{"id":87243,"date":"2023-12-07T00:00:00","date_gmt":"2023-12-07T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/uae\/dubai-taxis-shares-begin-trading-on-the-dfm-today-cop28-presidency-calls-for-urban-climate-action\/"},"modified":"2023-12-07T00:00:00","modified_gmt":"2023-12-07T00:00:00","slug":"dubai-taxis-shares-begin-trading-on-the-dfm-today-cop28-presidency-calls-for-urban-climate-action","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/uae\/2023\/12\/07\/dubai-taxis-shares-begin-trading-on-the-dfm-today-cop28-presidency-calls-for-urban-climate-action\/","title":{"rendered":"Dubai Taxi\u2019s shares begin trading on the DFM today + COP28 presidency calls for urban climate action"},"content":{"rendered":"

Good morning, ladies and gentlemen.<\/strong> The news cycle is as busy as it is diverse this morning as we head towards the weekend.<\/p>\n

THE BIG STORY here in the UAE is still all-things COP28<\/strong>, with just under a week left to run on the global climate gathering. <\/p>\n

We still have meaty stories from the UAE\u2019s red-hot IPO market: <\/strong>Dubai Taxi is set to begin trading on the Dubai Financial Market today \u2014 and PureHealth\u2019s ADX IPO was fully subscribed on the first day of the bookbuilding process. <\/p>\n

<\/a> ALSO- Authorities extradited British hedge fund trader Sanjay Shah to Denmark<\/strong>,where he faces trial for allegedly submitting fraudulent tax refund requests worth GBP 1.44 bn, Reuters<\/a> reports. Shah, the main suspect in the so-called \u201ccum-ex\u201d fraud scheme, was arrested in Dubai last year after Danish authorities requested his extradition. Danish prosecutors will seek a court order for Shah to be kept in police custody until his trial commences on 8 January. <\/p>\n

Cum-what? <\/strong>Think of it as a super-aggressive form of tax shielding that involves the rapid trading of shares around their dividend dates to exploit tax loopholes, allowing multiple parties to claim tax rebates illicitly. <\/p>\n

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<\/a> COP28 presidency leads call to take action on climate at by cutting the carbon <\/strong>footprint of cities: <\/strong>The COP28 presidency \u2014 along with UN Habitat, the COP28 UN Climate Change High-Level Champion, and Bloomberg Philanthropies \u2014 has issued the Joint Outcome Statement on Urbanization and Climate Change urging for the integration of climate action across all levels of government, according to a statement<\/a>. The 10-point framework has so far been endorsed by 40 countries.<\/p>\n

Sound smart: <\/strong>Urban areas are responsible for 71-76%<\/a> of global greenhouse gas emissions and 90% of cities<\/a> are at risk of sinking. More than 250 municipal representatives have so far raised USD 467 mn at COP28 for urban climate action, the COP28 presidency said<\/a>. <\/p>\n

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The payoff of <\/strong>Tim Hortons diplomacy<\/a><\/strong>: <\/strong>The UAE and Canada hosted a joint energy forum yesterday \u2014 and together launched a global drive to decarbonize the cement industry, the two said in a joint statement<\/a> after COP28 chief Sultan Al Jaber met yesterday with Canadian Minister of Innovation, Science, and Industry Fran\u00e7ois-Philippe Champagne. <\/p>\n

The United Kingdom, Ireland, Japan, and Germany have all signed on to the UAE-Canada <\/strong>initiative<\/strong>, which will push ahead on how to slash the emissions footprint of one of the world\u2019s most-important (but hardest-to-decarbonize) industries. <\/p>\n

Among the possible solutions: <\/strong>Green hydrogen. <\/p>\n

** You\u2019re reading Zero Issue #10 of EnterpriseAM UAE. <\/strong><\/p>\n

** Think of a zero issue as a \u201cbeta.\u201d<\/strong> This issue has not been published or distributed to a wide audience.<\/p>\n

** Did you receive this as a forward?<\/strong> Email editorial@enterprisemea.com and let us know if you\u2019d like to be added to our list of beta readers ahead of our launch.<\/p>\n

** Have a comment, criticism, or story tip? <\/strong>Hit up patrick@enterprisemea.com<\/a>. <\/p>\n

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HAPPENING TODAY- <\/strong><\/p>\n

<\/a> Dubai Taxi Company\u2019s shares are set to begin trading on the DFM today as it <\/strong>wraps up its AED 1.2 bn IPO.<\/strong> The company\u2019s shares will open at AED 1.85 apiece, according to a DFM disclosure<\/a>. The crazily oversubscribed transaction values the company at north of AED 4.6 bn. <\/p>\n

Who owns what post-offering? <\/strong>The Department of Finance, representing the Government of Dubai, will hold a 75% stake, with new shareholders together holding shares equivalent to 24.9% of the company.<\/p>\n

ADVISORS-<\/strong>Citigroup<\/strong>, Emirates NBD<\/strong> and Merrill Lynch<\/strong> were joint global coordinators and joint bookrunners. EFG Hermes<\/strong> UAE and FAB<\/strong> were also joint bookrunners. Receiving banks included our friends at Mashreq<\/strong> as well as Emirates NBD<\/strong>, Abu Dhabi Islamic Bank<\/strong>, FAB, and others. <\/p>\n

<\/a> We\u2019ll know the outcome of the <\/strong>Sharjah Consultative Council<\/strong> elections today<\/strong>, Sharjah 24 reports<\/a>. Voting kicked off on Tuesday both online and in-person at nine polling centers throughout the emirate, with a strong voter turnout, according to state news agency WAM<\/a>. The results will see 25 candidates selected from a total of 193 to fill half of Council\u2019s seats.<\/p>\n

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It\u2019s another morning on which no single story dominates the global business headlines<\/strong>, but there are a handful of things you need to know:<\/p>\n

Google has unveiled <\/strong>Gemini<\/a><\/strong>, its \u201cmost capable\u201d AI model to date<\/strong>, which it claims processes more sophisticated reasoning and understanding of information. Google\u2019s chatbot Bard will use Gemini starting some time early in 2024 to help the chatbot with advanced reasoning, planning, and understanding. (Reuters<\/a> | CNBC<\/a> | New York Times<\/a> | CNN<\/a>)<\/p>\n

ALSO worth knowing:<\/strong><\/p>\n