{"id":97584,"date":"2024-11-06T00:00:00","date_gmt":"2024-11-06T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/uae\/this-morning-maf-shuts-down-carrefour-stores-in-jordan-opens-up-new-retail-chain-dubai-is-getting-a-new-sewage-fee-structure\/"},"modified":"2024-11-06T00:00:00","modified_gmt":"2024-11-06T00:00:00","slug":"this-morning-maf-shuts-down-carrefour-stores-in-jordan-opens-up-new-retail-chain-dubai-is-getting-a-new-sewage-fee-structure","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/uae\/2024\/11\/06\/this-morning-maf-shuts-down-carrefour-stores-in-jordan-opens-up-new-retail-chain-dubai-is-getting-a-new-sewage-fee-structure\/","title":{"rendered":"THIS MORNING: MAF shuts down Carrefour stores in Jordan, opens up new retail chain + Dubai is getting a new sewage fee structure"},"content":{"rendered":"

Good morning, friends. <\/strong>It\u2019s a big day over in the US of A as polls close, with things slightly calmer here at home as Adipec enters its third day. But we have PMI data on the UAE and Dubai in October, as well as an ambitious new national investment strategy targeting AED 2.2 tn in FDI by 2031. There\u2019s also a slew of energy news out of Adipec. Let\u2019s dive right in. <\/p>\n

WEATHER- Expect some more clouds and fog today<\/strong>, with Dubai<\/strong> looking at a high of 35\u00b0C and a low of 28\u00b0C. Over in Abu Dhabi<\/strong>, temperatures will peak at 30\u00b0C and hit a low of 28\u00b0C.<\/p>\n

WATCH THIS SPACE- <\/p>\n

<\/a> #1- The GCC IPO market saw a rise in proceeds in 3Q 2024, despite having f<\/strong>ewer <\/strong>IPOs compared y-o-y<\/strong>, according to PwC Middle East\u2019s IPO Watch (pdf)<\/a>. The increase was led by NMDC Energy\u2019s listing, which raised AED 3.22 bn<\/a> and was 31x oversubscribed, marking the UAE\u2019s biggest listing so far this year. The other three listings in the regional markets this quarter took place on Saudi Arabia\u2019s parallel market Nomu.<\/p>\n

The aftermarket performance for this year\u2019s IPOs has remained robust<\/strong>, with most of the 10 biggest listings trading above their initial offering prices. <\/p>\n

The outlook for the GCC IPO market is positive<\/strong>, according to PwC, which cites a healthy pipeline for IPOs in the region from companies from a diverse range of sectors <\/p>\n

The bond market recorded USD 4.4 bn worth of issuances in 3Q<\/strong>, up 30% y-o-y, according to PwC. Meanwhile, some USD 5.2 bn in Sukuk were issued, with 88% listed on Nasdaq Dubai and the Qatar Stock Exchange. GCC governments accounted for nearly 65% of sukuk and bond issuances.<\/p>\n

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<\/a> #2- <\/strong>MAF<\/strong> shuts down Carrefour-branded stores in Jordan + launches new supermar<\/strong>ket chain:<\/strong> Dubai-based conglomerate Majid Al Futtaim (MAF) shut down its Carrefour stores in Jordan, replacing them with a new Jordanian retail chain, according to a statement<\/a>. The new chain \u2014 Hypermax \u2014 will see the first store inaugurated today<\/a> at City Mall in Amman. The store will be the first of 34 that the brand plans to roll out across the Kingdom. Hypermax will focus on providing locally sourced food products and household essentials.<\/p>\n

The rationale:<\/strong> While the company did not reveal the reason behind the closure, the move follows a campaign<\/a> by the Boycott, Divestment, and Sanctions (BDS) movement in Jordan targeting the retailer for its position on the current conflict in Gaza. The company operates 375 Carrefour stores across 15 countries and owns the rights to operate the brand in over 30 countries in the Middle East, Africa and Asia. Bloomberg<\/a> also had the story.<\/p>\n

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#3- Mubadala Energy and PLN eye gas power project in South Andaman: <\/strong>Mubadala Energy and Indonesia's Perusahaan Listrik Negara (PLN) inked an agreement to explore power generation from the South Andaman blocks to address Indonesia\u2019s energy demand and for infrastructure development, according to a press release<\/a>. The entities will conduct a joint study to examine potential gas processing and transportation.<\/p>\n

This follows Mubadala\u2019s discovery of over 8 tn cubic feet of natural gas at the Layaran and Tangkulo fields in North Sumatra in South Andaman<\/strong>, offshore North Sumatra, Indonesia, earlier in May<\/a>, marking the company\u2019s second deepwater find in South Andaman, following one at the Layaran-1 well in December of last year<\/a>. The company wrapped up<\/a> its drilling campaign in South Andaman in September. <\/p>\n

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<\/a> Umm Al Qaiwain is stepping up its logistics game:<\/strong> Umm Al Quwain Crown Prince Sheikh Rashid bin Saud bin Rashid Al Mu\u2019alla announced the establishment of a Logistics City and a Cargo Airport during the UAE Government Annual Meetings 2024, Wam<\/a> reports. .<\/p>\n

DATA POINTS- <\/p>\n

#1- UAE banks\u2019 total capital and deposits rose by 10.5<\/strong>% y-o-y to reach an <\/strong>all-time high of AED 502.6 bn in July 2024<\/strong>, according to a Central Bank of the UAE\u2019s (CBUAE) statement (pdf)<\/a>. Meanwhile, total investments by banks increased by 19.3% y-o-y to AED 691.2 bn.<\/p>\n

#2- The Supreme Committee for Urban Planning <\/strong>allocated <\/strong>over 17.4k res<\/strong>idential land <\/strong>plots to citizens since the launch of Dubai 2040 Urban Master Plan in March 2021<\/strong>, Wam<\/a> reports.<\/p>\n

#3- <\/strong>Bond and sukuk issuances in the UAE reached USD 294.4 bn in 3Q 2024<\/strong>, up 13.1% y-o-y, Fitch Ratings\u2019 Managing Director and Global Head of Islamic Finance Bashar Al Natoor told Wam<\/a>. Sukuk comprised 20% of total issuances \u2014 making the UAE the world\u2019s fourth largest sukuk issuer, with a 6.6% share of the global sukuk market. Regionally, the UAE ranks second in the GCC for total outstanding sukuk with a 16.2% share.<\/p>\n

AED-denominated issuances made up 21.1% of total issuances by 1H 2024<\/strong>, bolstered by the government\u2019s AED-focused monetary policy, Al Natoor explained. The UAE also leads in USD-denominated debt issuance among emerging markets (excluding China), trailing only Saudi Arabia and Brazil.<\/p>\n

The debt market is forecast to surpass USD 300 bn by the end of 2024<\/strong>, Al Natoor said. <\/p>\n

PSAs-<\/p>\n

<\/a> #1- Sewage fees are getting more expensive: <\/strong>Dubai Municipality greenlit a new sewage fee structure \u2014 its first update in 10 years \u2014 to keep pace with a rising population and encourage water conservation, according to a Dubai Media Office statement<\/a>. The new tariff system will be rolled out gradually over the next three years, with the structure outlined below:<\/p>\n