{"id":92872,"date":"2024-06-10T00:00:00","date_gmt":"2024-06-10T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/uae\/an-eu-anti-subsidy-probe-into-e\/"},"modified":"2024-06-10T00:00:00","modified_gmt":"2024-06-10T00:00:00","slug":"an-eu-anti-subsidy-probe-into-e","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/uae\/2024\/06\/10\/an-eu-anti-subsidy-probe-into-e\/","title":{"rendered":"An EU anti-subsidy probe into e&?"},"content":{"rendered":"

Good morning, friends, and welcome to the slowest start to a week since we can remember. <\/strong>We expect the news to pick up pace slightly as companies wrap up their to-do lists ahead of the upcoming Eid holiday.<\/span><\/p>\n

PUBLIC SERVICE ANNOUNCEMENTS-<\/p>\n

CLARIFICATION-<\/strong> Federal government employees and private sector workers are getting<\/strong> Saturday, 15 June, to Tuesday, 18 June, off for Arafat Day and Eid Al Adha<\/strong>. EnterpriseAM UAE had gotten the four-day weekend right last week, but misreported the exact days that will be off.<\/p>\n

WEATHER- More heat, humidity, and some dust: <\/strong>Expect partly cloudy, humid conditions across the country, with a chance of more blowing winds and more rain in the east. Dubai <\/strong>will see the mercury hit 43\u00b0C, with an overnight low of 32\u00b0C, while temperatures will hit 44\u00b0C in Abu Dhabi<\/strong>, with an overnight low of 31\u00b0C. <\/p>\n

SPEAKING OF THE WEATHER- The UAE is set for an early summer solstice on 20 June<\/strong>, marking the earliest since 1796 and bringing 13 hours and 48 minutes of daylight, Wam<\/a> writes. Temperatures will range from 41-43\u00b0C during the day and 26-29\u00b0C at night through mid-summer, with a shift to high humidity and thunderstorms from 11 August to 23 September. <\/p>\n

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<\/a> #1- Health Ministry announces new abortion regulations in permissible cases: <\/strong>The Health and Prevention Ministry has outlined new abortion regulations in an X post<\/a> by the Emirates State Media Office. Requests for abortion will be assessed by a committee consisting of three UAE doctors, including an obstetrician-gynecologist and a psychiatrist, along with a representative from the prosecution.<\/p>\n

When can abortion take place?<\/strong> If there\u2019s a threat on the pregnant woman\u2019s life or a severe deformation has been identified, provided that the gestational age is under 120 days. <\/p>\n

AND-<\/strong> The Dubai Health Authority, in partnership with the United Network for Organ <\/strong>Sharing, has launched new health standards for organ donation and transplantation<\/strong>, Wam<\/a> reports. The new regulations cover services spanning liver, pancreas, heart, lung, and limb transplants. <\/p>\n

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#2- Applications for the Abu Dhabi Department of Culture and Tourism and Zayed <\/strong>National Museum\u2019s latest Zayed National Museum Research Fund are open until 20 July, <\/strong>according to the Abu Dhabi Media Office. The fund provides AED 1 mn annually for research on Emirati culture, heritage, history, archaeology, and intangible heritage \u2014 including oral traditions, stories, and songs. Offers are open to both established and early-career researchers globally, with criteria based on methodology, experience, outcomes, and alignment with the Zayed National Museum\u2019s mandate. <\/p>\n

WATCH THIS SPACE- <\/p>\n

<\/a> e& faces EU probe over PPF takeover -report: <\/strong>The European Commission is set to launch a probe into telecom giant e&\u2019s acquisition<\/a> of Czech PPF Telecom Group\u2019s assets in Eastern Europe, in a case that will mark the \u201cfirst anti-subsidy probe into foreign buyers of EU assets,\u201d the Financial Times<\/a> reports, citing three people in the know, who revealed that the investigation could be formally announced today. <\/p>\n

The commission is reportedly concerned that the telco received \u201cunfair subsidies\u201d <\/strong>from the state to acquire PPF\u2019s assets, potentially impeding market competition. The commission will have to receive concrete evidence that the subsidies could skew the market to initiate an in-depth investigation into the acquisition, according to the sources. <\/p>\n

BACKGROUND-<\/strong> Bulgaria\u2019s Competition Protection Commission greenlit e&\u2019s acquisition of Bulgarian mobile operator Yettel Bulgaria and telecoms infrastructure provider Cetin Bulgaria from PPF Group. e& had agreed to acquire a 50% stake plus one share in PPF Group\u2019s telecoms units in Bulgaria, Hungary, Serbia, and Slovakia for EUR 2.5 bn (AED 9.9) last August. CEO Hatem Dowidar had expected In February<\/a> to close the acquisition a few weeks later, following the receipt of final regulatory approvals.<\/p>\n

HAPPENING THIS WEEK- <\/p>\n

#1- Spinneys\u2019 shares will join the DFM General Index, as well as the Consumer <\/strong>Staples Sector Index today<\/strong> under the ticker SPINNEYS, according to a DFM disclosure<\/a>. The company\u2019s shares debuted on the DFM in May<\/a>, following a successful AED 1.38 bn IPO. <\/p>\n

#2- The <\/strong>AI Retreat<\/a><\/strong> is set to take place tomorrow at Dubai\u2019s Museum of the Future,<\/strong> according to a Dubai Media Office statement<\/a>. Organized by the Dubai Centre for Artificial Intelligence, the event will gather over 1k AI experts, policymakers and business leaders to explore the potential and challenges of AI at both local and global levels. <\/p>\n

#3- <\/strong>Maritime and shipping company<\/strong> GulfNAv is set to discuss the acquisition of oil storage outfit Brooge Petroleum and <\/strong>Gas Investment Company tomorrow<\/strong>, a DFM filing (pdf)<\/a> reads. Gulfnav submitted<\/a> a proposal earlier in the year for the structure of the acquisition of oil storage outfit Brooge Petroleum and Gas Investment Company to the Securities and Commodities Authority, after submitting a proposal to fully acquire the company from Nasdaq-listed Brooge Energy back in October 2023. The acquisition was initially expected to close in 4Q 2023.<\/p>\n

Remember:<\/strong> GulfNav confirmed<\/a> that its advisors are still assessing the Brooge Energy acquisition in February, saying it aims to complete the evaluation within the coming weeks. <\/p>\n

#4- The UAE and Azerbaijan will host the Ministerial Experience Exchange Forum <\/strong>tomorrow through Wednesday<\/strong> in Baku, Azerbaijan, as part of a strategic partnership inked in November 2022 to advance government knowledge exchange, Wam<\/a> reports. The two-day forum will look to ramp up UAE-Azerbaijan relations in economic diversification and investment, environmental protection and green energy, education, health, social quality of life, and public service and innovation. State Minister for Government Development and Future Ohoud Al Roumi will be in attendance, alongside several other ministry officials.<\/p>\n

DATA POINTS-<\/p>\n

<\/a> #1- Dubai is expected to add some 4.6k hotel room keys to its inventory in 2024<\/strong>, bringing its inventory to more than 154k rooms in 2024, according to the Dubai Economy and Tourism Department\u2019s <\/a>annual visitor report (pdf)<\/a>. Of the upcoming capacity, 2.3k are set to be four-star hotel rooms.<\/p>\n

<\/a> #2- Abu Dhabi Real Estate sees record AED 1.81 bn FDI in 1Q 2024: <\/strong>Abu Dhabi saw a record AED 1.81 bn of foreign direct investment (FDI) into its real estate sector in 1Q 2024, according to The Abu Dhabi Real Estate Centre (Adrec), Wam<\/a> reports. Some 487 individual investors poured investments into the emirate from India, Russia, Canada, the UK, Jordan, and China, significantly ramping up investments from last year. <\/p>\n

Real estate transactions in Abu Dhabi pooled some AED 19.4 bn <\/strong>during the quarter, AED 12.8 bn of which was attributed to sales and purchases and AED 6.6 bn of which was through mortgage transactions. <\/p>\n

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#3- The Emirati Human Resources Development Council in Dubai offered 100 jobs up to <\/strong>Emirati citizens <\/strong>at an open day event across a number of sectors in a bid to meet Emiratization goals, Wam<\/a> reports. Companies participating in the initiative include DMCC, Takaful, KPMG, Neuron, Ghabash Group, Union Coop, Azadea, Apex, Al Gurg Group, Al Batha Group, and Innoventures Education. <\/p>\n

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

With little to no business news in sight, the world\u2019s business press is <\/strong>zeroing in on<\/a><\/strong><\/a><\/strong> Macron\u2019s call for a snap election<\/strong> to be held in the next 30 days, after the far-right National Rally swamped his centrist Renaissance party in the 2024 EU parliamentary elections and sent alarm bells running through the halls of the \u00c9lys\u00e9e. \u201cI have confidence in our democracy, in letting the sovereign people have their say. I\u2019ve heard your message, your concerns, and I won\u2019t leave them unanswered,\u201d Macron said in a presidential address announcing the surprise election (watch, runtime: 5:05<\/a>). <\/p>\n

Also grabbing the <\/strong>headlines<\/a><\/strong> is news that \u201ccentrist\u201d Israeli war cabinet minister Benny<\/strong> Gantz and his party has left Netanyahu\u2019s emergency government<\/strong>, leaving Netanyahu ever more reliant on far-right and ultranationalist parties to keep his slim coalition majority in the Knesset.<\/p>\n

WHILE IN TRADE WAR NEWS- Swedish auto giant Volvo is <\/strong>moving<\/a><\/strong> its EV manufacturing<\/strong> out of China <\/strong>to Belgium as the EU gears up to follow<\/a> the US in imposing harsher tariffs on Chinese-made EVs.<\/p>\n

AND IN TECH NEWS- Siri may soon finally be useful<\/strong>, with Apple rumored to announce a new and improved version of the virtual assistant this week at its annual WWDC conference, writes The Verge<\/a>.<\/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

Sharjah to host EV show next year:<\/strong> Expo Centre Sharjah<\/a> will partner with Dubai-based event organizer Mie Events<\/a> to host the Middle East Electric Vehicle Show (MEEVS) at the center in Sharjah in 2025, according to a press release<\/a>. The event will gather over 100 international EV brands, alongside investors, component manufacturers and charging services providers, aiming to accelerate the adoption of EVs to help cut the transport sector\u2019s carbon footprint.<\/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

<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

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