;widows:2;text-align:left\"><strong>Gems has thrived in this part of the world.<\/strong> Availability of high-quality school education has been such an important component of drawing in people from different parts of the world into the country. Gems has grown into a very significant brand when it comes to innovation and staying ahead of competition. Internal ESG framework and compliance is very much integral to their existence. It has a wealth of impact metrics tracked internally, which helped enable the structuring of the largest SLL in the region. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.1500000000000001;orphans:2;widows:2;text-align:left\"><strong>As the lead sustainability coordinator, we had constructive discussions around the identified KPIs and continued to challenge the company <\/strong>to commit to higher levels on some key deliverables. We were able to convince them to accelerate in the direction of travel and showcase their ambitious commitment by integrating their sustainability strategy with the financing. That level of engagement required some commitments from their side at the senior management level. They came back very motivated and were willing to accept those challenges.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.1500000000000001;orphans:2;widows:2;text-align:left\"><strong>Those challenges also come with penalties<\/strong> should the institution fail to achieve these deliverables - so it\u2019s a well-thought-out commitment from their side. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.1500000000000001;orphans:2;widows:2;text-align:left\"><strong>E: What types of incentives are you offering them?<\/strong><\/p>\n<p style=\"padding:0;margin:0;line-height:1.1500000000000001;orphans:2;widows:2;text-align:left\"><strong>CD: Since it\u2019s a 10-year facility, the roadmap is clearly drawn up for each of the KPIs to be tested annually over the life of the financing.<\/strong> As financiers, we needed to ensure that the company sends the right signals to all its stakeholders and mitigates risks. The structure has a reduced margin linked to the achievement of the KPIs; but the company has also committed to increasing the already generous scholarship program with any financial incentives linked to the financing.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.1500000000000001;orphans:2;widows:2;text-align:left\"><strong>From an environmental standpoint, we will target accelerating the adoption of clean <\/strong>energy across schools as permitted by technical constraints, significantly reducing the group\u2019s carbon footprint. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>On the other hand, we also needed to focus on the impact of education through the empowerment and qualifications of teachers<\/strong> beyond regulatory and industry requirements to ensure that the Group delivers the right tools to sustain positive behavioral change.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Lastly, and importantly, it was critical to address equitable education. <\/strong>GEMS will streamline and expand a systematic bursary framework to make private education sustainable for all students from diverse backgrounds and to ensure real diversity and inclusion within its offerings. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>We incorporated some other gating KPIs<\/strong>, which we had identified along with the three KPIs mentioned, with regards to their environment and social action plan. Not everybody is ready with baseline numbers for emissions, given the fact that sustainable finance has been behind Western peers here in the region, but they\u2019re getting there. They are in the process of collecting baseline data around emission levels and water consumption and they will probably be ready 12 or 18 months down the line. These are linked to their long term decarbonization goals. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>So we are building in an incentive for them to do the right thing and align them with the global standards of sustainable linked financing.<\/strong> But more importantly, through a consultative process, we believe we have efficiently brought the borrower and lenders on the same page and provided a segue to use similar objectives to benefit future financings, too.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>E: How does Mashreq safeguard itself and monitor the progress of these KPIs?<\/strong><\/p>\n<p style=\"padding:0;margin:0;line-height:1.1500000000000001;orphans:2;widows:2;text-align:left\"><strong>CD: I believe banks do not want to take ownership of monitoring KPIs<\/strong>. As per the terms of the loan and in compliance with the Sustainability Linked Loan Principles (SLLP), Gems must obtain independent and external verification of its performance level against each sustainability performance target (SPT) for each KPI. This ensures a solid and impartial way to overcome one of the issues we often face, and that is a robust reporting, monitoring, and verification framework.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>We agreed, as part of the package, to a sophisticated reporting and monitoring framework<\/strong> to ensure the right environmental and education metrics are captured consistently.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>E: Other than leading on sustainability negotiations, what did Mashreq bring to the table on this transaction? <\/strong><\/p>\n<p style=\"padding:0;margin:0;line-height:1.1500000000000001;orphans:2;widows:2;text-align:left\"><strong>CD: At Mashreq we believe in offering our superior structuring capabilities in the LBO space and lending our balance sheet,<\/strong> t<strong>o the extent needed, <\/strong>to achieve a swift and efficient closure of the transaction for our key relationship clients. Post the event, we believe in continuing to manage our exposure in a dynamic fashion. An underwritten facility allowed the principal to go and seek out a new institutional investor for Gems. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.1500000000000001;orphans:2;widows:2;text-align:left\"><strong>Now that Brookfield is investing in the business, the transaction is complete from a financing perspective.<\/strong> Four large banks have determined the transaction structure and set the price, tenor, and structural boundaries of the financing. I\u2019m sure many regional banks will find it now palatable to participate in the general syndication of the deal. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.1500000000000001;orphans:2;widows:2;text-align:left\"><strong>E: We\u2019re talking regional banks?<\/strong><\/p>\n<p style=\"padding:0;margin:0;line-height:1.1500000000000001;orphans:2;widows:2;text-align:left\"><strong>CD: I believe the regional bank market is very deep<\/strong>, and the underlying credit story here is a regional story. It makes more sense from a client's engagement perspective to engage regional banks than to go to international banks in foreign countries who probably do not appreciate the business that's being run out of this region as much as the regional banks do \u2014 so the objective would be to stick to our syndication strategy to focus on regional banks. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.1500000000000001;orphans:2;widows:2;text-align:left\"><strong>E: Did the transaction drive some interest among Gems\u2019 peers? Or others in the industry? <\/strong><\/p>\n<p style=\"padding:0;margin:0;line-height:1.1500000000000001;orphans:2;widows:2;text-align:left\"><strong>CD:<\/strong> <strong>Conversations around weaving one\u2019s ESG framework into potential financing are commonplace now amongst borrowers and financiers.<\/strong> The education sector probably falls within the top quartile when it comes down to ESG-related initiatives that can be easily understood and efficiently implemented since everything that they do is social first and positive to start with \u2014 but it all depends on how they continue that trajectory. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">Demand for private education is motivated amongst others by a desire for greater choices and streamlined accountability. <strong>However, to ensure equitable access to quality education, providers must weave into their operational DNA several factors to ensure that development objectives can be achieved transparently and efficiently.<\/strong> It is crucial for us to ensure that the objectives of the financing are well aligned with the characteristics of an inclusive, quality education. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.1500000000000001;orphans:2;widows:2;text-align:left\"><strong>We\u2019ve already arranged an s-linked transaction for another school here for a large Dubai-based group,<\/strong> and we\u2019re having multiple engagements with others. We are also speaking to companies across all sectors.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.1500000000000001;orphans:2;widows:2;text-align:left\"><strong>As a bank, we have made a substantial commitment to facilitate AED 110 bn in sustainable linked financing by 2030. <\/strong>Since 2022, <strong>we have already coordinated AED 30 bn worth of sustainable finance. <\/strong>We seem to be on track and are urging to engage with more diverse sets of clients and add more to the pool. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.1500000000000001;orphans:2;widows:2;text-align:left\"><strong>E: What\u2019s your view on s-linked finance for the rest of the year? Do you see more pickup until the end of the year, in the run-up to COP29?<\/strong><\/p>\n<p style=\"padding:0;margin:0;line-height:1.1500000000000001;orphans:2;widows:2;text-align:left\"><strong>CD: The concept of blending ESG into financing conversations is a 12-18-month-old conversation in this part of the world.<\/strong> It has obviously picked up momentum on the back of COP28. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.1500000000000001;orphans:2;widows:2;text-align:left\"><strong>Is it a fad? Definitely not. <\/strong>People are engaged; they are committing resources. Management uses their bandwidth and time to steer these conversations in the right direction.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.1500000000000001;orphans:2;widows:2;text-align:left\"><strong>Banks like Mashreq also have a large role to play. <\/strong>We are supposed to differentiate the level of ESG readiness in our clients and accordingly allocate capital because we want to lend money to businesses that are paying heed to take strides forward. <strong> No financing conversation today between [a bank] and the senior management or company owners is complete without a discussion on the ESG front. <\/strong><\/p>\n<p style=\"padding:0;margin:0;line-height:1.1500000000000001;orphans:2;widows:2;text-align:left\"><strong>I'm very upbeat<\/strong> about the seriousness, depth and commitment of these conversations. We are in a positive spot compared to where we were two and a half years back.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.1500000000000001;orphans:2;widows:2;text-align:left\"><strong>What do we have to guard ourselves against? We just want to make sure that every such instance that we take part in is not \u201cfroth<\/strong>,\u201d but has some tangible benefits to the E, and S and the G which can be monitored and reported, and that whatever framework we agree on together is adhered to and is two-way street. It should not be just on paper. And to that extent, the entire ecosystem must come together.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/uae\/tag\/banking\/\">banking<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/uae\/tag\/esg\/\">ESG<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/uae\/tag\/gems-education\/\">GEMS Education<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/uae\/tag\/mashreq\/\">Mashreq<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/uae\/tag\/spotlight\/\">SPOTLIGHT<\/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                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"95042\" 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=\"95042\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">8<\/div>\r\n\r\n                    <p class=\"f-graphik\">EARNINGS WATCH<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/uae\/2024\/08\/22\/gulfnav-posts-1h-2024-results\/\">\r\n                            GulfNav posts 1H 2024 results                        <\/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\/22\/gulfnav-posts-1h-2024-results\/\" 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\/22\/gulfnav-posts-1h-2024-results\/')\">\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\/22\/gulfnav-posts-1h-2024-results\/\">\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=GulfNav posts 1H 2024 results&url=https:\/\/enterpriseam.com\/uae\/2024\/08\/22\/gulfnav-posts-1h-2024-results\/\">\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\/22\/gulfnav-posts-1h-2024-results\/&title=GulfNav posts 1H 2024 results\">\n                    LinkedIn                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/linkedin-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/api.whatsapp.com\/send?text=GulfNav+posts+1H+2024+results+https%3A%2F%2Fenterpriseam.com%2Fuae%2F2024%2F08%2F22%2Fgulfnav-posts-1h-2024-results%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\/22\/gulfnav-posts-1h-2024-results\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2024\/7\/2576.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"95043\" data-permalink=\"https:\/\/enterpriseam.com\/uae\/2024\/08\/22\/gulfnav-posts-1h-2024-results\/2576-jpg-4\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/7\/2576.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"2576.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/7\/2576.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/7\/2576.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-95042\" class=\"content-area-description single-story post-95042 post type-post status-publish format-standard has-post-thumbnail hentry category-earnings-watch tag-earnings-watch tag-enterpriseam-uae tag-gulfnav 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\/.73682fbf-2775-4459-876a-6b3870e9f08c.mp3\"><\/audio><\/figure><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Dubai-listed maritime firm Gulf Navigation Holding (GulfNav) posted a 5.7% y-o-y decline <\/strong><strong>in net income to AED 13.2 mn in 2Q 2024<\/strong>, its <a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/8\/1414.pdf\" style=\"\" rel=\"noopener\">financial results (pdf)<\/a> showed. Its revenues dipped 47.5% y-o-y to AED 13.6 mn during the period.<\/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> GulfNav\u2019s net income was down 11.2% y-o-y to AED 24.7 mn in 1H 2024, while the firm\u2019s revenues fell 42.2% y-o-y to AED 37.5 mn, the disclosure noted.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>A key highlight during the year:<\/strong> GulfNav snapped up <a target=\"_blank\" href=\"https:\/\/enterprise.news\/logistics\/en\/news\/story\/5da4d7d8-fb11-4388-b8ea-ff93766649c4\/gulfnav-fully-acquires-subsidiary%253cmark%253e-gulf-navigation%253c%2Fmark%253e-polimar-%2B-submits-brooge-acquisition-structure-proposal\" style=\"\" rel=\"noopener\">Polimar Holding\u2019s 40% stake<\/a> in its maritime services subsidiary Gulf Navigation Polimar Maritime earlier this year in a USD 1 mn 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\/earnings-watch\/\">EARNINGS WATCH<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/uae\/tag\/gulfnav\/\">GulfNav<\/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=\"95044\" 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=\"95044\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">9<\/div>\r\n\r\n                    <p class=\"f-graphik\">MOVES<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/uae\/2024\/08\/22\/wynn-resorts-names-wynn-marjan-president\/\">\r\n                            Wynn Resorts names Wynn Marjan President                        <\/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\/22\/wynn-resorts-names-wynn-marjan-president\/\" 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\/22\/wynn-resorts-names-wynn-marjan-president\/')\">\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\/22\/wynn-resorts-names-wynn-marjan-president\/\">\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=Wynn Resorts names Wynn Marjan President&url=https:\/\/enterpriseam.com\/uae\/2024\/08\/22\/wynn-resorts-names-wynn-marjan-president\/\">\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\/22\/wynn-resorts-names-wynn-marjan-president\/&title=Wynn Resorts names Wynn Marjan President\">\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=Wynn+Resorts+names+Wynn+Marjan+President+https%3A%2F%2Fenterpriseam.com%2Fuae%2F2024%2F08%2F22%2Fwynn-resorts-names-wynn-marjan-president%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\/22\/wynn-resorts-names-wynn-marjan-president\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2024\/8\/1980.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"95045\" data-permalink=\"https:\/\/enterpriseam.com\/uae\/2024\/08\/22\/wynn-resorts-names-wynn-marjan-president\/1980-jpg-3\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/8\/1980.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"1980.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/8\/1980.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/8\/1980.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-95044\" class=\"content-area-description single-story post-95044 post type-post status-publish format-standard has-post-thumbnail hentry category-moves tag-enterpriseam-uae tag-hospitality tag-moves tag-wynn-resorts 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\/.48f3369a-83fa-4fe5-a89d-bb2770b87c67.mp3\"><\/audio><\/figure><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Wynn Al Marjan has a new president:<\/strong> High-end hotel developer and operator Wynn Resorts appointed Max Tappeiner (<a target=\"_blank\" href=\"https:\/\/www.linkedin.com\/in\/max-tappeiner-3595a513\/\" style=\"\" rel=\"noopener\">LinkedIn<\/a>) as president of the upcoming <a target=\"_blank\" href=\"https:\/\/enterprise.news\/uae\/en\/news\/story\/624ad3b1-6bdb-49ba-ab88-ecb5c1d24e06\/%253cmark%253ewynn%253c%2Fmark%253e-resorts-invests-usd-514.4-mn-to-date-in%253cmark%253e-marjan%253c%2Fmark%253e-gaming-resort-%2B-earmarks-land-for-future-development\" style=\"\" rel=\"noopener\">USD 3.9 bn gaming resort in Ras Al Khaimah<\/a>, Wynn Al Marjan Island, according to a <a target=\"_blank\" href=\"https:\/\/www.linkedin.com\/feed\/update\/urn:li:activity:7231727198749999104\/\" style=\"\" rel=\"noopener\">statement<\/a>. Tappeiner will assume his new role starting 1 September. Tappeiner, who joined Wynn Las Vegas in 2022, previously served as senior vice president and executive vice president of operations at the resort. He also held senior positions at Resorts World and Venetian and Palazzo. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">The <strong>Khalifa Fund for Enterprise Development<\/strong> appointed <strong>Mouza Obaid Saif Al Nasri <\/strong>(<a target=\"_blank\" href=\"https:\/\/www.linkedin.com\/in\/mouza-al-nasri-103876295\/?originalSubdomain=ae\" style=\"\" rel=\"noopener\">LinkedIn<\/a>) as its <strong>acting CEO,<\/strong> according to a press release picked up by <a target=\"_blank\" href=\"https:\/\/www.zawya.com\/en\/press-release\/people-in-the-news\/khalifa-fund-announce-mouza-obaid-saif-al-nasri-as-its-acting-ceo-glnpf8qo\" style=\"\" rel=\"noopener\">Zawya<\/a>. Al Nasri has experience in strategy development, policy enhancement, and fostering initiatives for SMEs, including leading the establishment of the International Aid program to support the Khalifa Innovation Center and the Emirates Association for Franchise Development. She previously served as executive director of the Abu Dhabi Department of Economic Development\u2019s SME sector.<\/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\/hospitality\/\">hospitality<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/uae\/tag\/moves\/\">MOVES<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/uae\/tag\/wynn-resorts\/\">Wynn Resorts<\/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=\"95046\" 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=\"95046\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">10<\/div>\r\n\r\n                    <p class=\"f-graphik\">ALSO ON OUR RADAR<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/uae\/2024\/08\/22\/mashreq-launches-iban-verification-for-businesses\/\">\r\n                            Mashreq launches IBAN verification for businesses                        <\/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\/22\/mashreq-launches-iban-verification-for-businesses\/\" 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\/22\/mashreq-launches-iban-verification-for-businesses\/')\">\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\/22\/mashreq-launches-iban-verification-for-businesses\/\">\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=Mashreq launches IBAN verification for businesses&url=https:\/\/enterpriseam.com\/uae\/2024\/08\/22\/mashreq-launches-iban-verification-for-businesses\/\">\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\/22\/mashreq-launches-iban-verification-for-businesses\/&title=Mashreq launches IBAN verification for businesses\">\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=Mashreq+launches+IBAN+verification+for+businesses+https%3A%2F%2Fenterpriseam.com%2Fuae%2F2024%2F08%2F22%2Fmashreq-launches-iban-verification-for-businesses%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\/22\/mashreq-launches-iban-verification-for-businesses\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2024\/8\/1978.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"95047\" data-permalink=\"https:\/\/enterpriseam.com\/uae\/2024\/08\/22\/mashreq-launches-iban-verification-for-businesses\/1978-jpg-13\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/8\/1978.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"1978.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/8\/1978.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/8\/1978.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-95046\" class=\"content-area-description single-story post-95046 post type-post status-publish format-standard has-post-thumbnail hentry category-also-on-our-radar tag-abu-dhabi-fund-for-development tag-abu-dhabi-islamic-bank tag-abu-dhabi-tourism-investment-company tag-also-on-our-radar tag-banking tag-business tag-cleveland-clinic-abu-dhabi tag-cloudera tag-construction tag-egypt tag-enterpriseam-uae tag-fintech tag-fujairah-natural-resources-corporation tag-healthcare tag-hitek tag-hospitality tag-iban tag-kuwait tag-mashreq tag-microsoft tag-minerals tag-mining tag-real-estate tag-sav 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\/.190095d5-615f-4515-9e79-40608234222c.mp3\"><\/audio><\/figure><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\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> Mashreq <\/strong><strong>launches <\/strong><strong>IBAN verification tool for businesses:<\/strong> Our friends at Mashreq launched a new feature allowing its corporate clients to verify international bank account numbers (IBAN), according to a <a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/8\/1997.pdf\" style=\"\" rel=\"noopener\">press release (pdf)<\/a>. The IBAN validation application programming interface (API) integrates with the Central Bank of the UAE\u2019s database to provide real-time verification of IBANs, allowing businesses to confirm account details instantly, and reduce errors and fraud risks in financial transactions. The tool is available through Mashreq's API Developer <a target=\"_blank\" href=\"https:\/\/developer.mashreqbank.com\/external\/uae\/\" style=\"\" rel=\"noopener\">website<\/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\">HOSPITALITY-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>ADTIC to funnel more investments into Egypt:<\/strong> Egypt-focused <a target=\"_blank\" href=\"https:\/\/adticeg.com\/\" style=\"\" rel=\"noopener\">Abu Dhabi Tourism Investment Company (ADTIC)<\/a>, majority-owned by the Abu Dhabi Fund for Development, raised earmarked investments to develop its hotel portfolio in Egypt to around EGP 9.5 bn (USD 194.4 mn), up from the EGP 5.3 bn (USD 108.5 mn) it had allocated in <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/44469a4f-7236-4a05-952e-49c65a295f22\/%253cmark%253eabu%253c%2Fmark%253e%253cmark%253e-dhabi%253c%2Fmark%253e-government-backed-hotel-group-plans-usd-170-mn%253cmark%253e-investment%253c%2Fmark%253e-in-three-egyptian-hotels\" style=\"\" rel=\"noopener\">January<\/a>, according to Egyptian media reports (<a target=\"_blank\" href=\"https:\/\/almalnews.com\/%d8%a7%d8%b1%d8%aa%d9%81%d8%a7%d8%b9-%d9%85%d8%ad%d9%81%d8%b8%d8%a9-%d8%a7%d8%b3%d8%aa%d8%ab%d9%85%d8%a7%d8%b1%d8%a7%d8%aa-%d8%aa%d8%b7%d9%88%d9%8a%d8%b1-%d9%81%d9%86%d8%a7%d8%af%d9%82-%d8%a3%d8%a8\/\" style=\"\" rel=\"noopener\">here<\/a> and <a target=\"_blank\" href=\"https:\/\/hapijournal.com\/2024\/08\/20\/%D9%85%D8%AD%D9%81%D8%B8%D8%A9-%D8%A7%D8%B3%D8%AA%D8%AB%D9%85%D8%A7%D8%B1%D8%A7%D8%AA-%D8%AA%D8%B7%D9%88%D9%8A%D8%B1-%D9%81%D9%86%D8%A7%D8%AF%D9%82-%D8%A3%D8%A8%D9%88%D8%B8%D8%A8%D9%8A-%D9%84%D9%84\/\" style=\"\" rel=\"noopener\">here<\/a>). The move could, in part, have been triggered by a weaker EGP, which now trades under 49 against the USD, up from nearly 31 before its float in March.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Breakdown of the ongoing investments, planned for completion<\/strong><strong> within two years<\/strong><strong>:<\/strong><\/p>\n<ul>\n<li><strong>In Sharm El-Sheikh:<\/strong> Some EGP 2 bn have been allocated to renovate Accor-managed M\u00f6venpick Resort in Sharm El Sheikh, up from EGP 1.6.<\/li>\n<li><strong>In Hurghada:<\/strong> Some EGP 2.5 bn have been allocated to renovate the Mercure Hurghada Resort, compared to EGP 1.2 bn.<\/li>\n<li><strong>In Giza:<\/strong> Some EGP 5 bn have been earmarked to build a new hotel under the brand Sofitel Legend, which will replace the now-demolished Mercure hotel in the Giza Pyramids area, up from EGP 2.4 bn.<\/li>\n<\/ul>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<p class=\"tag-border-left\">TELECOMS-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Du, Etisalat to provide telecom infrastructure for Nakheel developments: <\/strong>Telecom companies du and Etisalat by e& inked an agreement with Dubai\u2019s state-owned real estate firm Nakheel to implement ICT infrastructure in the company\u2019s new developments, <a target=\"_blank\" href=\"https:\/\/www.wam.ae\/en\/article\/b4sb6ro-du-etisalat-partner-with-nakheel-provide-fixed\" style=\"\" rel=\"noopener\">Wam<\/a> reports. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<p class=\"tag-border-left\">FINTECH-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Fintech firm <\/strong><strong><a target=\"_blank\" href=\"https:\/\/sav.money\/\" style=\"\" rel=\"noopener\">Sav<\/a><\/strong><strong> launched the MyMoney feature on its app<\/strong>, allowing users to consolidate their financial data from multiple bank accounts into a single dashboard, according to a <a target=\"_blank\" href=\"https:\/\/www.zawya.com\/en\/press-release\/companies-news\/sav-launches-mymoney-to-provide-users-with-a-single-view-of-all-their-finances-on-one-app-w17f6sgl\" style=\"\" rel=\"noopener\">statement<\/a>. The new feature also allows users to track and analyze their cash flow, categorize expenses, and set reminders for bills and subscriptions.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>ICYMI- <\/strong>Sav secured <a target=\"_blank\" href=\"https:\/\/enterprise.news\/uae\/en\/news\/story\/624ad3b1-6bdb-49ba-ab88-ecb5c1d24e06\/wynn-resorts-invests-usd-514.4-mn-to-date-in-marjan-gaming-resort-%2B-earmarks-land-for-future-development\" style=\"\" rel=\"noopener\">in-principle approval<\/a> for a Category 4 license from the Dubai Financial Services Authority earlier this month, which extends the scope of the financial services the company is allowed to offer once fully licensed.<\/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\">MINERALS-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong><a target=\"_blank\" href=\"https:\/\/fnrc.gov.ae\/portal\/home\/index\" style=\"\" rel=\"noopener\">Fujairah Natural Resources Corporation<\/a><\/strong><strong> partnered with the Kuwaiti Public Works <\/strong><strong>Ministry<\/strong> <strong>to boost cooperation in mineral resources development<\/strong>, mining, investment, and scientific research, <a target=\"_blank\" href=\"https:\/\/www.wam.ae\/en\/article\/b4sb6lv-fujairah-natural-resources-corporation-kuwaiti\" style=\"\" rel=\"noopener\">Wam<\/a> reported. The agreement will also see the two bodies launch training programs and events.<\/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\">CONSTRUCTION-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Dubai-based <\/strong><strong><a target=\"_blank\" href=\"https:\/\/www.hitek.ai\/\" style=\"\" rel=\"noopener\">Hitek Services<\/a><\/strong> <strong> secured three contracts in Saudi Arabia<\/strong> where it will deploy its smart facility management solutions, according to a <a target=\"_blank\" href=\"https:\/\/www.hitek.ai\/press-release\/hitek-expands-footprint-in-saudi-arabia-with-strategic-fm-contract-wins\/\" style=\"\" rel=\"noopener\">statement<\/a> from the company.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The contracts:<\/strong><\/p>\n<ul>\n<li>An extended contract for operations management at the <strong>Neuroscience and Trauma Care Center<\/strong> and the <strong>King Abdullah Pediatric Specialist Hospital<\/strong> in Jeddah with facility management- and construction-focused conglomerate <strong><a target=\"_blank\" href=\"https:\/\/www.safari.com.sa\/\" style=\"\" rel=\"noopener\">Safari Group<\/a><\/strong>;<\/li>\n<li>A three-year contract to enhance operational efficiency at <strong>Prince Mohammad bin Fahd University <\/strong>in Al Khobar with <strong><a target=\"_blank\" href=\"https:\/\/www.omni-fm.com\/\" style=\"\" rel=\"noopener\">Omni Facilities Management<\/a><\/strong>;<\/li>\n<li>A three-year contract to digitize management and operations at the <strong>historical Diriyah site<\/strong> in Riyadh, a UNESCO World Heritage Site.<\/li>\n<\/ul>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/uae\/tag\/abu-dhabi-fund-for-development\/\">Abu Dhabi Fund for Development<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/uae\/tag\/abu-dhabi-islamic-bank\/\">Abu Dhabi Islamic Bank<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/uae\/tag\/abu-dhabi-tourism-investment-company\/\">Abu Dhabi Tourism Investment Company<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/uae\/tag\/also-on-our-radar\/\">ALSO ON OUR RADAR<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/uae\/tag\/banking\/\">banking<\/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\/cleveland-clinic-abu-dhabi\/\">Cleveland Clinic Abu Dhabi<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/uae\/tag\/cloudera\/\">Cloudera<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/uae\/tag\/construction\/\">CONSTRUCTION<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/uae\/tag\/egypt\/\">Egypt<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/uae\/tag\/fintech\/\">fintech<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/uae\/tag\/fujairah-natural-resources-corporation\/\">Fujairah Natural Resources Corporation<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/uae\/tag\/healthcare\/\">Healthcare<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/uae\/tag\/hitek\/\">Hitek<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/uae\/tag\/hospitality\/\">hospitality<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/uae\/tag\/iban\/\">IBAN<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/uae\/tag\/kuwait\/\">Kuwait<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/uae\/tag\/mashreq\/\">Mashreq<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/uae\/tag\/microsoft\/\">Microsoft<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/uae\/tag\/minerals\/\">minerals<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/uae\/tag\/mining\/\">mining<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/uae\/tag\/real-estate\/\">Real estate<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/uae\/tag\/sav\/\">Sav<\/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=\"95048\" 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=\"95048\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">11<\/div>\r\n\r\n                    <p class=\"f-graphik\">PLANET FINANCE<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/uae\/2024\/08\/22\/gold-soars-as-investors-pencil-in-september-rate-cuts-and-a-weakening-usd\/\">\r\n                            Gold soars as investors pencil in September rate cuts and a weakening USD                        <\/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\/22\/gold-soars-as-investors-pencil-in-september-rate-cuts-and-a-weakening-usd\/\" target=\"_blank\">\n                    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src=\"https:\/\/i0.wp.com\/ent.news\/2024\/8\/1962.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"95049\" data-permalink=\"https:\/\/enterpriseam.com\/uae\/2024\/08\/22\/gold-soars-as-investors-pencil-in-september-rate-cuts-and-a-weakening-usd\/1962-jpg\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/8\/1962.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"1962.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/8\/1962.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/8\/1962.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-95048\" class=\"content-area-description single-story post-95048 post type-post status-publish format-standard has-post-thumbnail hentry category-planet-finance tag-enterpriseam-uae tag-financial-markets tag-gold tag-interest-rates tag-planet-finance wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<figure class=\"wp-block-audio mb-0\"><audio controls preload=\"metadata\" src=\"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/8\/.25b673a3-243b-4472-9825-aff495e9ea70.mp3\"><\/audio><\/figure><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>Gold prices soar to record highs as investors anticipate rate cuts: <\/strong>Gold prices had a record run this week, driven by expectations of an incoming interest rate cut from the US Federal Reserve in September, as well as a weakening USD, <a target=\"_blank\" href=\"https:\/\/www.reuters.com\/markets\/commodities\/gold-steady-near-record-high-investors-seek-more-fed-cues-2024-08-20\/\" style=\"\" rel=\"noopener\">Reuters<\/a> reports. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>(Tap or click the headline above to read this story with all of the links <\/strong>to our background as well as external sources.)<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Gold prices have been on the up for a while now<\/strong>, with Comex gold futures now clocking in at USD 2,547.50 per troy ounce, with prices up 25.2% over the last six months. It\u2019s a similar story for gold spot prices, which are up 24.1% over a half a year period. Holdings of gold-backed exchange-traded funds (ETFs) have also risen by some USD 7.3 bn since May, the <a target=\"_blank\" href=\"https:\/\/www.ft.com\/content\/03ed761e-ccf9-4494-b1f8-1cab8313a07f\" style=\"\" rel=\"noopener\">Financial Times<\/a> reports, citing data from the World Gold Council.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>\u201cThe primary drivers of the gold price move are financial investment demand,<\/strong> particularly with ETF buying improving and overall improved sentiment as the expectations of Fed easing cycle to begin in September,\u201d Citi Research\u2019s Aakash Doshi told Reuters. Doshi also expects gold to reach USD 3k per ounce by mid-2025 and USD 2.6k by the end of this year.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Remember:<\/strong> US inflation fell below 3% in July for the first time since March 2021, strengthening the case for the Fed to cut interest rates at its next meeting in September. Markets are pricing in a 64.5% chance of the Fed cutting interest rates by 25 basis points, according to the <a target=\"_blank\" href=\"https:\/\/www.cmegroup.com\/markets\/interest-rates\/cme-fedwatch-tool.html\" style=\"\" rel=\"noopener\">CME FedWatch Tool<\/a>. <\/p>\n<p class=\"tag-border-left\">MARKETS THIS MORNING- <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Asian markets are mostly in the green during early trading this morning<\/strong> as traders price in recently released minutes from a US Federal Reserve meeting that raised hopes of an approaching rate cut. The Nikkei is up 1.0% and the Hang Seng has advanced 0.4%, while the Shanghai is currently down 0.1% at the time of writing.<\/p>\n<p><a target=\"_blank\" id=\"t.165a0b69f40a01bdfe44bde83fe042ea596f4393\" 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-up'>\n<td class='td-list-up'>\n<p><svg class='e-icon e-TypeMarkets11'><use xlink:href='#e-TypeMarkets11'><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>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\">9,348<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">+0.3% (YTD: -2.4%)<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-up'>\n<td class='td-list-up'>\n<p><svg class='e-icon e-TypeMarkets11'><use xlink:href='#e-TypeMarkets11'><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>DFM<\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">4,295<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">+0.9% (YTD: +5.8%)<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-up'>\n<td class='td-list-up'>\n<p><svg class='e-icon e-TypeMarkets11'><use xlink:href='#e-TypeMarkets11'><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>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\">3733<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">+0.5% (YTD: -2.8%)<\/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-down'>\n<td class='td-list-down'>\n<p><svg class='e-icon e-TypeMarkets1'><use xlink:href='#e-TypeMarkets1'><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>EIBOR<\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">4.9% o\/n<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">4.6% 1 yr<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-up'>\n<td class='td-list-up'>\n<p><svg class='e-icon e-TypeMarkets11'><use xlink:href='#e-TypeMarkets11'><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>TASI<\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">12,187<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">+0.7% (YTD: +1.8%)<\/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>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\">29,914<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">0.0% (YTD: +20.2%)<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-up'>\n<td class='td-list-up'>\n<p><svg class='e-icon e-TypeMarkets11'><use xlink:href='#e-TypeMarkets11'><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>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\">6,621<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">+0.4% (YTD: +17.8%)<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-up'>\n<td class='td-list-up'>\n<p><svg class='e-icon e-TypeMarkets11'><use xlink:href='#e-TypeMarkets11'><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>FTSE 100<\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">8,283<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">+0.1% (YTD: +10.2%)<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-up'>\n<td class='td-list-up'>\n<p><svg class='e-icon e-TypeMarkets11'><use xlink:href='#e-TypeMarkets11'><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>Euro Stoxx 50<\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">4,885<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">+0.6% (YTD: +8.1%)<\/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>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 76.05<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">-1.5%<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-up'>\n<td class='td-list-up'>\n<p><svg class='e-icon e-TypeMarkets11'><use xlink:href='#e-TypeMarkets11'><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>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 2.19<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">+0.1%<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-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 2,547.50<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">-0.1%<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-up'>\n<td class='td-list-up'>\n<p><svg class='e-icon e-TypeMarkets11'><use xlink:href='#e-TypeMarkets11'><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>BTC<\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">USD 61,042.00<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">+2.9% (YTD: +44.4%)<\/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 rose 0.3% yesterday<\/strong> on turnover of AED 1.35 bn. The index is down 2.4% YTD.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>In the green: <\/strong>Foodco National Foodstuff (+4.2%), Abu Dhabi National Building Materials Co. (+3.9%) and Apex Investment (+3.7%).<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>In the red: <\/strong>Gulf Medical Projects Company (-9.6%), Gulf Cement Co. (-7.4%) and Al Khaleej Investment (-3.9%). <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Over on the DFM<\/strong>, the index rose 0.9% on turnover of 429.1 mn. Meanwhile, Nasdaq Dubai fell 2,8%.<\/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\/gold\/\">gold<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/uae\/tag\/interest-rates\/\">interest rates<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/uae\/tag\/planet-finance\/\">PLANET FINANCE<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"95050\" 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\/22\/95050-2\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-95050\" class=\"content-area-description single-story post-95050 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>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>23 August (Friday): NMDC\u2019s general assembly to approve NMDC Energy IPO.<\/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:400;\">27 August (Tuesday): New regulations on telemarketing calls will go into effect. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700;\">SEPTEMBER<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">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>5 September (Thursday): Deadline to apply for Dubai Future Academy\u2019s <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.dubaifuture.ae\/feel\" style=\"\">FEEL: A Disruptive Futures Program<\/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>7-8 September (Saturday-Sunday): <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/tickets.virginmegastore.me\/ae\/sports\/24688\/binous-classic\" style=\"\">Binous Classic Bodybuilding Championship<\/a><\/span><span>, DWTC, 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;\">9-12 September (Monday-Thursday): The annual EFG Hermes London Conference.<\/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>11-12 September (Wednesday-Thursday): <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/dubaiaiweb3festival.com\/\" style=\"\">Dubai AI & Web3 Festival<\/a><\/span><span style=\"font-weight:400;\">, Madinat Jumeirah, Dubai.<\/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>16-20 September (Monday- Friday): <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/itsworldcongress.com\/\" style=\"\">Intelligent Transport Systems World Congress 2024<\/a><\/span><span>, Dubai.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span>17-18 September (Tuesday-Wednesday): <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/aioilandgas.energyconferencenetwork.com\/MiddleEast24\" style=\"\">AI in oil and gas 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>15-19 September (Sunday-Thursday): <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.lobster-event.com\/en\/event-details\/loop-cee-cis-2024\" style=\"\">Loop Beyond Borders<\/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>24-26 September (Tuesday-Thursday): <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.dwtc.com\/en\/events\/careers-uae-2024\/\" style=\"\">Careers UAE 2024<\/a><\/span><span style=\"font-weight:400;\">, Dubai 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>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>2-3 October (Wednesday-Thursday): <\/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>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.gitex.com\/home\" style=\"\">Gitex Global<\/a><\/span><span style=\"font-weight:400;\">, Dubai World Trade Centre and Dubai Harbour.<\/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;\">14 October (Monday): The Smart Cities MENA Summit, Dubai.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">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 October (Saturday): <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.etihadarena.ae\/en\/event-booking\/ufc-308\" style=\"\">UFC 308: TOPURIA vs HOLLOWAY<\/a><\/span><span style=\"font-weight:400;\">, Etihad Arena, Abu Dhabi.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span>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\/\" style=\"\">Abu Dhabi International Petroleum Exhibition & Conference<\/a><\/span><span> (<\/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>4-7 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>4-7 November (Monday-Thursday): <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.adipec.com\/decarbonisation\/\" style=\"\">ADIPEC Decarbonisation Accelerator<\/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>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>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>19-20 November (Tuesday-Wednesday): <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.dubaifuture.ae\/dubai-future-forum-2024\" style=\"\">Dubai Future Forum<\/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>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 (Monday-Tuesday): <\/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>9-12 December (Monday-ThursdayTuesday): <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.adgm.com\/events\/abudhabifinanceweek\" style=\"\">Abu Dhabi Finance Week<\/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>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 Conference)<\/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 style=\"font-weight:400;\">10-12 December (Tuesday-Thursday): The Middle East and North Africa Business Aviation Association Show, Al Maktoum International Airport, Dubai.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span>11-13 December (Wednesday-Friday): <\/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 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>14-21 December (Saturday-Saturday): <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/worldschoolsfestival.com\/\" style=\"\">World Schools Festival<\/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\">Signposted to happen sometime in December: <\/span><\/p>\n<ul>\n<li><span style=\"font-weight:400;\">UAE-China Summit, Abu Dhabi.<\/span><\/li>\n<\/ul>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700;\">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 style=\"font-weight:400;\">6-11 April (Sunday-Friday): Geo-Spatial Week 2025, 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;\">Signposted to happen sometime in April:<\/span><\/p>\n<ul>\n<li><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/a2rl.io\/autonomous-drone-race\" style=\"\">Abu Dhabi Autonomous Racing League<\/a><\/span><span style=\"font-weight:400;\">, Yas Marina Circuit in 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;\">MAY 2025<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span>6-7 May (Tuesday-Wednesday): <\/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: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;\">JUNE 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;\">3-4 June (Tuesday-Wednesday): Make-A-Wish International\u2019s Global Wish summit, Abu Dhabi.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700;\">OCTOBER 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 in 2025:<\/span><\/p>\n<ul>\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 2026:<\/span><\/p>\n<ul>\n<li><span style=\"font-weight:400;\">The UAE to host the Arab Competition Forum<\/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 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>TJ Maxx owner buys stake in Brands for Less | Mubadala backs Yondr | Kuwait Finance House offloads stake in SIB<\/p>\n","protected":false},"featured_media":95025,"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-95024","issue","type-issue","status-publish","has-post-thumbnail","hentry","wpautop","entry"],"acf":{"mongo_id":"966e87c1-cfdf-44cb-b896-bd87cf85c262","teaser":"TJ Maxx owner buys stake in Brands for Less | Mubadala backs 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