{"id":117966,"date":"2026-06-05T00:00:00","date_gmt":"2026-06-05T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/uae\/?p=117966"},"modified":"2026-06-05T02:34:06","modified_gmt":"2026-06-05T02:34:06","slug":"this-morning-adia-cashes-in-on-innio-usd-2-4-bn-ipo-irh-passes-up-zambia-export-duty-waiver-for-unprocessed-copper","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/uae\/2026\/06\/05\/this-morning-adia-cashes-in-on-innio-usd-2-4-bn-ipo-irh-passes-up-zambia-export-duty-waiver-for-unprocessed-copper\/","title":{"rendered":"THIS MORNING: Adia cashes in on Innio USD 2.4 bn IPO + IRH passes up Zambia export duty waiver for unprocessed copper"},"content":{"rendered":"<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Good morning, lovely people, and happy FRIDAY. <\/strong>We lead this morning\u2019s issue with a look at Dubai\u2019s office market, which has seen a slowdown since March, despite activity somewhat moderating in April, as Cavendish Maxwell tells us. Investors remain cautious due to the uncertain operating environment, a spokesperson tells us. We dive into the office market\u2019s 1Q data and what the next months could bring for the sector in the news well, below.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Plus: Gems Education is striking an optimistic note<\/strong>, saying demand is holding up this year, and pledging a AED 2 bn investment over the next three years to add 20k student seats. <\/p>\n<p class=\"tag-border-left\">PSAs<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><a id=\"wwtt2\"><\/a><strong> N<\/strong><strong>o <\/strong><strong>Ebola cases have been detected in the UAE<\/strong>, health authorities confirmed in a statement after a traveler who spent a few days in the Emirates tested positive for the virus upon arriving in Uganda, state news agency <a target=\"_blank\" href=\"https:\/\/www.wam.ae\/en\/article\/c0jfgqr-ministry-health-prevention-ebola-cases-detected\" style=\"\">Wam<\/a> reports. The individual did not visit any healthcare facility while in the UAE, and health authorities said they have already activated public health measures, including risk assessments and contact tracing.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><a id=\"wwtt4\"><\/a> <strong>Midday <\/strong><strong>work ban returns on 15 June: <\/strong>The UAE will once again halt outdoor work during the hottest part of the day starting Monday, 15 June, through Tuesday, 15 September, <a target=\"_blank\" href=\"https:\/\/gulfnews.com\/uae\/government\/uae-midday-outdoor-work-ban-starts-june-15-fines-up-to-dh50000-for-violations-1.500562973\" style=\"\">Gulf News<\/a> reports, citing a Human Resources Ministry statement. The move bans companies from carrying out construction work under direct sunlight or in open areas between 12:30 pm and 3:00 pm. Employers will also have to provide shaded rest areas, hydration supplies, and cooling equipment for their workers. Violations carry fines of AED 5k per worker, capped at AED 50k for multiple violations.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Some activities are exempt<\/strong>, including emergency repairs to essential services, time-sensitive projects, and projects with special permits due to their impact on public services and traffic flow.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>WEATHER- <\/strong>Temperatures are still high, reaching 41\u00b0C in Abu Dhabi today, before cooling to an overnight low of 31\u00b0C. Over in Dubai, look for a high of 39\u00b0C and a low of 29\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\">It\u2019s a good week to be a Gulf sovereign wealth fund <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><a id=\"wwtt1\"><\/a>  <strong>Just as Saudi investors are <\/strong><strong><a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/ksa\/2026\/06\/04\/spacex-winners-are-about-to-find-out-what-their-wager-is-really-worth\/\" style=\"\">poised for a windfall from SpaceX\u2019s historic IPO<\/a><\/strong><strong>, sovereign wealth fund Abu Dhabi Investment Authority (Adia) is also<\/strong> <strong>cashing in <\/strong>on the IPO of a German gas engine maker linked to the AI boom. Innio\u2019s US IPO raised USD 2.4 bn after pricing 90 mn shares at USD 27 a pop, according to a <a target=\"_blank\" href=\"https:\/\/www.innio.com\/en\/news-media\/press-releases\/innio-announces-pricing-of-upsized-initial-public-offering\/\" style=\"\">statement<\/a>. It rose 23% on its Nasdaq trading debut. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The all-secondary sale means that Adia and Innio\u2019s other backer, Advent, are receiving all of the proceeds<\/strong>, giving the sovereign wealth fund a clean liquidity moment off surging demand for the power behind AI-era data centers. A vehicle owned by Adia and Advent will own 90% of Innio following the IPO, according to a <a target=\"_blank\" href=\"https:\/\/www.sec.gov\/Archives\/edgar\/data\/2109150\/000119312526216625\/ck0002109150-20260511.htm\" style=\"\">regulatory filing<\/a>. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Innio?<\/strong> Innio \u2014 now valued at USD 20.7 bn based on its outstanding shares \u2014 is a picks-and-shovels play on electrification and uptime for hyperscalers. The book built hot enough to upsize from 75 mn shares initially and still land at the top of the USD 24-27 pricing range. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>ADVISORS- <\/strong>Goldman Sachs, JPMorgan, and Morgan Stanley were lead bookrunners for the IPO. Barclays and Citigroup were bookrunning managers, and Baird, BNP Paribas, Deutsche Bank Securities, RBC Capital Markets, and UBS Investment Bank were bookrunners. Cr\u00e9dit Agricole CIB, Erste Group, UniCredit, Academy Securities, and Drexel Hamilton were co-managers.<\/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\">IRH passes on Zambia export duty waiver<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><a id=\"wwtt3\"><\/a>  <strong>IRH turns down Zambia\u2019s export duty waiver for <\/strong><strong>copper: <\/strong>Abu Dhabi natural resources investment platform International Resources Holding\u2019s Zambian unit won\u2019t be exporting copper concentrate despite a hefty waiver from the Zambian government, <a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2026-06-04\/abu-dhabi-s-irh-turns-down-zambian-copper-concentrate-waiver?embedded-checkout=true\" style=\"\">Bloomberg<\/a> reports.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>BACKGROUND- <\/strong>The government extended the suspension of a 10% export fee \u2014 introduced last summer, when IRH also passed up on the waiver \u2014 for close to 272k tonnes of copper concentrate, with IRH\u2019s Mopani Copper Mines being allocated 100k tonnes of the total. The offer comes as the Zambian government looks to shift stockpiles of unprocessed copper as smelters undergo maintenance operations, <a target=\"_blank\" href=\"https:\/\/www.reuters.com\/world\/africa\/zambia-extends-duty-free-copper-concentrate-export-duty-waiver-amid-smelter-2026-06-03\/\" style=\"\">Reuters<\/a> reports. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Where will it go instead?<\/strong> Instead of exporting via Zambia\u2019s state-owned Industrial Resources, Mopani will put output back into its processing operations to \u201c[strengthen] domestic refining capacity,\u201d as it looks to \u201csmelt all available concentrate,\u201d the company 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\"> The big story abroad<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Private credit is back under the microscope<\/strong> after renewed second-quarter redemption pressure forced some of the sector's biggest managers \u2014 BlackStone and Partners Group \u2014 to <a target=\"_blank\" href=\"https:\/\/www.ft.com\/content\/4eca0255-27e7-47cc-8ebf-c9cc00c62e29?syn-25a6b1a6=1\" style=\"\">curb withdrawals<\/a> from flagship funds. The pressure is being driven by fears over software exposure, valuations, and limited transparency. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Elsewhere, SpaceX is telling banks it will not move from its USD 135-a-share IPO price<\/strong> as the firm\u2019s roadshow, which kicked off yesterday, is already <a target=\"_blank\" href=\"https:\/\/www.reuters.com\/legal\/transactional\/spacex-tells-banks-it-wont-move-its-135-a-share-ipo-price-2026-06-04\/\" style=\"\">seeing what sources are describing as insatiable demand<\/a>. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Closer to home, Hezbollah has <\/strong><strong><a target=\"_blank\" href=\"https:\/\/www.reuters.com\/world\/middle-east\/lebanon-ceasefire-raises-hopes-progess-iran-deal-2026-06-04\/\" style=\"\">rejected<\/a><\/strong><strong> the ceasefire in Lebanon<\/strong>, while Israel said it would not withdraw troops from the country in another blow to the potential US-Iran agreement. Iran had said there would be no agreement without a ceasefire in Lebanon. <\/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\">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. We\u2019re out Monday through Friday by 7am UAE time.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>EnterpriseAM UAE is available without charge <\/strong>thanks to the generous support of our friends at Mashreq and Hassan Allam Properties.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Were you forwarded this email?<\/strong> <a target=\"_blank\" href=\"https:\/\/enterprise.news\/uae\/en\/user\/news-letters\" style=\"\">Tap or click here<\/a> to get your own copy of EnterpriseAM UAE. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Want to send us a story idea, request coverage, ask for a correction, or otherwise get in touch? <\/strong>Reach out to us on  <a target=\"_blank\" href=\"mailto:UAE@enterpriseAM.com\" style=\"\">UAE@enterpriseAM.com<\/a> .<\/p>\n<p 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triggers.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Plus: Midday work ban starts on 15 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