{"id":103144,"date":"2025-04-30T00:00:00","date_gmt":"2025-04-30T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/uae\/this-morning-etihad-airways-ready-for-an-ipo-but-does-not-need-the-cash-ceo-says-adia-eyes-sale-of-50-stake-in-ifco\/"},"modified":"2025-04-30T00:00:00","modified_gmt":"2025-04-30T00:00:00","slug":"this-morning-etihad-airways-ready-for-an-ipo-but-does-not-need-the-cash-ceo-says-adia-eyes-sale-of-50-stake-in-ifco","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/uae\/2025\/04\/30\/this-morning-etihad-airways-ready-for-an-ipo-but-does-not-need-the-cash-ceo-says-adia-eyes-sale-of-50-stake-in-ifco\/","title":{"rendered":"THIS MORNING: Etihad Airways \u201cready\u201d for an IPO but does not need the cash, CEO says + Adia eyes sale of 50% stake in IFCO"},"content":{"rendered":"

Good morning, friends, and happy hump day. <\/strong>It\u2019s another busy day of news this morning, with plenty of updates from the Arabian Travel Market, and news of ADQ returning to debt markets with another benchmark issuance. <\/p>\n

Plus:<\/strong> Emirates NBD revised downwards its projection for the UAE\u2019s budget surplus this year on the back of lower oil prices, and UAE-backed climate fund Alterra poured its first direct co-investment into an Indian renewables firm. We also have plenty of 1Q earnings for you to dive into,<\/strong> so let\u2019s get started.<\/p>\n

***<\/p>\n

A QUICK NOTE- Our apologies<\/strong>.<\/strong> Some readers yesterday received in error EnterprisePM Egypt despite not being subscribed to that edition after one of us made a simple mistake during the dispatch process. We apologize for the unscheduled interruption in your inbox, folks \u2014 it won't happen again.<\/p>\n

***<\/p>\n

WEATHER- <\/strong>Make sure you stock up on sunscreen<\/strong>, with Dubai's <\/strong>mercury hitting 43\u00b0C during the day before cooling down to overnight lows of 28\u00b0C. It\u2019s a bit cooler in Abu Dhabi<\/strong>, with afternoon temperatures reaching 36\u00b0C and set to cool down overnight to 28\u00b0C.<\/p>\n

WATCH THIS SPACE-<\/p>\n

<\/a> #1- <\/strong>ADQ<\/strong>-backed Etihad Airways is ready to hit the market, but is waiting on sharehold<\/strong>ers to pull the trigger<\/strong>, CEO Antonoaldo Neves told Bloomberg in an interview (watch: runtime: 7:28<\/a>) on the sidelines of the Arabian Travel Market (ATM) conference. \u201cThe reality is we don\u2019t need cash now,\u201d he said, adding that \u201cthe airline is doing very well.\u201d Etihad is pressing ahead with a fleet expansion that will see it operate up to 170 aircraft by 2030, with 100 planes already locked in, Neves added. The airline is also leaning into premium travel demand with high-occupancy rates in first and business class driving fresh investment in luxury cabins. <\/p>\n

ICYMI- <\/strong>The highly-anticipated IPO was postponed until after Eid Al Fitr<\/a> with no further updates since. Etihad was expected to kick off a USD 1 bn IPO of a 20% stake in early March, following a roadshow that took place in February to sound out investors. The move comes over a year after the company first expressed interest in going public<\/a> in what would be the region\u2019s first IPO of a major airline since Kuwait\u2019s Jazeera Airways in 2004 \u2014 if it beats Saudi-based Budget airline Flynas to it<\/a>. <\/p>\n

Also in no rush to IPO: <\/strong>Emirates Airline is in no rush to publicly list the firm, citing solid cash reserves, Chairman Sheikh Ahmed bin Saeed Al Maktoum told Reuters<\/a> on the sidelines of the event. He added that the firm would nevertheless move on an IPO \u201ctomorrow\u201d if the government gives the order.<\/p>\n

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<\/a> #2-<\/strong> Abu Dhabi Investment Authority (ADIA) is considering selling its 50% stake in its<\/strong> plastic container unit IFCO<\/strong>, sources familiar with the matter told Bloomberg<\/a>. The potential transaction, which could exceed USD 2.3 bn, is attracting interest from private equity firms and infrastructure funds. However, Triton, the buyout firm holding the remaining stake in IFCO, has decided to retain its share.<\/p>\n

All options are still on the table:<\/strong> While discussions are ongoing, ADIA has not yet made a final decision on the sale. The sovereign wealth fund is currently working with Bank of America and Morgan Stanley on the potential sale. <\/p>\n

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<\/a> #3- The credit outlook for GCC rated firms is set to remain stable, despite tariff-induced headwinds, with 61% of firms rated investment-grade<\/strong>, according to a report (pdf)<\/a> from S&P Global Ratings. Inflation is currently on a downward trend, although could increase in the event of a trade war, and higher capex and meaningful refinancing needs are not seen as an immediate credit risk due to sovereign-linked support.<\/p>\n

Lower oil prices, supply chain disruptions, and a global economic downturn pose a larger threat to GCC firms than the levies themselves<\/strong>, with S&P downgrading oil price assumptions to USD 65 per barrel for Brent for 2025. GCC economies\u2019 close correlation to oil, means that diversification and investment plans could be delayed on the back of oil price fluctuation. Refining margins are also expected to stay low in the near term, and Opec+ output hikes could lead to an oversupply issue.<\/p>\n

By the sector: <\/strong>The sectors most at risk include transportation, parts of the real estate sector, and oilfield services owing to typical high leverage and liquidity constraints. Chemical producers could mitigate risks by rerouting volumes to other regions, however an economic downturn may result in weakened demand. National oil companies are expected to weather the storm due to low production costs and strong balance sheets, whilst revenue backlogs for real estate developers and price growth provide a certain degree of predictability.<\/p>\n

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<\/a> #4- <\/strong>Animoca <\/strong>Brands sets up shop in Dubai, backing UAE startups:<\/strong> Hong Kong-based Web3 venture capital and software firm Animoca Brands<\/a> will open its first regional office in Dubai, The National<\/a> reports, citing managing director for the region Omar Elassar. The firm will also set up funds for startups, although the amount of investments allocated to the region has not been disclosed.<\/p>\n

The details:<\/strong> The Dubai office will focus on financing, market access, and mentorship for local startups and more established crypto companies. Animoca will provide investment, advisory services, and infrastructure support, and is also eyeing expansion through collaboration with Emirati entities, Elassar said.<\/p>\n

Not Animoca's first time in the region:<\/strong> Animoca Brands, which is valued at USD 6 bn, previously partnered with Saudi Arabia\u2019s Neom in 2023<\/a> on a USD 50 mn Web3 initiative. It also signed an MoU last year<\/a> to establish a Riyadh Web3 hub.<\/p>\n

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<\/a> #5- <\/strong>UAE<\/strong>, Saudi Arabia in talks with Korean arms contractor: <\/strong>Emirati and Saudi Arabian entities are in advanced discussions with South Korea\u2019s largest defense contractor, Hanwha Aerospace<\/a>, over potential defense collaboration in the Middle East, Bloomberg<\/a> reports. Any official announcements could come later this year, CEO Michael Coulter said, adding that the MENA region is now Hanwha\u2019s main focus.<\/p>\n

What\u2019s in the cards? <\/strong>Setting up facilities, joint ventures, or local partnerships with Saudi firms are possibilities, according to Coulter, who said Hanwha is looking to address security threats and sovereign issues, as well as boost defense capacity in the region, through local facilities. The company\u2019s shares have surged nearly 30-fold over the past five years amid the conflicts in Ukraine and the Middle East.<\/p>\n

Freeing up funds:<\/strong> Hanwha is planning a USD 1.6 bn share-sale plan to fund expansion, although this has been met with objection from investors who want to avoid share dilution and South Korea\u2019s financial regulator.<\/p>\n

ICYMI- <\/strong>The UAE and South Korea expanded their defense ties earlier this month, signing new agreements<\/a> to hold bilateral meetings every six months, collaborate on developing a fighter jet, and train UAE personnel in aviation and missile systems.<\/p>\n

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#6- <\/strong>China\u2019s <\/strong>CICC <\/strong>plans new Dubai office: <\/strong>Chinese investment bank China International Capital Corporation (CICC) is preparing to open a new branch in Dubai, with a focus on providing structured financing and M&A advisory services for green energy and infrastructure projects in the Gulf, Bloomberg<\/a> reports. Earlier this year it secured a license<\/a> to operate in the Dubai International Financial Center (DIFC).<\/p>\n

The firm aims to cater to<\/strong> growing demand for cross-border investment between China and the region<\/strong>, and is targeting MENA sovereign wealth funds and conglomerates as China seeks to diversify trade ties amid the ongoing trade war between Beijing and Washington. The new office comes amid a wider push which will see CICC add to its regional headcount and expand further into Southeast Asia as well.<\/p>\n

DATA POINTS-<\/p>\n

#1- <\/strong>Sharjah <\/strong>records a 13% rise y-o-y in hotel guests:<\/strong> Sharjah welcomed 490k hotel guests in 1Q 2025, a 13% increase compared to the same period in 2024, Al Bayan<\/a> reports.<\/p>\n

#2- Dubai International Airport is expected to handle 96-97 mn travelers in 2025<\/strong>, President of the Dubai Civil Aviation Authority Sheikh Ahmed bin Saeed Al Maktoum told CNBC Arabia (watch, runtime: 9:23<\/a>). The airport handled 92 mn travelers<\/a> in 2024, marking a 6% increase from 2023.<\/p>\n

PSAs-<\/p>\n

#1- <\/strong>UAE<\/strong>simplifies paperwork for foreign degree recognition:<\/strong> The Higher Education and Scientific Research Ministry has reduced the required documents for its foreign qualification recognition from fourteen to four in line with the UAE\u2019s Zero Government Bureaucracy program<\/a>, the ministry said on X<\/a>. <\/p>\n

A pilot phase saw a 100% y-o-y increase in recognized qualifications<\/strong>, and declined requests dropped from 8.3% to 3.5%. The system works with local scholarship bodies to process foreign credentials across all fields and institutions. <\/p>\n

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#2-<\/strong>Abu <\/strong>Dhabi hotels to pilot government-led facial recognition system:<\/strong> Abu Dhabi\u2019s Culture and Tourism Department (DCT) will deploy a facial recognition system in partnership with the Federal Authority for Identity, Citizenship, Customs & Port Security (ICP) to verify hotel guests, according to the Abu Dhabi Media Office<\/a>. <\/p>\n

The pilot phase is underway at some hotels<\/strong>, and will be expanded to all five-star hotels in Abu Dhabi, Al Ain, and Al Dhafra ahead of a wider rollout. Training and technical support will be provided to hotels during rollout.<\/p>\n

Biometric data will be encrypted<\/strong>, sourced from ICP, and stored in a DCT-managed database. The system aims to reduce check-in times and comply with UAE cybersecurity and privacy laws. The data will only be used for safety and operational purposes, DCT said.<\/p>\n

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#3- Ajman residents get a new transport link to Al Ain:<\/strong> Ajman Transport Authority is launching a new intercity bus route between Ajman\u2019s Musalla Bus Station and Al Ain Bus Station, according to a post on X<\/a>. The service \u2014 slated to begin tomorrow \u2014 will offer four daily round trips from 8am until 8pm.<\/p>\n

HAPPENING TODAY- <\/p>\n

#1- The <\/strong>Arabian Travel Market<\/a><\/strong> is running until Thursday<\/strong>, at the Dubai World Trade Center. The event convenes all travel sectors and verticals, addressing industry challenges for tourism businesses and offering networking sessions. The conference\u2019s program focuses on hospitality, investment, sustainability, marketing, and technology.<\/p>\n

#2- The <\/strong>International Federation of Air Traffic Controllers' Associations (IFATCA) conference<\/a><\/strong> is happening this week <\/strong>at the Adnec Center in Abu Dhabi. The conference brings together air traffic control professionals to discuss the air traffic management sector, focusing on capacity building, emerging technologies, and solutions to challenges faced by the industry.<\/p>\n

#3- The <\/strong>Fujairah International Conference of Adventures Tourism<\/a><\/strong> is starting today and will run <\/strong>until Friday <\/strong>at the Fujairah Adventures Centre. The event will spotlight investment, sustainability, and innovation in adventure tourism. The agenda includes panel discussions, MoU signings, site tours, and the launch of the region\u2019s first standardized framework for adventure tourism.<\/p>\n

#4- <\/strong>The Behavioral Exchange 2025 Conference (BX2025)<\/a><\/strong> is happening today and tomorrow<\/strong> at New York University Abu Dhabi. The event will gather global experts, policymakers, and researchers to discuss behavioral insights and their application in tackling complex societal challenges.<\/p>\n

#5- <\/strong>Today <\/strong>is day five of the <\/strong>Ajman Real Estate Investment Exhibition<\/strong>, which runs until tomorrow. The exhibition brings together real estate developers, investors, and industry experts to showcase the emirate\u2019s evolving property market. Ajman<\/a>Properties Corporation<\/a> (Aqaar) is set to unveil two new projects today at the exhibition \u2014 Mojan and Ajman Hotel Residence, state news agency Wam<\/a> reports. <\/strong><\/p>\n

HAPPENING TOMORROW- <\/p>\n

Th<\/strong>e<\/strong> Financial Media Forum will take place <\/strong>tomorrow<\/strong> in Dubai<\/strong>, Wam<\/a> reports. Media professionals, financial experts, and government officials will convene to discuss the latest developments in the financial sector, the role of media in public financial awareness, and the future role of financial media and literacy in shaping economic growth.<\/p>\n

THE BIG STORY ABROAD- <\/p>\n

It\u2019s all about US President Donald Trump\u2019s 100 days in office in the global business<\/strong> press. <\/strong>His rally in Michigan to mark his 100th day made headlines, as Trump touted his time in office so far as the \u201cmost successful 100 days of any administration in the history of our country,\u201d and defended his economic policies, including tariffs. <\/p>\n

He also renewed his attacks on Federal Reserve Chair Jerome Powell<\/strong>, saying he is not doing a good job and that he understands interest rates better during a rally in Michigan to mark his 100th day. He had already denied plans<\/a> to fire the Fed chief after he criticized the pace of his rate cuts earlier this month. (Bloomberg<\/a> | Reuters<\/a> | Guardian<\/a> | NBC<\/a>)<\/p>\n

As he defended tariffs, he also signed an executive order to give automakers in the US a two-year grace period<\/strong> to boost the percentage of domestic car parts before applying the 25% levy on foreign ones. Meanwhile, US Commerce Secretary Howard Lutnick told CNBC<\/a> he had reached a trade agreement with one country on reciprocal tariffs, without mentioning the name of the country. (Reuters<\/a> | AP<\/a> | New York Times<\/a> | Wall Street Journal<\/a>) <\/p>\n

MEANWHILE-<\/strong> A handful of 1Q 2025 earnings are getting attention, including Samsung\u2019s, which beat analysts\u2019 estimates with a record quarterly revenue \u2014 up 10% y-o-y \u2014 on the back of an increase in sales of chips and Galaxy S25 smartphones. (CNBC<\/a> | Bloomberg<\/a>) <\/p>\n

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***<\/p>\n

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DID YOU KNOW that we also cover <\/strong>Egypt<\/a><\/strong>, <\/strong>Saudi Arabia<\/a><\/strong>,<\/strong> and the MENA climate<\/a> and logistics<\/a> industries?<\/p>\n

***<\/p>\n

MARKET WATCH- <\/p>\n

Adnoc is <\/strong>slated to swap its India-bound liquefied petroleum gas (LPG) with discounted<\/strong> US cargoes as of June<\/strong>, industry sources told Reuters<\/a>. The move will enable Adnoc to ship more of its own LPG to China as purchasers become willing to pay high premiums to replace their previous US supply. Adnoc will supply some US LPG cargoes through its trading units to India under annual contracts from June to July, although one source noted it would be \u201cdifficult to replace the entire volumes.\u201d <\/p>\n

Background:<\/strong> Indian refiners requested that<\/a> their Middle East suppliers make this swap last week, asking for the US LPG to be delivered at discounts to the Middle East benchmark Saudi Contract Price. India \u2014 the world\u2019s second largest importer after China \u2014 sources over 80% of its LPG imports from the Middle East under annual contracts, including UAE, Saudi Arabia, Qatar, and Kuwait.<\/p>\n

Adnoc\u2019s been quick to absorb Chinese buyers:<\/strong> China National Offshore Oil Corporation (CNOOC) inked a five-year supply contract agreement<\/a> with Adnoc for LNG imports last week, marking the third supply contract Adnoc signed with Chinese buyers over that weekend alone. The firm also inked contracts with China\u2019s ENN LNG and Zhenhua Oil.<\/p>\n","protected":false},"excerpt":{"rendered":"

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