{"id":94072,"date":"2024-07-23T00:00:00","date_gmt":"2024-07-23T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/uae\/this-morning-economy-minister-abdulla-bin-touq-al-marri-is-headed-to-india-private-consumption-growth-to-moderate-this-year-emirates-nbd\/"},"modified":"2024-07-23T00:00:00","modified_gmt":"2024-07-23T00:00:00","slug":"this-morning-economy-minister-abdulla-bin-touq-al-marri-is-headed-to-india-private-consumption-growth-to-moderate-this-year-emirates-nbd","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/uae\/2024\/07\/23\/this-morning-economy-minister-abdulla-bin-touq-al-marri-is-headed-to-india-private-consumption-growth-to-moderate-this-year-emirates-nbd\/","title":{"rendered":"THIS MORNING: Economy Minister Abdulla bin Touq Al Marri is headed to India + Private consumption growth to moderate this year \u2013Emirates NBD"},"content":{"rendered":"

Good morning, lovely people. <\/strong>We have another busy issue for you this morning, filled with M&A updates, data on the country\u2019s property market in 1H, and a big economic partnership agreement inked with Mauritius \u2014 the first agreement of its kind the UAE inks with an African country. <\/p>\n

Key M&A updates leading the news well today:<\/strong> Mubadala Capital just acquired a stake in stroller manufacturer Buggaboo, while Emirates Driving acquired a stake in Excellence Driving Center\u2019s parent company. <\/p>\n

WEATHER-<\/strong> The mercury peaks at 40\u00b0C today in Dubai<\/strong> \u2014 though it feels much hotter \u2014 with an overnight low of 36\u00b0C. Abu Dhabi<\/strong> will see a high of 38\u00b0C, and an overnight low of 33\u00b0C. <\/p>\n

UPDATES-<\/p>\n

<\/a> #1- Adia-led consortium granted due diligence for possible Hargreaves Lansdown <\/strong>takeover: <\/strong>A consortium led by the Abu Dhabi Investment Authority was granted due diligence by British investment platform Hargreaves Lansdown, which decided it will engage with the consortium following a revised takeover bid submitted<\/a> late June, according to a London Stock Exchange filing (pdf)<\/a>. The revised takeover bid \u2014 which was priced at GBP 11.40 per share, and includes a GBP 0.30 per share dividend that can be reinvested \u2014 was the consortium\u2019s third following several rejections<\/a>. Hargreaves\u2019 board said at the time it was willing to recommend the proposal. <\/p>\n

Hargreaves\u2019 board of directors extended the deadline for bidding to 5 August<\/strong> to allow time for the consortium to finalize details like the structure of the acquisition, a source close to the matter told the Financial Times<\/a>. <\/p>\n

The caveat: <\/strong>Investors have raised concerns over the fairness of the proposed takeover for Hargreaves\u2019 shareholders, the FT writes. The main sticking point is the weeding out of funds that will be unable to retain their stakes in Hargreaves following its delisting from the LSE, according to FT\u2019s sources. <\/p>\n

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<\/a> #2- More bids are in for the Telegraph: <\/strong>At least seven bids \u2014 including from Belgium\u2019s Mediahuis, UK media groups National World and News UK, and British investors Lord Maurice Saatchi and Paul Marshall \u2014 were submitted on Friday to buy out the Telegraph and Spectator from Abu Dhabi-backed RedBird IMI, the Financial Times<\/a> reports, citing people close to the sale process. Some 20 parties showed interest in the transaction, with some after both papers and others eyeing only one. <\/p>\n

Other alternatives?<\/strong> RedBird could also move to buy out IMI and buy the papers itself if the bids are too low, the FT writes. Former Tory Chancellor Nadhim Zahawi is also reportedly preparing a GBP 600 mn bid for the papers, Sky News<\/a> reported. <\/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 sought out first-round bids<\/a> by 19 July, aiming to sell the papers to recoup the GBP 600 mn invested last year to acquire the assets. This is the second time RedBird IMI receives bids for the papers, after it launched an auction in April.<\/p>\n

What\u2019s next? <\/strong>Round two of the process is expected to commence in September, likely extending the sale into 4Q 2024. Investment banking advisers Robey Warshaw and Raine are analyzing the bids. <\/p>\n

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#3- Ardent is live on the New York Stock Exchange:<\/strong> US hospital operator Ardent Health Services, in which Healthcare giant PureHealth holds a 26.05% stake, successfully wrapped its IPO and is now trading on the New York Stock Exchange, the hospital operator said in a bourse filing (pdf)<\/a>. The company had been expecting a capital boost of up to USD 800 mn<\/a> from the IPO, but the IPO was later downsized, with Ardent Health pricing it below the targeted range and raising around USD 192 mn, Reuters<\/a> reports. The company sold some 12 mn shares at USD 16 each, valuing it at approximately USD 2.3 bn. Shares ended roughly<\/a> flat on its debut. <\/p>\n

Background: <\/strong>The IHC healthcare subsidiary acquired the minority stake in a transaction valued at AED 1.8 bn in May 2023<\/a>.<\/p>\n

PUBLIC SERVICE ANNOUNCEMENTs- <\/p>\n

<\/a> #1- Abu Dhabi citizens can now exchange their granted residential lands<\/strong> for available lands managed by the Abu Dhabi Housing Authority through its Iskan Abu Dhabi Application, according to a statement<\/a>. To be eligible for the exchange, the plots must be undeveloped and undivided, provided that neither party receives any financial compensation from the exchange. <\/p>\n

#2- The UAE will roll out a health ins. platform for tourist visas<\/strong>, offering emergency health coverage for visitors, according to a statement<\/a> by the Federal Authority for Identity, Citizenship, and Customs. The platform will allow tourists to pick from a roster of different providers, director-general of the authority, Suhail Al Khaili, told Khaleej Times<\/a>. <\/p>\n

HAPPENING TODAY- <\/p>\n

<\/a> Economy Minister Abdulla bin Touq Al Marri is headed to India, <\/strong>leading a high-level delegation to explore ways to boost economic cooperation between the two countries, Wam<\/a> reports. Discussions will focus on establishing new partnerships in the areas of logistics, advanced industries, entrepreneurship, SMEs, environment, and investment across government and private sectors. <\/p>\n

A new round of Investopia Global Talks will be held<\/strong> in Chennai, in southern India, in tandem with the visit, with the participation of over 300 investors, entrepreneurs, and economic experts from India and UAE. <\/p>\n

WATCH THIS SPACE- <\/p>\n

#1- IHC-Ray Dalio partnership kicked further down the road: <\/strong>Abu Dhabi-based state-owned conglomerate IHC and hedge fund mogul Ray Dalio\u2019s planned investment firm partnership has been delayed further due to legal setbacks related to Dalio exiting from his USD 160 bn asset management firm, Bridgewater Associates, Bloomberg<\/a> reports, citing people in the know. His exit has sparked concerns that Dalio will use Bridgewater\u2019s intellectual property in the potential tie-up despite inking a non-compete agreement. <\/p>\n

Background: <\/strong>The partnership<\/a> \u2014 initially set to launch last year \u2014 was set to see the Ray Dalio Family Office and IHC establish an asset management arm for AI giant G42 in Abu Dhabi Global Market, Bloomberg said. Dalio set up a family office in Abu Dhabi last year. <\/p>\n

Despite the delays, several employees have already moved between the Dalio family office and G42<\/strong>, Bloomberg added. <\/p>\n

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<\/a> #2-<\/strong> Private consumption growth in the UAE is expected to slow down<\/strong> in 2024 <\/strong>on the back of higher costs of living and higher interest rates, after growing nearly 12% last year, Emirates NBD\u2019s chief economist, Khatija Haque, writes for the National<\/a>. Strong public sector consumption and investment underpinned last year\u2019s growth in private consumption, according to official data cited by Haque, who attributes the increase to population growth. <\/p>\n

Public and private investment will drive non-oil sector growth in 2024 and beyond,<\/strong> Emirates NBD forecasts, citing a surge in infrastructure investments during 1H 2024, particularly for major construction projects.<\/p>\n

Public sector projects under execution totaled AED 334 bn at the end of June,<\/strong> adding more than AED 70 bn during 1H 2024, with the oil and gas sector drawing most of the value. In addition, several projects are planned across the transport, power, and water sectors, including the development of Al Maktoum International Airport<\/a> and Dubai Metro\u2019s new Blue Line<\/a>.<\/p>\n

Lower interest rates in late 2024 and 2025 could support consumption and investment in <\/strong>the UAE<\/strong>, Emirates NBD expected, adding that investment in strategic public sector projects will likely proceed regardless of interest rate cuts, supporting medium-term economic activity. The lender predicts the UAE\u2019s non-oil sector will grow at a 5% clip in 2024, down from 6.2% in 2023.<\/p>\n

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#3- Boeing delays thwart flydubai\u2019s expansion plans:<\/strong> UAE\u2019s budget carrier flydubai said its expansion plans will be significantly hampered by delays in Boeing\u2019s delivery schedule in a statement<\/a> yesterday. The airline is now working on \u201cevaluating its route development plans and potential frequency revision across the network due to a lack of new aircraft deliveries over the next few months.\u201d The delay is also expected to affect flydubai\u2019s customers and its financial performance, it said in the statement. Fourteen 737 MAX aircraft, scheduled for delivery this year, will not be handed over to flydubai per Boeing\u2019s schedule revision. <\/p>\n

It\u2019s not just flydubai who\u2019s frustrated with Boeing: <\/strong>Emirates\u2019 Tim Clark told Bloomberg<\/a> he doesn\u2019t expect Boeing\u2019s 777X aircraft to enter commercial services before 2026, and that he \u201cwould not take kindly\u201d to further delays caused by a growing backlog of orders. Both carriers have been resorting to retrofit programs in order to grapple with the delays. <\/p>\n

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

No surprises here \u2014 Kamala Harris is leading front pages everywhere after suddenly <\/strong>becoming the frontrunner for the Democratic nomination<\/strong>. <\/strong>Also getting attention: Israel is evacuating Khan Younis; ether ETFs are coming; and Google is keeping advertiser cookies. <\/p>\n

Harris <\/strong>addressed<\/a><\/strong> her campaign staff yesterday<\/strong> as her candidacy earned the backing of key party officials, with former House speaker Nancy Pelosi the latest to give Harris her stamp of approval. Hollywood celebrities are also rallying around<\/a> Harris and donating to the campaign \u2014 and Charli XCX seemingly triggered a viral meme campaign after tweeting that Harris \u201cIS brat.\u201d The campaign is leaning into it in a bid to attract Gen Z votes. <\/p>\n

The sitting vice president aims to lock-in the delegates she needs to secure her <\/strong>nomination by tomorrow evening<\/strong>, Reuters<\/a> reports. The Democratic National Committee has agreed<\/a> to hold a virtual roll call to choose their nominee by Wednesday, 7 August. The formal convention will start on Monday, 19 August.<\/p>\n

The key question on everyone\u2019s minds now:<\/strong> Who will Harris pick as her running mate? Bloomberg<\/a>, the New York Times<\/a> and Politico<\/a> each have a list of folks they think are likely candidates. <\/p>\n

MEANWHILE- The US Secret Service <\/strong>admitted<\/a><\/strong> its \u201cfailure\u201d in protecting Trump<\/strong> during his assassination attempt, and Biden <\/strong>said<\/a><\/strong> dropping out of the race was \u201cthe right thing to do.\u201d<\/strong> <\/p>\n

OVER IN GAZA- While Prime Minister Benjamin Netanyahu heads to Washington to <\/strong>address congress tomorrow, Israel has ordered civilians to evacuate Khan Younis <\/strong>as it relaunches attacks against Hamas, sending hundreds of thousands to the humanitarian area in Al Mawasi by the coast and killing 70 Palestinians in the meantime. (Bloomberg<\/a> | Reuters<\/a>) <\/p>\n

IN BUSINESS NEWS- Several stories are making the rounds: <\/strong><\/p>\n

#1- The ripple effects of the global tech outage on Friday could last weeks<\/strong>, experts say<\/a>, as flights continue to face delays across the world and healthcare services face ongoing snarls. <\/p>\n

#2- The US Securities and Exchange Commission approved the launch of ether ETFs <\/strong>six months after the successful launch of BTC ETFs, with trading expecting to kick off today, CNBC<\/a> reports. The ETFs could attract some USD 15 bn to market in its first year and a half, analysts expect. <\/p>\n

#3- Google is scrapping long-standing plans to replace third-party cookies<\/strong> \u2014 long used by advertisers \u2014 after receiving feedback that the transition would be disruptive and would impact all online publishers. Read Google\u2019s full blog post about the decision here<\/a>. <\/p>\n

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

Plus: Adia-led consortium granted due diligence for Hargreaves Lansdown 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