Good morning, lovely people, and welcome to the start of a new workweek. We have a busy issue for you this morning with tons of investment news from the likes of Adnoc, GulfNav, and GFH Partners.

Bloomberg and Reuters are both reporting that Adnoc could sell 40% worth of stakes in its USD 7 bn Ruwais liquefied natural gas (LNG) project to UK oil and gas giant Shell, French TotalEnergies, BP, and Japan’s Mitsui, as soon as next week.

PUBLIC SERVICE ANNOUNCEMENTS-

#1- You can now get Emirati passports with a shelf life of 10 years: The Federal Authority for Identity, Citizenship, Customs, and Ports Security (ICP) has begun issuing passports to citizens aged 21 and above passports with a validity of 10 years, up from five years previously, Wam reports. citing The new decision, announced earlier this year, aims to enhance bureaucracy by reducing the frequency of passport renewals for citizens to every decade.

#2- Dubai adds two new bus routes: Dubai’s Roads and Transport Authority (RTA) has launched two new bus routes — DH1, which runs between Dubai Hills and Equity Metro Station, and DA2, which runs between DAMAC Hills and Dubai Studio City — according to a statement.

Schedule: The DH1 route operates from 7:09 am at 1-hour intervals, with the last trip leaving Dubai Hills at 10:09 pm on weekdays and 12:09 am on weekends. Meanwhile, the DA2 route operates daily from 5:47 am at 2-hour intervals, with the last trip departing Damac Hills at 9:32 pm.

WATCH THIS SPACE-

#1- Alpha Dhabi Holding plans to list a handful of its subsidiaries this year, Group CEO Hamad Al Ameri told The National in an interview, without providing details. “We have so far six companies already on the ADX and this shows our commitment to IPO the companies … Our strategy today focuses on growing those assets and putting the right governance, putting the right measures to be ready for a listing.”

Alpha Dhabi is evaluating potential investments in Egypt, India and the US to expand its global range of asset classes, according to the CEO.

#2- Abu Dhabi to get a platform to facilitate petroleum products trade: Abu Dhabi’s Petroleum Products Trading Regulatory Committee plans to introduce a communication platform where discussions and exchange of technical information between producers and clients can take place to facilitate the circulation of petroleum products, Acting Director General of Regulatory Affairs at the Department of Energy Saif Al Qubaisi said, according to Wam. No timeline for the platform’s launch was disclosed, but the Department of Energy will develop requirements, procedures, and working mechanisms for the platform.

#3- A potential buyer for the Telegraph? Member of the House of Lords and co-founder of advertising company M&C Maurice Saatchi might set up a consortium with former director at The Economist Group Lynn Forester de Rothschild to buy out the Telegraph from Abu Dhabi-backed RedBird IMI, Sky News reports. Saatchi reportedly approached several potential financial backers in recent weeks alongside Rothschild.

REMEMBER- Abu Dhabi-backed RedBird IMI formally withdrew its bid to acquire British papers, the Telegraph and Spectator, following months of opposition from the UK government. RedBird is seeking first-round bids by 19 July, aiming to close the transaction in the summer. This is the second time RedBird IMI receives bids for the papers, after it launched an auction in April.

#4- The Trump Organization is seeking more real estate in the region, Donald Trump’s son Eric told the Financial Times. “This region has explosive growth, and that’s not stopping anytime soon.” Trump already operates a golf course in Dubai in partnership with real estate developer Damac, and recently agreed to develop Trump Tower in Jeddah and a luxury resort in Oman.

DATA POINTS-

Abu Dhabi National Company’s (Adnoc) flagship oil, Murban crude, posted record trading volumes in 2Q 2024, with over 1.5 mn futures contracts traded, equivalent to 1.5 bn barrels, Wam reports, citing data from the Intercontinental Exchange (Ice). This marks a 160% increase since the beginning of 2024. June alone saw record highs with an average daily volume of 31k contracts.

SOUND SMART- ICE Futures Abu Dhabi (IFAD) and the Murban futures market were launched in Abu Dhabi in March 2021, with Adnoc and nine of the world’s largest energy traders as founding partners.

HAPPENING THIS WEEK-

Progress on trade talks with the Philippines: The UAE and Philippines are starting the second round of negotiations on a trade and economic agreement today in Manila, the Manila Times reports. The countries are looking to finalize the agreement by October or November, Assistant Secretary for Industry Development and Trade Policy at the Department of Trade and Industry Allan Gepty said.

Background: The two countries agreed to initiate talks in December in a bid to boost trade and investment by facilitating the export of goods and services between the Philippines, the UAE, and the broader Gulf region.

THE BIG STORY ABROAD-

There’s no sign that politics will leave the front pages of the global business press anytime soon:

France won’t have a far-right government: The country’s centrist and left-wing parties dealt a blow to the far-right Rassemblement National as the leftist Nouveau Front Populaire took the most seats in parliament in voting yesterday. Anti-RN parties got their act together and strategically withdrew candidates so as not to split the vote. They now start a delicate dance: figuring out how to put together a government, a process that could take weeks.

The state of play at dispatch time this morning:

  • Nouveau Front — 180
  • Ensemble — 159
  • Rassemblement National — 143
  • Others — 95

Want more? Bloomberg is liveblogging what the elections mean for business and markets, the New York Times is also covering it live, and French business daily Les Echos says President Emmanuel Macron will give himself plenty of time before deciding what to do next. His party came second behind the Nouveau Front Populaire.

What’s next? Le Monde has an explainer.

In the US: More senior Democrats are calling on Joe Biden to abandon his bid for re-election.

In Iran: President-elect Masoud Pezeshkian, a reformer and heart surgeon, will be eager to end Iran’s nuclear stalemate with the west, the Financial Times notes.

Get ready for a busy week packed with more politics — and the start of 2Q earnings season:

  • New UK Prime Minister Keir Starmer will cross the Atlantic for a three-day meeting that starts tomorrow to mark Nato’s 75th birthday in Washington, DC;
  • Also tomorrow: Fed boss Jay Powell will testify before the Senate Banking Committee;
  • Oil market reports are due out on Wednesday (Opec) and Thursday (the IAE);
  • BNY Mellon, JPMorgan Chase, Citigroup, and Wells Fargo all report earnings on Friday

And so much sports: Football’s Copa America semi-final is on Wednesday (we’re hoping for Canada to make it to the finals, obviously). Wimbledon will see the women’s final on Saturday and the men’s on Sunday. And the Euro 2024 final takes place Sunday.

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