{"id":98442,"date":"2024-12-04T00:00:00","date_gmt":"2024-12-04T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/uae\/covestros-shareholders-greenlight-adnocs-takeover-fuel-prices-at-their-lowest-this-year-in-december\/"},"modified":"2024-12-04T00:00:00","modified_gmt":"2024-12-04T00:00:00","slug":"covestros-shareholders-greenlight-adnocs-takeover-fuel-prices-at-their-lowest-this-year-in-december","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/uae\/2024\/12\/04\/covestros-shareholders-greenlight-adnocs-takeover-fuel-prices-at-their-lowest-this-year-in-december\/","title":{"rendered":"Covestro\u2019s shareholders greenlight Adnoc\u2019s takeover + Fuel prices at their lowest this year in December"},"content":{"rendered":"

Good morning, lovely people<\/strong>, and welcome to the start of this abridged workweek. We hope you had a relaxing long weekend and are ready to dive back into work for the final month of the year. <\/p>\n

WEATHER- It\u2019s another cool and breezy day in Dubai<\/strong>, with a high of 28\u00b0C and a low of 20\u00b0C. It\u2019s even cooler in Abu Dhabi<\/strong>, where temperatures will peak at 25\u00b0C and reach a low of 20\u00b0C overnight. <\/p>\n

WATCH THIS SPACE-<\/p>\n

<\/a> #1- Covestro shareholders<\/strong> greenlight Adnoc takeover: <\/strong>Adnoc\u2019s USD 16.3 bn acquisition of German chemicals company Covestro has exceeded the minimum shareholder acceptance threshold, reaching around 70% as of 27 November, Reuters<\/a> reports, citing a statement from Adnoc. The acceptance period for the bid ended last week<\/a>, with the additional acceptance period starting yesterday and lasting until 16 December. <\/p>\n

Remember:<\/strong> Covestro\u2019s management already gave the offer a nod earlier this month, with the closing of the acquisition expected sometime in 2H 2025. Adnoc has been in ongoing negotiations for the takeover, which is set to be the biggest acquisition from a Middle Eastern buyer in Europe in 16 years, for more than a year. <\/p>\n

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#2- Branded residences in Dubai are expected to see a 10-20% u<\/strong>ptick in value amid <\/strong>growing demand<\/strong>, real estate industry insiders told Arabian Business<\/a>, with some anticipating up to 25% hikes, depending on the location and offered services. Branded residences are currently estimated at an average price of USD 1.8k (AED 6.5k) per sq ft.<\/p>\n

Rental incomes from branded residences are also projected to see an annual growth rate <\/strong>of 12% by 2026.<\/strong> Global Branded Residences expects to see 120 branded residence projects in the UAE by 2028.<\/p>\n

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#3- The UAE and the US have discussed lifting sanctions on Syrian President Bashar Al <\/strong>Assad<\/strong> if he ends his cooperation with Iran and cuts off weapon routes to Hezbollah, unnamed sources told Reuters<\/a>. These discussions came ahead of the expiry of the US\u2019 sanctions on Syrian business sectors on 20 December (and before anti-Assad rebels launched their offensive on Aleppo this week). The UAE has been eyeing business ties with Syria, pending the end of US sanctions and Damascus\u2019 bond with Iran, the sources mentioned. <\/p>\n

<\/a> #4- One step closer to a common Arab electricity market: <\/strong>The Arab League has inked key agreements for the mechanisms and framework for a common Arab electricity market during the Arab Ministerial Council for Electricity held in Egypt's New Administrative Capital, Wam<\/a> reports. <\/p>\n

The unified market aims to connect <\/strong>the energy systems of 22 Arab countries by 2038<\/strong>, with phased implementation starting 2025, Arab League Energy Director Jamila Matar previously said<\/a>. The market is expected to operate on a commercial mechanism, enabling energy exchange by utilizing surplus electricity from member states. The initiative, Matar added, could draw on the Gulf electricity interconnection project as a model for success.<\/p>\n

The countries involved:<\/strong> The countries that signed the agreement include the UAE, Saudi Arabia, Kuwait, Palestine, Syria, Egypt, Qatar, Libya, Sudan, Yemen, Morocco, and Jordan.<\/p>\n

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#5- Ayana Holding\u2019s real estate development arm Amaal plans to devel<\/strong>op projects <\/strong>worth AED 5 bn within the next three to five years<\/strong>, Chairman Abdullah Bin Lahij told Al Khaleej<\/a>. The company is exploring expansion into Abu Dhabi and Ras Al Khaimah. <\/p>\n

PUBLIC SERVICE ANNOUNCEMENTS- <\/p>\n

<\/a> #1- You'll be paying less at the pump this month: <\/strong>The Fuel Price Committee reduced December fuel prices by nearly 5%, except for diesel, according to an Emirates General Petroleum Company statement posted on X<\/a>. The reductions bring fuel prices to their lowest so far this year, Khaleej Times<\/a> reports. <\/p>\n

The breakdown per liter:<\/strong><\/p>\n