Good morning, friends, and welcome to the final workday of Ramadan — and for a while.

REMEMBER- The public and private sectors are both off starting next Monday, with the public sector off until the end of the week. The private sector’s holiday could either end on Thursday, 11 April, or Friday, 12 April, depending on the moon sighting next week which will decide when Ramadan will end.

EnterpriseAM UAE will be off next week in observance of Eid Al Fitr. We’ll be back in your inboxes at the usual time on Monday, 15 April.

So, when do we eat? Maghrib prayers are at 6:40pm in Dubai and 6:43pm in Abu Dhabi, and you have until 4:51am to hydrate and caffeinate ahead of Fajr in Abu Dhabi, and until 4:47am in Dubai.

It’s a pretty slow newsday here at home as we close in on the end of Ramadan. The big stories worth your time: The UAE is the eighth most appealing market for FDI in the world, according to Kearney | Investcorp Capital is shelling out USD 4.2 bn into JFK Airport’s terminal 6 | Moody’s sees the UAE’s biggest banks maintaining strong bottom lines this year.

WATCH THIS SPACE-

#1- IHC + partners to take over Latin American food firm Grupo Nutresa: International Holding Company (IHC) partner Grupo Gilinski and Graystone Holdings, a firm representing IHC, are poised to hold nearly 100% in Colombian food manufacturer Grupo Nutresa after receiving offers for 22.48% of the firm in a public share offering, Reuters reports. Grupo Gilinski and Graystone Holdings received the offers alongside Colombian Grupo Sura and Grup Argos, which “will exchange their Nutresa shares with Grupo Gilinski and Graystone.” Prior to the share offer, Gilinski and IHC collectively held a 76.9% stake in Nutresa.

Background: The bids are part of a share swap agreement that was inked in 2023 between IHC, Nutresa, Sura and Argos. The agreement allows IHC and Gilinski to purchase 87% of Nutresa’s shares in exchange for exiting their stakes in Sura.

#2- Nuvama Group is venturing into the Middle East: Mumbai-based Nuvama Group ’s asset management arm is looking to raise over USD 400 mn from MENA-based family offices and individual investors for two newly launched funds, Nuvama Group President Anshu Kapoor tells Bloomberg. The firm tapped Dubai-based placement agent Greenstone Equity Partners to assist in raising capital for both funds and plans to partner with the distribution networks of banks in the region.

Nuvama’s move comes as Indian asset managers are more consistently targeting the UAE, which is “expected to be the largest beneficiary of private wealth assets as Russian capital seeks new homes amid the war in Ukraine,” according to Bloomberg.

DATA POINT-

Abu Dhabi’s private sector hit a combined value of AED 338.9 bn in 2023, Wam reports, citing figures from the Abu Dhabi Department of Economic Development. Growth in the sector was attributed to family-owned businesses’ growing contributions across the emirate, comprising 50% of companies in the construction sector, 60% in the finance sector, 80% in the wholesale trade sector, and 70% in the transportation sector.

ICYMI- The emirate’s non-oil economy grew 9.1% y-o-y in 2023, with real GDP growing at a 3.1% clip.

THE BIG STORY ABROAD-

It’s a reasonably quiet newsday in the global press, with the single story capturing attention being US President’s Joe Biden’s ultimatum to Israel, which for the first time, saw Biden threaten to withdraw support if Israel fails to protect Palestinian and foreign workers’ lives in Gaza. This came a few days after seven World Kitchen Central aid workers were killed in Gaza.

The Dow’s worst day in a year also got some ink in the global business press, as volatile trading hit the US exchange ahead of the March jobs report out today.

Fears that the US Federal Reserve could hold off cutting interest rates also fueled the selloff, after Atlanta Fed President Raphael Bostic saying rate cuts might not come before the fourth quarter of this year.

CIRCLE YOUR CALENDAR-

The government-organized AI summit Machines Can See is scheduled to take place on Wednesday, 17 April at the Museum of the Future in Dubai. The one-day event will discuss the use of AI to transform urban systems and services, outlook on AI investments, and explore the risks of AI.

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.

Token2049 is taking place from 18-19 April at Madinat Jumeirah in Dubai. The event is set to bring together over 10k attendees from more than 5k companies, featuring over 200 speakers and more than 150 exhibitors. Flare Network’s co-founder and CEO of Flare Labs, Hugo Philio is set to speak at the event on 18 April, according to a statement posted on X.

Carpet and flooring industry event Domotex Middle East 2024 is scheduled on 23-25 April at the Dubai World Trade Centre. The event brings together industry leaders like Merinos, Oriental Weavers, Solomon Carpets, and Al Abdullatif, as well as brands like Azim Silk.

The Abu Dhabi International Book Fair is set to take place from 29 April to 5 May at the Abu Dhabi National Exhibition Centre (Adnec), with Egypt as the guest of honor and Egyptian novelist Naguib Mahfouz as the focus personality.

The Arabian Travel Market is taking place from 6-9 May at DWTC Dubai under the theme Transforming Travel Through Entrepreneurship. The event will focus on issues relating to entrepreneurial strategies designed to accelerate innovation, increase revenues, and improve sustainability.

Tickets now available for World Judo Championships: The Abu Dhabi World Championships Seniors 2024 Individuals and Mixed Teams will be held at the Mubadala Arena in Abu Dhabi between 19-24 May, with tickets now on sale to the general public, Wam reports.

Adnec Group opened registration for the International Exhibition for National Security & Resilience 2024, scheduled from 21-23 May at Adnec Centre Abu Dhabi, Wam reports. The event focuses on national security, cybersecurity, and civil protection.

The Abu Dhabi Family Office Summit is scheduled to take place on 30 May at the Saadiyat Rotana Resort in Abu Dhabi. The event will bring together GCC family offices, investment institutions, and startup founders to showcase latest technologies and investment opportunities.

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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