{"id":91819,"date":"2024-05-09T00:00:00","date_gmt":"2024-05-09T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/uae\/new-aed-16-8-bn-dubai-transport-strategy-spinneys-shares-start-trading-today\/"},"modified":"2024-05-09T00:00:00","modified_gmt":"2024-05-09T00:00:00","slug":"new-aed-16-8-bn-dubai-transport-strategy-spinneys-shares-start-trading-today","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/uae\/2024\/05\/09\/new-aed-16-8-bn-dubai-transport-strategy-spinneys-shares-start-trading-today\/","title":{"rendered":"New AED 16.8 bn Dubai transport strategy? + Spinneys shares start trading today"},"content":{"rendered":"<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong style=\"background-color: transparent;\">Good morning, lovely people. <\/strong><span style=\"background-color: transparent;\">We have a tight issue for you this morning, with the newsflow remaining slow \u2014 in UAE terms \u2014 as conference season rumbles on.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The dominant theme of today\u2019s issue? M&amp;A. <\/strong>We have news of a rejected takeover bid by Dubai-based infrastructure firm Sidara \u2014 formerly Dar Group \u2014 of British multinational John Wood Group; Mubadala-owned Spanish oil refiner Cepsa divesting its upstream assets in Peru in a bid to transition towards green energy; and more on Phoenix\u2019s acquisition of Rekt and Taqa\u2019s potential takeover of Spain\u2019s Naturgy.<\/p>\n<p class=\"tag-border-left\"> PUBLIC SERVICE ANNOUNCEMENTS-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><a id=\"wwtt5\"><\/a> <strong>#1- Your taxi ride in Dubai just got a little more expensive: <\/strong>Dubai Taxi has announced a new rate of AED 2.09 per km for taxi fares in Dubai, up from <a target=\"_blank\" href=\"https:\/\/www.zawya.com\/en\/business\/transport-and-logistics\/dubai-rta-sets-new-minimum-fare-for-taxis-during-major-events-new-years-eve-v7y4bj3d\" style=\"\" rel=\"noopener\">AED 1.97 per km<\/a>, according to the company\u2019s <a target=\"_blank\" href=\"https:\/\/www.dubaitaxi.ae\/en\/our-services\/taxi\" style=\"\" rel=\"noopener\">website<\/a>. Fare hikes come on the back of <a target=\"_blank\" href=\"https:\/\/enterprise.news\/uae\/en\/news\/story\/44c5817d-5f3a-4219-ab2b-2a01650c4c0d\/distance-learning-is-back-tomorrow-and-after\" style=\"\" rel=\"noopener\">fuel prices climbing<\/a> for the fourth consecutive month in May, marking a seven-month high. The company left base rates unchanged at AED 12.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#2- The Dubai Metro is set to resume normal services at several stations affected by the storm on 28 May<\/strong>, Dubai\u2019s Roads and Transport Authority (RTA) said in a <a target=\"_blank\" href=\"https:\/\/www.rta.ae\/wps\/portal\/rta\/ae\/home\/news-and-media\/all-news\/NewsDetails\/resuming-metro-services-at-stations-affected-by-weather-conditions-by-may-28th\" style=\"\" rel=\"noopener\">statement<\/a>. The Passive, Equity, Mashreq, and Energy metro stations will resume their normal operations after undergoing maintenance and safety tests.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Until then, you can catch the bus instead: <\/strong>The RTA will deploy over 150 buses on three routes during metro operation hours until operations resume, it said. Bus services grid passengers commuting from Business Bay Metro Station to several other key stations.<\/p>\n<hr style=\"height:2px;border-width:0;color:gray;background-color:gray\">\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#3- Mercedes-Benz is recalling over 2.5k SUVs in the UAE due to a transmission <\/strong><strong>issue<\/strong>, specifically in GLS\/GLE models from 2019 to 2023 with the M256 engine and automatic transmission NAG3, <a target=\"_blank\" href=\"https:\/\/www.khaleejtimes.com\/business\/auto\/uae-mercedes-benz-to-recall-over-2500-suvs-over-transmission-issue\" style=\"\" rel=\"noopener\">Khaleej Times<\/a> reports. Local importers across the country are coordinating the recall, reaching out to affected vehicle owners for necessary checks and repairs.<\/p>\n<p class=\"tag-border-left\"> HAPPENING TODAY- <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <a id=\"wwtt4\"><\/a><strong> #1- Spinneys\u2019 shares will begin trading on the DFM today under the ticker SPINNEYS. <\/strong>The IPO <a target=\"_blank\" href=\"https:\/\/enterprise.news\/uae\/en\/news\/story\/c4d11ecf-b359-4f9d-9acf-98da56eb5a55\/%253cmark%253espinneys%253c%2Fmark%253e%25e2%2580%2599-ipo-subscription-attracts-71-bn-in-orders\" style=\"\" rel=\"noopener\">raised<\/a> AED 1.38 bn, with over AED 71 bn in orders, as well as AED 275 mn from cornerstone investors. The final share price was set at AED 1.53 per share, giving the company a market cap of AED 5.51 bn. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Advisors:<\/strong> Our friends at HSBC Middle East are joint global coordinators alongside Emirates NBD Capital and Merrill Lynch. Our friends at EFG Hermes are joint bookrunners, while Rothschild Middle East is independent financial advisor. Emirates NBD Capital is also acting as listing advisor, while Emirates NBD Bank is lead receiving bank. Other receiving banks include our friends at FAB as well as MBank and Commercial Bank of Dubai.<\/p>\n<hr style=\"height:2px;border-width:0;color:gray;background-color:gray\">\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#2- Sharjah trade missions in India:<\/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, <a target=\"_blank\" href=\"https:\/\/wam.ae\/en\/article\/b2xmncj-sharjah-chamber-dispatch-trade-mission-india-5th\" style=\"\" rel=\"noopener\">Wam<\/a> reports. The mission will be looking to strengthen economic ties and explore potential investments. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The Sharjah-India Business Forum, held as part of the trade mission, <\/strong><strong>featured <\/strong><strong>around 160 business meetings seeking to attract Indian businessmen to Sharjah<\/strong>, <a target=\"_blank\" href=\"https:\/\/wam.ae\/en\/article\/13wkv3v-scci%E2%80%99s-trade-mission-india-holds-%E2%80%9Csharjah-india\" style=\"\" rel=\"noopener\">Wam<\/a> writes. The delegation met with:<\/p>\n<ul>\n<li>Indian Investment promotion agency <strong>Guidance Tamil Nadu<\/strong> to explore ways to strengthen bilateral economic and investment cooperation between both nations;<\/li>\n<li>The <strong>Madras Electrical Traders Association Chennai<\/strong>, comprising companies in the electricity trade sector, to explore cooperation and investments in the energy and electrical industries.<\/li>\n<\/ul>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>A Dubai International Chamber trade mission is also making the rounds in Indonesia and <\/strong><strong>Vietnam<\/strong> to help local companies grow in these markets, <a target=\"_blank\" href=\"https:\/\/www.wam.ae\/en\/article\/b2y82gf-dubai-international-chamber-gears-lead-trade\" style=\"\" rel=\"noopener\">Wam<\/a> reports. <\/p>\n<hr style=\"height:2px;border-width:0;color:gray;background-color:gray\">\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#3- The Arab Tourism Media Awards is on its final day at <\/strong>the Dubai International Convention and Exhibition Centre, state news agency <a target=\"_blank\" href=\"https:\/\/www.wam.ae\/it\/article\/b2x17qq-dubai-set-host-arab-tourism-media-awards-2024\" style=\"\" rel=\"noopener\">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<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#4- The<\/strong><strong><a target=\"_blank\" href=\"https:\/\/www.aimcongress.com\/\" style=\"\" rel=\"noopener\"><\/a><\/strong><strong><a target=\"_blank\" href=\"https:\/\/www.aimcongress.com\/\" style=\"\" rel=\"noopener\">Annual Investment Meeting (AIM) Congress<\/a><\/strong><strong> is also on its final day <\/strong><strong>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<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#5- The two-day <\/strong><strong><a target=\"_blank\" href=\"https:\/\/dubai.ifinexpo.com\/\" style=\"\" rel=\"noopener\">Innovative Finance Expo<\/a><\/strong><strong> wraps today at the <\/strong><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<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>***<br \/><\/strong><strong>DID YOU KNOW that we also cover <\/strong><strong><a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/user\/news-letters\" style=\"\" rel=\"noopener\">Egypt<\/a><\/strong><strong>&nbsp;and <\/strong><strong><a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\/user\/news-letters\" style=\"\" rel=\"noopener\">Saudi Arabia<\/a><\/strong><strong>?<\/strong><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\/user\/news-letters\" style=\"\" rel=\"noopener\">Tap or click here<\/a>&nbsp;to get your own copy of EnterpriseAM UAE delivered every weekday before 7am UAE time \u2014 without charge, thanks to our friends at Mashreq.<br \/><strong>***<\/strong><\/p>\n<p class=\"tag-border-left\">WATCH THIS SPACE- <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <a id=\"wwtt3\"><\/a><strong> #1- The UAE is expected to reel in USD 30 bn in foreign direct investment (FDI) <\/strong><strong>inflows in 2024<\/strong>, International Investors Council Secretary General Jamal Al Jarwan said during a panel at the AIM Congress 2024 in Abu Dhabi, <a target=\"_blank\" href=\"https:\/\/www.khaleejtimes.com\/business\/uae-to-hit-30-billion-in-fdi-inflows-this-year\" style=\"\" rel=\"noopener\">Khaleej Times<\/a>&nbsp;reports. Despite regional tensions, the Emirates remains \u201cthe least risky market in the world,\u201d Al Jarwan said. This would see inflows increase 30% from the <a target=\"_blank\" href=\"https:\/\/enterprise.news\/uae\/en\/news\/story\/cb672c36-428a-4a18-ad74-00572f7b1e10\/the-uae-was-the-second-most-popular-destination-for-inward-investment-in-greenfields-last-year#:~:text=Total%20FDI%20flows%20into%20the%20UAE%20reached%20USD%2023%20bn%20in%202023%2C%20Economy%20Minister%20Abdulla%20bin%20Touq%20Al%20Marri%20told%20Asharq%20Business%20(watch%2C%20runtime%3A%202%3A32)%20on%20the%20sidelines%20of%20the%20World%20Economic%20Forum.\" style=\"\" rel=\"noopener\">USD 23 bn<\/a> recorded last year. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>REMEMBER- <\/strong>The government is looking to draw in <a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2021-09-05\/uae-seeks-to-draw-150-billion-foreign-investment-in-nine-years\" style=\"\" rel=\"noopener\">USD 150 bn<\/a> worth of FDI inflows by 2031. <\/p>\n<hr style=\"height:2px;border-width:0;color:gray;background-color:gray\">\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><a id=\"wwtt2\"><\/a> <strong>#2<\/strong><strong>- The ADX is expecting three new listings in the second half of 2024<\/strong>, including two companies from a sector currently not yet represented in the market, ADX CEO Abdullah Al Nuaimi told <a target=\"_blank\" href=\"https:\/\/www.asharqbusiness.com\/article\/63542\/%D8%A8%D9%88%D8%B1%D8%B5%D8%A9-%D8%A3%D8%A8%D9%88%D8%B8%D8%A8%D9%8A-%D8%AA%D8%AA%D8%B1%D9%82%D8%A8-3-%D8%B7%D8%B1%D9%88%D8%AD%D8%A7%D8%AA-%D8%AC%D8%AF%D9%8A%D8%AF%D8%A9-%D8%AE%D9%84%D8%A7%D9%84-%D8%A7%D9%84%D9%86%D8%B5%D9%81-%D8%A7%D9%84%D8%AB%D8%A7%D9%86%D9%8A-%D9%85%D9%86-%D8%A7%D9%84%D8%B9%D8%A7%D9%85\/\" style=\"\" rel=\"noopener\">{Asharq Business}<\/a>. In 2023, the exchange welcomed six new companies. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>A look at our IPO pipeline:<\/strong> Supermarket chain operator LuLu Group International is reportedly <a target=\"_blank\" href=\"https:\/\/enterprise.news\/uae\/en\/news\/story\/7afffccb-5246-40b3-9f59-a15d3f145e46\/spinneys-plans-may-dfm-debut,-ksa-expansion-this-year\" style=\"\" rel=\"noopener\">gearing up for listing<\/a> in Abu Dhabi, with a possible dual listing on the Riyadh Stock Exchange. Edtech firm Alef Education has <a target=\"_blank\" href=\"https:\/\/enterprise.news\/uae\/en\/news\/story\/9e6ab588-7cbe-4ef7-acfb-97819fbace7d\/alef-education-moves-forward-with-planned-ipo\" style=\"\" rel=\"noopener\">also already tapped banks<\/a> to advise on its planned ADX IPO, while Etihad Airways\u2019 highly anticipated listing \u2014 which could become the first by a Gulf carrier \u2014 <a target=\"_blank\" href=\"https:\/\/enterprise.news\/uae\/en\/news\/story\/fb6668e9-b741-4d46-90fd-c0709ca49bf5\/etihad-airways-moves-forward-with-planned-ipo\" style=\"\" rel=\"noopener\">could take place<\/a> by year\u2019s end.<\/p>\n<hr style=\"height:2px;border-width:0;color:gray;background-color:gray\">\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <a id=\"wwtt1\"><\/a> <strong>#3- An AED 16.8 bn transport strategy\u2026: <\/strong>Dubai\u2019s Executive Council approved a transport strategy yesterday that aims to nearly double the contribution of logistics and transport to the emirate\u2019s economy to AED 16.8 bn, state news agency <a target=\"_blank\" href=\"https:\/\/www.wam.ae\/en\/article\/b31soqh-aed128-billion-plan-for-worlds-largest-airport\" style=\"\" rel=\"noopener\">Wam<\/a> reported late yesterday. The strategy will also aim to increase tech adoption in infrastructure by 75%, reduce carbon emissions in the sector by 30%, and improve operational efficiency by 10%.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>\u2026and reduced traffic flows? <\/strong>The council also approved a plan to reduce traffic in the emirate by increasing public bus routes \u2014 improving trip times by 59% \u2014 and expanding remote work policies, as well as encouraging students to use school transport. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>ALSO- <\/strong>The council approved a strategy aiming to increase Dubai\u2019s data capacity fivefold, boosting \u201cvalue addition\u201d by AED 14.3 bn annually, according to Wam.<\/p>\n<hr style=\"height:2px;border-width:0;color:gray;background-color:gray\">\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#4- Gulf Pharma Industries (Jalphar) plans to expand to key markets <\/strong>as part of its new strategic expansion plan to accelerate revenue growth by \u201ccompressing the times it takes to internationalize products,\u201d Julphar\u2019s senior executives said in a <a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/5\/545.pdf\" style=\"\" rel=\"noopener\">statement (pdf)<\/a>. The new plan will see the pharma firm shift to a parallel market model, moving away from its previous approach of developing and launching products locally in the UAE before exporting them. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Jalphar\u2019s income took a blow last year amid regional tensions: <\/strong>The pharma company\u2019s sales were impacted in 2023 by ongoing regional headwinds, including Egypt\u2019s currency devaluation, the civil war in Sudan, Iraq\u2019s import restrictions, and Algeria's nationalization efforts. The company\u2019s board cited these as factors behind the modest 1.4% y-o-y growth in sales <a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/5\/541.pdf\" style=\"\" rel=\"noopener\">last year (pdf)<\/a>. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Background:<\/strong> Julphar widened its net losses to AED 98.5 mn last year, from AED 31.7 mn in 2022, according to its <a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/5\/540.pdf\" style=\"\" rel=\"noopener\">financial statements (pdf)<\/a>.<\/p>\n<p class=\"tag-border-left\"> DATA POINTS-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#1- The UAE held the second-largest share (33%) of Fitch-rated ESG sukuk <\/strong><strong>globally in 1Q <\/strong><strong>2024<\/strong>, following Saudi Arabia\u2019s 45%, according to a <a target=\"_blank\" href=\"https:\/\/www.fitchratings.com\/research\/islamic-finance\/esg-sukuk-growth-amid-regulatory-initiatives-market-to-cross-usd50-billion-07-05-2024\" style=\"\" rel=\"noopener\">statement<\/a>. Outstanding global ESG sukuk rose 60.3% y-o-y to USD 40 bn across all currencies during the quarter, constituting 12% of global outstanding sukuk in hard currencies. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#2- Formula 1 Etihad Airways Abu Dhabi Grand Prix 2024 contributed AED 1.16 bn<\/strong><strong> to <\/strong><strong>Abu Dhabi\u2019s economy<\/strong> in 2023, making it the region's largest sporting and entertainment event, the <a target=\"_blank\" href=\"https:\/\/www.mediaoffice.abudhabi\/en\/sport\/formula-1-etihad-airways-abu-dhabi-grand-prix-generates-aed116bn-for-emirates-economy-in-2023-via-attendee-spend\/\" style=\"\" rel=\"noopener\">Abu Dhabi Media Office<\/a> reports, citing event organizer Ethara. <\/p>\n<p class=\"tag-border-left\"> THE BIG STORY ABROAD-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The war in Gaza and a dysfunctional global EV market <\/strong>are two of the big stories that you need to know this morning. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#1- Joe Biden has warned Israel that he will cut off shipments of offensive weapons <\/strong>(we\u2019re \u2026 not sure what weapon isn\u2019t offensive?) <strong>to Israel \u201cif they go into Rafah.\u201d<\/strong><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>In his own words: <\/strong>\u201cI made it clear that if they go into Rafah \u2014 they haven\u2019t gone in Rafah yet \u2014 if they go into Rafah, I\u2019m not supplying the weapons that have been used historically to deal with Rafah, to deal with the cities \u2014 that deal with that problem,\u201d he said in an <a target=\"_blank\" href=\"https:\/\/edition.cnn.com\/2024\/05\/08\/politics\/joe-biden-interview-cnntv\/index.html\" style=\"\" rel=\"noopener\">{exclusive with CNN}<\/a>.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The story is leading front pages around the world: <\/strong><a target=\"_blank\" href=\"https:\/\/www.politico.com\/news\/2024\/05\/08\/biden-says-u-s-will-cut-off-offensive-weapons-to-israel-if-they-go-into-rafah-00156943\" style=\"\" rel=\"noopener\">Politico<\/a> | <a target=\"_blank\" href=\"https:\/\/www.ft.com\/content\/3cde9d07-4c90-4f2c-86f4-f1dc307bd9f5\" style=\"\" rel=\"noopener\">Financial Times<\/a> | <a target=\"_blank\" href=\"https:\/\/www.wsj.com\/world\/middle-east\/how-netanyahu-pushed-biden-to-the-edge-of-his-red-line-031d7782?mod=hp_lead_pos1\" style=\"\" rel=\"noopener\">Wall Street<\/a><a target=\"_blank\" href=\"https:\/\/www.wsj.com\/world\/middle-east\/how-netanyahu-pushed-biden-to-the-edge-of-his-red-line-031d7782?mod=hp_lead_pos1\" style=\"\" rel=\"noopener\">Journal<\/a> | <a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2024-05-08\/biden-widens-rift-with-israel-in-move-that-paused-bomb-shipments?srnd=homepage-middle-east&amp;sref=mmeFTDW1\" style=\"\" rel=\"noopener\">Bloomberg<\/a> | <a target=\"_blank\" href=\"https:\/\/www.reuters.com\/world\/biden-says-bombs-us-has-paused-sending-israel-have-killed-civilians-2024-05-08\/\" style=\"\" rel=\"noopener\">Reuters<\/a>.<\/p>\n<hr style=\"height:2px;border-width:0;color:gray;background-color:gray\">\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#2- <\/strong><strong>Those Chinese-made EVs you see plying Cairo's streets? They're part of a global problem<\/strong><strong>. <\/strong>Sales of EVs are up sharply at BMW \u2014 and the Bavarian carmaker saw its margins collapse in 1Q as a result, reports Germany\u2019s <a target=\"_blank\" href=\"https:\/\/www.handelsblatt.com\/unternehmen\/industrie\/bmw-bmw-verkauft-deutlich-mehr-elektroautos-gewinn-bricht-ein-01\/100037035.html\" style=\"\" rel=\"noopener\">Handelsblatt<\/a>. The culprit? Competition is rising in a softening market in which many players have tons of excess product, forcing it to cut selling prices. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>A lot of that oversupply is coming from China<\/strong>, where companies are now pushing EVs on other markets \u2014 including here in the Middle East. That has even friendly trade partners on edge and saw the European Union this week threaten to impose sanctions on Chinese EVs unless Beijing takes action in the short term, <a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2024-05-08\/china-s-factory-glut-alarms-the-world-but-there-s-no-quick-fix?srnd=homepage-middle-east&amp;sref=mmeFTDW1\" style=\"\" rel=\"noopener\">Bloomberg<\/a> notes. EC boss Ursula von der Leyen said China is \u201cflooding our market with massively subsidized electric cars,\u201d <a target=\"_blank\" href=\"https:\/\/www.reuters.com\/business\/autos-transportation\/eus-von-der-leyen-china-must-be-stopped-flooding-ev-market-2024-05-08\/\" style=\"\" rel=\"noopener\">Reuters<\/a> adds.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Chinese companies could look to start producing EVs in other countries <\/strong>in a bid to ease tensions \u2014 much as Japanese automakers did to smooth-out economic relations with the US back in the 1980s. Two cases in point: EV leader Byd as well as Neta Auto plan to start producing EVs in the lucrative Indonesian market, with Byd saying it will invest USD 1 bn in its plant, the <a target=\"_blank\" href=\"https:\/\/www.ft.com\/content\/ea5985a7-ecc0-41fe-bf7e-6493b1bdec33\" style=\"\" rel=\"noopener\">Financial Times<\/a> reports.<\/p>\n<hr style=\"height:2px;border-width:0;color:gray;background-color:gray\">\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>AND- <\/strong>Top French business daily <a target=\"_blank\" href=\"https:\/\/www.lesechos.fr\/monde\/europe\/europeennes-2024-lue-deploie-toutes-ses-forces-pour-lutter-contre-la-desinformation-2093847\" style=\"\" rel=\"noopener\">Les echos<\/a> reports that <strong>European officials are worried about <\/strong><strong>deep fakes and disinformation<\/strong> campaigns heading into the 6-9 June European Parliament elections. <\/p>\n<div class=\"row\">\n<div class=\"col-md-12 subscribe-box-panel\">\n<div class=\"\">\n<div class=\"title\">\n<h4 class=\"fw-lighter mb-10\">   Get <b style=\"font-weight: 700\">Enterprise<\/b> daily   <\/h4>\n<\/p><\/div>\n<p class=\"mb-10\">The roundup of news and trends that move your markets and shape corporate agendas delivered straight to your inbox.<\/p>\n<p>  <a target=\"_blank\" href=\"\/egypt\/en\/user\/NewsLetters\" type=\"button \" class=\"btn-green px-3 d-flex align-items-center\" rel=\"noopener\">Subscribe here<\/a>  <\/div>\n<\/p><\/div>\n<\/p><\/div>\n<p class=\"tag-border-left\">OUR NEXT CONFERENCE IN CAIRO-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>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: <strong>It\u2019s a massive consumer opportunity and a regional export hub of tomorrow.<\/strong><\/p>\n<p style=\"padding:0;margin:0;line-height:1.0;orphans:2;widows:2;text-align:left\"><strong>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<p style=\"padding:0;margin:0;line-height:1.0;orphans:2;widows:2;text-align:left\"><strong>We\u2019ll be talking with you about the agenda over the coming couple of weeks.&nbsp;<\/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<p style=\"padding:0;margin:0;line-height:1.0;orphans:2;widows:2;text-align:left\">&nbsp;<strong><a target=\"_blank\" href=\"https:\/\/optimism.enterprise.news\/\" style=\"\" rel=\"noopener\">*** Interested in attending? Tap or click here to let us know.<\/a><\/strong>&nbsp;Seating is limited. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><a href=\"https:\/\/optimism.enterprise.news\/\" target=\"_blank\" rel=\"noopener\"><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/ads\/imgs\/221.jpg?ssl=1\"><\/a> <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">***<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>TAP OR CLICK HERE TO READ WITH ALL OF THE LINKS <\/strong>to our background and external sources.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">***<\/p>\n<p class=\"tag-border-left\"> CIRCLE YOUR CALENDAR- <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The Abu Dhabi Global Healthcare Week is set to take place between 13-15 May<\/strong> at the Abu Dhabi National Exhibition Centre. Hosted by Abu Dhabi\u2019s Department of Health, the event will bring together around 5k attendees, 100 exhibitors, and 1k delegates specialized in healthcare. Featured topics include AI, biotech, and genomics. You can find the event brochure <a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/5\/289.pdf\" style=\"\" rel=\"noopener\">here (pdf)<\/a>. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The <\/strong><strong><a target=\"_blank\" href=\"https:\/\/www.dwtc.com\/en\/events\/acres-real-estate-exhibition-2024\/\" style=\"\" rel=\"noopener\">Acres Real Estate Exhibition<\/a><\/strong><strong> is set to take place between 16-19 May at the<\/strong><strong> Dubai World Trade Center<\/strong>. The event will gather leading property developers, investors, brokers, and experts, to showcase the latest projects and technologies in the real estate industry.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The <\/strong><strong><a target=\"_blank\" href=\"https:\/\/commodityinsights.spglobal.com\/mpgc.html?utm_source=google&amp;utm_medium=cpc&amp;utm_campaign=q2_2024_emea_events_mpgc&amp;utm_content=advert2&amp;utm_term=conferences&amp;gclid=Cj0KCQjw_qexBhCoARIsAFgBlesc2VesT9r8VORd_K-RgkzohOU9Of4VXtk10bx42ptVJMeOi2x_gdgaAjX3EALw_wcB\" style=\"\" rel=\"noopener\">Middle East Petroleum and Gas Conference<\/a><\/strong><strong> is set to take place from 20-22<\/strong><strong> May in Dubai<\/strong>, hosted by the Emirates National Oil Company and under the organization of S&amp;P Global Commodity Insights. The theme of the conference is \u201cEvolving Core Energy Markets within a Sustainable Landscape.\u201d<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The Dubai Business Forum in Beijing, China is set to take place between 21-22 <\/strong><strong>August<\/strong>, <a target=\"_blank\" href=\"https:\/\/www.wam.ae\/en\/article\/b30lsve-dubai-chambers-organise-dubai-business-forum-china\" style=\"\" rel=\"noopener\">Wam<\/a> reports. Hosted by Dubai Chambers, the event aims to attract foreign direct investments by presenting investment prospects. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong><a target=\"_blank\" href=\"https:\/\/gpca.org.ae\/conferences\/scc\/\" style=\"\" rel=\"noopener\">The Gulf Petrochemicals and Chemicals Association Supply Chain<\/a><\/strong><strong><a target=\"_blank\" href=\"https:\/\/gpca.org.ae\/conferences\/scc\/\" style=\"\" rel=\"noopener\">Conference<\/a><\/strong><strong> is scheduled<\/strong><strong> for next Wednesday and Thursday, 15-16 May<\/strong> at the Address Sky View Hotel in Dubai. The conference will bring together industry players under the theme Harnessing Connectivity for a Sustainable Tomorrow, discussing supply chain connectivity and AI integration in the industry.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The<\/strong><strong> International Exhibition of National Security and Resilience<\/strong><strong><a target=\"_blank\" href=\"https:\/\/www.isnrabudhabi.com\/\" style=\"\" rel=\"noopener\">2024 Conference<\/a><\/strong><strong> is <\/strong><strong>happening<\/strong><strong> on 21-22 May 2024 at Adnec Abu Dhabi<\/strong>, coinciding with the International Exhibition of National Security and Resilience, <a target=\"_blank\" href=\"https:\/\/www.wam.ae\/de\/article\/b30lt9y-isnr-2024-conference-begin-21st-may-abu-dhabi\" style=\"\" rel=\"noopener\">Wam<\/a> reports. The conference is set to gather top CEOs, leaders, and experts from different fields to discuss security challenges and promote strategic partnerships.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>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":"<p>Good morning, lovely people. We have a tight issue for you this morning, with the newsflow remaining slow \u2014 in UAE terms \u2014 as conference season rumbles on. The dominant theme of today\u2019s issue? M&amp;A. We have news of a rejected takeover bid by Dubai-based infrastructure firm Sidara \u2014 formerly Dar Group \u2014 of British [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":91820,"comment_status":"","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1543],"tags":[74,87,149,1367,6],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-91819","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-what-were-tracking-today","tag-adx","tag-dubai","tag-ipo-watch","tag-transport","tag-what-were-tracking-today","wpautop","entry"],"acf":{"mongo_id":"79e2aae2-eab0-4dd8-867a-e143a8786a4c","order":"2","is_powered_by":false,"story_type":"4","photo_url":"https:\/\/ent.news\/2024\/5\/636.jpg","photo_position":"above","homepage_title":"","full_issue_title":"THIS MORNING: New AED 16.8 bn Dubai transport strategy? + Spinneys shares start trading today","related_issue":[91817],"teaser":"","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/5\/.52a52e83-cae6-4e05-abae-9505397e61d9.mp3"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>New AED 16.8 bn Dubai transport strategy? + Spinneys shares start trading today - UAE<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/uae\/2024\/05\/09\/new-aed-16-8-bn-dubai-transport-strategy-spinneys-shares-start-trading-today\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"New AED 16.8 bn Dubai transport strategy? + Spinneys shares start trading today\" \/>\n<meta property=\"og:description\" content=\"Good morning, lovely people. We have a tight issue for you this morning, with the newsflow remaining slow \u2014 in UAE terms \u2014 as conference season rumbles on. The dominant theme of today\u2019s issue? M&amp;A. We have news of a rejected takeover bid by Dubai-based infrastructure firm Sidara \u2014 formerly Dar Group \u2014 of British [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/enterpriseam.com\/uae\/2024\/05\/09\/new-aed-16-8-bn-dubai-transport-strategy-spinneys-shares-start-trading-today\/\" \/>\n<meta property=\"og:site_name\" content=\"UAE\" \/>\n<meta property=\"article:published_time\" content=\"2024-05-09T00:00:00+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/i0.wp.com\/ent.news\/2024\/5\/636.jpg?fit=%2C&ssl=1\" \/>\n<meta name=\"author\" content=\"enterpriseam admin\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"enterpriseam admin\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"11 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/enterpriseam.com\/uae\/2024\/05\/09\/new-aed-16-8-bn-dubai-transport-strategy-spinneys-shares-start-trading-today\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/enterpriseam.com\/uae\/2024\/05\/09\/new-aed-16-8-bn-dubai-transport-strategy-spinneys-shares-start-trading-today\/\"},\"author\":{\"name\":\"enterpriseam admin\",\"@id\":\"https:\/\/enterpriseam.com\/uae\/#\/schema\/person\/ca597032db7e4db868359c123cec256d\"},\"headline\":\"New AED 16.8 bn Dubai transport strategy? 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