{"id":93599,"date":"2024-07-08T00:00:00","date_gmt":"2024-07-08T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/uae\/alpha-dhabi-eyes-ipos-for-its-subsidiaries-this-year\/"},"modified":"2024-07-08T00:00:00","modified_gmt":"2024-07-08T00:00:00","slug":"alpha-dhabi-eyes-ipos-for-its-subsidiaries-this-year","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/uae\/2024\/07\/08\/alpha-dhabi-eyes-ipos-for-its-subsidiaries-this-year\/","title":{"rendered":"Alpha Dhabi eyes IPOs for its subsidiaries this year"},"content":{"rendered":"

Good morning, lovely people, and welcome to the start of a new workweek. <\/strong>We have a busy issue for you this morning with tons of investment news from the likes of Adnoc, GulfNav, and GFH Partners.<\/span><\/p>\n

Bloomberg and Reuters<\/strong> are both reporting that Adnoc could sell 40% worth of stakes in its USD 7 bn Ruwais liquefied natural gas (LNG) project<\/strong> to UK oil and gas giant Shell, French TotalEnergies, BP, and Japan\u2019s Mitsui, as soon as next week. <\/p>\n

PUBLIC SERVICE ANNOUNCEMENTS-<\/p>\n

<\/a> #1- You can now get Emirati passports with a shelf life of 10 years: <\/strong>The Federal Authority for Identity, Citizenship, Customs, and Ports Security (ICP) has begun issuing passports to citizens aged 21 and above passports with a validity of 10 years, up from five years previously, Wam<\/a> reports. citing The new decision<\/a>, announced earlier this year, aims to enhance bureaucracy by reducing the frequency of passport renewals for citizens to every decade. <\/p>\n

#2- Dubai adds two new bus routes:<\/strong> Dubai\u2019s Roads and Transport Authority (RTA) has launched two new bus routes \u2014 DH1, which runs between Dubai Hills and Equity Metro Station, and DA2, which runs between DAMAC Hills and Dubai Studio City \u2014 according to a statement<\/a>.<\/p>\n

Schedule: <\/strong>The DH1 route operates from 7:09 am at 1-hour intervals, with the last trip leaving Dubai Hills at 10:09 pm on weekdays and 12:09 am on weekends. Meanwhile, the DA2 route operates daily from 5:47 am at 2-hour intervals, with the last trip departing Damac Hills at 9:32 pm.<\/p>\n

WATCH THIS SPACE-<\/p>\n

<\/a> #1- <\/strong>Alpha Dhabi Holding plans to list a handful of its subsidiaries this year,<\/strong> Group CEO Hamad Al Ameri told The National<\/a> in an interview, without providing details. \u201cWe have so far six companies already on the ADX and this shows our commitment to IPO the companies \u2026 Our strategy today focuses on growing those assets and putting the right governance, putting the right measures to be ready for a listing.\u201d<\/p>\n

Alpha Dhabi is evaluating potential investments in Egypt, India and the US<\/strong> to expand its global range of asset classes, according to the CEO.<\/p>\n

#2- Abu Dhabi to get a platform to facilitate petroleum products trade: <\/strong>Abu Dhabi\u2019s Petroleum Products Trading Regulatory Committee plans to introduce a communication platform where discussions and exchange of technical information between producers and clients can take place to facilitate the circulation of petroleum products, Acting Director General of Regulatory Affairs at the Department of Energy Saif Al Qubaisi said, according to Wam<\/a>. No timeline for the platform\u2019s launch was disclosed, but the Department of Energy will develop requirements, procedures, and working mechanisms for the platform. <\/p>\n

<\/a> #3- A potential buyer for the Telegraph? <\/strong>Member of the House of Lords and co-founder of advertising company M&C Maurice Saatchi might set up a consortium with former director at The Economist Group Lynn Forester de Rothschild to buy out the Telegraph from Abu Dhabi-backed RedBird IMI, Sky News<\/a> reports. Saatchi reportedly approached several potential financial backers in recent weeks alongside Rothschild.<\/p>\n

REMEMBER- <\/strong>Abu Dhabi-backed RedBird IMI formally withdrew its bid<\/a> to acquire British papers, the Telegraph and Spectator, following months of opposition from the UK government. RedBird is seeking first-round bids<\/a> by 19 July, aiming to close the transaction in the summer. This is the second time RedBird IMI receives bids for the papers, after it launched an auction in April.<\/p>\n

#4-<\/strong> The Trump Organization is seeking more real estate in the region<\/strong>, Donald Trump\u2019s son Eric told the Financial Times<\/a>. \u201cThis region has explosive growth, and that\u2019s not stopping anytime soon.\u201d Trump already operates a golf course in Dubai in partnership with real estate developer Damac, and recently agreed to develop Trump Tower in Jeddah<\/a> and a luxury resort in Oman. <\/p>\n

DATA POINTS-<\/p>\n

<\/a>Abu Dhabi National Company\u2019s (Adnoc) flagship oil, Murban crude, posted <\/strong>record trading volumes in 2Q 2024<\/strong>, with over 1.5 mn futures contracts traded, equivalent to 1.5 bn barrels, Wam<\/a> reports, citing data from the Intercontinental Exchange<\/a> (Ice). This marks a 160% increase since the beginning of 2024. June alone saw record highs with an average daily volume of 31k contracts.<\/p>\n

SOUND SMART- <\/strong>ICE Futures Abu Dhabi (IFAD) and the Murban futures market were launched in Abu Dhabi in March 2021, with Adnoc and nine of the world\u2019s largest energy traders as founding partners.<\/p>\n

HAPPENING THIS WEEK- <\/p>\n

Progress on trade talks with the Philippines: <\/strong>The UAE and Philippines are starting the second round of negotiations on a trade and economic agreement today in Manila, the Manila Times<\/a> reports. The countries are looking to finalize the agreement by October or November, Assistant Secretary for Industry Development and Trade Policy at the Department of Trade and Industry Allan Gepty said. <\/p>\n

Background:<\/strong> The two countries agreed to initiate talks<\/a> in December in a bid to boost trade and investment by facilitating the export of goods and services between the Philippines, the UAE, and the broader Gulf region. <\/p>\n

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

There\u2019s no sign that politics will leave the front pages <\/strong>of the global business press anytime soon:<\/p>\n

France won\u2019t have a far-right government: <\/strong>The country\u2019s centrist and left-wing parties dealt a blow to the far-right Rassemblement National as the leftist Nouveau Front Populaire took the most seats in parliament in voting yesterday. Anti-RN parties got their act together and strategically withdrew candidates so as not to split the vote. They now start a delicate dance: figuring out how to put together a government, a process that could take weeks. <\/p>\n

The state of play at dispatch time <\/strong>this morning: <\/p>\n