{"id":91320,"date":"2024-04-25T00:00:00","date_gmt":"2024-04-25T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/uae\/aed-2-bn-earmarked-for-post-rain-housing-damage-control\/"},"modified":"2024-04-25T00:00:00","modified_gmt":"2024-04-25T00:00:00","slug":"aed-2-bn-earmarked-for-post-rain-housing-damage-control","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/uae\/2024\/04\/25\/aed-2-bn-earmarked-for-post-rain-housing-damage-control\/","title":{"rendered":"AED 2 bn earmarked for post-rain housing damage control"},"content":{"rendered":"

Good morning, wonderful people.<\/strong> We have another interesting newsday for you, as Abu Dhabi taps debt markets for the first time in three years with EUR 5 eurobonds and ADQ plans investments in Australia and Kenya.<\/span>
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HAPPENING TODAY- <\/font><\/p>\n

#1- It\u2019s the third and final day of 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>.<\/font><\/p>\n

#2- Carpet and flooring industry event Domotex Middle East 2024 also wraps today <\/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.<\/font><\/p>\n

HAPPENING THIS WEEK- <\/font><\/p>\n

Lord Mayor Michael Manielli will be in the UAE this week to discuss carbon<\/strong> markets and debt finance for vulnerable countries with officials<\/strong>, in a bid to follow up on the progress made during Cop28, where he led a delegation to the summit, he told The National<\/a>. The exact agenda for his visit was not disclosed.<\/font><\/p>\n

AFTER THE STORM-<\/font><\/p>\n

#1- The UAE cabinet has earmarked AED 2 bn to address the damages to <\/strong>citizens\u2019 homes<\/strong>, with oversight from a newly formed committee, Dubai Ruler Sheikh Mohammed bin Rashid Al Maktoum said<\/a>. Residents affected by flooding and infrastructure damage are advised to seek assistance from relevant authorities.<\/font><\/p>\n

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#2- It\u2019s not just UAE ins. companies that will see claims jump in the aftermath of the storm<\/strong> \u2014 claims and reins. costs are expected to jump in several GCC countries following last week\u2019s recent storms in the UAE, Oman, and Saudi Arabia, Asharq Business<\/a> reports, citing a new report by credit rating agency Moodys. <\/font><\/p>\n

Still, the storm will have little impact on ins. companies\u2019 losses<\/strong>, <\/strong>on the back of relatively low ins. penetration in GCC countries and compulsory ins. such as third-party car ins. not covering weather-related damages. National protection schemes against significant losses in the ins. sector are also expected to be activated following the storms, further mitigating the impact on ins. companies\u2019 net incomes, Moody\u2019s added.<\/font><\/p>\n

ICYMI #1-<\/strong> The credit rating agency previously said<\/a> that the heavy rainfall would add pressure on local ins. companies, especially impacting small and medium-sized firms that have not seen recent income growth, and drive up reins. costs in upcoming renewals for local ins. providers relying on reins. services to mitigate their losses.<\/font><\/p>\n

ICYMI #2-<\/strong> Some companies have seen ins. claims surge to a record high<\/a> following last week\u2019s heavy rainfall compared to previous peaks after rainstorms. While vehicle damage claims account for most of the claims, the companies have also received claims from restaurants, shops and other small retailers valued at \u201chundreds of thousands.\u201d <\/font><\/p>\n

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#3- All roads blocked due to the storm in Sharjah are now open<\/strong> according to the local Emergency, Crisis, and Disaster Management Team in Sharjah, Gulf News<\/a> writes.<\/font><\/p>\n

#4-<\/strong>All traffic fines in Dubai incurred on 16 April during the storm will be waived<\/strong>, according to Dubai Police\u2019s Commander-in-Chief Abdullah Khalifa Al Marri, Wam<\/a> writes. <\/font><\/p>\n

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

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

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

THE BIG STORY ABROAD-<\/span>
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Yesterday, it was Tesla. Today, it\u2019s Meta\u2019s earnings getting ink everywhere in the Western <\/strong>business press<\/strong> (Reuters<\/a> | Bloomberg<\/a> | FT<\/a> | CNBC<\/a>). The company\u2019s shares fell as much as 19% in after hours trading \u2014 wiping out nearly USD 200 bn of its market value \u2014 after raising capital expenditure guidance as it looks to ramp up spending on AI, and providing a cautious sales growth forecast. CEO Mark Zuckerberg defended its plans in a call with analysts, saying it will need to \u201cgrow our investment envelope meaningfully before we make much revenue from some of these new products.\u201d <\/font><\/p>\n

The company otherwise posted solid revenues for 1Q 2024<\/strong>, rising 27% y-o-y to USD 36.5 bn, while net income more than doubled to USD 12.37 bn, according to its earnings release<\/a>.<\/font><\/p>\n

ALSO- Binance founder Changpeng Zhao could face up to three years in prison<\/strong> for anti-money laundering and sanctions violations. Friends and acquaintances of Zhao sent in 350 pages worth of letters to bail him out, Bloomberg<\/a> reports. <\/font><\/p>\n

IN OTHER TRIAL-RELATED NEWS- An Arizona grand jury has indicted 18 people \u2014 most<\/strong> of whom are former US President Donald Trump\u2019s Republican allies \u2014 <\/strong>on charges of fraud, forgery, and conspiracy, for falsely declaring the Trump president in 2020. Trump himself was named an unindicted co-conspirator. (Reuters<\/a> | New York Times<\/a> | Axios<\/a>) <\/font><\/p>\n

ALSO GETTING PLAY- A mega mining transaction around the corner? <\/strong>Australian minerBHP has reportedly made a play for British multinational miner Anglo American in what could be the industry\u2019s largest acquisition in years. The takeover would come as BHP looks to expand its portfolio of copper mines amid the energy transition, the Financial Times<\/a> cites sources as saying.<\/font><\/p>\n

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

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

<\/use><\/font><\/svg> Subscribe here<\/font><\/a> <\/div>\n<\/p><\/div>\n<\/p><\/div>\n

WATCH THIS SPACE- <\/font><\/p>\n

<\/a> We\u2019re getting 6G before the decade is out: <\/strong>The Telecommunications and Digital Government Regulatory Authority (TDRA) has rolled out its roadmap for adopting 6G technology, aiming to adopt services UAE-wide before 2030, Wam<\/a> reports. The adoption plan kicks off this year with the establishment of a committee tasked with conducting scientific research, and overseeing \u201cthe development of technical standards and specifications for 6G.\u201d<\/font><\/p>\n

The next-generation mobile network will build on the capabilities of 5G<\/strong> by improving frequency efficiency, connection density and traffic management. 6G networks will include AI, network virtualisation, sensing, and comprehensive coverage applications. <\/font><\/p>\n

DATA POINTS-<\/font><\/p>\n

<\/a> #1- Developers in Dubai averaged one launch per every 18 hours in 1Q 2024<\/strong>, with a record 34k new units across 120 off-plan project launches, Khaleej Times<\/a> reports, citing preliminary numbers released by Cavendish Maxwell\u2019s property monitor. Some 30 projects were launched in March alone, adding 10k units to the market on the back of heightened demand in Dubai\u2019s real estate market.<\/font><\/p>\n

IN CONTEXT- <\/strong>The value of real estate sales in Dubai climbed 25.9%<\/a>y-o-y<\/a> in 1Q 2024 to AED 109.8 bn, with off-plan properties accounting for more than half of the units sold during the quarter. The off-plan market racked up AED 50.4 bn compared to AED 8.2 bn in the secondary market.<\/font><\/p>\n

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<\/a> #2- Dubai and Abu Dhabi were the only two cities in MENA to rank among the top 20 <\/strong>in <\/strong>the <\/strong>IMD Smart City Index 2024<\/a><\/strong>, which surveyed 142 cities worldwide to measure how technology improves citizens\u2019 quality of life. Abu Dhabi sat at 10th position globally, up three spots from 2023, while Dubai jumped five places to 12th. <\/font><\/p>\n

Fast facts: <\/strong>Abu Dhabi has been listed in the index\u2019s top tier since 2019, alongside Zurich, Oslo, Singapore, Beijing, and Seoul.<\/font><\/p>\n

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#3- The value of property transactions in Sharjah hit AED 10 bn in 1Q 2024<\/strong>, up67.1% y-o-y on the back of new development projects and government support, Wam<\/a> reports, citing Sharjah Real Estate Registration Department\u2019s latest quarterly report. The number of transactions \u2014 which include ownership transfers, sales, mortgages, and valuations \u2014 increased 9.3% y-o-y to nearly 23.5k during the quarter. Some 2.8k properties, including 2.2k residential units, were sold, collectively pooling AED 2.5 bn.<\/font><\/p>\n

Who was involved: <\/strong>UAE citizens accounted for the lion\u2019s share, coming in at AED 4.4 bn across 7.6k properties. Investors from India put money into the second-largest number of properties in the emirate (683), followed by investors from Syria (484), Pakistan (275), and Jordan (227).<\/font><\/p>\n

CIRCLE YOUR CALENDAR-<\/span><\/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 next Sunday and Monday, 28-29 April<\/strong> in Riyadh, Saudi Arabia. The two-day meeting addresses global challenges in economic development, including energy transitions and geopolitical tensions. <\/font><\/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>.<\/font><\/p>\n

The International Congress of Arabic Publishing and Creative Industries, hosted <\/strong>by the Abu Dhabi Arabic Language Centre, will convene next Sunday, 28 April<\/strong> at Manarat Al Saadiyat in Abu Dhabi, according to the Abu Dhabi Media Office<\/a>. The event will feature speakers from 50 countries to discuss Arabic literature and creative works. <\/font><\/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. <\/font><\/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. <\/font><\/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. <\/font><\/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. <\/font><\/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.<\/font><\/p>\n

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

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We have another interesting newsday for you, as Abu Dhabi taps debt markets for the first time in three years with EUR 5 eurobonds and ADQ plans investments in Australia and Kenya. 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