{"id":98395,"date":"2024-11-29T00:00:00","date_gmt":"2024-11-29T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/uae\/dubai-is-getting-the-gulfs-first-large-scale-brewery-adgms-assets-under-management-grew-more-than-200-in-3q\/"},"modified":"2024-11-29T00:00:00","modified_gmt":"2024-11-29T00:00:00","slug":"dubai-is-getting-the-gulfs-first-large-scale-brewery-adgms-assets-under-management-grew-more-than-200-in-3q","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/uae\/2024\/11\/29\/dubai-is-getting-the-gulfs-first-large-scale-brewery-adgms-assets-under-management-grew-more-than-200-in-3q\/","title":{"rendered":"Dubai is getting the Gulf\u2019s first large-scale brewery + ADGM\u2019s assets under management grew more than 200% in 3Q"},"content":{"rendered":"

Good morning, wonderful people, and happy FRIDAY. <\/strong>We also wish you all a very happy UAE national day, and hope you all have fun plans for the long weekend. <\/p>\n

SPEAKING OF- A quick programming note:<\/strong> EnterpriseAM UAE will be off on Monday and Tuesday next week for the holiday. We will be back in your inbox on Wednesday, 4 December. <\/p>\n

We have a brisk issue to close out the week<\/strong>, with news of a new IPO on the ADX next month, Masdar closing its acquisition of Greece\u2019s Terna Energy, and macro data on consumer spending in 3Q 2024. <\/p>\n

WEATHER- Expect more windy conditions today:<\/strong> Partly cloudy conditions are expected to persist across the country through the weekend, accompanied by blowing winds and dust and a drop in temperatures, according to the National Center of Meteorology (pdf)<\/a>. Dubai <\/strong>will see the mercury hit 28\u00b0C, with an overnight low of 23\u00b0C, while temperatures will hit 25\u00b0C in Abu Dhabi<\/strong>, with an overnight low of 23\u00b0C.<\/p>\n

WATCH THIS SPACE- <\/p>\n

<\/a> #1- Dubai is set to become home to the Gulf's first large-scale brewery<\/strong>, courtesy of a joint venture between Heineken and Maritime and Mercantile International (MMI), Bloomberg<\/a> reports, citing a company statement. The JV, named Sirocco, confirmed plans to begin construction of the brewery in late 2025, with expected completion date in 2027. All necessary permits for the project have been obtained. Sirocco intends to increase its workforce from 60 to 190 full-time employees. <\/p>\n

REMEMBER- Dubai \u2014 widely viewed as a cosmopolitan hub and a tourist city \u2014 has been loosening regulations over the sale of alcohol for a while. <\/strong>The emirate <\/a>scrapped<\/a> a 30% sales tax on alcohol and a liquor license fee in 2023. The UAE, at a wider scale, is also working on attracting more tourists with megaprojects like Wynn Resorts\u2019 Wynn Al Marjan Island casino project in Ras Al Khaimah.<\/p>\n

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#2- State-owned International Holding Company (IHC) maintained its outlook on <\/strong>investments in Adani Group <\/strong>despite the founder\u2019s recent fraud charges, Reuters<\/a> reports, citing an IHC statement. \u201cOur team continues to evaluate developments. At this time, our outlook on these investments remains unchanged,\u201d the statement mentioned, without clarifying future plans for the investments. <\/p>\n

Adani\u2019s shares have been paring their losses<\/strong>, which narrowed from USD 34 bn to USD 12.5 bn as of yesterday amid persistent support from some investors and partners, including the State Bank of India, which reportedly said it would continue to lend to ongoing Adani projects that are nearing completion, two sources told Reuters. <\/p>\n

Refresher:<\/strong> US prosecutors charged Adani<\/a> and seven others with involvement in a USD 265 mn bribery and fraud scheme, with the charges also including raising capital through false and misleading statements. <\/p>\n

REMEMBER- IHC is not the only UAE investor exposed to Adani:<\/strong> The Abu Dhabi Investment Authority (Adia) invested<\/a> in Adani Energy Solutions\u2019 secondary share sale in July, which was worth up to USD 1 bn. The UAE entity, along with other GCC sovereign wealth funds, was also in discussions<\/a> with Adani Enterprises to raise USD 2 bn from a qualified institutional placement (QIP).<\/p>\n

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#3- Engineering contractor Drake and Scull International (DSI) submitted AE<\/strong>D 4 bn worth of bids for infrastructure projects<\/strong>, with a current project backlog of AED 559 mn, it said in a press release (pdf)<\/a>. The projects include water treatment initiatives as well as mechanical, engineering, and plumbing. <\/p>\n

ICYMI-<\/strong> Drake and Scull International turned to the black<\/a> in 3Q 2024, reporting a net income of AED 5.9 mn from a loss of AED 34.9 mn in the same period last year. The company relisted on the DFM following a restructuring plan involving a capital increase and a write-off of AED 4 bn in debt in March. <\/p>\n

REMEMBER-<\/strong> DSI\u2019s subsidiary Passavant Energy and Environment inked a USD 48 mn<\/a> design and construction contract earlier this year, to develop a 200k cubic meter wastewater treatment plant in Al Khobar, Saudi Arabia. <\/p>\n

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<\/a> #4- Dubai will allocate AED 750 mn for the second phase of its R&D program<\/strong>, aimed at positioning Dubai as a global leader in research and development by 2033, after the Dubai Executive Council approved the budget, state news agency Wam<\/a> reports. The program aims to contribute AED 20 bn a year to Dubai\u2019s economy. The Council also adopted three key strategies:<\/p>\n