id: 2024-05-29-02:31:45:144t

Good morning, friends. It’s another brisk news day as we reach the halfway mark of the week, with more news from Make it in the Emirates, an update on the ADX’s first IPO of the year, an M&A and a lot of activity in the logistics sector.

WEATHER- Expect a high of 41°C in Dubai, with an overnight low of 30°C. In Abu Dhabi, the mercury will hit 34°C, before cooling to 29°C overnight.

PUBLIC SERVICE ANNOUNCEMENT-

#1- Customers can now pay for the Health and Prevention Ministry’s services in installments using credit cards issued by eight local banks, courtesy of a new Easy Payment Initiative launched by the Ministry, Wam reports. Terms and conditions — including interest, installment periods, and minimum payments — are set by the participating banks.

The banks include Abu Dhabi Islamic Bank, Abu Dhabi Commercial Bank, Commercial Bank of Dubai, Ajman Bank, Emirates Islamic Bank, Emirates NBD, Sharjah Islamic Bank, and Dubai Islamic Bank.

#2- Abu Dhabi Public Health Centre has launched a campaign to vaccinate children aged one to five with measles, mumps, and rubella vaccines without charge, according to a statement. The three-week campaign started yesterday and is scheduled to end on 17 June. You can book your child’s appointment by calling any of the clinics listed on the center’s website.

WATCH THIS SPACE-

#1- Adnoc Distribution plans to have installed 200 fast EV chargers by the end of the year across the UAE, up from 90 currently, CEO Bader Saeed Al Lamki told Wam (watch, runtime: 5:58) on the sidelines of Make it in the Emirates, without specifying the exact locations. The target is to have 500 fast charging points across the country by 2028, he added.

The fuel retailer also plans to install 15-20 new filling stations in key locations across the UAE, Saudi Arabia, and Egypt, he said, and is targeting 1k stations over the next five years, up from 840 currently.

#2- Dubai Industrial City plans to draw some AED 1.8 bn in investments by 2026, Abu Managing Director of Dubai Industrial City Saud Abu Alshawareb said.

ICYMI- Dubai Industrial City has expanded by completing its AED 410 mn acquisition of 13.9 mn sq-ft of new land capacity, Wam reports. The developer had recently committed some AED 966 mn to acquire commercial and industrial assets from Dubai Holding Asset Management, as part of a wider AED 1.7 bn plan to develop commercial and industrial assets across Dubai.

ALSO- Tecom inked an MoU with Korean biopharma manufacturer Medytox to collaborate “in areas of mutual interest,” Wam reports. The MoU was signed during the UAE-Korea Business and Investment Forum, which was attended by over 250 representatives from the Emirati and Korean public and private sectors.

#1- PureHealth pours AED 1 bn into local manufacturing: Healthcare giant PureHealth has injected AED 1 bn into the economy through procurement of supplies from local manufacturers since 2023 in support of the national In-Country Value (ICV) program, according to a press release (pdf). The contribution was spent as part of PureHealth’s AED 13 bn commitment to local procurement by 2032, the healthcare firm revealed the progress during the Make it in the Emirates forum.

ICYMI- The healthcare player inked an AED 3 bn offtake agreement to procure local supplies on the first day of Make it in the Emirates.

PureHealth plans to continue to explore potential offtake transactions with the Industry Ministry as part of its ongoing efforts to maintain its ICV certification across all its assets.

ICV certification? ICV certificates are issued as part of the UAE’s in-country value program, which rewards companies that prioritize localizing supply chains and attracting foreign investments. The certificate hands them an advantage in tenders and contracts.

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HAPPENING TODAY-

#1- Dubai-based contractor Drake & Scull’s shares will resume trading on the Dubai Financial Market (DFM) today, according to a DFM disclosure (pdf). The contractor’s relisting comes following its capital increase, which raised over AED 450 mn as part of its restructuring plan.

Background: The DFM approved its restructuring plan — which will write off 90% of its debt — back in November 2023, which it was required to implement within a year from approval. The construction company was suspended from trading in November 2018 on the back of excessive financial losses and reporting violations.

Drake and Scull has tapped licensed market maker BHM Capital as a liquidity provider for its listed shares on DFM, BHM stated in a disclosure (pdf).

#1- President Sheikh Mohamed bin Zayed Al Nahyan is in South Korea on the final day of a two-day visit at the invitation of South Korean President Yoon Suk Yeol, Wam reports. The state leaders will discuss ramping up cooperation in trade, investment, energy, and technology, in addition to regional and international developments. Marking the president’s first visit to Korea, the landmark working visit is expected to see the two countries sign a number of investment agreements and MoUs to bolster bilateral business cooperation, according to Korean news portal Korea.net.

Defense industry cooperation, business and investment, and energy initiatives are also on the agenda, with the state leaders set to discuss ramping up their “special strategic partnership,” Reuters reports, citing a statement made by South Korean President Yeol’s office.

HAPPENING THIS WEEK-

The President will head to China tomorrow, at the invitation of Chinese President Xi Jinping, to ring in the 40th anniversary of diplomatic relations between the UAE and China, Wam reports. The visit seeks to build on the countries’ existing strategic partnership, with the state leaders set to discuss furthering economic, developmental, and cultural cooperation to promote sustainable development and economic growth across both countries. President Al Nahyan will also attend the latest Ministerial Conference of the China-Arab States Cooperation Forum during his visit.

DATA POINT-

The region’s healthcare sector is expected to reach USD 135 bn by 2027, driven by rising investor confidence, according to a recent JLL report picked up by Zawya. Healthcare spending is expected to hit USD 124 bn in the region by 2028.

THE BIG STORY ABROAD-

A big US M&A and another fresh high for Wall Street are the big business stories this morning, but they’re being largely overshadowed in the US and UK by political news.

UP FIRST- The tech-heavy Nasdaq Composite has hit a fresh high at yesterday’s close, rising 0.6% to break the 17k barrier for the first time as traders returned from a three-day weekend. (CNBC)

AND- Shareholders of Hess voted yesterday to sell their company to Chevron in a USD 53 bn transaction. It’s still far from certain that sale will go through, because…

…Exxon is still looking for a way to scupper it. The story is perhaps a bit less dramatic than the 1980s oil patch soap Dallas, but if you want the inside dirt of what’s keeping the energy industry in thrall, go read: The leaders of Exxon Mobil, Chevron and Hess are duking it out over a generational oil discovery in Guyana in the Wall Street Journal. Both the WSJ and the FT are giving the shareholder vote prominent play on their front pages this morning.

IN EUROPE, an “investment shock”: Emmanuel Macron wrapped a three-day visit to Germany with the announcement that Paris and Berlin will work together to deliver an “investment shock” to the European Union to provide more incentives for manufacturers and businesses working on advanced technologies, writes Handelsblatt. Macron and his German counterpart, Olaf Sholz, telegraphed the move in an op-ed for the Financial Times earlier this week that argued the EU needs “more single market, innovation and investment to secure a common future.” The impetus? Conutering china.

IN WAR and politics:

#1- Israeli tanks and troops have reached the center of Rafah in “a sign the military could be nearing its goal of taking full control of the southern Gazan city.” The story leads the front pages from Bloomberg through to the Financial Times.

Oh, and that US pier that was going to feed Gaza? Satellite imagery shows that it’s broken apart, CNN reports.

#2- Closing arguments wrapped late yesterday in Donald Trump’s criminal hush-money trial, with the prosecutor taking six hours to bring the case home and the defense three. The jury should get the case today to start deliberations and could deliver a verdict anytime afterward.

FOOD FOR THOUGHT this morning: There are no signs that traffic will soon return to the Suez Canal as Dubai and Jeddah open new routes to Saudi Arabia and major players continue to steam around the Horn of Africa rather than transit through Egypt. The FT goes deep into how pirate attacks, instability in the Middle East, and climate change are putting “mounting strains on global shipping.”

CIRCLE YOUR CALENDAR-

Dubai Chamber to head to Senegal, Morocco: The Dubai International Chamber will kick off a trade mission to Senegal and Morocco from 3 to 7 June to as part of its African roadshow aimed at promoting and expanding Dubai-based companies’ foothold in the continent, according to a statement. The trade mission’s agenda will include holding meetings between Dubai-based companies and their counterparts in Senegal and Morocco, with a focus on exploring collaboration, expansion strategies, and forging new partnerships and trade agreements.

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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