{"id":93740,"date":"2024-07-11T00:00:00","date_gmt":"2024-07-11T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/uae\/fab-eyeing-usd-5-bn-stake-in-indias-yes-bank-dubai-to-build-worlds-largest-food-logistics-zone\/"},"modified":"2024-07-11T00:00:00","modified_gmt":"2024-07-11T00:00:00","slug":"fab-eyeing-usd-5-bn-stake-in-indias-yes-bank-dubai-to-build-worlds-largest-food-logistics-zone","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/uae\/2024\/07\/11\/fab-eyeing-usd-5-bn-stake-in-indias-yes-bank-dubai-to-build-worlds-largest-food-logistics-zone\/","title":{"rendered":"FAB eyeing USD 5 bn stake in India\u2019s Yes Bank + Dubai to build world\u2019s largest food logistics zone"},"content":{"rendered":"

Good morning, friends. <\/strong>We\u2019re nearing the end of the week and the news cycle is back to its regularly scheduled summer lull \u2014 though not without a fair share of debt and M&A updates, and a big agreement inked between Adnoc and Big Oil firms for stakes in its Ruwais plant.<\/span><\/p>\n

PUBLIC SERVICE ANNOUNCEMENTS-<\/p>\n

WEATHER- Dubai <\/strong>is set to see a daytime high of 42\u00b0C and an overnight low of 33\u00b0C, while the mercury in Abu Dhabi<\/strong> will rise to 40\u00b0C, with an overnight low of 32\u00b0C. <\/p>\n

Energy exchange Dubai Mercantile Exchange will change its name to Gulf Mercantile <\/strong>Exchange<\/strong> as of 2 September, state news agency Wam<\/a> writes. The move follows Saudi Tadawul Group\u2019s acquisition of a 32.6% stake in the energy trader back in June<\/a>. <\/p>\n

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The Abu Dhabi Federal Appeals court issued life sentences to 43 people in the Muslim <\/strong>Brotherhood trial on terrorist offenses<\/strong>, Wam<\/a> reported yesterday. Others were handed 10-15 year sentences while six companies were slapped with AED 20 mn fines on charges of money laundering and financing a terrorist organization. <\/p>\n

WATCH THIS SPACE- <\/p>\n

<\/a> #1- First Abu Dhabi Bank is in the running for a USD 5 bn majority stake in India\u2019s <\/strong>Yes Bank<\/strong>, Bloomberg<\/a> reports, citing people familiar with the matter. The lender is weighing a bid for as much as 51% of the bank, though the size of the stake sale might change, and the Indian bank has yet to receive approval from the Reserve Bank of India for the 51% stake sale, Bloomberg said. <\/p>\n

REMEMBER- FAB has been <\/strong>trying for a couple of years now to make a big move outside the UAE:<\/strong> The bank most recently held talks to acquire a stake in Turkish bank Yapi Kredi, but the talks were later terminated due to disagreements over pricing, Bloomberg said at the time. It was also weighing<\/a> an offer of USD 35 bn for Standard Chartered last year and was trying to buy<\/a> Egypt\u2019s EFG Hermes in 2022. Both transactions fell through.<\/p>\n

Is Emirates NBD out of the race? <\/strong>Bloomberg mentions Japan\u2019s Mitsubishi UFJ Financial Group and Sumitomo Mitsui Banking Corp as other potential suitors, without clarifying whether Emirates NBD \u2014 which was reportedly interested in the sale<\/a> \u2014 opted out.<\/p>\n

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#2- Hungary's government is in talks with the UAE and the Qatar Investment Authority to <\/strong>sell a less than 10% minority stake in Budapest Airport, <\/strong>Hungarian Economy Minister Marton Nagy told Bloomberg<\/a> earlier this week. The government acquired an 80% stake in the airport for EUR 3.1 bn last month as part of plans to increase local ownership of strategic assets amid budget challenges. French construction firm Vinci holds the remaining 20% stake in the airport.<\/p>\n

Where the funding is going: <\/strong>The government plans to construct a third terminal and enhance the rail and road infrastructure, Nagy told Bloomberg. The funding for improving airport access will be finalized in the next two months. Each investment option, whether in rail or road, is projected to cost approximately EUR 1 bn, he added. <\/p>\n

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<\/a> #3- Dubai to build world's largest food logistics zone:<\/strong> The Dubai Municipality and DP World are set to develop a logistics trade hub for food, fruits, and vegetables, set to be the world\u2019s largest, Deputy Dubai Ruler Maktoum bin Mohamed bin Rashid said in an X post<\/a>. The new hub is set to double the size of Dubai\u2019s fruit and vegetable market, placing it under DP World\u2019s purview, and will create a unified window for the trade of foodstuffs, according to the post.<\/p>\n

\u201cDubai aims to be a leading destination for markets, export, and re-export operations across various sectors<\/strong>, maximizing economic opportunities for investors in this field,\u201d Sheikh Maktoum said.<\/p>\n

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#4-<\/strong> Presight aims to increase its revenue share from international markets to 30% from the current 15%<\/strong>, CEO Thomas Pramotedham told CNBC Arabia<\/a>, without clarifying an exact timeline. Concurrently, the revenue contribution from Presight's domestic operations in the UAE is expected to decrease to approximately 70% from the current 85%. Other than the UAE, Presight operates in about 14 countries across Central and Southeast Asia, as well as Africa.<\/p>\n

The firm plans to acquire companies in the energy, finance, and infrastructure sectors<\/strong>, Pramutdam said, adding that it is eyeing a few prospects in the US, UK, and Central Asia. <\/p>\n

ICYMI- <\/strong>The company recently acquired a 51% stake in AIQ<\/a>, Adnoc\u2019s AI joint venture with G42, for USD 350 mn.<\/p>\n

DATA POINTS- <\/p>\n

#1- Average freehold villa valuation in Dubai surpassed the AED 10 mn mark in June<\/strong>, with all established freehold villa communities in the emirate crossing their capital value peaks from 2014, according to a new report from property consultancy ValuStrat picked up by Zawya<\/a>. Villa capital gains rose by 33.4% y-o-y during the month, with Palm Jumeirah logging the highest yearly villa capital gain (43.1%), followed by Jumeirah Islands (42.5%), Dubai Hills Estate (38.5%), and Emirates Hills (33.6%). <\/p>\n

Apartment prices also witnessed an upward trend during the month, <\/strong>increasing by 23.4% y-o-y. Discovery Gardens recorded the highest yearly apartment capital gain (34.5%), followed by the Greens (33.7%), Palm Jumeirah (31.1%), and the Views (29.7%). <\/p>\n

Off-plan > ready home transactions: Off-plan residential property registrations grew by 33% y-o-y in June, while ready home transactions saw a 2.6% y-o-y decrease during the period, marking their first decline since the onset of covid-19.<\/p>\n

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#2- Moody\u2019s ranked the UAE among the top five fastest-growing emerging economies in <\/strong>2024, <\/strong>and the top-fastest in the Middle East region, Al Etihad<\/a> reports, citing a new report issued by the ratings agency earlier this week. Moody\u2019s affirmed its forecast from earlier this year<\/a>, suggesting GDP will grow at a 4.6% clip this year and 4.5% next year, making it one of the six fastest-growing emerging economies. <\/p>\n

#3- Clean energy made up 45% of Abu Dhabi\u2019s energy mix in 2023<\/strong>, as the emirate looks to achieve its Environmental Centennial 2071 goal<\/a>(pdf)<\/a>, the Abu Dhabi Media Office<\/a> said, citing the \u00adAbu Dhabi Environment Agency. The emirate adopted a new low-carbon hydrogen policy, which helped boost the share of clean energy in its mix, and saw the operation of the Barakah 3 nuclear power plant and Al Dhafra solar power plants. <\/p>\n

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

A handful of stories are making a splash on business front pages <\/strong>after a week dominated by election news \u2014 though Biden\u2019s campaign is still getting attention. <\/p>\n

#1- Archegos founder Bill Hwang was found guilty on charges of fraud and market <\/strong>manipulation <\/strong>after his investment fund wiped bns off the market after its collapse. Hwang stands to face 20 years in prison. (FT<\/a> | Bloomberg<\/a> | Reuters<\/a> | CNBC<\/a>)<\/p>\n

Need a refresher on the 2021 meltdown? <\/strong>Long story short: The family office managed to hold USD 50 bn in positions while owning only USD 10 bn in assets, prompting Bulge Bracket banks to sell off their assets, leading to the fund\u2019s implosion. EnterpriseAM broke it down at the time here<\/a>. <\/p>\n

#2- Apple is planning to ship 90 mn iPhone 16s in 2H 2024<\/strong>, marking a 10% y-o-y growth in shipments after a bumpy year marked by lackluster sales. The firm is counting on Apple Intelligence AI features to boost demand for the phones, Bloomberg<\/a> said. <\/p>\n

ALSO- Android users can expect a bigger-and-better Bixby later this year<\/strong>, which Samsung plans to upgrade using a South Korean AI large language model. <\/p>\n

Your regularly scheduled dose of elections and politics news: <\/strong><\/p>\n

#1- Two high-level democrats and longtime allies of Biden \u2014 former House speaker <\/strong>Nancy Pelosi and actor George Clooney \u2014 are the latest to voice their doubts <\/strong>about his reelection. <\/p>\n

Clooney wrote a damning opinion piece in the <\/strong>New York Times<\/a><\/strong> to say Biden is too old to run. \u201cIt\u2019s devastating to say it, but the Joe Biden I was with three weeks ago at the fund-raiser was not the Joe 'big F-ing deal' Biden of 2010. He wasn\u2019t even the Joe Biden of 2020. He was the same man we all witnessed at the debate,\u201d he wrote. <\/p>\n

Pelosi, meanwhile, said Biden needs to make a quick decision on his reelection<\/strong>, without flat out saying she doesn\u2019t back him. <\/p>\n

#2- Iran\u2019s newly elected president, Masoud Pezeshkian, is set to name the chief <\/strong>negotiator on the 2015 nuclear agreement, Abbas Araghchi, as foreign minister <\/strong>\u2014 sending another signal that the new government will hope to end Iran\u2019s nuclear stalemate with the West. <\/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<\/div>\n<\/div>\n

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Plus: Moody\u2019s says UAE is among the top five fastest emerging economies in 2024<\/p>\n","protected":false},"author":1,"featured_media":93741,"comment_status":"","ping_status":"open","sticky":false,"template":"","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":[87,19,7,65,60,386,6],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-93740","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-what-were-tracking-today","tag-dubai","tag-economy","tag-enterpriseam-uae","tag-first-abu-dhabi-bank","tag-ma-watch","tag-moodys","tag-what-were-tracking-today","wpautop","entry"],"acf":{"mongo_id":"aceec568-042c-451a-a846-586cc4a9ff76","order":"2","is_powered_by":false,"story_type":"4","photo_url":"https:\/\/ent.news\/2024\/2\/25.jpg","photo_position":"above","homepage_title":"","full_issue_title":"THIS MORNING: FAB eyeing USD 5 bn stake in India\u2019s Yes Bank + Dubai to build world\u2019s largest food logistics zone","related_issue":[93738],"teaser":"Plus: Moody\u2019s says UAE is among the top five fastest emerging economies in 2024","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/7\/.d55b2a13-463f-4aa7-97ab-82a247ff317e.mp3"},"yoast_head":"\nFAB eyeing USD 5 bn stake in India\u2019s Yes Bank + Dubai to build world\u2019s largest food logistics zone - 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