Good morning, lovely people. We’re nearing the end of a particularly diplomacy-heavy week, with President Sheikh Mohamed bin Zayed making a landmark visit to South Korea — more on that below — and arriving in China yesterday for the China-Arab States Cooperation Forum.

The cliffsnotes: The president formalized a comprehensive trade and economic agreement with South Korea spanning multiple sectors, ranging from nuclear energy and renewables to defense and SMEs, and oversaw agreements to spur trade and investments between the countries. We have the details in the news well, below.

WEATHER- Be careful, out there — it’s a particularly foggy morning in Dubai, though the fog is expected to make way for clear, sunny skies later today, with temperatures reaching 40°C, and cooling to an overnight low of 32°C. Over in Abu Dhabi, temperatures will hit 34°C, with an overnight low of 30°C.

IN MEMORIAM- President Sheikh Mohamed bin Zayed Al Nahyan paid tribute to Saeed bin Ahmed Al Otaiba, whose death was announced on Wednesday by his family, in a post on X. Al Otaiba was a prominent Emirati figure, serving as president of the Abu Dhabi Chamber of Commerce and Industry in the early 70s, and acting as a “confidant” to the late Sheikh Zayed Al Nahyan, The National reports. .

Drake & Scull is back on the DFM: Dubai–based Drake & Scull re-listed its shares on the Dubai Financial Market (DGF) yesterday following a five-year hiatus. Shares soared as much as 30% in trading before closing up 24% at AED 0.31.

ICYMI- Drake & Scull raised AED 450 mn in a capital increase as part of its restructuring plan, allowing the firm to complete “the restructuring process, as well as [work] on the growth of Drake & Scull International business and its ability to commit to implementing its future business plan and financing its new projects in all its operating sectors,” Drake & Scull Chairman Shafiq Abdelhamid said. The construction firm’s shares were suspended from trading on the back of excessive financial losses and reporting violations.

WATCH THIS SPACE-

#1- Dubai’s engineering and consulting firm Sidara submitted its fourth and final bid to acquire the entirety of Wood Group at a price of GBP 2.3 per share, valuing it at GBP 1.59 bn, according to an LSE disclosure. The bid represents a 4.5% premium over its last bid on Friday, which was the third to be rejected by Wood for “significantly undervaluing the company.” It also marks a 52% premium over Wood’s closing share price on 29 April, which was the date before Sidara’s first proposal, and a 30.4% premium over Wood’s 52-week high share price as of 29 April, excluding any days when Wood was in an offer period.

Sidara has laid its cards on the table: The Dubai-based firm “does not believe that its proposal can be progressed unless the board of Wood engages with Sidara and an extension to the deadline is granted,” it said in the disclosure. The deadline set for Sidara to submit a fresh bid or withdraw its takeover offer altogether is 5 June.

Wood Group is currently “evaluating” the offer, it said in a separate statement yesterday.

Market reax: Wood’s shares fell 0.38% to GBP 1.89 yesterday.

#2- Eshraq to focus on private equity investments for the next five years: Real estate investment company Eshraq Investments rolled out a new corporate strategy for the next five years, focusing on private equity investments and transitioning legacy portfolio assets, including properties within its existing real estate portfolio and the Goldilocks Fund managed by Shuaa GMC, it said in an ADX disclosure (pdf). The strategy will see Eshraq continue to make selective investments in minority equity stakes, fixed-income assets, and real estate, alongside private equity investments, in a bid to boost liquidity.

Eshraq will invest in 1-2 high-growth businesses a year in the UAE and wider GCC region, and is seeking 50-70% equity stakes in agreements valued at USD 50-100 mn with a 5-7 year holding period. Acquisitions — which will start as early as this year — will target real estate, infrastructure and logistics, energy, technology, healthcare, consumer, food and agriculture, and Islamic finance sectors.

Eshraq plans to transition its legacy portfolio by developing plots for lease or sale, and selling or swapping strategic plots. The company is still working out an optimal structure for transitioning the Goldilocks Fund.

PUBLIC SERVICE ANNOUNCEMENTS-

#1- The Health Ministry has urged pilgrims heading to Saudi Arabia for Hajj to take all required flu shots at least 15 days ahead of their departure to ensure the effectiveness of the vaccination, Wam reports. The ministry has extended the advised period from the previous 10-day recommendation.

#2– Abu Dhabi police refuted the rumors circulating on social media regarding a 50% reduction on traffic violation fines in Abu Dhabi in a statement posted on X. The authority clarified that a 35% reduction applies if the fine is paid within 60 days of the violation, excluding serious offenses, while a 25% reduction applies if the fine is paid within a year.

#3- Companies and organizations operating within Dubai’s One Za’abeel can now access privileges offered by the Dubai World Trade Centre Freezone, after the Dubai World Trade Centre Authority officially expanded its jurisdiction to include the twin-tower development within its freezone, according to a statement yesterday. Benefits include 100% foreign ownership, exemption from customs duties, dual-licensing windows, 0% corporate tax, and simplified procedures for visas and permits.

#4- Abu Dhabi’s Environment Agency (EAD) is now responsible for issuing licenses for all waste management operations to environmental service providers (ESPs), according to a statement. The agency will take over licensing from Tadweer for waste collection and transportation, waste trading, treatment, and waste export outside Abu Dhabi, and will be in charge of inspecting ESPs for any violations or illegal activities.

REMEMBER- The agency was also tasked with environmental licensing for all stationary or mobile projects and establishments operating in Abu Dhabi earlier this month.

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HAPPENING TODAY-

President Sheikh Mohamed bin Zayed Al Nahyan arrived in Beijing yesterday for a two-day state visit at the invitation of Chinese President Xi Jinping, Wam reports. The visit coincides with the 40th anniversary of diplomatic relations between the UAE and China, the state news agency reports separately. The meeting between the two state leaders is 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.

THE BIG STORY ABROAD-

It’s a mixed bag on global front pages this morning as a number of stories captivate the attention of the business pages.

No verdict on Trump’s criminal hush-money trial. Jurors ended their first day of deliberation last night without reaching a verdict. The 12-person jury has to reach an unanimous agreement over a verdict, or else the judge will declare it a mistrial. Jurors deliberated for five hours and sent two notes asking questions of the judge. (Politico | AP | Bloomberg)

Speaking of The Donald: Will Elon Musk get a cabinet post if there’s a Trump White House v2? The two are now “friendly” and sources tell the Wall Street Journal that Musk could well be in line for an advisory role if there’s a remake of the Agent Orange Show.

MEANWHILE- BHP has abandoned its bid for mining group Anglo American after Anglo American refused to extend takeover talks. “We were unable to reach agreement with Anglo American on our specific views in respect of South African regulatory risk and cost and … we were not able to access from Anglo American key information required to formulate measures to address the excess risk they perceive,” BHP CEO Mike Henry said in a statement (pdf).

AND IN TECH- Gemini now speaks Arabic. Google’s Gemini and Gemini Advanced are now available to Arabic-speaking users — Gemini 1.0 Pro is available as a standalone Android app or as a tab in the Google app on iOS. The more advanced Gemini flavour, which is “capable of coding, logical reasoning, following nuanced instructions and collaborating on creative projects,” can be accessed for EGP 699.99 a month. Download it yourself: Google’s Play Store or Apple’s App Store.

Two notable firsts for women: Claudia Sheinbaum, who has a PhD in energy engineering, looks set to become Mexico’s first woman president when voters go to the polls this coming Sunday. And Yale has named Maurie McInnis, the respected historian, its next president. She’ll be the first woman to hold the job on a permanent basis.

ALSO WORTH READING THIS MORNING- From the Baby Boom to the Baby Bust, an op-ed by the FT’s Martin Wolf, details the challenges that come with falling fertility rates.

AND on the downside of working from home — US workers are increasingly lonely as they make fewer work friends with their workday dominated by virtual meetings and faceless chats.

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 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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