Good morning, friends, and happy hump day. We have a brisk issue for you as we hit the halfway mark of the week, with updates from Mubadala Capital and EasyLease, as well as news that the IMF has hiked its growth forecast for the UAE for next year and that the UAE is eyeing big renewables investments in India. Let’s dive in.

WEATHER- There’s still a chance of clouds and rain today, especially in the eastern and northern emirates. Dubai will see a high of 37°C and a low of 29°C, according to our favorite weather app. Meanwhile, a sunny Abu Dhabi will see a high of 33°C and an overnight low of 29°C today.

WATCH THIS SPACE-

UAE bankers expect LuLu Group’s retail portion of its IPO to receive an unprecedented level of orders, Gulf News reports. The IPO’s current retail allocation stands at 10%; however, bankers are expecting LuLu to hike the retail portion to meet the expected demand. The retail tranche is expected to generate AED 460 mn in orders, potentially placing LuLu at “the highest nominal value for any UAE retail tranche allocation since 2021,” Research Head at Al Ramz Capital Amer Halawi said.

Background: Supermarket chain LuLu Group is taking taking 25% of its retail business public on the ADX. The IPO could potentially raise some USD 1.7-1.8 bn (AED 6.24-6.61 bn), Zawya has reported, while Bloomberg said the IPO could value the company at USD 5 bn “at least.” The investors’ subscription period runs between 28 October and 5 November, while shares are expected to commence trading on 14 November.

PUBLIC SERVICE ANNOUNCEMENTS-

#1- You can soon use Cafu to charge your EV in the UAE after the fuel retailer launched its EV-charging service, according to a press release. Cafu will offer both an on-demand, mobile EV charging station and a mobile pop-up self-service, trailer-based charging option. Both services will feature fast-charging capabilities and are compatible with all EV models.

#2- Dubai clamps down on traffic violations: Drivers who violate traffic laws will be subject to having their vehicles impounded for anywhere between 14-30 days under new regulations from the Dubai Police published in the official gazette.

#3- Residents with a 10-year streak of visa compliance will qualify for rewards starting next month, courtesy of a new scheme launched by the General Directorate of Residency and Foreigners Affairs in Dubai (GDRFA-Dubai), The National reports. The benefits include access to special counters at Amer centers for faster visa processing, priority for Amer call center requests, and home services for visa requirements for the elderly.

How to apply? Residents must sign an obligation certificate on the GDRFA-Dubai website, which will then be verified by immigration officials. Eligibility covers residents, those under sponsorship, and individuals with work visas, as well as to Emiratis who have sponsored workers with clean records over the 10-year period.

DATA POINT-

The UAE saw the second highest investment banking fees in 9M 2024 across the Mena region with USD 396 mn in fees, seeing no y-o-y change, according to LSEG Deals Intelligence’s report (pdf). Saudi Arabia came out on top with USD 471 mn in investment banking fees during the period.

HSBC took the lead in terms of investment banking fees with USD 80.4 mn in fees generated, followed by Standard Chartered at USD 56.5 mn and First Abu Dhabi Bank at USD 56 mn.

The UAE was the largest target market for M&As in terms of value among other Mena peers in 9M 2024, with transactions valued at USD 11.1 bn, up 55% y-o-y, the report showed.

HAPPENING TODAY-

#1- It’s day two of the Brics summit in Kazan, Russia, which runs until Thursday with President Sheikh Mohamed bin Zayed Al Nahyan in attendance. This marks the UAE’s first participation in the summit since its formal admission as a member last year.

#2- The UAE is participating in the International Monetary Fund and World Bank Group Annual Meetings, which kicked off on Monday in Washington, DC. The UAE Finance Ministry will host the UAE Banks Reception on the sidelines to build connections between the UAE’s public and private sectors and international financial institutions. The meetings wrap up on Saturday.

What to expect: Our Planet Finance from earlier this week laid out the big themes to look out for and the global challenges structuring the conversation.

#3- Abu Dhabi National Hotels’ catering unit ADNH Catering’s shares are set to debut on the ADX today. The company raised AED 864 mn after taking a 40% stake to the market, with the offering “multiple times” oversubscribed. This gives the company a market cap of AED 2.2 bn.

THE BIG STORY ABROAD-

It’s a mixed bag on the front pages of the foreign press today, with more talk of a potential ceasefire in the region continuing as US Secretary of State Antony Blinken touches down in Jerusalem for a meeting with Prime Minister Benjamin Netanyahu, more US elections news, and a smattering of business updates.

Blinken and Netanyahu agreed that the killing of Hamas Leader Yahya Sinwar over the weekend opens up possibilities for the end of the war in Gaza, though the meeting seemed to yield no clear plans for what’s to come, Bloomberg reports.

Israel confirmed for the first time that it had killed Hezbollah’s suspected successor, Hashem Safieddine, in airstrikes on Lebanon earlier this month, along with another Hezbollah commander. (Financial Times | NY Times | The Guardian)

OVER IN THE US- It’s not a great time for The Donald, who just two weeks ahead of elections is still behind in polls that put rival Kamala Harris marginally in the lead. A Republican appeal of a decision blocking a new rule that would have required poll workers to hand-count ballots was also blocked by a top Georgia court. Meanwhile, Trump is accusing the UK Labor Party of “foreign interference” and aid of Harris’ campaign. (BBC | FT | The Guardian)

IN BUSINESS NEWS- A few headlines are getting attention:

  • Former Abercrombie & Fitch CEO Mike Jeffries has been charged with running a trafficking ring during his time as CEO. (Reuters | BBC | CNN)
  • Starbucks has scrapped its guidance as it reported a decline in sales and revenues ahead of schedule. (FT)
  • McDonald’s shares fell by 10% after the fast food franchise was linked to a fatal E. coli outbreak in the US that killed at least one person and left 10 others in hospital. (FT)

***

You’re reading EnterpriseAM UAE, your essential daily roundup of business, economics, and must-read news about the UAE, delivered straight to your inbox. We’re out Monday through Friday by 7am UAE time.

EnterpriseAM UAE is available without charge thanks to the generous support of our friends at Mashreq. Tap or click here to get your own copy of EnterpriseAM UAE.

Want to send us a story idea, request coverage, ask for a correction, or otherwise get in touch? Reach out to us on UAE@enterpriseAM.com .

DID YOU KNOW that we also cover Egypt, Saudi Arabia, and the MENA climate and logistics industries?

***

CIRCLE YOUR CALENDAR-

Dubai will host the International Conference on Tourism, Transport, and Logistics on 26-27 October. The event will gather scientists, scholars, and engineers from around the world to discuss new ideas and research development projects in the industry.

The IEEE – International Conference on Image Processing will take place between 27-30 October at Adnec Centre Abu Dhabi. The image and video processing and computer vision conference will be attended by researchers, academics, and global industry professionals.

The MENA Climate Proof Forum is scheduled to take place on 28-29 in Dubai. The event will address regional-specific climate challenges, with the aim of accelerating action and readiness for climate-related disasters.

The Sharjah International Conference in Biotechnology (SICBiotech) will take place between 29-31 October at the University of Sharjah. The event will bring together leading scientists in biotechnology to present their latest findings.

The Healthcare Future Summit is set to take place at the Dubai World Trade Center from 29-31 October, according to a statement. in disease management and AI integration to streamline vaccine distribution.

Dubai will host the World Cities Cultural Summit from 30 October to 1 November. The summit probes how cities can create a fostering environment for artists and entrepreneurs, while addressing global challenges, such as the climate crisis and AI.

The Connected Construction Conference will kick off on 30 October at the Museum of the Future in Dubai, welcoming leaders, decision-makers, and BIM specialists from the construction industry to showcase new technological advancements and address challenges facing the sector.

The Binance Blockchain Week will take place on 30-31 October in Dubai. The conference will welcome traders, builders, founders, institutional investors, regulators, global officials, and innovators to discuss the future of blockchain and Web3 technology.

The Dubai Precious Metals Conference will take place on 18-19 November at the Jafza One Convention Center. The event will gather experts and business leaders to discuss trends and challenges facing the precious metals industry.

Gulfood Manufacturing will take place between 5-7 November at the Dubai World Trade Center. The event will showcase trends and solutions in global food manufacturing, with more than 2.5k companies set to attend.

Check out our full calendar on the web for a comprehensive listing of upcoming news events, national holidays and news triggers.

Leave a comment

Your email address will not be published. Required fields are marked *