{"id":91267,"date":"2024-04-24T00:00:00","date_gmt":"2024-04-24T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/uae\/dubai-airports-are-officially-back-to-normal-adq-to-buy-usd-1-bn-stake-in-australian-asset-manager\/"},"modified":"2024-04-24T00:00:00","modified_gmt":"2024-04-24T00:00:00","slug":"dubai-airports-are-officially-back-to-normal-adq-to-buy-usd-1-bn-stake-in-australian-asset-manager","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/uae\/2024\/04\/24\/dubai-airports-are-officially-back-to-normal-adq-to-buy-usd-1-bn-stake-in-australian-asset-manager\/","title":{"rendered":"Dubai airports are officially back to normal + ADQ to buy USD 1 bn stake in Australian asset manager"},"content":{"rendered":"

Good morning, friends. <\/strong>It\u2019s a big day of news here at home today, with an update on Spinneys Dubai\u2019s IPO, a bumper USD 35 bn in agreements with Oman, and talk over a stake sale in Adnoc\u2019s Al Ruwais plant.<\/span><\/p>\n

<\/a> ALSO HAPPENING NOW- Sovereign wealth fund ADQ is reportedly planning to acquire a <\/strong>49% stake in Australian asset manager Plenary Group for USD 1 bn<\/strong>, the Australian Financial Review<\/a> reported in an exclusive yesterday, citing Plenary Chairman John O\u2019Rourke. O\u2019Rourke said Canadian pension fund Caisse de depot et placement du Quebec will sell its 20% stake to ADQ, without clarifying who will be selling the other 21%. The acquisition is expected to take several months to complete. <\/p>\n

Shareholder ownership:<\/strong> Plenary is owned by three of its four founders, including Ray Wilson and Paul Oppenheim. CEO David Lamming, CIO Paul Crowe, and three other executives comprise five other \u201ckey\u201d shareholders \u2014 all of whom are set to retain their 41% stake in the company, O\u2019Rourke said.<\/p>\n

The company is eyeing growth in the region:<\/strong> The stake sale comes as it looks to strengthen its balance sheet and pursue more investments in the Middle East and other emerging markets, he said.<\/p>\n

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WEATHER-<\/strong>It\u2019s another sunny day in Dubai and Abu Dhabi<\/strong> with temperatures reaching a high of 31\u00b0C during the day, and an overnight low of 24\u00b0C.<\/p>\n

AFTER THE STORM-<\/p>\n

<\/a> Dubai Airports have fully resumed operations at maximum capacity<\/strong>, including staffing, logistics, and facilities, CEO Paul Griffiths said in a statement<\/a>. Dubai International Airport returned to its regular flight schedule of around 1.4k flights daily, earlier than previously expected. \u201cRoads in and around the airport [are] 100% clear of water accumulation,\u201d although there are still some lingering baggage backlog issues that the airport is actively working to resolve, Griffiths said.<\/p>\n

The scale of disruption:<\/strong> The storm resulted in upwards of 2k flights being canceled and 115 diverted. Over 75k food packs were provided to guests by airport workers during disruptions. Some 31 flights were redirected to Dubai World Central (DWC), and as of 19 April, all passengers at the airport received support and were able to proceed with their travel arrangements.<\/p>\n

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Want to contribute to a storm relief campaign?<\/strong> Dubai\u2019s Community Development Authority launched the Tadhamon relief campaign on its digital Jood platform, according to the Dubai Media Office<\/a>. Private-sector businesses and individuals can use the platform to help provide aid to those whose residences and assets sustained damage. The campaign promises real-time updates on support needs and accomplishments.<\/p>\n

Families in Sharjah affected by the rain and flooding can also seek urgent assistance via WhatsApp<\/strong> at 065015161, AlKhaleej reports. Similarly, Dubai residents impacted by the storm can message 0583009000.<\/p>\n

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Sharjah Ruler Sultan Al Qasimi expects the emirate \u201creturn to normalcy within the <\/strong>next two to three days,\u201d<\/strong>Sharjah24<\/a> reports.<\/p>\n

The Sharjah Executive Council has greenlit a one-month grace period for fee payments<\/strong> to commercial and economic establishments<\/strong>, as part of a package of measures to provide relief to those impacted by the storm, Wam<\/a> reports. The council also approved a decision to provide aid to homeowners, assess damages, and establish a dedicated digital platform to streamline aid applications, which can be accessed here<\/a>. <\/p>\n

OUR NEXT CONFERENCE IN CAIRO-<\/p>\n

Foreign investors are falling in love with Egypt again\u2026<\/strong> Foreign investors we speak with (debt, equity, and strategic alike) have growing appetite for Egypt. They\u2019re buying into local debt, eyeing promising shares, and committing bns of USD to both new ventures here and the growth of their existing businesses. They like the Egypt story that\u2019s taking shape after the float of the EGP, and its competitive advantages are clear to many of them: It\u2019s a massive consumer opportunity and a regional export hub of tomorrow.<\/strong><\/p>\n

The Enterprise Optimism Forum 2024 will do exactly what it says on the tin: <\/strong>Spark conversations about a future that sees Saudi Arabia, Egypt, and the the UAE at the heart of a more vital Middle East economy \u2014 and provide an early, actionable roadmap for those who are \u201clong Egypt.\u201d<\/p>\n

We\u2019ll be talking with you about the agenda over the coming couple of weeks. <\/strong>It features speakers from Egypt and abroad who are future-proofing their businesses and angling to capture tomorrow\u2019s opportunities \u2014 and who aren\u2019t afraid to answer some tough questions. <\/p>\n

*** Interested in attending? Tap or click here to let us know.<\/a><\/strong> Seating is limited. <\/p>\n

<\/a> <\/p>\n

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

#1- It\u2019s the second and penultimate day of <\/strong>the <\/strong>AVPN Global Conference 2024<\/a><\/strong> at The St. Regis Saadiyat Island Resort and Park Hyatt Abu Dhabi Hotel and Villas. The event aims to bring together more than 1.5k leaders in global social investment to advance humanitarian efforts in Asia, according to an Abu Dhabi Media Office statement<\/a>.<\/p>\n

#2- Carpet and flooring industry event Domotex Middle East 2024 is also underway and wraps tomorrow <\/strong>at the Dubai World Trade Centre.<\/strong> The event brings together industry leaders like Merinos, Oriental Weavers, Solomon Carpets, and Al Abdullatif, as well as brands like Azim Silk.<\/p>\n

WATCH THIS SPACE- <\/p>\n

<\/a> #1- A Reuters poll of economists sees the UAE leading regional economic growth in 2024 <\/strong>with its economy <\/strong>projected to expand by 4% in 2024<\/strong>, with experts citing the Emirates\u2019 strong non-oil performance, according to Reuters<\/a>. The 4% is an upgrade from the 3.8% forecast by Reuters\u2019 January poll<\/a>. \u201cGCC economies that will underperform [this year] will be those where the diversification away from the oil economy has been slower ... than in those economies where other sectors have gained in importance more,\u201d according to MENA economist at Emirates NBD, Daniel Richards.<\/p>\n

The regional outlook:<\/strong> Economists foresee weaker growth for Saudi Arabia's oil-reliant economy this year, with forecasts downgraded to 1.9% from 3.0% due to anticipated stagnation in oil prices. Growth expectations for Qatar were revised downward from earlier projections to 2.2%, for Bahrain down to 2.3%, and for Kuwait down to 0.6%.<\/p>\n

REMEMBER-<\/strong> The IMF has adjusted its 2024 growth forecast<\/a> for the UAE to 3.5% in its latest World Economic Update report, down from the previous estimate of 4.0%. Other institutions such as the World Bank and the Ministry of Economy expect slightly higher growth rates of 3.9% for 2024, while Oxford Economics projects a growth rate of 4.4%. <\/p>\n

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#2-<\/strong>National oil companies in the GCC won\u2019t suffer (too much) from going green:<\/strong> Gulf national oil companies are expected to spend around USD 15-25 bn annually on low-carbon investments until 2026 to match global counterparts for carbon reduction, according to an S&P report<\/a>. These companies likely have the capacity to absorb the extra investments for net-zero emissions goals while maintaining strong credit metrics, S&P says.<\/p>\n

Where the money will come from:<\/strong> While national oil companies typically maintain strong balance sheets and can finance their own projects, S&P estimates that the banking system and capital markets will have a role in financing the energy transition. However, while GCC banks \u201cwill have the capacity\u201d to provide funding for national oil companies\u2019 low-carbon investments, S&P notes that these companies \u201care typically financed outside the local banking systems.\u201d<\/p>\n

DATA POINTS- <\/p>\n

#1- Retail sector sales in the UAE hit AED 230 bn in 2023, rising 6% y-o-y<\/strong>, Dubai Chambers President and CEO Mohammed Lootah said during the Retail Summit, which kicked off yesterday, Al Bayan<\/a> reports. The sector is expected to hit a compound annual growth rate of 3.7% in retail sales between 2023 and 2028, surpassing AED 275 bn by 2028. E-commerce sales are on track to grow 10% annually during the same period, with projections indicating they will surpass AED 42.1 bn by 2028.<\/p>\n

#2- The UAE ranks first in the region in crypto adoption, with 72% of UAE crypto<\/strong> users investing in BTC<\/strong>, contributing to a 166% jump in the number of daily traders to 500k, according to a report<\/a> by crypto exchange Bitget<\/a>. The region is expected to see 700k daily crypto traders by the end of the year on the back of \u201cfavorable local crypto regulations.\u201d<\/p>\n

#3- Trademark registrations in the UAE climbed 64% y-o-y in 1Q 2024,<\/strong> reaching a total of 4.6k registrations, Khaleej Times<\/a> reports, citing Economy Ministry data.<\/p>\n

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

Tesla leads all of the big Western business papers<\/strong>, from the Financial Times<\/a> and Les Echos<\/a> to the Wall Street Journal<\/a> and Reuters<\/a>. The company\u2019s shares rallied 11% in after-hours despite posting poor 1Q 2025 results after it promised to introduce \u201cmore affordable models\u201d by early next year. <\/p>\n

A tale of two cities: <\/strong>Hong Kong\u2019s biggest IPO so far this year has flopped<\/a> (bubble tea chain ChaPanda\u2019s shares were down as much as 38% in their debut) as investors shy away from the Asian financial capital. In New York, cloud and data security outfit Rubrik<\/a> is looking at a 20x oversubscription rate<\/a> for its IPO, which could raise as much as USD 713 mn. <\/p>\n

ELSEWHERE- <\/strong>Star fund manager Cathie Wood\u2019s Ark is still being slammed by redemptions<\/a>, college protests against US support of Israel\u2019s war in Gaza<\/a> are growing<\/a>, and our friends at Visa beat expectations<\/a> with strong 1Q earnings. <\/p>\n

There\u2019s plenty of ink being spilled in the business press after the US Federal Trade Commission approved yesterday a ban on non-compete agreements<\/strong> that prevent staff from going to work for their employer\u2019s competitor or starting a rival business. The rule will \u201calso force companies to scrap their existing noncompetes for all employees except senior executives who earn more than USD 151,164 annually and who are in policy-making roles,\u201d {CNBC notes}<\/a>. The Associated Press<\/a> also has the story. It comes into force in 120 days. <\/p>\n

Harvard Business Review\u2019s take: It\u2019s better this way. <\/strong>\u201cNoncompetes help no one except dying companies \u2014 those who can\u2019t compete to hire the best talent and can\u2019t survive in the innovation marketplace.\u201d Read: Banning noncompetes is good for innovation<\/a><\/strong>.<\/p>\n

AND- <\/strong>BREAKING NEWS <\/strong>as we were heading to dispatch this morning: The US Senate has passed <\/strong>a bill that could ban Tiktok in the United States <\/strong>if parent company ByteDance doesn\u2019t sell its stake in the company within a year. <\/p>\n

US President Joe Biden said he would sign the bill<\/strong>, which also includes provisions on military aid to Israel and Ukraine. {The Verge}<\/a> and {the New York Times}<\/a> have more.<\/p>\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

CIRCLE YOUR CALENDAR- <\/p>\n

The World Economic Forum\u2019s<\/strong><\/a><\/strong>Special Meeting on Global Collaboration, Growth<\/a><\/strong>and Energy for Development<\/a><\/strong> is scheduled for 28-29 April<\/strong> in Riyadh, Saudi Arabia. The two-day meeting addresses global challenges in economic development, including energy transitions and geopolitical tensions. <\/p>\n

It will feature over 700 participants, including Economy Minister Abdulla Bin Touq<\/strong>, who will sit on a <\/a>panel covering the rise of the tourism sector<\/a>, and Majid Al Futtaim Holding CEO Ahmed Galal Ismail, who is participating in a <\/a>panel on MENA economic perspectives<\/a>.<\/p>\n

Binghatti Development Company is set to unveil the details of Binghatti Hills, the<\/strong> largest development project in Dubai\u2019s skyline, next Monday, 29 April<\/strong> at the Four Seasons Resort Dubai at Jumeirah Beach, followed by a four-day sales event, Albayan<\/a> reports. The project will comprise 1.6k residential units and 21 commercial outlets. <\/p>\n

T<\/strong>he Abu Dhabi International Book Fair is set to take place from 29 April to 5 May <\/strong>at the Abu Dhabi National Exhibition Centre (Adnec), with Egypt as the guest of honor and Egyptian novelist Naguib Mahfouz as the focus personality. <\/p>\n

The Arabian Travel Market is taking place from 6-9 May at DWTC Dubai<\/strong> under the theme Transforming Travel Through Entrepreneurship. The event will focus on issues relating to entrepreneurial strategies. <\/p>\n

The <\/strong>Abu Dhabi International Book Fair<\/a><\/strong> (ADIBF 2024) is set to take place from 29 <\/strong>April to 5 May at the Abu Dhabi National Exhibition Centre<\/strong> under the Department of Culture and Tourism. The fair will host 1,350 publishers from 90 countries and 375 local exhibitors presenting over 2k activities. <\/p>\n

The<\/strong><\/a><\/strong>Annual Investment Meeting (AIM) Congress<\/a><\/strong> is scheduled to be held on 7-9 <\/strong>May at the Abu Dhabi National Exhibition Centre. <\/strong>Gathering senior government officials and industry experts, the summit will focus on exploring means of strengthening the economy under the theme Resilient, Sustainable Economic Growth \u2013 Creating a Healthy and Prospective Investment through FDI and FPI.<\/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":"

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ALSO HAPPENING NOW- Sovereign wealth fund ADQ is reportedly planning to acquire a 49% stake […]","og_url":"https:\/\/enterpriseam.com\/uae\/2024\/04\/24\/dubai-airports-are-officially-back-to-normal-adq-to-buy-usd-1-bn-stake-in-australian-asset-manager\/","og_site_name":"UAE","article_published_time":"2024-04-24T00:00:00+00:00","og_image":[{"url":"https:\/\/i0.wp.com\/ent.news\/2024\/4\/172.jpg?fit=%2C&ssl=1","type":"","width":"","height":""}],"author":"enterpriseam admin","twitter_card":"summary_large_image","twitter_misc":{"Written by":"enterpriseam admin","Est. reading time":"10 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/enterpriseam.com\/uae\/2024\/04\/24\/dubai-airports-are-officially-back-to-normal-adq-to-buy-usd-1-bn-stake-in-australian-asset-manager\/#article","isPartOf":{"@id":"https:\/\/enterpriseam.com\/uae\/2024\/04\/24\/dubai-airports-are-officially-back-to-normal-adq-to-buy-usd-1-bn-stake-in-australian-asset-manager\/"},"author":{"name":"enterpriseam admin","@id":"https:\/\/enterpriseam.com\/uae\/#\/schema\/person\/ca597032db7e4db868359c123cec256d"},"headline":"Dubai airports are officially back to normal + ADQ to buy USD 1 bn stake in Australian asset manager","datePublished":"2024-04-24T00:00:00+00:00","mainEntityOfPage":{"@id":"https:\/\/enterpriseam.com\/uae\/2024\/04\/24\/dubai-airports-are-officially-back-to-normal-adq-to-buy-usd-1-bn-stake-in-australian-asset-manager\/"},"wordCount":2043,"publisher":{"@id":"https:\/\/enterpriseam.com\/uae\/#organization"},"image":{"@id":"https:\/\/enterpriseam.com\/uae\/2024\/04\/24\/dubai-airports-are-officially-back-to-normal-adq-to-buy-usd-1-bn-stake-in-australian-asset-manager\/#primaryimage"},"thumbnailUrl":"https:\/\/i0.wp.com\/ent.news\/2024\/4\/172.jpg?fit=%2C&ssl=1","keywords":["ADQ","Dubai Airports","Economy","M&A WATCH","WHAT WE\u2019RE TRACKING TODAY"],"articleSection":["WHAT WE\u2019RE TRACKING TODAY"],"inLanguage":"en-US"},{"@type":"WebPage","@id":"https:\/\/enterpriseam.com\/uae\/2024\/04\/24\/dubai-airports-are-officially-back-to-normal-adq-to-buy-usd-1-bn-stake-in-australian-asset-manager\/","url":"https:\/\/enterpriseam.com\/uae\/2024\/04\/24\/dubai-airports-are-officially-back-to-normal-adq-to-buy-usd-1-bn-stake-in-australian-asset-manager\/","name":"Dubai airports are officially back to normal + ADQ to buy USD 1 bn stake in Australian asset manager - 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