{"id":97876,"date":"2024-11-14T00:00:00","date_gmt":"2024-11-14T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/uae\/this-morning-lulu-retail-to-debut-on-adx-abu-dhabi-to-acquire-pakistani-airline\/"},"modified":"2024-11-14T00:00:00","modified_gmt":"2024-11-14T00:00:00","slug":"this-morning-lulu-retail-to-debut-on-adx-abu-dhabi-to-acquire-pakistani-airline","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/uae\/2024\/11\/14\/this-morning-lulu-retail-to-debut-on-adx-abu-dhabi-to-acquire-pakistani-airline\/","title":{"rendered":"THIS MORNING: LuLu Retail to debut on ADX + Abu Dhabi to acquire Pakistani airline?"},"content":{"rendered":"<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Good morning, lovely people. <\/strong>It\u2019s nearly the end of the week and the news cycle has yet to let up \u2014 we have more updates from Masdar from COP29, a couple of M&As, and tons of investment news. Shall we?<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>WEATHER- Dubai<\/strong> will see a high of 34\u00b0C and a low of 28\u00b0C. In <strong>Abu Dhabi<\/strong>, expect a high of 29\u00b0C and an overnight low of 28\u00b0C today.<\/p>\n<p class=\"tag-border-left\"> HAPPENING TODAY- <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><a id=\"wwtt1\"><\/a> <strong>Lulu Retail\u2019s shares will begin trading on the ADX today under the ticker LULU. <\/strong>The IPO \u2014 the UAE\u2019s biggest this year \u2014 <a target=\"_blank\" href=\"https:\/\/enterprise.news\/uae\/en\/news\/story\/aa543363-43e6-4d53-9e9a-d905fc2370c5\/lulu-retail-raises-aed-6.32-bn-in-largest-ipo-of-the-year\" style=\"\" rel=\"noopener\">raised<\/a> AED 6.3 bn, with over AED 135 bn in orders, as well as AED 1 bn from cornerstone investors. The final share price was set at AED 2.04 per share, giving the company a market cap of AED 21.1 bn.<\/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>#1- The UAE is participating in <\/strong><strong><a target=\"_blank\" href=\"https:\/\/cop29.az\/en\/home\" style=\"\" rel=\"noopener\">COP29<\/a><\/strong><strong>, which kicked off on 11 November in Baku, Azerbaijan<\/strong>, and runs until 22 November, <a target=\"_blank\" href=\"https:\/\/www.wam.ae\/en\/article\/b64jar6-cop29-begins-tomorrow-baku-with-active-effective\" style=\"\" rel=\"noopener\">Wam<\/a> reports. The event aims to limit global warming to 1.5\u00b0C and boost climate finance. As the host of last year\u2019s COP, the UAE will present a national pavilion and over 60 side sessions on topics such as climate finance, decarbonization, renewables, and AI-powered food and water solutions.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#2- <\/strong><strong><a target=\"_blank\" href=\"https:\/\/dubaiarbitrationweek.com\/#about\" style=\"\" rel=\"noopener\">Dubai Arbitration Week<\/a><\/strong><strong> is underway at the Waldorf Astoria <\/strong>in the Dubai International Financial Center and wraps tomorrow. The event features a series of panel discussions, workshops, and presentations focused on the latest developments and challenges in international commercial arbitration. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#3- The Sharjah Chamber of Commerce and Industry\u2019s trade mission to Kenya and Ugand<\/strong><strong>a kicked off on 11 November<\/strong>, aiming to boost UAE-East Africa trade ties in oil, gas, infrastructure, logistics, food, and automotive sectors. The Sharjah Exports Development Centre is representing the chamber. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The agenda: <\/strong>Starting in Kenya with an investment forum and business meetings, the mission moves to Uganda tomorrow for another forum on Uganda's infrastructure and oil growth, plus meetings and local site visits. The mission concludes today.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#4-<\/strong> <strong>The <\/strong><strong><a target=\"_blank\" href=\"https:\/\/paperworld-middle-east.ae.messefrankfurt.com\/dubai\/en.html\" style=\"\" rel=\"noopener\">Paperworld Middle East<\/a><\/strong><strong> and <\/strong><strong><a target=\"_blank\" href=\"https:\/\/gifts-lifestyle-middle-east.ae.messefrankfurt.com\/dubai\/en.html\" style=\"\" rel=\"noopener\">Gifts & Lifestyle Middle East<\/a><\/strong><strong> exhibitions are <\/strong><strong>underway at Dubai World Trade Center <\/strong>and will wrap up today. The events will gather more than 12k visitors from over 100 countries, including distributors, retailers, wholesalers, and franchisees in the paper and stationery industry.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#5- The <\/strong><strong><a target=\"_blank\" href=\"https:\/\/thealtaconferences.com\/dubai-leasing\" style=\"\" rel=\"noopener\">Lease Conference Dubai 2024<\/a><\/strong><strong> is on its second and final day <\/strong>at the Jumeirah Creekside Hotel. The event brings together key players in the leasing industry across the Middle East and Africa.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#7- Malaysian Deputy PM Datuk Seri Dr Ahmad Zahid Hamid is in the UAE on an official <\/strong><strong>visit<\/strong>, which began yesterday and will conclude on 19 November, Malaysian national news agency <a target=\"_blank\" href=\"https:\/\/www.bernama.com\/misc\/rss\/news.php?id=2362753\" style=\"\" rel=\"noopener\">Bernama<\/a> reports. The visit \u2014 marking the first high-level engagement between the UAE and Malaysia this year \u2014 aims to ramp up bilateral ties and increase cooperation in key sectors, including the halal industry, technical and vocational education and training, and AI.<\/p>\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=\"wwtt2\"><\/a> <strong>#1- Trump\u2019s policy on Iran is a key point of concern for Gulf states: <\/strong>Gulf states are wary of US President-elect Donald Trump\u2019s approach to Iran, with mixed opinions on whether he can effectively end a year of war in the Middle East. UAE\u2019s Presidential Advisor Anwar Gargash stressed the need for Trump to adopt a \u201ccomprehensive\u201d strategy, rather than relying on \u201creactive and piecemeal\u201d policies during a conference in Abu Dhabi this week, the <a target=\"_blank\" href=\"https:\/\/www.ft.com\/content\/d22b5a59-957f-4a8b-b898-d409bd7a5776\" style=\"\" rel=\"noopener\">Financial Times<\/a> reports.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>It\u2019s unclear which path Trump will pursue: <\/strong>Elise Stefanik, Trump\u2019s pick for US ambassador to the UN, welcomed \u201ca return to President Trump\u2019s Maximum Pressure campaign against Iran\u201d in an <a target=\"_blank\" href=\"https:\/\/twitter.com\/RepStefanik\/status\/1855415080646763001?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1855415080646763001%7Ctwgr%5Ec30a017850295c1afce19c58eee85984659a0d3b%7Ctwcon%5Es1_&ref_url=https%3A%2F%2Fwww.ft.com%2Fcontent%2Fd22b5a59-957f-4a8b-b898-d409bd7a5776\" style=\"\" rel=\"noopener\">X post<\/a> earlier this week. The stance raises concerns that escalating tensions could spill over into the Gulf states. \u201cIf Trump puts you in a situation where you have to decide [which side to take], because he\u2019s going against Iran, it\u2019s a big problem. Trump is not the kind of guy who takes \u2018no\u2019 for an answer,\u201d an anonymous senior Arab diplomat told the salmon-colored paper.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>ICYMI- Others are more hopeful: <\/strong>The <a target=\"_blank\" href=\"https:\/\/www.nytimes.com\/2024\/11\/07\/world\/middleeast\/saudi-arabia-trump-election.html?searchResultPosition=1\" style=\"\" rel=\"noopener\">New York Times<\/a> reported last week that the UAE and other Gulf states view Trump as a reliable business ally, with Trump developing a \u201cpersonal rapport\" with both UAE President Sheikh Mohamed bin Zayed and Saudi Crown Prince Mohammed bin Salman, as opposed to more formal relations with current US President Joe Biden and his VP Kamala Harris.<\/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\"> <a id=\"wwtt3\"><\/a> <strong>#2- Abu Dhabi to <\/strong><strong>acquire Pakistani<\/strong><strong> airline? <\/strong>The Pakistani government could sell a majority stake in Pakistan International Airlines to the government of Abu Dhabi or Qatar, as it moves forward with its plan to privatize the flag carrier, Pakistani news outlet <a target=\"_blank\" href=\"https:\/\/english.aaj.tv\/news\/330388598\/govt-moves-forward-with-pia-privatization-targeting-sale-to-qatar-or-abu-dhabi\" style=\"\" rel=\"noopener\">Aaj<\/a> reports. Takeover proposals, with pre-agreed conditions, are already underway, the outlet reports. The Pakistani government is accepting expressions of interest for the sale until 30 November.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Background:<\/strong> The government-to-government sale comes after the airline received only a single bid of PKR 10 bn (USD 36 mn) for a 60% stake in the bidding process \u2014 below the minimum price set by the government. The bid was submitted <a target=\"_blank\" href=\"https:\/\/www.reuters.com\/business\/aerospace-defense\/real-estate-developer-places-bid-stake-pakistans-national-airline-2024-10-31\/\" style=\"\" rel=\"noopener\">last month<\/a> by a consortium led by Pakistani real estate developer Blue World.<\/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- FAB to provide end-of-service benefits to UAE employers: <\/strong>First Abu Dhabi Bank (FAB) received preliminary approval from the Human Resources and Emiratisation Ministry and the Securities and Commodities Authority to offer its End of Service Benefits Funds to UAE-based companies, state news agency <a target=\"_blank\" href=\"https:\/\/www.wam.ae\/en\/article\/b66blhr-fab-end-service-benefits-funds-granted-initial\" style=\"\" rel=\"noopener\">Wam<\/a> reports. The product aims to facilitate UAE employees' access to the new government alternative savings scheme. Lunate and Daman also <a target=\"_blank\" href=\"https:\/\/enterprise.news\/uae\/en\/news\/story\/61665c13-0d19-48db-b5da-041ff992eb62\/%253cmark%253e%253c%2Fmark%253eabu%253cmark%253e%253c%2Fmark%253e-%253cmark%253e%253c%2Fmark%253edhabi%253cmark%253e%253c%2Fmark%253e%25e2%2580%2599%253cmark%253e%253c%2Fmark%253es%253cmark%253e%253c%2Fmark%253e-%253cmark%253e%253c%2Fmark%253esovereign%253cmark%253e%253c%2Fmark%253e-%253cmark%253e%253c%2Fmark%253ewealth%253cmark%253e%253c%2Fmark%253e-%253cmark%253e%253c%2Fmark%253efund%253cmark%253e%253c%2Fmark%253e-%253cmark%253e%253c%2Fmark%253eadq%253cmark%253e%253c%2Fmark%253e-%253cmark%253e%253c%2Fmark%253elisted%253cmark%253e%253c%2Fmark%253e-%253cmark%253e%253c%2Fmark%253eits%253cmark%253e%253c%2Fmark%253e-%253cmark%253e%253c%2Fmark%253eusd%253cmark%253e%253c%2Fmark%253e-%253cmark%253e%253c%2Fmark%253e2%253cmark%253e%253c%2Fmark%253e.%253cmark%253e%253c%2Fmark%253e5%253cmark%253e%253c%2Fmark%253e-%253cmark%253e%253c%2Fmark%253ebn%253cmark%253e%253c%2Fmark%253e-%253cmark%253e%253c%2Fmark%253ebonds%253cmark%253e%253c%2Fmark%253e-%253cmark%253e%253c%2Fmark%253eon%253cmark%253e%253c%2Fmark%253e-%253cmark%253e%253c%2Fmark%253eadx%253cmark%253e%253c%2Fmark%253e\" style=\"\" rel=\"noopener\">got the greenlight<\/a> to operate under the scheme earlier this year. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#4- DWTC kicks off AED 10 bn exhibition center expansion: <\/strong>Dubai World Trade Centre (DWTC) started the first phase of its <a target=\"_blank\" href=\"https:\/\/enterprise.news\/uae\/en\/news\/story\/c141ba1c-3c54-4820-9549-816c300e3243\" style=\"\" rel=\"noopener\">AED 10 bn expansion plan<\/a> for the Dubai Exhibition Center at Expo City Dubai, set to make it the largest indoor events venue in the region once complete, <a target=\"_blank\" href=\"https:\/\/www.wam.ae\/en\/article\/b66blnp-dubai-world-trade-centre-initiates-phase-dubai\" style=\"\" rel=\"noopener\">Wam<\/a> reports. The first phase will add 64k sq m of permanent exhibition halls and 30k sq m of temporary halls, bringing the total event space to 140k sq m by 2026, and doubling the city\u2019s capacity for large-scale exhibitions. <\/p>\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-<\/strong> <strong>SME Export Matching report 2024 export results:<\/strong> Fourteen participating SMEs in the Abu Dhabi Department of Economic Development's (Added) SME Export Matching program reported a 44% increase in exports for 2024, with an expected export value of AED 387 mn, <a target=\"_blank\" href=\"https:\/\/www.wam.ae\/en\/article\/b66blew-added%E2%80%99s-export-matching-programme-enables-smes\" style=\"\" rel=\"noopener\">Wam<\/a> reports. The SMEs entered international markets, including Saudi Arabia, Oman, Kuwait, Bahrain, Qatar, Egypt, the US, India, and Canada, across 14 sectors such as engineering, construction, and pharma.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#2- Dubai\u2019s public parking operator Parkin\u2019s market value rose <\/strong><strong>to AED 12 bn by the <\/strong><strong>end of 3Q<\/strong>, up from AED 6.3 bn in March, the company\u2019s CEO Mohammed Al Ali told CNBC Arabia (<a target=\"_blank\" href=\"https:\/\/www.cnbcarabia.com\/130555\/2024\/13\/11\/%D8%A7%D9%84%D8%B1%D8%A6%D9%8A%D8%B3-%D8%A7%D9%84%D8%AA%D9%86%D9%81%D9%8A%D8%B0%D9%8A-%D9%84%D8%B4%D8%B1%D9%83%D8%A9-%D8%A8%D8%A7%D8%B1%D9%83%D9%86-%D8%A7%D9%84%D8%A5%D9%85%D8%A7%D8%B1%D8%A7%D8%AA%D9%8A%D8%A9-%D9%84%D9%80-CNBC-%D8%B9%D8%B1%D8%A8%D9%8A%D8%A9:-%D8%A7%D9%84%D9%82%D9%8A%D9%85%D8%A9-%D8%A7%D9%84%D8%B3%D9%88%D9%82%D9%8A%D8%A9-%D9%84%D9%84%D8%B4%D8%B1%D9%83%D8%A9-%D8%AD%D9%88%D8%A7%D9%84%D9%8A-12-%D9%85%D9%84%D9%8A%D8%A7%D8%B1-%D8%AF%D8%B1%D9%87%D9%85-%D9%81%D9%8A-%D9%86%D9%87%D8%A7%D9%8A%D8%A9-%D8%A7%D9%84%D8%B1%D8%A8%D8%B9-%D8%A7%D9%84%D8%AB%D8%A7%D9%84%D8%AB-%D9%85%D9%82%D8%A7%D8%B1%D9%86%D8%A9-%D9%85%D8%B9-6.3-%D9%85%D9%84%D9%8A%D8%A7%D8%B1-%D8%AF%D8%B1%D9%87%D9%85-%D9%81%D9%8A-%D8%B4%D9%87%D8%B1-%D9%85%D8%A7%D8%B1%D8%B3\" style=\"\" rel=\"noopener\">watch, runtime: 9:07<\/a>). The company has added 4.4k new parking spaces across six development areas in Dubai, bringing its total to 24.5k spaces. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>More to come: <\/strong>Parkin has a five-year plan underway to further expand public parking, in partnership with the Dubai Roads and Transport Authority.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Parkin is considering expanding into Saudi Arabia, Qatar, and Bahrain<\/strong>, Al Ali told Asharq Business (<a target=\"_blank\" href=\"https:\/\/www.asharqbusiness.com\/companies\/60400\/%D8%A8%D8%A7%D8%B1%D9%83%D9%86-%D8%A7%D9%84%D8%A5%D9%85%D8%A7%D8%B1%D8%A7%D8%AA%D9%8A%D8%A9-%D9%84%D8%AE%D8%AF%D9%85%D8%A7%D8%AA-%D9%85%D9%88%D8%A7%D9%82%D9%81-%D8%A7%D9%84%D8%B3%D9%8A%D8%A7%D8%B1%D8%A7%D8%AA-%D8%AA%D8%AF%D8%B1%D8%B3-%D8%A7%D9%84%D8%AA%D9%88%D8%B3%D8%B9-%D8%AE%D9%84%D9%8A%D8%AC%D9%8A%D8%A7\/\" style=\"\" rel=\"noopener\">watch, runtime: 6:55<\/a>). The parking operator is assessing potential partnerships in these markets, though no final decisions have been made.<\/p>\n<p class=\"tag-border-left\">PSA- <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Registration is now open for Clean Energy Certificates: <\/strong>Emirates Water and Electricity Company opened registration for the Clean Energy Certificates (CECs) 4Q 2024 auction, which closes on 13 December, according to <a target=\"_blank\" href=\"https:\/\/www.wam.ae\/en\/article\/147tyis-ewec-opens-registration-for-2024-clean-energy\" style=\"\" rel=\"noopener\">Wam<\/a>. The CECs, issued by the Abu Dhabi Department of Energy in units of 1 MWh, certify that the electricity consumed by Abu Dhabi-based entities originates from renewable or clean energy sources. <\/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>Not much has changed:<\/strong> US president-elect Donald Trump\u2019s cabinet choices continue to top the front pages this morning. His latest appointments \u2014 Tulsi Gabbard as director of national intelligence and Matt Gaetz as attorney general \u2014 further cement the view that Trump is relying more on loyalty than qualifications to guide his choices. Many of his picks lack a CV with clearly relevant or sufficient prior experience, while other nominations \u2014 such as Marco Rubio as secretary of state \u2014 are \u201csprinkled in\u201d as \u201cmore conventional selections.\u201d Trump is also reportedly looking at what would be an \u201cunprecedented shakeup\u201d at the Pentagon, after talking about purging \u201cwoke generals\u201d as part of his campaign. (<a target=\"_blank\" href=\"https:\/\/www.reuters.com\/world\/us\/trumps-team-drawing-up-list-pentagon-officers-fire-sources-say-2024-11-13\/\" style=\"\" rel=\"noopener\">Reuters<\/a> | <a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2024-11-13\/trump-picks-for-top-jobs-stress-loyalty-culture-wars-tv-skills?srnd=homepage-middle-east\" style=\"\" rel=\"noopener\">Bloomberg<\/a> | <a target=\"_blank\" href=\"https:\/\/www.ft.com\/content\/f2604105-c2df-4d35-b1ba-3992d98ce980\" style=\"\" rel=\"noopener\">Financial Times<\/a>)<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>ELSEWHERE- Brazil evacuated its supreme court after two bombings in Brasilia<\/strong> that killed the suspected bomber. The explosions come a few days before the G20 summit is scheduled to kick off in Rio de Janeiro in a few days. (<a target=\"_blank\" href=\"https:\/\/www.reuters.com\/world\/americas\/brazils-top-court-evacuates-after-loud-bangs-heard-nearby-2024-11-13\/\" style=\"\" rel=\"noopener\">Reuters<\/a> | <a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2024-11-14\/explosion-at-brazil-s-supreme-court-leaves-one-person-dead\" style=\"\" rel=\"noopener\">Bloomberg<\/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. 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