{"id":94584,"date":"2024-08-07T00:00:00","date_gmt":"2024-08-07T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/uae\/uae-rolls-over-pakistans-debt-another-time-adnoc-backed-us-lng-project-hits-setback\/"},"modified":"2024-08-07T00:00:00","modified_gmt":"2024-08-07T00:00:00","slug":"uae-rolls-over-pakistans-debt-another-time-adnoc-backed-us-lng-project-hits-setback","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/uae\/2024\/08\/07\/uae-rolls-over-pakistans-debt-another-time-adnoc-backed-us-lng-project-hits-setback\/","title":{"rendered":"UAE rolls over Pakistan\u2019s debt another time + Adnoc-backed US LNG project hits setback"},"content":{"rendered":"

Good morning, friends. <\/strong>We have a brisk issue for you this morning, with the big story of the day being Adnoc\u2019s latest agreement to supply LNG overseas \u2014 this time to Japan, marking a first in decades.<\/span><\/p>\n

We also have more data on Dubai\u2019s real estate prices in 2Q 2024<\/strong>, and the figures show signs of prices moderating. Plus:<\/strong> BHM Capital is planning to acquire Al Waqan Capital through a share swap. <\/p>\n

WEATHER- Cloudy with a chance of rain:<\/strong> Expect partly cloudy conditions across the country, with a chance of more blowing winds and rain in the east and south, according to the National Center of Meteorology (pdf)<\/a>. Dubai<\/strong> will see the mercury hit 42\u00b0C, with an overnight low of 31\u00b0C, while temperatures will hit 41\u00b0C in Abu Dhabi<\/strong>, with an overnight low of 32\u00b0C.<\/p>\n

PUBLIC SERVICE ANNOUNCEMENTS- <\/p>\n

Newlywed citizens in Abu Dhabi can receive up to AED 75k annually in rental assistance for two <\/strong>years,<\/strong> as part of the benefits provided by Abu Dhabi\u2019s Department of Community Development under the Medeem<\/a> Initiative, according to a statement<\/a>. Renewable for up to four years, the assistance is earmarked for Emiratis with monthly incomes below AED 50k who have applied for permanent housing benefits from the Abu Dhabi Housing Authority and do not own property. Applications will be processed in September. <\/p>\n

The authority also introduced two housing initiatives:<\/strong> A partial loan deduction program offering between AED 30-40k off housing loans for families with four to six children and a monthly income of AED 21k-50k monthly; and a loan repayment extension program which allows three-year extensions for loan repayment for the fourth, fifth, and sixth child of families with incomes over AED 50k.<\/p>\n

Background:<\/strong> The annual rental assistance and loan repayment deductions were approved by Abu Dhabi Crown Prince Sheikh Khaled bin Mohamed bin Zayed Al Nahyan last month<\/a> under the Emirati Family Growth Program. The scheme also includes extending maternity leave for women employees in the private sector to 90 days from 60.<\/p>\n

WATCH THIS SPACE- <\/p>\n

<\/a> #1- The <\/strong>Abu Dhabi Food Hub<\/a><\/strong> and <\/strong>Global Auto Hub<\/a><\/strong> are scheduled to be operational by the <\/strong>end of 2025<\/strong> \u2014 nearly two years after Kezad Group<\/a><\/strong> broke ground on the AED 330 mn projects in October 2023<\/a> \u2014 Kezad CEO Mohamed Al Khadar Al Ahmed told Al Etihad<\/a>.<\/p>\n

About the projects: <\/strong>The Abu Dhabi Food Hub aims to boost food security and food waste reduction in the region by facilitating food trade, processing, and distribution. Meanwhile, the Global Auto Hub, set to be the largest in the region, will feature dedicated areas for showrooms, storage, spare parts, workshops, test tracks, and auction houses, in addition to logistics services, government support, and commercial support services.<\/p>\n

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<\/a> #2- Pakistan obtained assurances from the UAE, Saudi Arabia, and China to roll over <\/strong>USD 12 bn in<\/strong> debt for a year, <\/strong>Pakistan\u2019s Finance Minister Muhammad Aurangzeb confirmed to Bloomberg<\/a> after a parliamentary committee meeting. The loan repayment extensions come as the country awaits final approval for a new USD 7 bn loan program with the International Monetary Fund.<\/p>\n

REMEMBER- <\/strong>Pakistan recently held talks<\/a> with the UAE, Saudi Arabia, and China to secure financial support for three years. The country was planning to ask the UAE to roll over a USD 1 bn loan<\/a> ahead of the loan\u2019s maturity date. The government has already agreed to roll over two USD 1 bn deposits in January 2023<\/a> and January<\/a> of this year, after originally having granted Pakistan the loan in 2019 under a USD 3 bn financial assistance package<\/a> deposited with the State Bank of Pakistan.<\/p>\n

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<\/a> #3- Adnoc-backed LNG Texas project to see delays: <\/strong>A US court overturned the Federal Energy Regulatory Commission's (FERC) decision to authorize NextDecade\u2019s Rio Grande LNG project, in which Adnoc holds an 11.7% stake, citing the company\u2019s failure to submit an environmental impact statement, the company said<\/a> yesterday. The US LNG producer said it was \u201cdisappointed\u201d with the decision and that it disagrees with the court\u2019s conclusions, adding that it will now assess its options.<\/p>\n

The delay could impact the company\u2019s final investment decision on its planned Train 4<\/strong>, which was scheduled for 2H 2024, the statement said. The USD 18 bn first phase of the project is expected to be completed by early 2029, Reuters<\/a> reports. <\/p>\n

REMEMBER- The Abu Dhabi National Energy Company (Adnoc) <\/strong>acquired<\/a> an 11.7% stake in the first phase of the project in May<\/strong>, and inked a 20-year offtake agreement under which it will receive 1.9 mn tons of LNG annually from the project's planned Train 4 on a free-on-board basis \u2014 contingent on the company\u2019s final investment decision. <\/p>\n

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

Global markets are catching their breath after stocks staged somewhat of a comeback yesterday<\/strong>, recovering some of the losses from the past three days as investors eased recession concerns and Japanese equities bounced back during trading.<\/p>\n

The rundown:<\/strong> The Dow gained 0.76%, while the S&P 500 rose 04%, and the Nasdaq Composite closed up 1.03%. Major tech stocks like Nvidia and Meta Platforms saw rebounds after being among some of the worst performers on Monday. Japanese stocks also boosted sentiment, with the Nikkei 225 experiencing its best day since October 2008, jumping 10.2% after a sharp decline the previous day. (CNBC<\/a> | Financial Times<\/a> | Wall Street Journal<\/a> | Reuters<\/a>)<\/p>\n

AND- US Vice President and presidential nominee Kamala Harris tapped Minnesota<\/strong> Governor Tim Walz<\/strong> \u2014 who is known for being more broadly appealing in the voter base, despite not being the most well-known contender \u2014 as her running mate for the presidential campaign. (Bloomberg<\/a> | AP<\/a> | CNBC<\/a> | Reuters<\/a> | The New York Times<\/a> | Wall Street Journal<\/a> | Washington Post<\/a>) <\/p>\n

IN OUR NECK OF THE WOODS- <\/strong>Hamas tapped Yahya Sinwar as the new head of its political bureau, succeeding Ismail Haniyeh who was assassinated last week in Tehran. This makes Sinwar the main focal point for any diplomatic efforts aimed at halting the war in Gaza. (Reuters | Guardian<\/a> | BBC<\/a> | ABC News<\/a> | Times of Israel<\/a>)<\/p>\n

OLYMPICS- <\/p>\n

Here are the highlights from day 11 of the Paris Olympics: <\/strong><\/p>\n

Another day where history was made: <\/strong>Cuban wrestler Mija\u00edn L\u00f3pez, 41, wrote Olympic history, becoming the first athlete to ever win gold in the same event in five Olympic Games, following his victory in the Greco-Roman wrestling 130kg category, which he has dominated since the Beijing 2008 Olympics. Following his win, L\u00f3pez left his shoes on the mat, signaling his retirement from the sport.<\/p>\n

Canada dominates hammer throw events: <\/strong>Canadian Camryn Rogers won the women's hammer throw gold yesterday, while Poland's Anita W\u0142odarczyk, who won gold in the last three Olympics, finished fourth. Rogers' win comes only days after Canada\u2019s Ethan Katzberg secured the gold in the men\u2019s event.<\/p>\n

Bahrain secures its first gold at Paris 2024 (and third ever):<\/strong> Bahrain\u2019s 24-year-old Winfred Yavi clinched the women\u2019s 3km steeplechase title at Paris 2024 with a spectacular final kick, setting a new Olympic record. She defeated defending champion Peruth Chemutai of Uganda, adding the Olympic gold to her world crown. <\/p>\n

Algeria\u2019s 25-year-old Imane Khelif advanced to the women\u2019s welterweight boxing final<\/strong> with a unanimous victory over Thailand\u2019s Janjaem Suwannapheng. Algeria currently has one gold at Paris 2024 after Kaylia Nemour became the first African athlete to earn an Olympic gymnastics medal.<\/p>\n

Tunisia <\/strong>has so far secured 1 silver medal, and Egypt <\/strong>1 bronze. <\/p>\n

Day 11 gold medalists:<\/strong><\/p>\n