Good morning, lovely people. We have a packed issue for you this morning as we slide into the end of the first workweek of Ramadan (but who’s counting?), so without further ado…

But first, when do we eat? Maghrib prayers are at 6:31pm in Dubai, and 6:34pm in Abu Dhabi. Fajr prayers are at 5:12am in Dubai and 5:16am in Abu Dhabi.

Several stories are vying for your attention this morning, including reports that Eagle Hills will spend EUR 5 bn on a development in Budapest, updates on two cross-border M&As that could fall through, tons of investment news, and a new legislation to regulate digital assets in Dubai.

PUBLIC SERVICE ANNOUNCEMENT-

#1- Fog alert: The National Center of Meteorology warned of a heavy fog formation in coastal and inland areas that could affect visibility until 9am today.

#2- If you were scheduled to fly Emirates between Hamburg and Dubai, your flight may have been canceled or delayed: Emirates made changes to two flights set to fly from Hamburg to Dubai today due to aviation staff in Germany going on strike. Flight EK060 has been canceled, while flight EK062 was pushed to tomorrow at 5:30pm.

WATCH THIS SPACE-

#1-Parkin is set to price its IPO today, following a successful book building process that saw books covered within seconds of books opening last week, setting it up to raise up to AED 1.57 bn from the listing. Parkin’s shares will start trading next Thursday, 21 March under the ticker PARKN.

Refresher: The Dubai Investment Fund is selling a 25% stake in Parkin, with books covered within minutes after the book building process kicked off last week, setting it up to raise up to

#2-ADIA-backed Galderma sets price range for IPO: Abu Dhabi Investment Authority-backed Swiss pharma company Galderma has set the indicative price range for shares in its upcoming IPO on SIX Swiss Exchange at CHF 49-53 per share, the company said in a press release (pdf). The share sale could see Galderma raise some CHF 2.3 bn (USD 2.6 bn). The final pricing will be announced next Thursday, 21 March, with trading set to begin the following day.

Background: In 2019, a consortium of ADIA, Swedish private equity company EQT, and Singapore’s GIC acquired Galderma, formerly called Nestlé Skin Health, for CHF 10.2 bn from Nestlé.

ADIA and EQT are set to remain major shareholders following Galderma’s debut, CEO Flemming Ornskov told Reuters last week. The proceeds from the IPO will be used to “strengthen [Galderma’s] balance sheet by repaying and refinancing debt,” the company said in its statement.

DATA POINTS-

#1- Global credit rating agency Moody’s expects the UAE’s economy to grow 4.6% in 2024,up from 3.1% in 2023, on the back of high business confidence and government reforms to attract foreign investments, The National reports, citing its latest UAE outlook. Moody’s also attributes growth to a flexible and dynamic non-oil economy buffering against global macroeconomic uncertainties, and increasing borrowers’ ability to repay loans.

The figure is more or less in line with other pundits’ forecasts: S&P Global expects the economy to accelerate to more than 5%, while the Central Bank of the UAE expects it to grow 5.7% and the Finance Ministry projects 5.3% growth. On the less bullish side, the World Bank expects to see 3.7% growth in 2024, while The Arab Monetary Fund sees the economy growing at a 4.3% clip.

The agency reaffirmed the local banking sector’s rating at Aa2 and revised its outlook to positive from stable, signifying strengthened shock-absorbing margins and high cash reserves for banks. Loans will also remain broadly stable, while deposit growth is expected to remain higher than credit demand, Moody’s reportedly said.

#2- Some AED 61 bn in local industrial exports passed through Abu Dhabi’s Ports during 2023, Albayan reports, citing data from Statistics Center Abu Dhabi. Some 20.5% of the year’s industrial exports — worth AED 12.5 bn — were concentrated in 4Q 2023. Heavy industries accounted for the lion’s share (46%) of total exports, amounting to AED 28.1 bn.

#3- Dubai real estate market prices surged during February to their highest level in almost a decade,climbing 17.4% y-o-y in February to AED 1.294 per sq ft, according to data from Property Monitor. Sales also hit a record high of 11.9k transactions, up 30.4% y-o-y.

REMEMBER- Dubai’s real estate market is widely expected to see more price growth in 2024, though most analysts predict slower growth from last year’s boom.

#4- Dubai ranked ninth in Preply’s Global Expat Index,coming ahead of cities includingToronto and Sydney with a total score of 6.8. The city was ranked as the third-best in Asia for expats planning to move in 2024, scoring 6.81 on the back of a high safety score (83.4) and an attractive tax framework.

Abu Dhabi bagged eighth place in Asia for expats planning to move in 2024 with a score of 6.09. The emirate ranked highest in safety in Asia, with an overall score of 86.71.

#5- The volume of goods processed through Dubai Commercity’s transit hub rose 56% y-o-y in 2023, and orders completed via its digital trade platform surged by 158%, according to a Dubai Media Office statement. Its digital trade platforms facilitated a 92% surge in shipping operations for goods from distribution centers.

#6- DMCC reported a record-breaking USD 38.3 bn in diamond trade in 2023, with a 32% y-o-y increase in the value of polished diamond transactions, according to a Dubai Media Office statement. The value of rough and polished diamonds traded rose 2% y-o-y to USD 38.3 bn, with a compound annual growth rate of 11% over the past five years.

THE BIG STORY ABROAD-

It’s a toss-up between the US presidential election and Tiktok for which story is getting the most attention this morning in the global business press. Media outlets around the world are taking stock of Trump v. Biden, Round II — it’s the first rematch between US presidential contenders since 1956. They’re also asking what’s next for Tiktok after the House of Representatives voted yesterday to give owner ByteDance six months to sell it or face a ban in the US of A.

Must-read on the US election:Biden and Trump clinch nominations, setting the stage for a grueling general election rematch (Associated Press).

Must-read on TikTok:What’s next for TikTok and its US users after House approves ban (Financial Times).

Cue the protectionists: Overseas takeovers of high-profile western companies are raising hackles in London and Washington. Rishi Sunak is pushing for legislation that would prevent UAE-backed RedBird IMI from bidding for The Telegraph. And across the pond, Joe Biden is expected to speak out today against Nippon Steel’s USD 14.9 bn bid for US Steel.

CIRCLE YOUR CALENDAR-

The Blockchain Life Forum 2024 is scheduled to run from Monday, 15 April to Tuesday, 16 April,at Festival Arena in Dubai. The two-day event will gather web3 and crypto professionals from over 120 countries to discuss how to read and invest in the crypto market.

The Sharjah Animation Conferenceby the Sharjah Book Authority is set to run from 1-5 May at Expo Centre Sharjah, gathering global animation leaders and artists.

Check out our full calendar on the web for a comprehensive listing of upcoming news events, national holidays and news triggers.

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