{"id":91421,"date":"2024-04-29T00:00:00","date_gmt":"2024-04-29T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/uae\/more-rainfall-coming-this-week\/"},"modified":"2024-04-29T00:00:00","modified_gmt":"2024-04-29T00:00:00","slug":"more-rainfall-coming-this-week","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/uae\/2024\/04\/29\/more-rainfall-coming-this-week\/","title":{"rendered":"More rainfall coming this week"},"content":{"rendered":"

Good morning, lovely people, and welcome to the start of a new workweek. <\/strong>We have a brisk issue for you this morning, led by news of Dubai World Central finally getting its USD 35 bn overhaul approved.<\/span><\/p>\n

Other stories worth your attention: <\/strong>IHC moves forward with acquisition of Colombian food manufacturer Grupo Nutresa alongside partners; the UAE could be getting another nuclear plant by 2032; and Masdar has inked an agreement for a 1 GW renewables project in Malaysia.<\/p>\n

PUBLIC SERVICE ANNOUNCEMENTS-<\/p>\n

<\/a> #1- ?\ufe0f WEATHER-<\/strong>More rainfall may be on the horizon<\/strong>, starting Wednesday evening through Thursday, with strong wind, thunder, and lightning, the National Center of Meteorology said<\/a>. There's also a chance of light to moderate rainfall on Friday and Saturday, with a gradual decrease in cloud cover.<\/p>\n

<\/a> #2- Emirati-owned small and medium-sized enterprises (SMEs) are getting financial <\/strong>assistance<\/strong> to recover from the recent storms in the UAE, courtesy of a new initiative launched by the Mohammed Bin Rashid Establishment for Small and Medium Enterprises Development (Dubai SME), reports Wam<\/a>. Eligible Dubai SMEs can access no-interest business loans of up to AED 300k with grace periods of 6 to 12 months to repair or replace damaged properties essential for business operations, and postpone repayments for existing loans.<\/p>\n

How to sign up: <\/strong>Dubai SME members impacted by the weather can apply to the fund\u2019s designated relief financing committee here<\/a>.<\/p>\n

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#3- Timings for trucks driving on Sheikh Mohammed Bin Zayed Road between Dubai\u2019s <\/strong>Ras Al Khor Street and Sharjah have been adjusted <\/strong>during peak hours, Dubai\u2019s Roads and Transport Authority said in an X post<\/a>. Trucks will be prohibited on the road from 6:30am to 8:30am, 1pm to 3:30pm, and 5:30pm to 8pm. Truck drivers can opt for routes like Emirates Road instead, or utilize designated truck rest stops during these hours.<\/p>\n

#4- <\/strong>Business Bay residents can now order a bus online:<\/strong> Dubai\u2019s Road and Transport Authority (RTA) has expanded its Bus on Demand service \u2014 which sends a mini bus at the user\u2019s location \u2014 to Business Bay, following a successful one-month trial period, the Government Media Office<\/a> reports. The service is accessible through the Dubai Bus On Demand app.<\/p>\n

#5- Ins. firms have 30 days to resolve customer complaints before they are referred<\/strong> to the central bank\u2019s <\/strong>new ombudsman unit<\/a><\/strong>, <\/strong>Sanadak<\/a><\/strong>, Al Khaleej<\/a> reports, citing the central bank\u2019s latest directive. <\/p>\n

#6-<\/strong>Omani citizens are pardoned from all traffic fines obtained while in the UAE from 2018 to 2023<\/strong>, reports state news agency Wam<\/a>. The decision to waive the fines comes after Oman\u2019s Sultan Haitham bin Tariq\u2019s two-day visit<\/a> to the UAE, where the two countries inked USD 35 bn agreements<\/a>. <\/p>\n

WATCH THIS SPACE-<\/p>\n

#1- Telegraph acquisition off the table?<\/strong> Abu Dhabi-backed RedBird IMI is reportedly retracting its bid to acquire British newspaper The Telegraph in the coming week, the Financial Times<\/a> reports, citing sources close to the matter. The acquisition stalled after the UK government passed legislation to prevent foreign governments from acquiring stakes in media titles. The sale process of the Telegraph is expected to start \u201cin the coming days,\u201d with participation of potential buyers such as Daily Mail & General Trust, hedge fund manager Paul Marshall, and Yorkshire Post owner National World. <\/p>\n

REMEMBER- <\/strong>RedBird IMI was said to be in talks with the UK government<\/a> to potentially sell the Telegraph and Spectator titles separately, aiming to attract more buyers. RedBird IMI has tapped Raine Group to oversee the sale process and is considering various options, including converting its call option into shares with the British Department for Culture, Media, and Sport. Selling the Spectator independently could fetch over GBP 100 mn.<\/p>\n

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#2- Naturgy takeover getting a push? <\/strong>First Deputy Ruler of Dubai Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum met on Saturday with co-founder and co-chair of private equity firm and Naturgy major shareholder CVC Capital Partners Rolly van Rappard, discussing windows for global financial companies to expand in the region, according to the Dubai Media Office<\/a>. Officials from Dubai's Department of Economy and Tourism, Dubai International Financial Centre, and Dubai-based real estate firm Tecom also attended the meeting.<\/p>\n

REFRESHER #1-<\/strong> Abu Dhabi National Energy Company (Taqa) is in discussions<\/a> with Naturgy\u2019s two largest shareholders \u2014 CVC and GIP \u2014 to potentially acquire their stakes in the Spanish company. Taqa is also discussing \u201ca potential cooperation in relation to Naturgy\u201d withNaturgy\u2019s largest shareholder, Criteria Caixa, it confirmed last week<\/a>.<\/p>\n

REFRESHER #2- Spain is considering its options: <\/strong>The Spanish and Algerian governments could potentially block or otherwise negotiate more preferential terms for Taqa\u2019s potential acquisition in the Spanish gas producer, with Spain\u2019s S\u00e1nchez government reportedly looking to \u201cfacilitate\u201d<\/a> Taqa\u2019s takeover bid for 100% of Naturgy, on the condition that Taqa would then sell back 10-15% of the company to the Spanish government.<\/p>\n

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#3- Jera, Japan\u2019s biggest power producer, plans to invest in low-carbon hydrogen and <\/strong>ammonia plants in the region<\/strong>, Asharq Business<\/a> reports. Jera is interested in facilities capable of producing around 1 mn annual tons of blue ammonia, alongside smaller scale green hydrogen projects, according to Jera\u2019s Australia and Middle East country head Tsuyoshi Oyama. The region currently houses some of the world's largest planned blue ammonia plants.<\/p>\n

Jera has been interested in the region for some time:<\/strong> Jera signed agreements<\/a> with Taqa and Adnoclast year to investigate the feasibility of low-carbon thermal energy, ammonia, and green hydrogen projects in the region. The Japanese company also collaborated<\/a> with Saudi Arabia\u2019s sovereign wealth fund the Public Investment Fund (PIF), to explore the production of green hydrogen and its derivatives.<\/p>\n

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<\/a> #4- The Abu Dhabi Department of Economic Development (ADDED) issued an investment <\/strong>guide presenting 100 transport projects for investment<\/strong>, according to the Abu Dhabi Media Office<\/a>. The projects include manufacturing and developing commercial drones, electric vehicle chargers, automotive battery systems, aircraft landing gears, e-scooters, and automotive tyres.The guide targets domestic and international investors, and comes as part of . <\/p>\n

ADDED has also partnered with the Emirates Driving Company (EDC) to propel the <\/strong>transport sector\u2019s growth<\/strong>, focusing on research for autonomous and low-emission vehicles to support sustainable economic growth, the Abu Dhabi Media Office<\/a> reports. <\/p>\n

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#7- The UAE is poised to more than triple its renewable energy capacity by 2030, <\/strong>exceeding its target of generating 14 GW of renewable energy<\/a> within six years, Energy Minister Suhail Al Mazrouei said at the World Economic Forum\u2019s special meeting in Riyadh yesterday, The National<\/a> reports. Al Mazrouei expects that the Emirates will achieve this goal as clean energy prices continue to fall, becoming \u201cthe cheapest,\u201d and as more solar plants are installed to boost green hydrogen generation. <\/p>\n

HAPPENING TODAY- <\/p>\n

#1- The World Economic Forum\u2019s<\/strong><\/a><\/strong>Special Meeting on Global Collaboration, Growth<\/a><\/strong>and Energy for Development<\/a><\/strong> is on its second day <\/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

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#2- 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

MARKET WATCH-<\/p>\n

Adnoc snaps up Iraqi crude: <\/strong>Abu Dhabi National Oil Company (Adnoc) imported some 1 mn barrels of Basrah crude from Iraq to Ruwais this month via the Orient M tanker, according to Bloomberg<\/a> tanker-tracking data and ship-agent reports. This is the first time Adnoc has purchased heavier oil from the Middle East for its upgraded refinery. <\/p>\n

Adnoc plans to integrate new units at its Ruwais facility to process a diverse range of crudes,<\/strong> after completing maintenance, Bloomberg reports, citing people with knowledge of the matter. The add-ons will allow the company to purchase cheaper barrels from other producers.<\/p>\n

This isn\u2019t unusual:<\/strong> Adnoc moved to prioritize Murban oil over Upper Zakum crude earlier this month<\/a>, in line with its investments in refinery upgrades, particularly at its Ruwais facility, which allows it to process heavier grades more efficiently. \u201c[The firm] invested a lot of money over at least 3-4 years upgrading Ruwais to run heavier grades so it makes a lot of sense to run Upper Zakum and sell Murban. Barrel-for-barrel, Murban brings more revenue for equal compliance.\u201d<\/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

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

It\u2019s a quiet morning in the global business press<\/strong>, but don\u2019t expect that to continue into the rest of the week:<\/p>\n