{"id":96380,"date":"2024-10-02T00:00:00","date_gmt":"2024-10-02T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/uae\/this-morning-opec-meets-today-space42-is-live-on-the-adx\/"},"modified":"2024-10-02T00:00:00","modified_gmt":"2024-10-02T00:00:00","slug":"this-morning-opec-meets-today-space42-is-live-on-the-adx","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/uae\/2024\/10\/02\/this-morning-opec-meets-today-space42-is-live-on-the-adx\/","title":{"rendered":"THIS MORNING: Opec+ meets today + Space42 is live on the ADX"},"content":{"rendered":"

Good morning, friends, and happy hump day. <\/strong>It\u2019s a big day of news here at home, with several massive M&A updates, led by Adnoc finally sealing its EUR 14.7 bn takeover of Covestro following more than a year of talks. We also have M&A updates from Masdar, Tecom, and others \u2014 plus fresh macro data from Abu Dhabi, new Dubai targets, and a lot more. Let\u2019s dive in.<\/p>\n

?\ufe0fWEATHER- Brace yourself for scattered rainfall today<\/strong> in eastern parts of the country and Al Ain, with rain clouds expected to give way for clearer skies later in the evening, the National Centre for Meteorology\u2019s senior meteorologist told the Gulf News<\/a>.<\/p>\n

Dubai and Abu Dhabi residents can expect warm and sunny weather<\/strong>, with the mercury expected to peak at 39\u00b0C in Dubai, before cooling to 32\u00b0C overnight. Over in Abu Dhabi, temperatures will reach 35\u00b0C before cooling to 31\u00b0C overnight.<\/p>\n

UPDATE-<\/p>\n

Space42<\/a><\/strong> went live on the ADX<\/strong> yesterday, after Bayanat and Al Yah Satellite Communications (Yahsat) completed their merger, according to a disclosure (pdf)<\/a> to the ADX. The new AI-powered space tech company \u2014 whose satellite infrastructure covers 80% of the world\u2019s population \u2014 trades under the ticker Space24. The company now comprises two primary business units, Yahsat Space Services, which will focus on upstream satellite operations, and Bayanat Smart Solutions, which will focus on geospatial data acquisition and processing.<\/p>\n

Meet the team: <\/strong>Karim Michel Sabbagh (LinkedIn<\/a>) serves as Space42\u2019s managing director, with Yahsat led by CEO Ali Al Hashemi (LinkedIn<\/a>), and Bayanat led by Hasan Al Hosani (LinkedIn<\/a>). Andrew Cole is the company\u2019s CFO. Major shareholders include G42, Mubadala, and IHC.<\/p>\n

REFRESHER-<\/strong> The two companies\u2019 shareholders approved the merger in April<\/a>, with the plan first revealed in December<\/a>. The acquisition saw Bayanat own 54% of Space42 and Yahsat own the remainder, with the new entity valued at AED 15 bn (c.USD 4 bn).<\/p>\n

HAPPENING TODAY- <\/p>\n

<\/a> #1- <\/strong>Opec+\u2019s joint ministerial monitoring committee is expected to leave its oil output policy<\/strong> unchanged when it meets at 4pm UAE today<\/strong>, Reuters<\/a> reports, citing five unnamed sources from the group. The expectation that the group is likely to stick to its current output policy, which includes plans to phase out the voluntary production cuts starting December, comes despite oil prices falling below USD 70 \/ bbl for the first time in three years. <\/p>\n

#2- The Water, <\/strong>Energy and Environment Tech<\/a><\/strong>nology Exhibition 2024<\/a><\/strong> is on its second day <\/strong>at the Dubai World Trade Centre, and will wrap tomorrow. Organized by the Dubai Electricity and Water Authority, the event will focus on advancements in cybersecurity, digital transformation, and sustainability, showcasing the latest technologies and solutions to enhance digital and environmental security.<\/p>\n

#3- The <\/strong>World Green Economy Summit<\/a><\/strong> kicks off today <\/strong>at the Dubai World Trade Center and wraps tomorrow. Organized by the Dubai Supreme Council of Energy, Dubai Electricity and Water Authority, and the World Green Economy Organization, the event will focus on green finance and sustainable development, highlighting global efforts to increase climate resilience and bolster international cooperation.<\/p>\n

#4- <\/strong>The Sport Industry Forum<\/a><\/strong> kicks off today <\/strong>and wraps tomorrow at NYU Abu Dhabi, <\/strong>according to a press release (pdf)<\/a>. The two-day event will gather over 300 leaders from the global and regional sports sectors to discuss the future of sports in the UAE.<\/p>\n

#5-<\/strong> The <\/strong>Mena Cool Forum<\/a><\/strong> will take place today and tomorrow at the M\u00f6venpick <\/strong>Grand Al Bustan in Dubai. <\/strong>The forum will facilitate discussions on the selection strategies between district cooling and conventional HVAC systems. It will cover new developments, policies, project reviews, innovations, regional updates, and decarbonization efforts.<\/p>\n

#6-<\/strong> The M\u00f6venpick Grand Al Bustan in Dubai will also host <\/strong>The Future Food<\/a><\/strong>Forum 2024<\/a><\/strong> today and tomorrow. <\/strong>The event focuses on food, consumer behavior, and the government\u2019s role in the food and beverage sector.<\/p>\n

WATCH THIS SPACE-<\/p>\n

<\/a>#1- <\/strong>DP <\/strong>World moving forward with expansions in Moza<\/strong>mbique:<\/strong> DP World chairman and CEO Sultan Ahmed bin Sulayem and Mozambique\u2019s President Filipe Nyusi met earlier this week to discuss developing industrial parks across the country and expanding Maputo Port, according to a statement<\/a>. The firm looks to boost investments in Mozambique to strengthen its presence in the country and enhance trade with wider southern Africa, including South Africa, Zimbabwe, and Zambia.<\/p>\n

Background:<\/strong> DP World has operated in Mozambique for over 20 years, remaining the longstanding operator at the country\u2019s Maputo Port. The firm inked an agreement in January<\/a> to extend its concession at Maputo till 2058. The company has invested USD 600 mn in expanding port infrastructure, and is looking to boost cargo handling capacity from 170k to 530k TEU annually by 2027, according to the statement.<\/p>\n

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<\/a> #2- InterContinental Hotel Group (IHG) plans to expand its UAE team by seve<\/strong>ral <\/strong>thousands <\/strong>as part of its regional expansion strategy, the group\u2019s Regional Managing Director Haitham Mattar was quoted as saying by Gulf News<\/a>. The expansion comes as the group gears up to open Ciel, the world\u2019s tallest hotel<\/a>, in Dubai next year, which would need \u201cabout [2k] staff members to run [...] effectively,\u201d Mattar said.<\/p>\n

The<\/strong> group expects to have almost 22 new hotels open by the end of this year,<\/strong> bringing IHG\u2019s hotel portfolio in the region to around 220. Meanwhile next year, the group plans to open 19 new hotels, with 2026 expected to \u201cbe the biggest in terms of new hotel openings,\u201d Mattar said. <\/p>\n

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#3- Expect more Karl Lagerfeld-branded residencies in the UAE: <\/strong>German fashion brand Karl<\/a>Lagerfeld<\/a> is set to broaden its presence in the UAE, focusing on branded residences in Ras Al Khaimah or Abu Dhabi. CEO Pier Paolo Righi revealed the plans to Arab News<\/a>, highlighting a strategy to diversify beyond clothing. The company is already developing 51 villas in Dubai in partnership with Taraf<\/a>. <\/p>\n

#4- Dubai International Airport (DXB) raised its annual passenger forec<\/strong>ast to 93 mn for 2024<\/strong>, up from a previous estimate of 91.8 mn, operator Dubai Airports CEO Paul Griffits said at an event, according to the National<\/a>. In 2025, DXB is expected to see 93.8 mn passengers travel through the airport. The airport handled 44.9 mn people in 1H 2024, up 8% y-o-y. <\/p>\n

#5- Abu Dhabi-backed Cerebras Systems filed its <\/strong>prospectus<\/a><\/strong> for an IPO on t<\/strong>he Nasdaq<\/strong> to the US Securities and Exchange Commission, according to a company statement<\/a>. The AI-focused chipmaking startup competes with Nvidia, the industry\u2019s top producer of graphics processing units used in AI model training and deployment. The company narrowed its net losses in 1H 2024 to USD 66.6 mn, compared to USD 77.8 mn in the same period last year, the filing showed.<\/p>\n

Remember:<\/strong> Cerebras Systems is reportedly<\/a> looking to raise between USD 750 mn to USD 1 bn from its IPO, potentially valuing the company at USD 7-8 bn.<\/p>\n

PUBLIC SERVICE ANNOUNCEMENTS-<\/p>\n

#1- Sewa to offer security deposit refunds via Al Ansari E<\/strong>xchange:<\/strong> The Sharjah Electricity, Water and Gas Authority introduced a new channel for refunding security deposits through Al Ansari Exchange, allowing customers without bank accounts to receive their refunds through Al Ansari, Sharjah 24<\/a> reports. <\/p>\n

#2- Banks can now use the <\/strong>Dubai Unified License<\/a><\/strong> as a KYC measure to op<\/strong>en <\/strong>business accounts for companies<\/strong> operating in Dubai<\/strong> or to update clients' data, according to a central bank circular that was seen by Emarat Alyoum<\/a>.<\/p>\n

<\/a> #3- UAE carriers are rerouting and canceling flights in response to airspace restr<\/strong>ictions following Iran\u2019s attacks on Israel yesterday<\/strong>, Khaleej Times<\/a> reports. Etihad Airways is rerouting flights today, while Emirates had to cancel and reroute others. Flydubai also had to cancel several flights scheduled yesterday, today, and tomorrow. <\/p>\n

Israel, Lebanon, Jordan, and Iraq all temporarily <\/strong>closed their airspace<\/a><\/strong> for a few hours last night in response to Iran\u2019s attacks. <\/p>\n

DATA POINT- <\/p>\n

<\/a> Dubai\u2019s real estate market achieved its highest ever level of quarterly sales in 3Q<\/strong> 2024<\/strong>, increasing by 46% y-o-y to AED 142 bn, Al Khaleej<\/a> reports. The total value of sales between January and September increased 35% y-o-y to hit AED 374.2 bn. <\/p>\n

Mortgages also increased 49% y-o-y in 3Q to AED 41.9 bn<\/strong>. For the first nine months of 2024, mortgages increased by 46.8% y-o-y to AED 132.2 bn.<\/p>\n

The emirate also has a lot more real estate developers: <\/strong>The number of real estate developers in Dubai rose 32% y-o-y so far this year to 1.6k developers, Al Khaleej<\/a> reports, citing data from real estate platform Dubai<\/a>Rest<\/a>. <\/p>\n

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

Iran fired some 200 missiles at Israel last night in a massive escalation of regional <\/strong>violence<\/strong>, with the Israeli army saying it has intercepted most missiles and reporting one dead in the West Bank. Israeli Prime Minister Benjamin Netanyahu said the attack was a \u201cbig mistake\u201d and vowed retaliation during the opening meeting of his security cabinet yesterday, with the US promising to support Israel in its retaliation, Bloomberg<\/a> reports. <\/p>\n

Iranian Foreign Minister Sayed Abbas Araqchi said Iran\u2019s attacks were \u201cfinished,\u201d <\/strong>unless Israel retaliates, in which case their response will be \u201cstronger and more powerful\u201d on X<\/a> a few hours ago.<\/p>\n

Market reax: Oil prices surged 5% following the attacks, with Brent settling at USD 73.56 per barrel, and several indices on Wall Street and in the region ending lower. <\/p>\n

The Iranian attack is getting plenty of play:<\/strong> Reuters<\/a> | AP<\/a> | CNN<\/a> | BBC<\/a>. <\/p>\n

US elections are also back on front pages as the country gears up for the first and only vice presidential debate <\/strong>between Kamala Harris\u2019 VP Tim Walz and Donald Trump\u2019s pick, JD Vance, later today. <\/p>\n

IN OTHER US NEWS- East Coast and Gulf Coast dockworkers\u2019 kicked off their biggest strike in 50 years <\/strong>after negotiations for a new labor contract broke down, halting nearly half of the country\u2019s shipping and potentially costing bns of USD in damages. (CNBC<\/a> | Reuters<\/a>)<\/p>\n

Also causing plenty of damage: <\/strong>Hurricane Helene, which has killed at least 130 people across six states, with analysts estimating more than USD 30 bn in damages so far. (Semafor<\/a>)<\/p>\n

AND IN TECH NEWS- <\/strong><\/p>\n