{"id":118384,"date":"2026-06-16T00:00:00","date_gmt":"2026-06-16T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/uae\/?p=118384"},"modified":"2026-06-16T02:54:18","modified_gmt":"2026-06-16T02:54:18","slug":"this-morning-egypt-snubs-ad-ports-bid-for-alcn-al-habtoor-puts-ipo-plans-on-hold","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/uae\/2026\/06\/16\/this-morning-egypt-snubs-ad-ports-bid-for-alcn-al-habtoor-puts-ipo-plans-on-hold\/","title":{"rendered":"THIS MORNING: Egypt snubs AD Ports bid for ALCN + Al Habtoor puts IPO plans on hold"},"content":{"rendered":"

Good <\/strong>morning, everyone. <\/strong>We left you on a somewhat hopeful note on Friday as US President Donald Trump \u2014 for the nth time \u2014 dangled the idea of a potential agreement on the horizon, and just one long weekend later, an interim agreement has been reached. <\/p>\n

The agreement is not without its caveats:<\/strong> It\u2019s only a \u201cmemorandum of understanding\u201d at this point, and the agreement is not to permanently end the war but rather to extend the 60-day ceasefire one more time. Without any clarity on where negotiations have landed on Iran\u2019s nuclear program, the unfreezing of Iranian assets by the US, or whether Israel has green-lit the agreement, there\u2019s still a lot of uncertainty around what\u2019s going to happen next. <\/p>\n

All eyes are on Friday for the official signing of the agreement <\/strong>\u2014 and for the reopening of the Strait of Hormuz after months of disruption, according to Trump, who proclaimed on Truth Social: \u201cShips of the World, start your engines. Let the oil flow!\u201d<\/p>\n

While the international pages are full of the welcome news of a diplomatic breakthrough between the US and Iran, on the home front, the fallout from the war is bringing us some less-than-positive news.<\/strong><\/p>\n

Moody\u2019s is penciling in a contraction for the UAE economy<\/strong> this year<\/strong> just as the World Bank is downgrading its forecast. Plus: Our IPO pipeline seems to only be shrinking, with Al Habtoor Group the latest to shelve IPO plans. <\/strong><\/p>\n

On the M&A front, L\u2019imad is looking to close in on full control of Taqa, <\/strong>and Egypt is set to reject AD Ports\u2019 offer <\/strong>to acquire 90% of Alexandria Container and Cargo Handling.<\/p>\n

SPEAKING OF THE US-IRAN WAR- The UAE dismissed reports that it transferred<\/strong> bns of USD to Iran<\/strong>, saying claims that funds, including a reported USD 3 bn tranche, were released or facilitated through the country are \u201centirely false and unfounded,\u201d Wam<\/a> reports. The Foreign Affairs Ministry said no frozen Iranian funds had been released, transferred, or facilitated through the UAE.<\/p>\n

IN CONTEXT- <\/strong>A recent Reuters<\/a> report, citing unnamed sources, claimed the UAE had agreed to transfer between USD 10 bn and USD 20 bn to Iran, without specifying whether the funds were frozen Iranian funds or came from state coffers. One of the sources said the arrangement was linked to a halt in Iranian missile and drone attacks on the UAE and more economic cooperation. Releasing Iranian assets frozen under US sanctions was reported elsewhere by Reuters<\/a> to be under discussion as part of an agreement between Washington and Tehran.<\/p>\n

Reuters also cited a UAE official as saying the country\u2019s foreign policy is focused on de-escalation <\/strong>and reducing tensions across the region while supporting efforts to protect the region from the consequences of conflict.<\/p>\n

WEATHER- It\u2019s boiling hot in Abu Dhabi<\/strong>, with a high of 43\u00b0C and a low of 29\u00b0C, while temperatures are cooling down in Dubai, with a high of 37\u00b0C and a low of 27\u00b0C. <\/p>\n

\n

Al Habtoor puts IPO plans on hold<\/p>\n

<\/a> Al <\/strong>Habtoor Group has shelved plans to list part<\/strong> of its business on the Dubai <\/strong>Financial Market (DFM) for now<\/strong>, with founder and chairman Khalaf Al Habtoor telling CNBC Arabia<\/a> the company is focused on its expansion pipeline.<\/p>\n

BACKGROUND- <\/strong>Public market ambitions have been part of the group\u2019s plans. A year ago<\/a>, Al Habtoor said the group was preparing an IPO of its hospitality arm, Habtoor Hospitality, on the DFM. The proposed listing would have included a portfolio of hotels in Dubai, alongside international properties in Budapest, London, Vienna, and the US.<\/p>\n

Al Habtoor said any future listing would likely involve between 5% and 15% of the group. <\/strong>He noted that the group already operates under governance and management structures similar to those of a listed company.<\/p>\n

It\u2019s not the only one to have delayed IPO plans, and not the only one in th<\/strong>e hospitality sector either<\/strong>, as the war has kept dealmaking muted in the region. The Financial Times recently reported<\/a> that preparations paused on Dubai Holding\u2019s plans to list its retail assets. The sources cited the war-induced hit to the tourism industry as behind the pushback. Al Habtoor said occupancy at the firm\u2019s hotel currently ranges between 35-40%. Emirates Global Aluminium\u2019s (EGA) much-anticipated IPO has also been pushed back to at least next year. <\/p>\n

Expansion plans are on track: <\/strong>The group is studying acquisition windows in central Europe, where it\u2019s already active in Austria, Hungary, and Slovenia. As for Syria, the group isn\u2019t currently planning on getting involved in investment projects there, after a delegation traveled to the country last summer<\/a> to discuss cooperation with the government and potential investments. It also scrapped its plans in Lebanon and recently launched a lawsuit against authorities<\/a> for \u201csevere and sustained harm\u201d to its assets.<\/p>\n

\n

Egypt snubs AD Ports bid<\/p>\n

<\/a> EXCLUSI<\/strong>VE- E<\/strong>gypt\u2019s Transport Ministry is set to reject AD Ports\u2019 mandatory tender offer <\/strong>to acquire up to 90% of Alexandria Cont<\/strong>ainer and Cargo Handling (ALCN)<\/strong>, a senior government official tells EnterpriseAM.<\/p>\n

REFRESHER- <\/strong>The Emirati port operator \u2014 bidding through its subsidiary Black Caspian Logistics \u2014 offered EGP 27.47 per share last week<\/a> to consolidate its control over the Egyptian maritime operator through a mandatory tender offer as part of a necessary regulatory step, sweetening its bid by 19.5% from an initial EGP 22.99 per share offer submitted late last year<\/a>. The newly submitted offer will be presented at an upcoming ALCN board meeting, pending the receipt of an official decision from Egypt\u2019s state-owned Holding Company for Maritime and Land Transport, the official says.<\/p>\n

The state is holding the line:<\/strong> The Abu Dhabi wealth fund ADQ-owned AD Ports has been looking to consolidate the 51.33% indirect majority it has built in the company since 2022<\/a>. But the government \u2014 which controls a combined 42.9% blocking stake of ALCN through the Holding Company for Maritime and Land Transport (35.3%) and the Alexandria Port Authority (7.6%) \u2014 is refusing to hand over the keys of its lucrative Mediterranean gateway asset. <\/p>\n

\n

AED 55 bn incoming for Al Maktoum <\/p>\n

<\/a> The UAE is pushing ahead with its expansion of Al Maktoum Inter<\/strong>national<\/strong> Airport<\/strong>, setting aside more than AED 55 bn in contracts tied to the project to be awarded by the end of the year, Dubai Crown Prince Hamdan bin Mohammed bin Rashid Al Maktoum said on X<\/a>. The first phase of commercial operations is slated for 2032.<\/p>\n

REFRESHER- <\/strong>The government is investing AED 128 bn<\/a> in expanding the airport, aiming to lift annual passenger capacity to 260 mn and targeting 12 mn tons of air cargo. Other aviation players have also been striking a note of confidence in the sector, with Emirates offering up ins. for travelers last week<\/a> as part of its planned incentives<\/a> to bring back hesitant passengers after the war triggered a drop in passenger traffic<\/a> through the UAE.<\/p>\n

\n

France\u2019s new wingman?<\/p>\n

<\/a> France could be looking to the UAE for help with <\/strong>the next <\/strong>iteration of its Rafale<\/strong> fighter jet. <\/strong>The Financial Times<\/a> cites French Defense Minister Catherine Vautrin as saying Paris is in talks with the UAE on a potential partnership around the next-generation Rafale F5, following the collapse of a joint fighter jet program with Germany.<\/p>\n

What\u2019s on the table? <\/strong>Details remain scarce, but the UAE could potentially contribute funding and future orders for the aircraft in exchange for work for local contractors. The UAE already operates Rafale jets, and Vautrin described the country as a potential \u201cbig client\u201d for the upgraded model.<\/p>\n

IN CONTEXT-<\/strong> Defense ties between the UAE and France have been growing. UAE defense conglomerate Edge recently established its European headquarters in Paris<\/a> as part of a broader push across the continent. At the same time, the UAE is pushing to localize more of its defense stack<\/a>, recently acquiring a controlling stake<\/a> in Italy\u2019s CMD to strengthen its foothold in the defense supply chain.<\/p>\n

AND- <\/strong>Edge is continuing to deepen its French ties: <\/strong>The firm signed a strategic cooperation agreement with French aerospace and defense group Safran, according to a statement<\/a>, expanding collaboration after the two agreed earlier this year<\/a> to co-develop advanced long-range air-to-ground weapon systems. The new agreement broadens cooperation across a wider range of aerospace and defense technologies, including unmanned systems and electronic warfare.<\/p>\n

\n

Happening today<\/p>\n

The UAE has a seat at the G7 table this week<\/strong>, with President Mohamed bin Zayed Al Nahyan participating in the G7 Summit in France, Wam<\/a> reports. The summit kicked off yesterday and runs through tomorrow as leaders grapple with an increasingly crowded agenda spanning geopolitical tensions in the Middle East, trade, security, and the global economy. We have more on what went down during day one of the summit in the news well, below. <\/p>\n

\n

\n

<\/p>\n

You can survive a bad investment, but you cannot undo a severance package you never negotiated.<\/p>\n

You're at the stage where the questions have shifted: who gets what, whether your estate survives you intact or gets tied up in courts, whether you exit on your terms or let timing decide for you.<\/p>\n

Retirement isn't a finish line but a structure problem, and most people get it wrong. It's not because they ran out of money but because they never asked the right questions at the right time.<\/p>\n

In the final issue of EnterpriseAM Money Matters<\/strong>, we cover the decisions that define how you exit: estate planning under Egyptian law, what to actually ask your lawyer before you step back, how to read a severance package, when phased retirement makes financial sense \u2014 and when cashing out your options is the smartest move you'll make this decade.<\/p>\n

Tap or click here to subscribe to the Egypt edition<\/a>, delivered to your inbox tomorrow, June 17.<\/p>\n

\n

The big story abroad<\/p>\n

When will Hormuz reopen? <\/strong>That was the main question dominating the opening day of the G7<\/a>Summit<\/a> in France. While US President Donald Trump seems confident that the strait will be open to all on Friday \u2014 when the US and Iran are scheduled to sign a final agreement \u2014 others are less optimistic. <\/p>\n

Drama at the summit: <\/strong>G7 members are yet to find common ground on how to handle \u201cthe situation in Iran,\u201d one G7 official told Bloomberg. With two more days to go, we\u2019ll be closely watching for developments from the summit.<\/p>\n

News of the US-Iran agreement is making waves across stock markets: <\/strong>Equities soared yesterday<\/a> as the announcement reignited investor confidence \u2014 the S&P 500 jumped 1.7% and the Nasdaq Composite rose 3.1%. The rally was further supported by SpaceX\u2019s shares rising almost 20% yesterday \u2014 their second day of trading. Meanwhile, oil prices continued their fall, with Brent dipping 4.8% to USD 83.17.<\/p>\n

Beware the meat wall: <\/strong>The Wall Street Journal is out with a piece<\/a> looking at a new obstacle standing in the way of the teams playing in this year\u2019s World Cup \u2014 the Meat Wall. In this tactic players line up to form a wall in hopes of blocking corner or free-kicks, which the WSJ says has turned \u201cthe beautiful game into a wrestling match.\u201d <\/p>\n

\n
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Get Enterprise<\/b> daily <\/h4>\n<\/p><\/div>\n

The roundup of news and trends that move your markets and shape corporate agendas delivered straight to your inbox.<\/p>\n

Subscribe here<\/a> <\/div>\n<\/p><\/div>\n<\/p><\/div>\n

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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

EnterpriseAM UAE is available without charge <\/strong>thanks to the generous support of our friends at Mashreq and Hassan Allam Properties.<\/p>\n

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

***<\/p>\n

Market watch<\/p>\n

The UAE and Oman are redirecting a large wave of crude to Europe next <\/strong>month<\/strong> as Chinese imports of Gulf oil fall sharply, with at least six supertankers carrying a combined 12 mn barrels already scheduled, Bloomberg<\/a> reports. <\/p>\n

The China gap is stark:<\/strong> China normally takes 70-80% of Oman\u2019s crude, but its purchases of May-loading Oman cargoes fell to just 65k bbl \/ d, down from some 700k bbl \/ d in February. It also bought no May-loading UAE crude, compared with 750k bbl \/ d in February, leaving more Murban, Upper Zakum, and Oman crude available for European refiners.<\/p>\n

What\u2019s driving the shift? <\/strong>Europe becoming a bigger buyer of Gulf crude is softening the blow of China\u2019s retreat for Gulf producers, and it\u2019s been helped by a rare trading arbitrage that opened up as China retreated. The premium of Brent futures to Dubai crude swaps (the EFS, or exchange of futures for swaps) widened to nearly USD 10 \/ bbl last week from USD 6.75 on 29 May, according to PVM Oil Associates \u2014 making Dubai-linked grades like Murban, Upper Zakum, and Oman crude suddenly attractive to European refiners who rarely see them in volume.<\/p>\n

Why it matters:<\/strong> Europe\u2019s ramped-up buying puts a floor under Gulf producers\u2019 revenues even as their most important customer pulls back, and it\u2019s a sign that the market is finding its own equilibrium \u2014 redirecting barrels west rather than leaving them stranded.<\/p>\n

\n

Meanwhile, Adnoc has more to offer<\/p>\n

Adnoc has launched its third crude tender this month <\/strong>\u2014 offering up to 2 mn bbl of Upper Zakum, Umm Lulu, and Das crude, Reuters<\/a> reports, citing trade sources. Buyers can purchase on an FOB basis from Fujairah, Zirku, or Das Island, or via ship-to-ship transfers across ranges including Fujairah to Sohar and Malaysia, with pricing set against official selling prices or the Dubai benchmark. <\/p>\n

Adnoc is finding ways to keep exports moving \u2014 even as Hormuz\u2019s <\/strong>reopening<\/a><\/strong> timeline <\/strong>remains unclear. <\/strong>The company has exported<\/a> three LNG shipments from the Gulf on tankers that went dark while crossing Hormuz earlier this month. It also offered<\/a> oil tenders this month, resumed exporting naphtha through Oman\u2019s Sohar port, and is planning a multi-fuel pipeline to hedge against future shipping disruptions.<\/p>\n

\n

Circle your calendar<\/p>\n

Check out our full calendar on the web<\/strong> for a comprehensive listing of upcoming news events, national holidays and news triggers.<\/p>\n","protected":false},"excerpt":{"rendered":"

Plus: More defense collaboration between the UAE and France is in the 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