{"id":87672,"date":"2023-12-25T00:00:00","date_gmt":"2023-12-25T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/uae\/investcorp-consolidation-ihcs-palm-sports-snags-two-govt-contracts-cbuaes-cash-deposits-rise-to-aed-687-2-bn-in-october\/"},"modified":"2023-12-25T00:00:00","modified_gmt":"2023-12-25T00:00:00","slug":"investcorp-consolidation-ihcs-palm-sports-snags-two-govt-contracts-cbuaes-cash-deposits-rise-to-aed-687-2-bn-in-october","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/uae\/2023\/12\/25\/investcorp-consolidation-ihcs-palm-sports-snags-two-govt-contracts-cbuaes-cash-deposits-rise-to-aed-687-2-bn-in-october\/","title":{"rendered":"Investcorp consolidation + IHC\u2019s Palm Sports snags two gov\u2019t contracts + CBUAE\u2019s cash deposits rise to AED 687.2 bn in October"},"content":{"rendered":"

CAPITAL MARKETS-<\/strong><\/p>\n

#1- Investcorp ups its stake in Investcorp Capital:<\/strong> Bahrain-based Investcorp<\/a> increased its stake in its asset management vehicle, ADX-listed Investcorp Capital, according to an ADX disclosure<\/a>(pdf)<\/a>. The parent company transferred the ownership of over 93.91 mn shares in Investcorp Capital through a stabilizing agent it had appointed ahead of its IPO, the disclosure said. The consolidation of the shares raised Investcorp\u2019s stake in the company to 71.4%, up from the 70.66% stake it held following Investcorp Capital\u2019s IPO on the ADX.<\/p>\n

Arqaam oversaw the consolidation:<\/strong> The consolidation of the stabilization shares was facilitated by emerging markets investment bank Arqaam Capital a day after Investcorp Capital appointed<\/a> Arqaam to serve as its advisor and market maker. <\/p>\n

ICYMI<\/strong>: Bahrain-based firm Investcorp successfully debuted on the ADX on 17 November, raising some AED 1.66 bn (USD 450 mn) with a market cap of AED 5.04 bn (USD 1.37 bn). The IPO was described as \u201clackluster\u201d and \u201cmuted\u201d by Bloomberg<\/a>, after its shares fell flat on their first day of trading, despite being at the top of the IPO price range and being upsized by 12%.<\/p>\n

#2- ADX-listed Jiu-Jitsu company <\/strong>Palm Sports<\/a><\/strong>, an IHC subsidiary, secured two AED <\/strong>76 mn government contracts<\/strong>, according to a bourse filing<\/a>. The first contract valued at AED 62.8 mn, will see the renewal of Palms Sports over the span of four years deploying 108 trainers and supervisors to enhance the fitness of 45k participants within an unspecified government entity, the statement reads. The second contract, valued at AED 13.2 mn, involves supplying 50 specialized trainers in tactical defense and close combat for a one-year term. <\/p>\n

TAX-<\/strong><\/p>\n

Sharjah Finance Department inked MoU with the Federal Tax Authority to promote <\/strong>information disclosure,<\/strong> developing a framework for disclosure clarity and accuracy, reports Sharjah 24<\/a>. The agreement exempts data exchange between taxpayers or undisclosed tax amounts including statistics on administrative fines, without authority board approval. They also established guidelines for secure data storage when businesses need to retain traded information.<\/p>\n

TRANSPORT-<\/strong><\/p>\n

Dubai's Roads and Transport Authority (RTA) plans to roll <\/strong>out 762 new public bus shelters by 2025,<\/strong> reports Wam<\/a>. Construction will take priority in the Emirate\u2019s most densely populated areas. The stops will be grouped under the following four tiers according to the number of visitors they can house per day: Main stop (750), secondary stop (250-750), primary stop (100-250), and pick-up\/drop-off station (up to 100).<\/p>\n

ECONOMY-<\/strong><\/p>\n

The Central Bank of the UAE (CBUAE) reported a 10.2% y-o-y increase in cash <\/strong>deposits<\/strong>, reaching AED 687.2 bn by the end of October, Wam<\/a> reports. The CBUAE\u2019s cash aggregates statistics indicate a m-om increase of 0.2%, equivalent to AED 1.3 bn from AED 685.9 bn in September 2023.<\/p>\n

Quasi-cash deposits rose to AED 1.123 tn in October, <\/strong>a 24% y-o-y increase from AED 906.3 bn in October 2022. On a monthly basis, quasi-cash deposits saw a 0.93% uptick, from AED 1.1 tn reported in September 2023.<\/p>\n

FINANCE- <\/strong><\/p>\n

Manufacturers can access financing solutions through the Abu Dhabi Department of Economic Development\u2019s (ADDED) new <\/strong>Business Financing Facilitation Platform<\/strong>, according to an Abu Dhabi Media Office statement<\/a>. The platform, designed by ADDED\u2019s Industrial Development Bureau, allows investors to select personalized services and products from a diverse array of financial and banking partners, with a view to making financial processes more efficient. <\/p>\n

REGULATION-<\/strong><\/p>\n

#1- The government issued a new federal law on mental health, regulating relations <\/strong>between psychiatric patients and mental health professionals<\/strong>, Wam<\/a> reports. The decree extends to all national mental health facilities, including those in freezones. Accompanying monitoring committees have been established across each emirate to supervise and provide reports on facilities\u2019 compliance with regulations. Fines of up to AED 200k will be applied for violations.<\/p>\n

The details: <\/strong>The decree outlines psychiatric patients\u2019 rights, with the guidelines preserving job rights against exploitation, prohibiting mental health services without patient permission, and promoting patient information confidentiality. The decree pays attention to minors, highlighting their right to education and introducing age-specific health safeguards for facilities. Facility guidelines for patient admission and discharge are also included.<\/p>\n

#2- New policy for marine life protection<\/strong>: Head of the Abu Dhabi Environment Agency<\/a> (EAD<\/a>) Sheikh Hamdan bin Zayed Al Nahyan has issued a regulation aimed at addressing the threat posed by invasive marine species to the Emirate's biodiversity, according to a statement<\/a> from the Abu Dhabi Media Office. The five-year policy presents a strategy to be implemented emirate-wide to control the spread of invasive marine species. Under the policy, EAD will cooperate with relevant authorities to enforce the tools stipulated in the strategy in accordance with a defined timeline.<\/p>\n

REAL ESTATE-<\/strong><\/p>\n

Deyaar Development and Arady Properties partner for Al Reem Island <\/strong>development:<\/strong> Dubai-based real estate developer Deyaar Development inked an MoU with Arady Properties, a real estate company based in Abu Dhabi, to collaborate on a development on Al Reem Island in Abu Dhabi, according to a DFM disclosure<\/a>. The MoU Outlines the project\u2019s commercial goals, establishes a framework for ongoing negotiations between the two companies, and explores \u201chow the project can be developed on a joint ownership basis.\u201d<\/p>\n

TECH- <\/strong><\/p>\n

AI-powered healthcare? <\/strong>Mohamed bin Zayed University of Artificial Intelligence<\/a>(MBZUAI)<\/a> and United Al-Saqer Group<\/a> inked a research endowment agreement on Friday that will see the conglomerate fund health research projects at MBZUAI for the next ten years, reports Wam<\/a>. The research will investigate leveraging AI to address the spread of diseases, early cardio and fetal abnormalities detection, and remote patient monitoring.<\/p>\n

MBZUAI likes AI for healthcare: <\/strong>The Abu Dhabi-based research institute partnered with recent ADX joiner PureHealth<\/a> in November<\/a> to explore AI use in medical data analysis, diagnosis, and treatment. MBZUAI researchers are also working to develop an AI-based longevity score, dubbed PureScore, providing a holistic view of individuals\u2019 health for PureHealth.<\/p>\n

ENERGY- <\/strong><\/p>\n

EWEC + Energy Exemplar to cooperate on energy modeling:<\/strong> Emirates Water and Electricity Company (EWEC<\/a>) inked an MoU with energy market software developer Energy Exemplar. Under the agreement, EWEC will use Energy Examplar\u2019s cloud-based technology to improve its energy modeling and forecasting, according to a press release<\/a>. <\/p>\n

Sound smart- Energy modeling is a multipurpose computer tool <\/strong>that uses computer simulations to estimate and predict the energy consumption of a building or complex. It allows businesses and individuals to assess and optimize their energy consumption and carbon footprints. <\/p>\n

AVIATION-<\/strong><\/p>\n

Etihad Airways + China Eastern Airlines ink a MoU to boost commercial and <\/strong>operational cooperation<\/strong>, according to the company statement<\/a>.The partnership aims to offer travelers more options, better services, and added value, while supporting sustainable aviation. The agreement is set to introduce codeshare, loyalty programmes, cargo transport, maintenance, repair and overhaul, ground handling, catering, lounge access, staff training, and various sustainability initiatives. The MoU aims to advance China Eastern's goal to commence services in Abu Dhabi. <\/p>\n","protected":false},"excerpt":{"rendered":"

Government deposits stood at AED 454.4 bn in October, up 4.34% y-o-y and 2.53% m-o-m<\/p>\n","protected":false},"author":1,"featured_media":87673,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","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,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1552],"tags":[47,157,7,335,486],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-87672","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-also-on-our-radar","tag-also-on-our-radar","tag-central-bank-of-the-uae","tag-enterpriseam-uae","tag-investcorp","tag-palm-sports","wpautop","entry"],"acf":{"mongo_id":"88b4bcd1-7d0a-4fb4-8e2a-be551fdad3df","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2023\/12\/1585.jpg","photo_position":"below","homepage_title":"","full_issue_title":"Investcorp 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