Good morning, lovely people. It’s an extremely M&A-heavy day today, with news of an EU probe into e&’s takeover of PPF’s assets in Eastern Europe, as well as the end of talks between Criteria Caixa and Taqa for the acquisition of Spain’s Nautrgy, and Magellan Capital’s acquisition of 90% of Danish Ship Finance.

Also: Alpha Dhabi’s shareholders approved the divestment of assets to ADQ and the National Corporation for Tourism and Hotels.

PUBLIC SERVICE ANNOUNCEMENTS-

#1- Dubai has opened a new bridge to reduce travel time from Garn Al Sabkha Street to Sheikh Mohammed bin Zayed Road, according to a statement. The two-lane bridge — which is set to reduce travel time by 40% during peak hours — is nearly 700 m long and has the capacity to accommodate 3.2k vehicles per hour. The new bridge is also expected to reduce travel time between Sheikh Mohammed bin Zayed Road and Al Yalayes Street by 70%.

SPEAKING OF THE RTA- The authority has launched a Nol travel discount card in collaboration with ICT solutions and services provider, MDX Solutions Middle East, in a bid to onboard additional residents, tourists, and visitors, it said in a separate statement. The card offers 100 exclusive promotions at hotels, restaurants, retail stores, entertainment venues, and adventure activities, alongside existing Nol card benefits. It will be available at several outlets including Zoom, Al Ansari Exchange, and Rayna Tours offices.

AND- We have a new federal law on traffic and road safety: The UAE greenlit the issuance of a new federal law on traffic and road safety, amending vehicle classification and the use of modern technologies on roads, state news agency Wam reports. The legislation looks to expand the use of self-driving vehicles and electric cars in the UAE, and identifies new driving requirements, as well as criteria for obtaining driving licenses, and vehicle ins.

The cabinet also approved:

  • A new AI charter identifying the ethical use of AI;
  • A first-of-its-kind law regulating the use of the human genome;
  • Policies for federal government rentals;
  • A policy for federal government fixed asset control;
  • Adopting the regulatory framework for cross-licensing of financial products across the GCC;
  • New ship licensing procedures;
  • A federal law on combating communicable diseases;
  • A restructuring plan for the UAE Chambers of Commerce and Industry;
  • A guide on public-private partnerships;

#2- Emirates adds additional flights for Hajj: Emirates Airlines has added ten extra flights to Jeddah and Medina, scheduled to fly between 7-10 June and 21-26 June in time for Hajj, according to the Dubai Media Office. The flights are timed in line with flight schedules from key Hajj markets, including Indonesia, Thailand, Côte d’Ivoire, Mauritius, South Africa, Senegal, and Pakistan.

PLUS- The airline also added 19 additional flights in mid-June to Amman, Dammam, Kuwait, and Beirut, in a bid to meet heightened demand during Eid Al Adha.

HAPPENING TODAY-

#1- The AI Retreat is taking place today at Dubai’s Museum of the Future, according to a Dubai Media Office statement. Organized by the Dubai Centre for Artificial Intelligence, the event will gather over 1k AI experts, policymakers and business leaders to explore the potential and challenges of AI at both local and global levels.

#2- Maritime and shipping company GulfNav will discuss the acquisition of oil storage outfit Brooge Petroleum and Gas Investment Company today, a DFM filing (pdf) reads. Gulfnav submitted a proposal earlier in the year for the structure of the acquisition of oil storage outfit Brooge Petroleum and Gas Investment Company to the Securities and Commodities Authority, after submitting a proposal to fully acquire the company from Nasdaq-listed Brooge Energy back in October 2023. The acquisition was initially expected to close in 4Q 2023.

Remember: GulfNav confirmed that its advisors are still assessing the Brooge Energy acquisition in February, saying it aims to complete the evaluation within the coming weeks.

#3- The UAE and Azerbaijan will host the Ministerial Experience Exchange Forum today through Wednesday in Baku, Azerbaijan, as part of a strategic partnership inked in November 2022 to advance government knowledge exchange, Wam reports. The two-day forum will look to ramp up UAE-Azerbaijan relations in economic diversification and investment, environmental protection and green energy, education, health, social quality of life, and public service and innovation. State Minister for Government Development and Future Ohoud Al Roumi will be in attendance, alongside several other ministry officials.

WATCH THIS SPACE-

#1- The UAE’s economy is expected to grow at a 6.7% clip in 2025 from 3.8% this year due to economic diversification efforts and robust regional trade, Zawya quotes John Ashbourne, global economist at BMI, as saying. Ashbourne also noted the UAE’s strong tourism sector, diversified economy, and trade benefits from neighboring countries during BMI’s Emerging Markets Key Themes 2024 webinar.

#2- Gov’t to roll over USD 1 bn loan to Pakistan? Pakistan is reportedly planning to ask the UAE to roll over a USD 1 bn loan ahead of the loan’s maturity date, Pakistani newspaper Daily Times reported on Thursday, citing sources familiar with the matter. Pakistani Prime Minister Shehabz Sharif will reportedly request the rollover of the loan — which is part of an existing USD 3 bn loan — in a letter to President Sheikh Mohamed bin Zayed al-Nahyan.

Background: The government has already agreed to roll over two USD 1 bn deposits in January 2023 and January of this year. The government originally granted Pakistan the loan in 2019 under a USD 3 bn financial assistance package deposited with the State Bank of Pakistan.

#3- PureHealth to gain USD 800 mn from Ardent IPO? Healthcare giant PureHealth could potentially gain a capital boost of USD 800 mn following the IPO of US hospital operator Ardent Health Services, in which PureHealth holds a 26.05% stake, Gulf News reports, citing an analyst. Slated for early July, Ardent’s stock market debut — expected to bring the US hospital operator’s valuation to over USD 5 bn — could see the value of PureHealth’s stake increase to about USD 1.3 bn. The IPO could look to raise up to USD 500 mn, sources told Bloomberg.

The IPO isn’t set in stone: While Ardent has filed for the IPO with the US Securities and Exchange Commission, the firm is yet to make a final decision on its listing plan, the business information service reported last week, citing sources in the know.

Background: The IHC healthcare subsidiary acquired the minority stake in a transaction valued at AED 1.8 bn in May 2023.

REFRESHER- PureHealth went public on the ADX in December last year in what was the second-largest IPO in the UAE in 2023, valued at AED 36.2 bn. Prior to its IPO, the healthcare firm kicked off its expansion plan, fully acquiring the UK’s largest healthcare provider, Circle Health Group, at a value of USD 1.2 bn.

#4- Emirates Driving’s board approved an acquisition of a stake in another Emirati company, the company said in an ADX disclosure (pdf), without giving away further details. The company will provide details once negotiations are completed, the disclosure said.

#5- BHM Capital plans to expand to Egypt: BHM Capital is in advanced talks with multiple parties to set up a joint venture to enter the Egyptian market before the end of this year, the company’s CEO Abdel Hadi Al Sadi told CNBC Arabic in an interview. The firm is also set to launch in Bahrain within three months.

#6- Emaar to invest in Indonesia’s USD 33 bn capital city project? Indonesian President Joko ‘Jokowi’ Widodo labeled Dubai-based real estate company Emaar Properties a “big” investor in the country’s new capital city, Nusantara, Zawya reports, citing Indonesian media sources. An investment agreement is expected to be finalized in a few weeks, and signed in July in the UAE, Widodo added, without disclosing the specific size of Emaar’s investment.

REFRESHER- Indonesia is moving its capital from Jakarta to Nusantara on the island of Borneo in a USD 33 bn project, scheduled for handover on Indonesia’s Independence Day on 17 August.

DATA POINT-

#1- Dubai ranked second in the MENA region for its startup ecosystem, with an ecosystem value of USD 23 bn, according to Startup Genome and the Global Entrepreneurship Network’s 2024 Global Startup Ecosystem Report. Neighboring Abu Dhabi came in at fifth place, and Sharjah in seventh place. Dubai is ranked 18th globally in the report’s emerging ecosystems ranking — which spotlights ecosystems with high potential to become top global performers in the coming years — while Abu Dhabi ranked 61-70.

Meanwhile, Abu Dhabi was labeled the fastest-growing emerging ecosystem in Mena, with a 29% growth in ecosystem value, according to the report. The emirate racked up USD 4.2 bn in ecosystem value between July 2021 and December 2023, with total early-stage funding amounting to USD 324 mn during the period. Total venture capital funding in Abu Dhabi reached USD 1.1 bn from 2019 to 2023.

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THE BIG STORY ABROAD-

Enter Apple Intelligence, Apple’s shot at establishing itself as an AI player to be reckoned with in partnership with none other than OpenAI. Apple boss Tim Cook the “next big step” that will see the iPhone and Macbook maker integrate ChatGPT on its devices and reintroduce Siri as the virtual assistant it was originally promised to be. Check out Axios’ full rundown of what to expect coming to an Apple device near you soon here or watch the full WWDC24 keynote here.

Not everyone is thrilled though, including Tesla CEO Elon Musk who took to his personal venting platform X to say that he would ban Apple devices at his companies if the tech giant integrates OpenAI into its operating systems on the back of it being an “unacceptable security violation.”

And that includes Wall Street, which despite the mostly excited media hype around the announcement saw Apple shares falling nearly 2% on the Nasdaq yesterday.

While in our neck of the woods, hopes for a ceasefire in Gaza are building again with the UN Security Council giving its backing to a US resolution to end the 248-day-old conflict that has already claimed over 37k lives.

And over in Europe, it looks like Macron’s wager on a snap election is at risk of backfiring, with the nation’s first opinion poll following the announcement forecasting Marine Le Pen’s far-right National Rally coming in first.

CIRCLE YOUR CALENDAR-

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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