{"id":98220,"date":"2024-11-25T00:00:00","date_gmt":"2024-11-25T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/uae\/this-morning-adnoc-to-sell-stake-in-adnoc-gas-four-day-weekend-confirmed\/"},"modified":"2024-11-25T00:00:00","modified_gmt":"2024-11-25T00:00:00","slug":"this-morning-adnoc-to-sell-stake-in-adnoc-gas-four-day-weekend-confirmed","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/uae\/2024\/11\/25\/this-morning-adnoc-to-sell-stake-in-adnoc-gas-four-day-weekend-confirmed\/","title":{"rendered":"THIS MORNING: Adnoc to sell stake in Adnoc Gas? + Four-day weekend confirmed"},"content":{"rendered":"

Good morning, friends. <\/strong>We have a tight issue for you this morning, with fresh federal GDP figures out for 2Q 2024, an upgrade for Ras Al Khaimah\u2019s credit rating from S&P Global, and a new law regulating the arts sector. <\/p>\n

WEATHER- Expect a mostly sunny and warm day in Dubai and Abu Dhabi<\/strong>, with temperatures in the former hitting 32\u00b0C during the day, and an overnight low of 24\u00b0C. Abu Dhabi will be slightly cooler, with mercury hitting 28\u00b0C during the day and falling to an overnight low of 24\u00b0C.<\/p>\n

WATCH THIS SPACE- <\/p>\n

<\/a> #1 Abu Dhabi National Oil Company (Adnoc) is considering selling 3-5% of Adnoc Gas<\/strong>, Bloomberg<\/a> reports, citing sources it says are familiar with the matter. The potential transaction could be announced in the coming days, the sources added. The size and timing of the transaction have yet to be agreed on. The stake could be worth some USD 3.5 bn based on the gas unit\u2019s share price at Fridays\u2019 close. <\/p>\n

REMEMBER-<\/strong> Adnoc sold a 5.5% stake<\/a> in its drilling unit in a secondary sale for USD 935 mn to institutional investors in May.<\/p>\n

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<\/a> #2- Boston Celtics\u2019 major shareholder Wyc Grousbeck pitched selling a<\/strong> stake in the <\/strong>NBA champion to sovereign wealth fund Mubadala Investment <\/strong>when the two met during the team's pre-season games in Abu Dhabi in October, Bloomberg<\/a> reports, citing people it says are in the know. While Mubadala executives are reportedly interested in NBA ownership, they \u2014 and other Gulf sovereign funds \u2014 are looking at investments in teams that offer hands-on management roles rather than passive stakes, the business information service notes.<\/p>\n

The Celtics, valued at USD 5.1 bn, face challenges in attracting buyers <\/strong>due to financial losses last season and the lack of an arena, which is crucial for revenue streams. The NBA is actively pursuing partnerships in the UAE and Qatar, including discussions about hosting exhibition games and establishing a regional office to boost fan engagement. It is also hoping to extend its partnership<\/a> on fan engagement with sovereign wealth fund ADQ, which expires this year, one source said.<\/p>\n

The UAE has seen a surge in sponsorship agreements<\/strong>, including Emirates airline sponsoring the NBA Cup and promotional patches for Abu Dhabi on New York Knicks jerseys.<\/p>\n

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#3- Abu Dhabi will be the first city in the MENA region to implement the Paris Agreem<\/strong>ent on Climate Change\u2019s Enhanced <\/strong>Transparency Framework (ETF) on a subnational level<\/strong>, following the national launch by the Climate Change and Environment Ministry last year, according to the Abu Dhabi Media Office<\/a>. This will involve a digital platform to improve data collection and regulatory enforcement pertaining to climate change policy in Abu Dhabi that will feed into the national ETF system.<\/p>\n

What is the ETF?<\/strong> The ETF provides guidelines to countries in the Paris Agreement on reporting and tracking progress towards achieving the agreement goals. The ETF system in Abu Dhabi will be responsible for monitoring emissions across key sectors, including manufacturing, agriculture, energy, land-use change, and waste management.<\/p>\n

#4- Masdar and Albania\u2019s state-owned energy company Kesh plan to develop 3 GW worth <\/strong>of clean energy projects<\/strong>, starting with a 100 MW solar plant set to launch soon, state news agency Wam<\/a> reports. Masdar had inked a joint venture term sheet<\/a> with Kesh to develop GW-scale renewable energy projects, focusing on solar, wind, and hybrid technologies with potential battery storage earlier this month during COP29 in Baku. <\/p>\n

DATA POINTS- <\/p>\n

#1- Abu Dhabi is expected to have slashed 26 mn tons of carbon emissions <\/strong>between the launch of its Climate Change Strategy 2023\u20132027 in July 2023 and the end of the current year, Abu Dhabi\u2019s Energy and the Environment Agency Department said in its latest report, according to Wam<\/a>. The progress puts the emirate on track to achieve the strategy\u2019s goal of slashing emissions by 22% by 2027 from 2016 levels.<\/p>\n

The strategy monitors progress across 77 projects, of which 26% have been completed<\/strong>, including major initiatives like the Al Dhafra Solar Power Project.<\/p>\n

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<\/a> #2- The UAE claimed the fifth spot in the <\/strong>Global AI Vibrancy Ranking for 2023<\/a><\/strong>(pdf)<\/a> published by the Institute for Human-Centered AI at Stanford University. The Emirates was among the top three nations globally to invest in AI via both IPOs and minority stakes, according to the report. The country also scored highly on the net migration of AI talent and boasts a diverse AI workforce gender-wise, the report noted. The US claimed the top spot, followed by China, the UK, and India. <\/p>\n

What they said: <\/strong>\u201cThe UAE\u2019s strong position in the vibrancy ranking highlights the Middle East\u2019s growing influence in the global AI landscape and is reflective of the UAE government\u2019s deliberate efforts to position the country as a significant global AI player,\u201d the report read.<\/p>\n

Remember- <\/strong>Abu Dhabi's Technology Innovation Institute (TII) launched the Falcon Foundation, a nonprofit entity dedicated to advancing open-source Generative AI models for specific industries, with an AED 1 bn funding commitment earlier this year<\/a>. The TII launched the open-source Falcon 40B large language model in May.<\/p>\n

PSAs-<\/p>\n

<\/a> #1- A four-day weekend incoming: <\/strong>The UAE Cabinet approved a national holiday for the public and private sectors in observance of the UAE National Day on Monday, 2 December, and Tuesday, 3 December, according to X posts (here<\/a> and here<\/a>).<\/p>\n

#2- The <\/strong>Interior Ministry<\/strong> will lift drone restrictions for companies and government <\/strong>entities starting today<\/strong>, with plans to expand the mandate to include other users, including amateur operators, in subsequent phases, state news agency Wam<\/a> reports. Operators must check requirements on the UAE Drones app or website<\/a>.<\/p>\n

HAPPENING TODAY- <\/p>\n

The Sharjah International Tourism and Travel Forum<\/a><\/strong>will kick off today <\/strong>at the Expo Center in Sharjah. The forum gathers industry leaders and innovators for panel discussions and workshops on advancements in the tourism sector, and will include discussions around digitization, data-driven decision-making, health protocols, and sustainable practices.<\/p>\n

HAPPENING THIS WEEK- <\/p>\n

#1- <\/strong>Open Source AI Summit<\/a><\/strong> will take place tomorrow and after<\/strong> at The St. Regis Saadiyat Island Resort in Abu Dhabi. The event will feature discussions on prospects for open-source artificial intelligence, as well as challenges, ethical considerations, governance, and international cooperation.<\/p>\n

#2- <\/strong>The Gulf Capital Market Summit<\/a><\/strong> will take place tomorrow <\/strong>at the Address Sky View in Dubai. The event will focus on debt and equity markets. Participants will include investors, issuers, market practitioners, and officials who will address key issues that will influence the future of the markets.<\/p>\n

#3- <\/strong>The Global Food Security Summit<\/a><\/strong> will take place tomorrow and after<\/strong> at the Adnec center in Abu Dhabi. The event will focus on biosecurity and agriculture in arid environments, as well as innovative and sustainable agricultural practices, including the application of artificial intelligence.<\/p>\n

#4- <\/strong>The Global Women's Forum<\/a><\/strong> will take place tomorrow and after<\/strong>at Madinat Jumeriah in Dubai. The forum will feature over 60 sessions with participation from 100 leaders and influencers globally. <\/p>\n

#5- <\/strong>Livable Cities X<\/a><\/strong> will take place between 26-28 November <\/strong>at the Dubai World Trade Center. The event will feature discussions with key players driving efforts to enhance sustainability, resilience, and livability in urban environments. Participants will engage with experts to discuss innovative solutions for urban challenges.<\/p>\n

#6- <\/strong>Future FM Exhibition<\/a><\/strong> will take place between 26-28 November<\/strong> at the Dubai World Trade Center. The event will gather facility management experts and will discuss digital solutions within the industry to boost efficiency and sustainability.<\/p>\n

#7- <\/strong>GeoWorld Summit<\/a><\/strong> will take place between 26-28 November<\/strong> at the Dubai World Trade Center. The forum will focus on exploring the latest trends in geospatial technologies and providing solutions based on data analysis and visualization to business leaders and governments.<\/p>\n

#8- <\/strong>The<\/a><\/strong>Global<\/a><\/strong>Media Congress 2024<\/a><\/strong> will take place between <\/strong>26-28 November<\/strong> at Abu Dhabi\u2019s Adnec Center. The event will bring together leaders and notable figures in the media industry to discuss the latest trends and technologies in the sector.<\/p>\n

#9- The <\/strong>Big 5 Global Exhibition<\/a><\/strong> will take place between 26-29 November<\/strong> at the Dubai World Trade Center. The exhibition will feature key players and experts in the construction industry to discuss recent innovations and showcase available investment prospects.<\/p>\n

#10- <\/strong>The RAK Energy Summit 2024<\/a><\/strong> will take place on 27-28 November<\/strong> at the Al Hamra International Exhibition and Convention Center. The summit will bring together renewable energy experts and decision-makers to discuss energy transition and decarbonization efforts in the GCC region. It will also explore topics such as AI, future energy transport, and energy storage.<\/p>\n

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

It\u2019s another deeply mixed morning in the international business press<\/strong>, giving us a range of stories and headlines to wade through. Among the stories leading the front pages this morning:<\/p>\n