Good morning, lovely people. We have a packed issue for you this morning, with plenty of news from Mubadala — which has made two fresh acquisitions and has tapped banks for its debut sukuk issuance.

So, when do we eat? Maghrib prayers are at 6:36pm in Dubai and 6:39pm in Abu Dhabi, and you have until 5:02am to hydrate and caffeinate ahead of Fajr in Abu Dhabi, and until 4:58am in Dubai.

PUBLIC SERVICE ANNOUNCEMENT-

Pilgrims traveling to Saudi Arabia for Umrah and Hajj will need to present their influenza vaccination card before leaving the UAE at immigration, following a new mandate by the Health and Prevention Ministry, Khaleej Times reports. The mandate — which goes into effect today — recommends travelers get vaccinated at least 10 days before traveling, with individuals who received the influenza vaccine within the past year exempt from obtaining a new injection.

Approved vaccination cards can be secured through the Al Hosn application.

HAPPENING TODAY-

The Chimera JPMorgan UAE Bond UCITS ETF debuts today: Lunate Capital and JPMorgan Chase are launching the Chimera JPMorgan UAE Bond UCITS ETF, the first bond exchange-traded fund (ETF) in the UAE’s bond market, today. Covering investment-grade bonds worth USD 500 mn or more, it includes issuances from the likes of Mubadala Investment, the Abu Dhabi government, and First Abu Dhabi Bank.

WATCH THIS SPACE-

#1- Abu Dhabi-backed RedBird IMI has an extra week to address the UK government’s concerns over its Telegraph takeover, after UK Culture Secretary Lucy Frazer pushed the deadline to next Tuesday, 2 April, reports the Telegraph. Frazer agreed to move the deadline — originally set for yesterday morning — after the fund said it needed more time to review findings by the media regulator Ofcom and prepare a defense.

Background: IMI’s takeover bid of the Telegraph was set to fall through after the UK published amendments to its legislation that effectively block foreign state ownership of media platforms in the country. This follows Frazer’s decision to subject the acquisition to an in-depth, months-long probe.

Not off the table yet? RedBird IMI has reportedly been considering a sale of the magazine, or a dilution of its stake — potentially down to 25% — with Rupert Murdoch’s News Corp and owner of the Daily Mail, General Trust. This could ease UK watchdogs’ concerns.

#2- Dubai-based energy logistics firm Tristar Transport is reportedly kicking off a fresh push to sell the company, in a bid to capitalize on its recent revenue surge, Bloomberg reports, citing people familiar with the matter. Tristar has reportedly tapped deNovo Partners to work on the sale, and is looking for another advisor to assist with the process. Talks are still ongoing and their outcome remains uncertain, according to the sources.

Background: Tristar had shelved plans to go public on the Dubai bourse back in April 2021 due to a lack of investor demand. The firm planned to offer 24% of its shares in the IPO, potentially valuing it at AED 3.24 bn. Tristar is 65% owned by Agility Public Warehousing Company and 20% owned by Gulf Investment Corp, while Eugene Mayne holds the remaining stake.

#3- The Association of Tennis Professionals has opened up the bidding process for the hosting of the tenth Masters 1000 event to Emirati, Qatari, and Australian investors, after Saudi Arabia launched a USD 1.3 bn bid to host the tournament, the Telegraph reports. Sources said bids could come in separately from Dubai and Abu Dhabi. Saudi Arabia has now reportedly scrapped the bid, according to the Telegraph’s sources, and is working on a new one as part of the tendering process. The association plans to discuss the bids in five weeks at the Madrid Masters.

DATA POINT-

Listed companies in the UAE have distributed AED 93 bn in dividends to shareholders in 2023, with the banking sector leading at 34% of the total, followed by energy, utilities, telecommunications, real estate, basic materials, and financial services, AlKhaleej reports.

THE BIG STORY ABROAD-

It’s a big morning for politics and comparatively quiet on the business front.

The top story: The United Nations Security Council voted for a resolution demanding an immediate ceasefire in Gaza for the remaining month of Ramadan, as the US abstained from the vote and the remaining 14 members voted for the resolution, Reuters reported. The UAE welcomed the decision in a statement from the Ministry of Foreign Affairs. Israeli officials have canceled a visit to Washington after the US’ abstention.

Meanwhile, the commentariat is obsessing over Donald Trump’s courtroom battles. The presumptive Republican presidential nominee can post a smaller USD 175 mn bond as he looks to appeal a civil fraud case — but will face criminal trial this April (sooner than he had hoped) in a hush-money case.

Sign of the times? French lender Credit Agricole said yesterday that it won’t fund two major LNG project, one in Papua New Guinea and the other in Mozambique, Reuters reports.

This really stands out: Credit Agricole was the original financial advisor to both projects, which are being led by bid names including ExxonMobil, Eni, and TotalEnergies.

In context: The move comes as some big global banks step away from new hydrocarbon projects. Barclays said last month that it would stop “direct financing of new oil and gas fields and restrict lending more broadly to energy companies expanding fossil fuel production.”

OIL WATCH-

The oil sector requires c. USD 13 tn in investments by 2045 to ensure long-term energy supplies against heightened global energy demands, Opec Secretary General Haitham Al Ghais told state news agency Wam. Breaking it down by sector, Al Ghais expects a need for USD 11.1 tn in investments in exploration and production, USD 1.7 tn in refining and manufacturing, and USD 1.2 tn in transportation and marketing sectors.

CIRCLE YOUR CALENDAR-

The Dubai World Cup, a global horse racing event held at Meydan Racecourse takes place on 30 March, featuring USD 30.5 mn in total prize money.

Dubai Esports and Games Festival (DEF 2024) kicks off on 19 April and runs through 5 May, with several events around the emirate. The event features GameExpo, offering gaming experiences, tournaments, meet-ups with gaming celebrities, and educational events for students.

Gulf Information Security Expo and Conference will take place between 23 and 25 April at the Dubai World Trade Centre. The event will gather hundreds of cybersecurity firms, government officials, and cyber experts from 130 countries. You can book your ticket here.

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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