{"id":90060,"date":"2024-03-15T00:00:00","date_gmt":"2024-03-15T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/uae\/redbird-imi-eyes-telegraph-sale-were-one-step-closer-to-the-india-middle-east-europe-trade-corridor\/"},"modified":"2024-03-15T00:00:00","modified_gmt":"2024-03-15T00:00:00","slug":"redbird-imi-eyes-telegraph-sale-were-one-step-closer-to-the-india-middle-east-europe-trade-corridor","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/uae\/2024\/03\/15\/redbird-imi-eyes-telegraph-sale-were-one-step-closer-to-the-india-middle-east-europe-trade-corridor\/","title":{"rendered":"RedBird IMI eyes Telegraph sale + We\u2019re one step closer to the India-Middle East-Europe trade corridor"},"content":{"rendered":"

Good morning, nice people. <\/strong>It\u2019s the final day of the first Ramadan workweek and we\u2019re thankful for a brisk newsflow.<\/p>\n

So, when do we eat? <\/strong>Maghrib prayers are at 6:31pm in Dubai and 6:34pm in Abu Dhabi, while Fajr prayers are at 5:11am in Dubai and 5:15am in Abu Dhabi. <\/p>\n

THE BIG STORY here at home <\/strong>is Parkin\u2019s blockbuster IPO, which saw it raise AED 1.57 after raking in AED 259 bn in orders. <\/p>\n

IN MEMORIAM-<\/p>\n

Emirati businessman Saeed Juma Al Naboodah, chairman of the <\/strong>Saeed and<\/a><\/strong>Mohammed Al Naboodah Group<\/a><\/strong>, <\/strong>passed away on Wednesday<\/strong>, Gulf News<\/a> reports. Al Naboodah served in the Federal National Council from 1972 to 1978 and led the Dubai Chamber of Commerce and Industry from 1982 to 1997.<\/p>\n

Vice President and Ruler of Dubai Sheikh Mohammed bin Rashid paid tribute to the late <\/strong>businessman<\/strong>, describing him in a statement on X<\/a> as a \u201cbusiness pioneer\u201d in the UAE, and noting the close relationship between Al Naboodah and his father, Sheikh Rashid bin Saeed, the former Ruler of Dubai. <\/p>\n

PUBLIC SERVICE ANNOUNCEMENTS-<\/p>\n

#1- \u2600\ufe0fWe finally have a sunny weekend:<\/strong> The National Center of Meteorology forecasts<\/a> warm conditions across the country from today until Monday. Temperatures in Abu Dhabi are expected to hit 34\u00b0C during the day, with an overnight low of 18\u00b0C, while Dubai is expected to see temperatures hitting 33\u00b0C, and an overnight low of 15\u00b0C.<\/p>\n

Those in Ras Al Khaimah aren\u2019t so lucky:<\/strong> The center forecasts a chance of rainfall over the emirate today and tomorrow.<\/p>\n

#2- Road closure in Abu Dhabi:<\/strong> Abu Dhabi\u2019s Al Taf Road (E16) leading to Al Ain will be partially closed from today until 30 April, Abu Dhabi\u2019s Integrated Transport Center said<\/a>.<\/p>\n

#3- Amended truck ban hours in Dubai during Ramadan: <\/strong>Trucks will be banned from turning onto Dubai\u2019s E11 corridor from 7:30pm to 9:30am and 2-4pm, as well as 12-3pm on Fridays, Khaleej Times<\/a> reports, citing the Roads and Transport Authority. The ban covers the Sharjah border to Interchange No. 7 on Sheikh Zayed Road \u2014 including Al Ittihad Street, Sheikh Rashid Street, and Sheikh Zayed Road \u2014 plus central areas of Deira and Bur Dubai. <\/p>\n

WATCH THIS SPACE- <\/p>\n

#1- Gulf Capital will invest USD 25-70 mn per ticket into Saudi startups<\/strong> as part of its new pledge<\/a> to invest USD 100 mn over the next five years, Gulf Capital Managing Director Alvaro Abella told Enterprise UAE. The PE firm plans to invest in Saudi tech startups in the healthcare, healthtech, technology, fintech, energy, renewables, sustainability, and future economies sectors, to help them expand across the Kingdom and further their regional and global expansion.<\/p>\n

<\/a> #2- Redbird IMI is considering selling the Telegraph after the UK <\/strong>said<\/a><\/strong> it is working on <\/strong>legislation to block foreign state ownership of media platforms<\/strong> in the country, Blomberg<\/a> reports, citing a person familiar with the matter. The Abu Dhabi-backed investment vehicle had effectively secured ownership of the newspaper and its sister magazine, the Spectator, when it offered the owners a loan package in November. RedBird IMI will wait for more clarity on the legislation amendments before taking action, the source reportedly said.<\/p>\n

<\/a> #3- One step closer to IMEC: <\/strong>India\u2019s cabinet has approved an Inter-Governmental Framework Agreement (IGFA) inked with the UAE<\/a> in February to enable the India-Middle East Europe Economic Corridor (IMEC), Wam<\/a> reported on Wednesday. \u201cThe IGFA includes areas of cooperation between the two countries with the objective of exploring further potential of future joint investment and collaboration in respect of development of the IMEC,\u201d India\u2019s cabinet said in a statement following its approval.<\/p>\n

ICYMI- <\/strong>The US-led IMEC initiative was unveiled at the G20 talks<\/a> in New Delhi in September. The project will consist of an eastern corridor connecting India to the GCC, and a northern corridor linking GCC states with Europe, with the participating countries also laying cables for power and data lines along the railway route, as well as pipelines for moving clean hydrogen.<\/p>\n

DATA POINTS- <\/p>\n

<\/a> #1- The Dubai Financial Market (DFM) saw its market cap reach AED 688 bn in<\/strong> 2023<\/strong>, up 18.2% y-o-y from the AED 582 bn recorded in 2022<\/a>, according to figures reviewed by the Dubai Securities and Exchange Higher Committee and picked up by the Dubai Media Office<\/a>. The exchange also saw an influx of 62k new investors over the year, based on the data.<\/p>\n

The DFM saw some AED 34.5 bn in IPO proceeds since 2021<\/strong>, with demand crossing AED 1 tn, according to the data. Moreover, both of Dubai\u2019s stock markets, the DFM and Nasdaq Dubai, saw the listing of 155 bonds and sukuk over the past two years, with a total value of AED 484 bn. <\/p>\n

<\/a> #2- Listed national banks\u2019 dividend payouts grew 75% y-o-y<\/strong>, with 11 national lenders distributing AED 32 bn in dividends for their 2023 earnings, compared to AED 18.35 bn distributed by 12 banks in 2022, Wam<\/a> reports. <\/p>\n

ADX-listed banks accounted for the lion\u2019s share of dividends<\/strong>, with seven lenders distributing AED 15.95 bn, representing 50.1% of the total payouts, while four banks listed on the Dubai Financial Market distributed AED 14.86 bn, constituting 49.8% of the total dividends. <\/p>\n

#3- Some 2.47 mn people visited the Dubai World Trade Centre (DWTC) in 2023, a <\/strong>25% y-o-y increase<\/strong>, Wam<\/a> reports. This growth was driven primarily by a 23% y-o-y increase in the number of meetings, incentives, conferences, and exhibitions, as well as business and consumer events at DWTC. <\/p>\n

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

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

There\u2019s no single big story abroad capturing the foreign press\u2019 imagination<\/strong>, but we have a couple of headlines worth noting: <\/p>\n