{"id":94671,"date":"2024-08-09T00:00:00","date_gmt":"2024-08-09T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/uae\/this-morning-adia-eyes-stake-in-vodafone-idea-flying-taxis-could-come-earlier-than-expected\/"},"modified":"2024-08-09T00:00:00","modified_gmt":"2024-08-09T00:00:00","slug":"this-morning-adia-eyes-stake-in-vodafone-idea-flying-taxis-could-come-earlier-than-expected","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/uae\/2024\/08\/09\/this-morning-adia-eyes-stake-in-vodafone-idea-flying-taxis-could-come-earlier-than-expected\/","title":{"rendered":"THIS MORNING: Adia eyes stake in Vodafone Idea? + Flying taxis could come earlier than expected"},"content":{"rendered":"

Good morning, wonderful people, and happy FRIDAY. <\/strong>We close out the week with an issue packed with a deluge of earnings from the likes of Emaar and Spinneys, and a lot of activity from UAE companies in Egypt.<\/span><\/p>\n

THE BIG STORY here at home<\/strong> is Fujairah inking an agreement with Egypt to develop a USD 3 bn petroleum logistics zone in El Alamein. <\/p>\n

WEATHER- Our spell of rain looks to be over<\/strong>, with clouds dissipating and temperatures rising to 41\u00b0C in Abu Dhabi<\/strong>, before cooling to an overnight low of 33\u00b0C. In Dubai<\/strong>, the mercury hits 40\u00b0C today, with an overnight low of 33\u00b0C. <\/p>\n

WATCH THIS SPACE- <\/p>\n

<\/a> #1<\/strong>-<\/strong> Joby is bringing air taxis to the UAE earlier than expected: <\/strong>Electric aircraft developer Joby Aviation announced its plans to launch battery-powered air taxis in Dubai by late 2025, CEO JoeBen Bevirt said in the company\u2019s 2Q earnings call<\/a>. The company will kick off infrastructure work later this year, begin initial flights in early 2025, and aims for full commercialization by year-end.<\/p>\n

REMEMBER- <\/strong>This new timeline is ahead of the previously agreed-upon 2026 launch date set with Dubai\u2019s Road and Transport Authority in February<\/a>. The taxis will be designed to carry a pilot and four passengers at speeds of up to 200 miles per hour, slashing journey times from DXB to Palm Jumeirah to 10 minutes, down from 45 minutes by car.<\/p>\n

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<\/a> #2- <\/strong>Adia eyes Indian govt\u2019s Vodafone Idea stake -report: <\/strong>The Abu Dhabi Investment Authority (Adia) is reportedly among the shortlisted bidders for the Indian government\u2019s 23.15% stake in Indian telco Vodafone Idea, Indian paper the Financial Express<\/a> reports, citing people in the know. Qatar\u2019s sovereign wealth fund Qatar Investment Authority and Singapore\u2019s Temasek are also competing to acquire the stake, with talks still in the early stages. <\/p>\n

Background: <\/strong>The Indian government, which became Vodafone\u2019s largest shareholder in 2023 with a 32% stake, saw its stake reduced<\/a> to 23.15% following the telco\u2019s INR 180 bn (c. USD 2.14 bn) follow-on-public offering \u2014 the largest follow-on public offer in India to date. The Indian government aims to raise between USD 2.2-2.4 bn<\/a> by the end of FY 2024 by offloading various stakes in state-owned companies.<\/p>\n

Adia seems to be bullish on Indian investments: <\/strong>The latest news comes on the heels of a series of potential bids by the sovereign wealth fund in various Indian companies. Most recently, Adia kicked off talks with EQT Baring Private Equity for a 10% stake<\/a> in education loan provider HDFC Credila Financial Services. An Adia-backed consortium is also bidding to buy a 51%, USD 4.8 bn<\/a> stake in Indian food brand Haldiram. Adia and Qatar Investment Authority were also among 50 investors backing Indian conglomerate Adani\u2019s power distribution arm Adani Energy Solutions\u2019 secondary share sale, which is worth up to USD 1 bn<\/a>.<\/p>\n

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<\/a> #3- <\/strong>The government has banned oil tankers flying Eswatini\u2019s flag from arriving at <\/strong>Emirati ports<\/strong>, distancing itself from vessels associated with transporting Russian oil, Bloomberg<\/a> reports, citing a government circular (pdf)<\/a> posted on the Port of Fujairah website. Eswatini is new in global shipping, with no ships sailing under its flag in 2023. While most of these ships' ownership is unclear, several Eswatini-flagged tankers have been involved in transporting oil produced in Russia and Iran, according to Kpler data.<\/p>\n

Not the first flag banned: <\/strong>The decision follows a circular at the beginning of the year<\/a>, which prohibited Cameroonian-flagged vessels due to concerns that many of the ships have been assembled to transport sanctioned Russian oil.<\/p>\n

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

Early last week, US jobs data fueled one of the biggest global market routs in years. <\/strong>Yesterday, jobless data fueled a big comeback <\/strong>\u2014 just another day in the financial markets rollercoaster of 2024. <\/p>\n

Wall Street stocks notched their best day since 2022<\/strong>, with the S&P 500 up 2.3% and the tech-heavy Nasdaq up 2.9%, helping make up some of the losses made earlier this week.<\/p>\n

The unwinding of carry trades is getting a lot of attention in the foreign press.<\/strong> Reuters<\/a> has a handy in-depth primer on the impact of the Bank of Japan\u2019s moves on global markets, with a historical look at the bank\u2019s intervention with the currency, while Bloomberg looks more broadly at JP Morgan\u2019s data on the unwinding of carry trades over the past year. We have more in Planet Finance, below. <\/p>\n

The US is also making headlines on the politics side<\/strong> for several reasons: <\/p>\n

#1- The US, Qatar, Egypt are calling for a round of Gaza ceasefire talks next Thursday <\/strong>in Doha or Cairo to \u201cclose all remaining gaps,\u201d the countries said in a statement<\/a>. The move comes as the region braces for an Iranian attack on Israel in the wake of a string of Israeli killings of Hamas and Hezbollah officials. <\/p>\n

#2- Former President Donald Trump has challenged his opponent, Vice President Kamala Harris, to three debates<\/strong>, with the first set to take place on 10 September. (The Guardian<\/a> | Semafor<\/a>)<\/p>\n

IN TECH NEWS- Fellow iSheep (and fans of more compact tech), <\/strong>Apple\u2019s Mac Mini \u2014 which will run on its new M4 chip \u2014 will be its smallest desktop computer yet, sources told Bloomberg<\/a>. The new model is due for release later this year. <\/p>\n

OLYMPICS-<\/p>\n

It\u2019s almost a wrap at the Paris Olympics 2024<\/strong>, with the final ceremony slated to take place on Sunday. Here\u2019s what not to miss on the final days of the competition: <\/p>\n

TODAY- <\/strong><\/p>\n

#1- Four boxing finals are taking place today<\/strong>, with Algeria\u2019s Imane Khelif<\/strong> gunning for gold in a fight against China\u2019s Yang Liu later tonight. <\/p>\n

#2- Spain takes on hosts France in the football final of the Olympics today at 8pm UAE time<\/strong>, setting up the former for its second trophy this year or for France to take home the gold for the first time in 40 years \u2014 either way, it\u2019ll be the first time a European side takes home gold since Spain in 1992. <\/p>\n

#3- Plus: The US women\u2019s basketball team will face off against Australia; <\/strong>while the breaking bronze medal is up for grabs. <\/strong><\/p>\n

TOMORROW-<\/strong><\/p>\n

Thirty-nine gold medals are up for grabs tomorrow in the busiest single day for gold in the competition for decades. <\/strong>Keep an eye out for the women's football final<\/strong> between US and Brazil; the men\u2019s basketball final<\/strong> between the US and hosts France; men\u2019s<\/strong> handball final<\/strong> (also) between US and France; 4x400m relays<\/strong>; the men\u2019s marathon<\/strong>; and water polo women\u2019s finals<\/strong>. <\/p>\n

SUNDAY-<\/strong><\/p>\n

The final day of the Olympics brings with it a few exciting events,<\/strong> including women\u2019s sprint, women\u2019s weightlifting, women\u2019s basketball, and men\u2019s water polo. And of course: the closing ceremony, set to take place 11pm UAE time at the stadium. <\/p>\n

The medal standings now at the Paris Olympics:<\/strong><\/p>\n