{"id":95118,"date":"2024-08-26T00:00:00","date_gmt":"2024-08-26T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/uae\/uae-to-attend-development-road-summit-later-this-week-nmdc-greenlights-epc-unit-ipo\/"},"modified":"2024-08-26T00:00:00","modified_gmt":"2024-08-26T00:00:00","slug":"uae-to-attend-development-road-summit-later-this-week-nmdc-greenlights-epc-unit-ipo","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/uae\/2024\/08\/26\/uae-to-attend-development-road-summit-later-this-week-nmdc-greenlights-epc-unit-ipo\/","title":{"rendered":"UAE to attend Development Road summit later this week + NMDC greenlights EPC unit IPO"},"content":{"rendered":"<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Good morning, wonderful people. <\/strong>It\u2019s officially back-to-school season, and judging by the amount of crowds at the malls this weekend, the country seems back at full capacity. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>We have a brisk issue for you this morning<\/strong>, led by news of our foreign trade reaching new records in 1H 2024, and the Abu Dhabi Investment Authority submitting a final bid as part of a consortium for DB Schenker. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>BUT FIRST- We have big news for you this morning: <\/strong>EnterpriseAM UAE is now available in Arabic, with the first issue sent shortly after this one. <a target=\"_blank\" href=\"https:\/\/enterprise.news\/uae\/en\/user\/news-letters\" style=\"\" rel=\"noopener\">Tap or click here<\/a> to subscribe and get EnterpriseAM UAE in Arabic directly to your inbox everyday before 8am. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><a href=\"https:\/\/enterprise.news\/uae\/en\/user\/news-letters\" target=\"_blank\" rel=\"noopener\"><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2024\/8\/2043.jpg?ssl=1\"\/><\/a> <\/p>\n<p class=\"tag-border-left\"> PUBLIC SERVICE ANNOUNCEMENTS-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#1- REMINDER- Resident legal entities with licenses issued in June of any year should <\/strong><strong>submit their corporate tax registration applications by the end of August,<\/strong> the Federal Tax Authority <a target=\"_blank\" href=\"https:\/\/x.com\/uaetax\/status\/1827003595708899468\" style=\"\" rel=\"noopener\">said on X<\/a>. Registrations can be made via the EmaraTax digital tax services <a target=\"_blank\" href=\"https:\/\/eservices.tax.gov.ae\/#\/Logon\" style=\"\" rel=\"noopener\">platform<\/a>, or through accredited tax agents and government service centers across the UAE. Corporates with multiple licenses should register using the license with the earliest issuance date.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><a id=\"wwtt2\"><\/a> <strong>#2- Emirates, Etihad Airways, and flydubai canceled and diverted Tel Aviv and Beirut <\/strong><strong>flights yesterday following an exchange of fire<\/strong> between Israel and Hezbollah that resulted in the closure of Israel\u2019s Ben Gurion airport, <a target=\"_blank\" href=\"https:\/\/www.khaleejtimes.com\/business\/aviation\/uae-airline-cancels-tel-aviv-beirut-flights-due-to-israel-hezbollah-conflict\" style=\"\" rel=\"noopener\">Khaleej Times<\/a> reported. \u201cFlights today are currently scheduled to operate following the reopening of Ben Gurion Airport. We will continue to monitor the situation closely and amend our schedule accordingly,\u201d a flydubai spokesperson was quoted as saying by the outlet. Israel's Civil Aviation Authority said on Sunday that flights to and from Ben Gurion Airport in Tel Aviv resumed following a short suspension amid Israeli military strikes in Lebanon.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>ICYMI-<\/strong> Israel <a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2024-08-25\/israel-says-it-s-fired-on-lebanon-to-prevent-hezbollah-attack?srnd=homepage-middle-east\" style=\"\" rel=\"noopener\">carried out<\/a> what it said was a pre-emptive attack on Hezbollah sites in southern Lebanon, striking Lebanon with around 100 warplanes that took out thousands of rocket launchers. Hezbollah responded by launching hundreds of rockets and drones at Israel targeting 11 army barracks and military sites in northern Israel, in what it said was the start of its retaliation for the killing of its commander on 30 July at the hands of Israeli forces. An Israeli military spokesman said that Israel\u2019s operation in Lebanon is \u201cover for now,\u201d while Hezbollah said that the rest of its retaliation would take \u201csome time.\u201d<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<p class=\"tag-border-left\"> HAPPENING THIS WEEK-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><a id=\"wwtt1\"><\/a> <strong>#1- The UAE will attend Turkey\u2019s Development Road Summit on Thursday to discuss the <\/strong><strong>possible USD 20 bn project aimed at connecting the Iraqi port of Basra to the Persian Gulf to Turkey<\/strong>, <a target=\"_blank\" href=\"https:\/\/www.al-monitor.com\/originals\/2024\/08\/turkey-host-iraq-qatar-uae-officials-development-road-summit\" style=\"\" rel=\"noopener\">Al Monitor<\/a> reported, citing Turkish Transport Minister Abdulkadir Uraloglu\u2019s Friday remarks. The quadripartite summit \u2014 which will also see the participation of Iraq and Qatar \u2014 will discuss the details of the project. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>REMEMBER- <\/strong>The UAE, Iraq, Turkey, and Qatar <a target=\"_blank\" href=\"https:\/\/enterprise.news\/logistics\/en\/news\/story\/3744dd31-6545-4565-8e86-d0daf8ba5883\/today:-shifting-trade-patterns-could-spell-promise-%2B-regional-shipping-connectivity-falls-amid-disruptions\" style=\"\" rel=\"noopener\">signed a preliminary agreement<\/a> back in April to work together on the Development Road project in Iraq, which aims to connect a significant commodities port on Iraq's southern coast \u2014 the Grand Faw Port \u2014 to Turkey's border via rail and road networks. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#2- Emirati cyclist Ahmed Al Badwawi and track and field athlete Maryam Al Zeyoudi will <\/strong><strong>be among 14 athletes participating<\/strong><strong> in the Paris 2024 Paralympic Games<\/strong>, <a target=\"_blank\" href=\"https:\/\/www.aletihad.ae\/news\/%D8%A7%D9%84%D8%B1%D9%8A%D8%A7%D8%B6%D9%8A\/4510201\/%D8%A7%D9%84%D8%A8%D8%AF%D9%88%D8%A7%D9%88%D9%8A-%D9%88%D8%A7%D9%84%D8%B2%D9%8A%D9%88%D8%AF%D9%8A-%D9%8A%D8%B1%D9%81%D8%B9%D8%A7%D9%86-%D8%B9%D9%84%D9%85-%D8%A7%D9%84%D8%A5%D9%85%D8%A7%D8%B1%D8%A7%D8%AA-%D9%81%D9%8A-%D8%A7%D9%81%D8%AA%D8%AA%D8%A7%D8%AD--%D8%A8%D8%A7%D8%B1%D8%A7%D9%84%D9%85%D8%A8%D9%8A%D8%A9-%D8%A8\" style=\"\" rel=\"noopener\">Al Etihad News<\/a> reported. Al Badwawi will be participating for the first time, while 2023 Asian Games athletics champion Al Zeyoudi will make her second appearance. The UAE is participating with 14 athletes in shooting, athletics, weightlifting, judo and cycling.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<p class=\"tag-border-left\"> WATCH THIS SPACE-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <a id=\"wwtt3\"><\/a> <strong>#1- NMDC Energy\u2019s IPO gets the board\u2019s nod: <\/strong>The <a target=\"_blank\" href=\"https:\/\/nmdc-group.com\/en\/\" style=\"\" rel=\"noopener\">National Marine Dredging Company<\/a><a target=\"_blank\" href=\"https:\/\/nmdc-group.com\/en\/\" style=\"\" rel=\"noopener\">(NMDC) Group<\/a> \u2019s board approved a plan to <a target=\"_blank\" href=\"https:\/\/enterprise.news\/uae\/en\/news\/story\/58f74ab4-f978-446e-a782-574349e82235\" style=\"\" rel=\"noopener\">IPO<\/a> its EPC unit NMDC Energy on the Abu Dhabi Securities Exchange (ADX), according to a <a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/8\/2118.pdf\" style=\"\" rel=\"noopener\">bourse disclosure (pdf)<\/a>.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>What\u2019s next?<\/strong> The proposal is now pending regulatory approvals from the Securities and Commodities Authority and the ADX. Details on the size or value of the IPO have not been disclosed.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<hr style=\"height:2px;border-width:0;color:gray;background-color:gray\">\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>#2- Rents in some areas of Abu Dhabi could jump as high as 30% in the wake of the <\/strong><strong><a target=\"_blank\" href=\"https:\/\/gis.adm.gov.ae\/rentalindex\/\" style=\"\" rel=\"noopener\">rental index<\/a><\/strong><strong> launch, <\/strong><a target=\"_blank\" href=\"https:\/\/www.khaleejtimes.com\/business\/realty\/abu-dhabi-rents-may-increase-by-up-to-30-in-some-areas-after-launch-of-rental-index\" style=\"\" rel=\"noopener\">Khaleej Times<\/a> reported, citing industry experts. However, the adjustments, expected in areas where rates are below the market average, are expected to take place gradually, as Abu Dhabi has a 5% cap on rent hikes when contracts are renewed.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>What they said:<\/strong> \u201cWhile the rental index may help identify areas where prices are significantly out of line with market norms, it\u2019s unlikely to cause dramatic shifts in rental rates. Instead, it can serve as a valuable tool for both tenants and landlords to negotiate fair prices and make informed decisions,\u201d Metropolitan Capital Real Estate\u2019s CEO Evgeny Ratskevich said.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Background: <\/strong>The <a target=\"_blank\" href=\"https:\/\/www.mediaoffice.abudhabi\/en\/topic\/abu-dhabi-real-estate-centre\/\" style=\"\" rel=\"noopener\">Abu Dhabi Real Estate Centre<\/a> rolled out its rental index <a target=\"_blank\" href=\"https:\/\/enterprise.news\/uae\/en\/news\/story\/e43dc2da-d263-4e1c-ba7e-51ff13ceba23\" style=\"\" rel=\"noopener\">last week<\/a>, providing indicative quarterly rental pricing and data on residential, commercial, and industrial properties in the emirate.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<hr style=\"height:2px;border-width:0;color:gray;background-color:gray\">\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#3- <\/strong><strong>UAE-Saudi consortium backs out of plan to redevelop central Cairo landmark <\/strong><strong>building:<\/strong> A consortium of <a target=\"_blank\" href=\"https:\/\/www.asgcgroup.com\/\" style=\"\" rel=\"noopener\">Al Shafar General Contracting (ASGC) Group<\/a> and <a target=\"_blank\" href=\"https:\/\/se-developers.com\/sed\/\" style=\"\" rel=\"noopener\">Saudi Egyptian Developers (SED)<\/a> has backed out of an agreement to work on the <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/abf4a31b-be3f-4078-8e89-d6452b339536\" style=\"\" rel=\"noopener\">USD 5 bn redevelopment<\/a> of Egypt\u2019s former National Democratic Party (NDP) headquarters in central Cairo due to increased construction costs following the EGP float, <a target=\"_blank\" href=\"https:\/\/www.asharqbusiness.com\/real-estate\/51971\/%D8%AA%D8%AD%D8%A7%D9%84%D9%81-%D8%A7%D9%84%D8%B4%D8%B9%D9%81%D8%A7%D8%B1-%D9%8A%D9%86%D8%B3%D8%AD%D8%A8-%D9%85%D9%86-%D8%AA%D8%B7%D9%88%D9%8A%D8%B1-%D8%A3%D8%B1%D8%B6-%D8%A7%D9%84%D8%AD%D8%B2%D8%A8-%D8%A7%D9%84%D9%88%D8%B7%D9%86%D9%8A-%D8%A8%D9%85%D8%B5%D8%B1\/\" style=\"\" rel=\"noopener\">Asharq Business<\/a> reports, citing an unnamed official within the consortium. The redevelopment plan came with a price tag of USD 5 bn to be invested in a 7-star, 220-meter high hotel, residential buildings, and a multi-storey garage.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The why:<\/strong> The consortium\u2019s share in its partnership with the Sovereign Fund of Egypt \u2014 which was tied to land and building prices \u2014 was altered following the currency's depreciation and the resulting surge in raw material and energy prices.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The two companies could still end up developing the project<\/strong> if their shares in the project are adjusted, the consortium source noted.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<p class=\"tag-border-left\"> DATA POINTS-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#1- Demand for <\/strong><strong>Dubai\u2019s short-term rental market<\/strong><strong> climbed 30% y-o-y <\/strong><strong>over the past year<\/strong><strong>,<\/strong> driven by growing tourism and a shift towards \u201cflexible living options,\u201d Myles Rothwell, Managing Director at Edwards and Towers, said in a Property Finder report picked up by <a target=\"_blank\" href=\"https:\/\/www.zawya.com\/en\/press-release\/companies-news\/as-demand-for-short-term-rentals-soars-in-dubai-property-experts-explain-the-allure-for-travellers-and-investors-alike-sz9borqg\" style=\"\" rel=\"noopener\">Zawya<\/a>. The uptick offered real estate investors annual yields of up to 20%, compared to long term rentals offering around 7% on average, Rothwell added.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The rental market\u2019s growth is unlikely to slow down, <\/strong>with the anticipated influx of visitors to the emirate during winter expected to keep short-term rentals in demand, the report read. In addition, digital nomads seeking short-term rentals as remote work grows is expected to keep demand levels on the rise, General Manager at Blueground Nina Klishevich said.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Could the rental market boom spur M&A activity? <\/strong>While the short-term rental market is rapidly growing, the top five real estate firms account for less than 10% of the offerings, which could see consolidation activity growing within the next two years, Klishevich forecasts. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<hr style=\"height:2px;border-width:0;color:gray;background-color:gray\">\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#2- UAE national carriers now serve 606 destination<\/strong><strong>s, <\/strong>up 3.4% y-o-y, with strong tourism and business reputation, as well as increased travel demand, driving national carriers to expand their routes and destinations, <a target=\"_blank\" href=\"https:\/\/www.wam.ae\/en\/article\/1432hpr-uae-national-carriers-fly-606-destinations-travel\" style=\"\" rel=\"noopener\">Wam<\/a> cites the General Civil Aviation Authority (GCAA) as saying. Emirates flies to the biggest number of destinations, serving over 144 routes, followed by Air Arabia (218), flydubai (125), Etihad Airways (79), and Wizz Air Abu Dhabi (40).<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The GCAA predicts passenger traffic will hit 140 mn this year, <\/strong>after increasing <a target=\"_blank\" href=\"https:\/\/enterprise.news\/uae\/en\/news\/story\/e43dc2da-d263-4e1c-ba7e-51ff13ceba23\/adgm-publishes-draft-regulations-for-stablecoins-%2B-uae-mulling-the-acquisition-of-hsbc%25e2%2580%2599s-south-african-unit%3F\" style=\"\" rel=\"noopener\">14.2% y-o-y<\/a> in 1H 2024 to 71.8 mn passengers, Wam reports. Etihad Airways aims to expand its network to 125 destinations by 2030 to meet the demand, targeting some 33 mn passengers annually. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<p class=\"tag-border-left\">THE BIG STORY ABROAD- <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>There are two stories capturing the attention of the global press this morning:<\/strong> An escalation of aggression between Hezbollah and Israel, and Telegram CEO Pavel Durov\u2019s arrest in France. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The exchange of fire between Israel and Hezbollah got plenty of ink <\/strong>in <a target=\"_blank\" href=\"https:\/\/www.reuters.com\/world\/middle-east\/israel-strikes-hezbollah-targets-lebanon-military-says-2024-08-25\/\" style=\"\" rel=\"noopener\">Reuters<\/a> | <a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2024-08-25\/mideast-on-edge-after-israel-bombs-lebanon-to-thwart-attack\" style=\"\" rel=\"noopener\">Bloomberg<\/a> | <a target=\"_blank\" href=\"https:\/\/www.ft.com\/content\/91a23bb7-905e-4c3a-a41e-2c54e90b89c7\" style=\"\" rel=\"noopener\">Financial Times<\/a> | <a target=\"_blank\" href=\"https:\/\/www.wsj.com\/world\/middle-east\/israel-begins-striking-targets-in-lebanon-089bb210\" style=\"\" rel=\"noopener\">Wall Street Journal<\/a> | <a target=\"_blank\" href=\"https:\/\/www.nytimes.com\/2024\/08\/25\/world\/middleeast\/israel-hezbollah-attacks-escalation.html\" style=\"\" rel=\"noopener\">New York Times<\/a> | <a target=\"_blank\" href=\"https:\/\/www.washingtonpost.com\/world\/2024\/08\/25\/israel-hezbollah-lebanon-strikes\/\" style=\"\" rel=\"noopener\">Washington Post<\/a>. We have more on what happened above. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>MEANWHILE IN FRANCE- <\/strong><strong>Dubai-based<\/strong><strong> Telegram founder and CEO Pavel Durov was arrested in France<\/strong><strong> yesterday<\/strong> on several charges, including charges related to the spread of illicit material and misinformation on Telegram due to inadequate moderation and \u201ca lack of cooperation with police.\u201d Telegram said in a <a target=\"_blank\" href=\"https:\/\/x.com\/telegram\/status\/1827787345367834772\" style=\"\" rel=\"noopener\">statement on X<\/a> that the platform \u201cabides by EU laws, including the Digital Services Act \u2014 its moderation is within industry standards and constantly improving.\u201d (<a target=\"_blank\" href=\"https:\/\/www.reuters.com\/world\/europe\/telegram-messaging-app-ceo-pavel-durov-arrested-france-tf1-tv-says-2024-08-24\/\" style=\"\" rel=\"noopener\">Reuters<\/a> | <a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2024-08-25\/telegram-says-it-abides-by-eu-laws-after-ceo-detained-in-france\" style=\"\" rel=\"noopener\">Bloomberg<\/a> | <a target=\"_blank\" href=\"https:\/\/www.nytimes.com\/2024\/08\/25\/technology\/pavel-durov-telegram-detained-france.html\" style=\"\" rel=\"noopener\">New York Times<\/a> | <a target=\"_blank\" href=\"https:\/\/www.ft.com\/content\/c5d40e3c-9f9c-43dc-a467-1c713b40c168\" style=\"\" rel=\"noopener\">Financial Times<\/a>) <\/p>\n<div class=\"row\">\n<div class=\"col-md-12 subscribe-box-panel\">\n<div class=\"\">\n<div class=\"title\">\n<h4 class=\"fw-lighter mb-10\">   Get <b style=\"font-weight: 700\">Enterprise<\/b> daily   <\/h4>\n<\/p><\/div>\n<p class=\"mb-10\">The roundup of news and trends that move your markets and shape corporate agendas delivered straight to your inbox.<\/p>\n<p>  <a target=\"_blank\" href=\"\/egypt\/en\/user\/NewsLetters\" type=\"button \" class=\"btn-green px-3 d-flex align-items-center\" rel=\"noopener\">Subscribe here<\/a>  <\/div>\n<\/p><\/div>\n<\/p><\/div>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">***<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>You\u2019re reading EnterpriseAM UAE<\/strong>, your essential daily roundup of business, economics, and must-read news about the UAE, delivered straight to your inbox. We\u2019re out Monday through Friday by 7am UAE time.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>EnterpriseAM UAE is available without charge <\/strong>thanks to the generous support of our friends at Mashreq.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Were you forwarded this email?<\/strong> <a target=\"_blank\" href=\"https:\/\/enterprise.news\/uae\/en\/user\/news-letters\" style=\"\" rel=\"noopener\">Tap or click here<\/a> to get your own copy of EnterpriseAM UAE. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Want to send us a story idea, request coverage, ask for a correction, or otherwise get in touch? <\/strong>Reach out to us on  <a target=\"_blank\" href=\"mailto:UAE@enterpriseAM.com\" style=\"\" rel=\"noopener\">UAE@enterpriseAM.com<\/a> .<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>DID YOU KNOW that we also cover <\/strong><strong><a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\" style=\"\" rel=\"noopener\">Egypt<\/a><\/strong><strong>,<\/strong><strong><a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\" style=\"\" rel=\"noopener\">Saudi Arabia<\/a><\/strong><strong>,<\/strong> and the MENA <a target=\"_blank\" href=\"https:\/\/enterprise.news\/climate\/en\" style=\"\" rel=\"noopener\">climate<\/a> and <a target=\"_blank\" href=\"https:\/\/enterprise.news\/logistics\/en\" style=\"\" rel=\"noopener\">logistics<\/a> industries?<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">***<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<p class=\"tag-border-left\">MARKET WATCH-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>OPEC+ faces a difficult decision on whether to boost oil production next month or keep it <\/strong><strong>steady, <\/strong>given \u201cconcerns\u201d about the fuel consumption outlook and increased output from other nations, according to <a target=\"_blank\" href=\"https:\/\/www.reuters.com\/markets\/commodities\/opec-faces-moment-truth-planned-output-increase-kemp-2024-08-22\/\" style=\"\" rel=\"noopener\">Reuters<\/a>. <a target=\"_blank\" href=\"https:\/\/enterprise.news\/uae\/en\/news\/story\/e8ca3d5f-118d-4fdb-ae83-5e4b0e2024a4\" style=\"\" rel=\"noopener\">Last month<\/a>, the group opted to maintain current production levels while assessing the effects of existing cuts, and had <a target=\"_blank\" href=\"https:\/\/enterprise.news\/uae\/en\/news\/story\/54d158d4-5a72-498f-9604-196685f72a65\" style=\"\" rel=\"noopener\">earlier agreed<\/a> to ease the cuts starting October 2024.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Plus: UAE-Saudi consortium backs out of plan to redevelop central Cairo landmark building<\/p>\n","protected":false},"author":1,"featured_media":95119,"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":[222,7,1342,149,6],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-95118","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-what-were-tracking-today","tag-emirates-airlines","tag-enterpriseam-uae","tag-investment","tag-ipo-watch","tag-what-were-tracking-today","wpautop","entry"],"acf":{"mongo_id":"61b586f1-0cbf-43d3-9955-1cd6fe63a9d2","order":"2","is_powered_by":false,"story_type":"4","photo_url":"https:\/\/ent.news\/2024\/5\/1938.jpg","photo_position":"above","homepage_title":"","full_issue_title":"THIS MORNING: UAE to attend Development Road summit later this week + NMDC greenlights EPC unit IPO","related_issue":[95116],"teaser":"Plus: UAE-Saudi consortium backs out of plan to redevelop central Cairo landmark building","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/8\/.fb6960a7-a070-4445-afd9-d17a07b4939b.mp3"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - 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