{"id":91724,"date":"2024-05-07T00:00:00","date_gmt":"2024-05-07T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/uae\/plenty-of-news-from-day-one-of-the-arabian-travel-market\/"},"modified":"2024-05-07T00:00:00","modified_gmt":"2024-05-07T00:00:00","slug":"plenty-of-news-from-day-one-of-the-arabian-travel-market","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/uae\/2024\/05\/07\/plenty-of-news-from-day-one-of-the-arabian-travel-market\/","title":{"rendered":"Plenty of news from day one of the Arabian Travel Market"},"content":{"rendered":"

Good morning, friends. <\/strong>We have another packed issue for you this morning, with plenty of news from the Arabian Travel Market to dig your teeth into, as well as updates on Adnoc\u2019s bid for a Braskem stake and plenty of earnings.<\/span><\/p>\n

THE BIG STORY<\/strong> is Adnoc\u2019s decision to halt talks over a USD 2.1 bn acquisition of a stake in Brazilian petrochems firm Braskem, which leads our news well today. Also worth your attention: IHC has announced an AED 5 bn share buyback program on the heels of a strong 1Q 2024 earnings report. <\/p>\n

PUBLIC SERVICE ANNOUNCEMENTS- <\/p>\n

#1- WEATHER- The hot weather continues today<\/strong>, with Dubai<\/strong> seeing the mercury rise to 37\u00b0C, before cooling to an overnight low of 30\u00b0C, while Abu Dhabi<\/strong> will see temperatures hit 38\u00b0C. <\/p>\n

#2- Abu Dhabi now has a dedicated committee in place to handle housing grant <\/strong>transfer requests predating 2 October, 2018,<\/strong> courtesy of the Abu Dhabi Housing Authority, according to the Abu Dhabi Media Office<\/a>. Citizens can present their housing transition cases to the newly formed committee at the Iskan Abu Dhabi Center until 31 July. <\/p>\n

Certain conditions apply<\/strong>, including ownership of residential land or suitable housing, registration in the Real Estate Register as a housing grant recipient, absence of concurrent claims for other residential or housing grants or loans, and obtaining written consent from one\u2019s wife. Decisions made by the committee are considered final.<\/p>\n

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#3- Call ADPHC for pest control services: <\/strong>Public health pest control services have been transferred over to the Abu Dhabi Public Health Centre (ADPHC) from the Abu Dhabi Waste Management Company \u2014 more commonly known as Tadweer Group \u2014 according to the Abu Dhabi Media Office<\/a>. ADPHC will now handle reports of pest proliferation in open areas and homes, manage permitting processes, and regulate the distribution of pesticides. Requests can be made via the Government Contact Centre at 800555 or the Tamm platform.<\/p>\n

<\/a> #4- <\/strong>The Dubai International Financial Center (DIFC) has launched consultations on <\/strong>amendments that would provide statutory certainty to DIFC law <\/strong>extending beyond the English Common Law \u2014 which governs the jurisdiction \u2014 as it looks to provide a reference for interpretations that are not accounted for by the body of law, it said in a statement<\/a>. Any gaps not provided by DIFC statute will then be backstopped by English common law, the statement added. You can send in your responses to the consultation (pdf)<\/a> before 1 June 2024. <\/p>\n

FROM THE ARABIAN TRAVEL MARKET- <\/p>\n

The Arabian Travel Market kicked off yesterday with a slew of fresh data from officials, updates on tourism initiatives in the region, and agreements. <\/strong>The highlights from day one:<\/p>\n

<\/a> #1- Dubai hosted some 5.2 mn tourists in 1Q 2024<\/strong>, up 11% y-o-y, Dubai Crown Prince Hamdan bin Mohammed said on X<\/a>. Occupancy rates for the period stood at 83%, \u201cranking among the highest globally.\u201d<\/p>\n

#2- Abu Dhabi\u2019s Yas Island welcomed over 35 mn visitors in 2023<\/strong>, marking a 38% y-o-y increase, Abu Dhabi-based destination management company Miral said in a press<\/a>release<\/a>. Saadiyat Island also saw a 44% y-o-y increase in visits during the year. <\/p>\n

<\/a> #3- The unified GCC visa could be in place by the end of the year<\/strong>, Khaleej Times<\/a> quoted Chairman of the Sharjah Commerce and Tourism Authority (SCTDA) Khalid Jasim Al Midfa as saying at the event. <\/p>\n

#4-<\/strong> Flydubai is set to complete its USD multi-mn retrofit project before year-end<\/strong>, aiming to upgrade the interior of its next-generation Boeing fleet, flydubai CEO Ghaith Al Ghaith said, according to Wam<\/a>. The ongoing project \u2014 launched in January \u2014 will see an upgrade in interiors and overall experience. Flydubai has carried over 5 mn passengers between January and April, marking a 13% y-o-y jump.<\/p>\n

#5- Saudi low-cost airline Flynas is adding Abu Dhabi, Sharjah, and the soon-to-be <\/strong>expanded Al Maktoum International Airport to its network<\/strong> as of September, from its bases in Riyadh, Dammam, Jeddah, and Al Madinah, Khaleej Times<\/a> reports. The expansion will take the number of routes between the countries to nine, up from four currently. <\/p>\n

WATCH THIS SPACE-<\/p>\n

#1- Presight eyes more acquisitions:<\/strong> ADX-listed data analytics firm Presight AI Holding is considering partnering with an Abu Dhabi fund for acquisitions that will expand its international footprint, Presight CEO Thomas Pramotedham tells Reuters<\/a>. \u201cWith the rising trend in AI, there are many companies available, but the key thing is how much it will add to Presight's existing growth strategy,\u201d Pramotedham said, without disclosing when these transactions would materialize.<\/p>\n

ICYMI- <\/strong>The company snagged a 51% majority stake in AIQ<\/a>, Adnoc\u2019s AI joint venture with G42, last week<\/a>. Presight acquired the entirety of G42\u2019s 40% stake in AIQ, in addition to 11% of Adnoc\u2019s 60% stake in the JV.<\/p>\n

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<\/a> #2- 2024 is set to be Dubai International Financial Center\u2019s (DIFC) \u201cbusiest year <\/strong>ever,\u201d<\/strong> Dubai Financial Services Authority (DFSA) CEO Ian Johnston tells Bloomberg,<\/a> expecting that the financial center will see a \u201crecord number of firms\u201d registering in 2024. With the financial hub \u201calready about 50% ahead\u201d of its record registrations last year, which saw the DFSA issue over 112 financial services licenses<\/a>, the DIFC is on track to meet its target. <\/p>\n

Another Chinese lender will soon set up shop in DIFC<\/strong>, Johnston also said, without disclosing the name of the Chinese bank, marking the fifth to establish a presence in the business center. \u201cOf the 29 globally systemically important banks in the world, we have 27 doing business in DIFC,\u201d Johnston said. <\/p>\n

REFRESHER<\/strong>- DFSA saw a 125% y-o-y uptick in registrations by hedge fund managers in 2023 and expects continued strong interest from global hedge funds looking to set up shop in DIFC, Johnston said in February<\/a>. DIFC\u2019s company registrations jumped 34% y-o-y<\/a>, with 1.4k companies registering to set up shop in the freezone. The record growth in registrations was \u201csupported by both financial and innovation companies and non-financial companies.\u201d<\/p>\n

HAPPENING TODAY- <\/p>\n

#1- The <\/strong>Dubai Fintech Summit 2024<\/a><\/strong> is on its second and final day<\/strong> at Madinat Jumeirah. The summit will host over 300 thought leaders on five stages and present tech from 200+ exhibitors.<\/p>\n

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#2- Sharjah + Dubai trade missions in Asia:<\/strong> A trade delegation from the Sharjah Chamber of Commerce and Industry led by Chairman Abdullah Sultan Al Owais landed in India earlier this week and will be there until Friday, 10 May, Wam<\/a> reports. The mission will be looking to strengthen economic ties and explore potential investments. <\/p>\n

A Dubai International Chamber trade mission is also making the rounds in Indonesia and Vietnam<\/strong> to help local companies grow in these markets, Wam<\/a> reports. <\/p>\n

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#3- The Arab Tourism Media Awards also kicked off yesterday and runs through to Thursday, 9 May,<\/strong> at the Dubai International Convention and Exhibition Centre, state news agency Wam<\/a> reports. The Arab Union of Tourist Media will present awards to 34 Arab personalities, tourism institutions, and cities that have contributed to the tourism industry in the Arab region. <\/p>\n

#4- The<\/strong><\/a><\/strong>Annual Investment Meeting (AIM) Congress<\/a><\/strong> begins today and will run until <\/strong>Thursday, 9 <\/strong>May at the Abu Dhabi National Exhibition Center. <\/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

#5- The <\/strong>Innovative Finance Expo<\/a><\/strong> is set to be held tomorrow and Thursday at the <\/strong>Jumeirah Emirates Towers<\/strong> in Dubai. The event will bring together fintech and blockchain companies and experts to serve as a knowledge exchange platform, showcasing the latest developments in the financial sector, including DeFi crypto, foreign exchanges, payment, and finance technologies.<\/p>\n

ALSO- For our fellow iSheep: Apple is expected to unveil new iPads this afternoon <\/strong>at 6pm UAE time (7am Pacific). The expectation: a revamp of the line that restores some coherence to the offering (and for the Pro to get a FaceTime camera on the long edge). You can stream the announcement from Apple\u2019s website<\/a> or its Youtube channel<\/a>. <\/p>\n

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

Hamas has accepted a ceasefire proposal \u2014 Israel says it\u2019s not enough and is <\/strong>hammering Rafah. <\/strong>Here\u2019s what you need to know this morning:<\/p>\n