{"id":97090,"date":"2024-10-23T00:00:00","date_gmt":"2024-10-23T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/uae\/this-morning-adnh-catering-debuts-on-the-adx-cafu-ventures-into-the-ev-space\/"},"modified":"2024-10-23T00:00:00","modified_gmt":"2024-10-23T00:00:00","slug":"this-morning-adnh-catering-debuts-on-the-adx-cafu-ventures-into-the-ev-space","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/uae\/2024\/10\/23\/this-morning-adnh-catering-debuts-on-the-adx-cafu-ventures-into-the-ev-space\/","title":{"rendered":"THIS MORNING: ADNH Catering debuts on the ADX + Cafu ventures into the EV space"},"content":{"rendered":"

Good morning, friends, and happy hump day. <\/strong>We have a brisk issue for you as we hit the halfway mark of the week, with updates from Mubadala Capital and EasyLease, as well as news that the IMF has hiked its growth forecast for the UAE for next year and that the UAE is eyeing big renewables investments in India. Let\u2019s dive in. <\/p>\n

WEATHER- There\u2019s still a chance of clouds and rain today<\/strong>, especially in the eastern and northern emirates. Dubai <\/strong>will see a high of 37\u00b0C and a low of 29\u00b0C, according to our favorite weather app. Meanwhile, a sunny Abu Dhabi <\/strong>will see a high of 33\u00b0C and an overnight low of 29\u00b0C today.<\/p>\n

WATCH THIS SPACE- <\/p>\n

<\/a> UAE bankers expect<\/strong> LuLu Group\u2019s retail portion of its IPO to receive an unprecedented <\/strong>level of orders<\/strong>, Gulf News<\/a> reports. The IPO\u2019s current retail allocation stands at 10%; however, bankers are expecting LuLu to hike the retail portion to meet the expected demand. The retail tranche is expected to generate AED 460 mn in orders, potentially placing LuLu at \u201cthe highest nominal value for any UAE retail tranche allocation since 2021,\u201d Research Head at Al Ramz Capital Amer Halawi said.<\/p>\n

Background:<\/strong> Supermarket chain LuLu Group is taking taking 25% of its retail business public<\/a> on the ADX. The IPO could potentially raise some USD 1.7-1.8 bn (AED 6.24-6.61 bn), Zawya has reported, while Bloomberg said the IPO could value the company at USD 5 bn \u201cat least.\u201d The investors\u2019 subscription period runs between 28 October and 5 November, while shares are expected to commence trading on 14 November.<\/p>\n

PUBLIC SERVICE ANNOUNCEMENTS- <\/p>\n

<\/a> #1- You can soon use <\/strong>Cafu<\/a><\/strong> to charge your EV <\/strong>in the UAE after the fuel retailer launched its EV-charging service, according to a press release<\/a>. Cafu will offer both an on-demand, mobile EV charging station and a mobile pop-up self-service, trailer-based charging option. Both services will feature fast-charging capabilities and are compatible with all EV models.<\/p>\n

#2- Dubai clamps down on traffic violations:<\/strong> Drivers who violate traffic laws will be subject to having their vehicles impounded for anywhere between 14-30 days under new regulations from the Dubai Police published in the official gazette<\/a>. <\/p>\n

#3- Residents with a 10-year streak of visa compliance will qualify for rewards startin<\/strong>g next month<\/strong>, courtesy of a new scheme launched<\/a> by the General Directorate of Residency and Foreigners Affairs in Dubai (GDRFA-Dubai), The National<\/a> reports. The benefits include access to special counters at Amer centers for faster visa processing, priority for Amer call center requests, and home services for visa requirements for the elderly.<\/p>\n

How to apply? <\/strong>Residents must sign an obligation certificate on the GDRFA-Dubai website, which will then be verified by immigration officials. Eligibility covers residents, those under sponsorship, and individuals with work visas, as well as to Emiratis who have sponsored workers with clean records over the 10-year period.<\/p>\n

DATA POINT-<\/p>\n

<\/a> The UAE saw the second highest investment banking fees in 9M 2024 across <\/strong>the Mena region with USD 396 mn in fees<\/strong>, seeing no y-o-y change, according to LSEG Deals Intelligence\u2019s report (pdf)<\/a>. Saudi Arabia came out on top with USD 471 mn in investment banking fees during the period. <\/p>\n

HSBC took the lead in terms of investment banking fees with USD 80.4 mn in fees generated<\/strong>, followed by Standard Chartered at USD 56.5 mn and First Abu Dhabi Bank at USD 56 mn.<\/p>\n

The UAE was the largest target market for M&As in terms of value among other Mena <\/strong>peers in 9M 2024<\/strong>, with transactions valued at USD 11.1 bn, up 55% y-o-y, the report showed.<\/p>\n

HAPPENING TODAY- <\/p>\n

#1- It\u2019s day two of the <\/strong>Brics summit<\/a><\/strong> in <\/strong>Kazan, <\/strong>Russia<\/strong>, which runs until Thursday with President Sheikh Mohamed bin Zayed Al Nahyan in attendance.<\/strong> This marks the UAE's first participation in the summit since its formal admission as a member last year.<\/p>\n

#<\/strong>2- The UAE is participating in the <\/strong>International Monetary Fund and World Bank Group<\/a><\/strong>Annual Meetings<\/a><\/strong>, which kicked off on Monday in Washington, DC. The UAE Finance Ministry will host the UAE Banks Reception on the sidelines to build connections between the UAE\u2019s public and private sectors and international financial institutions. The meetings wrap up on Saturday.<\/p>\n

What to expect: <\/strong>Our Planet Finance<\/a> from earlier this week laid out the big themes to look out for and the global challenges structuring the conversation.<\/p>\n

<\/a> #3- Abu Dhabi National Hotels\u2019 catering unit ADNH Catering\u2019s shares are set to debu<\/strong>t on the ADX today. <\/strong>The company raised AED 864 mn<\/a> after taking a 40% stake to the market, with the offering \u201cmultiple times\u201d oversubscribed. This gives the company a market cap of AED 2.2 bn. <\/p>\n

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

It\u2019s a mixed bag on the front pages of the foreign press today<\/strong>, with more talk of a potential ceasefire in the region continuing as US Secretary of State Antony Blinken touches down in Jerusalem for a meeting with Prime Minister Benjamin Netanyahu, more US elections news, and a smattering of business updates.<\/p>\n

Blinken and Netanyahu agreed that the killing of Hamas Leader Yahya Sinwar over the weekend opens up possibilities for the end of the war in Gaza<\/strong>, though the meeting seemed to yield no clear plans for what\u2019s to come, Bloomberg<\/a> reports. <\/p>\n

Israel <\/strong>confirmed<\/a><\/strong> for the first time that it had killed Hezbollah\u2019s suspected successor<\/strong>, Hashem Safieddine, in airstrikes on Lebanon earlier this month, along with another Hezbollah commander. (Financial Times<\/a> | NY Times<\/a> | The Guardian<\/a>) <\/p>\n

OVER IN THE US- It\u2019s not a great time for The Donald<\/strong>, who just two weeks ahead of elections is still behind in polls<\/a> that put rival Kamala Harris marginally in the lead. A Republican appeal of a decision blocking a new rule that would have required poll workers to hand-count ballots was also blocked<\/a> by a top Georgia court. Meanwhile, Trump is accusing the UK Labor Party of \u201cforeign interference\u201d and aid of Harris\u2019 campaign. (BBC<\/a> | FT<\/a> | The Guardian<\/a>) <\/p>\n

IN BUSINESS NEWS-<\/strong> A few headlines are getting attention: <\/p>\n