Good morning, everyone. We have a brisk issue for you this morning, led by news on LuLu’s IPO, which raised AED 6.32 bn to secure the title of largest IPO of the year. Plus: A lot more updates from Adipec.

WEATHER- Expect more of the same in Dubai today, with a high of 34°C and a low of 26°C, while in Abu Dhabi, temperatures will peak at 30°C, before cooling to an overnight low of 26°C.

The Abu Dhabi Global Market has rebranded to ADGM as part of a rebranding, which also sees it adopt a “path to forward” motto to signal its forward-looking and future-focused approach, according to a press release (pdf).

WATCH THIS SPACE-

#1- IRH eyes cooperation with Egypt: State-owned International Holding Company subsidiary International Resources Holding (IRH) is in talks with Egypt’s Oil Ministry over the possibility of collaborating on liquefied natural gas trade and distribution in a bid to transport gas to foreign markets, according to a ministry statement. The talks, which came on the sidelines of ADIPEC, also saw the two parties exploring areas of cooperation in the mining sector.

#2- The National Marine Dredging Company (NMDC) plans to acquire a GCC-based company by the end of this year, the company’s CEO Yasser Zaghloul told The National, without revealing further details. NMDC is also scanning global markets for potential acquisitions in fields related to the company’s portfolio, including marine, dredging, logistics, and construction sectors, Zaghloul said.

ICYMI- NMDC said recently that it was working on a GCC-based acquisition with details of the transaction set to be announced “soon.” The company is also eyeing developing new business units, including NMDC Construction and NMDC LNS.

#3- Gov’t launches AED 500 mn community incentives package: The government unveiled a AED 500 mn community initiative aimed at improving quality of life, supporting sustainable development, and strengthening social stability in the UAE, state news agency Wam reports. Launched by Deputy Prime Minister and Interior Minister Sheikh Theyab bin Zayed Al Nahyan during the UAE Government’s annual meetings, the initiative will deliver “high-impact” projects focused on women, children, and senior citizens, carried out through community councils offering various social services nationwide.

#4- First Abu Dhabi Bank (FAB) is acting as global coordinator for Africa Finance Corporation’s (AFC) USD 300 mn sukuk, set to be issued before the end of the year, Bloomberg reports. Emirates NBD was tapped to work on the debt offering alongside other banks, including Japan’s SMBC, as the development finance institution looks to the Gulf for funds amid a growing interest in development and infrastructure projects on the continent, CEO Samaila Zubairu said.

The issuance marks the Nigeria-based institution’s first sukuk since 2017, when it raised USD 150 mn, attracting USD 230 mn in orders. The issuance was described as “the highest rated USD Sukuk issuance from an African entity” at the time. It also earmarked 15% of its five-year USD 500 mn eurobond issuance to Middle Eastern investors.

#5- Italian companies are aiming to reach USD 8 bn in exports to the UAE by the end of 2024, up from USD 7 bn last year, Italian Trade Commissioner Valerio Soldani told Wam, who noted that over 600 Italian firms are operating within the Emirates.

DATA POINTS-

The UAE recorded a 10.5% y-o-y increase in hotel guests in 1H 2024, welcoming 15.3 mn visitors, state news agency Wam cites Economy Minister Abdullah bin Touq as saying at the Hospitality Advisory Committee’s latest meeting. Hotel occupancy rates across the country reached 80% during this period.

PUBLIC SERVICE ANNOUNCEMENTS-

FTA offers grace period, waives penalties for tax record updates: The Federal Tax Authority (FTA) offered a grace period for tax registrants who have fallen behind on updating their tax records from 1 January 2024 until 31 March 2025, Wam reports. The taxpayers who pay their penalty in the grace period will have their payment fully refunded.

SPORTS-

UAE Pro League Side Al Ain sacked Argentine coach Hernan Crespo following a run of defeats, including the latest 5-1 defeat against Saudi Pro League club Al Nassr in the Asian Champions League Elite, and a 3-0 defeat against Egypt’s Al Ahly in the FIFA Intercontinental Cup late last month, state news agency Wam reports. The club thanked him for his work, but has yet to announce a replacement for him. Crespo led Al Ain to its victory in the Asian Champions League last season.

HAPPENING TODAY-

#1- Adipec is on its final day today at Adnec Center in Abu Dhabi. The event — the biggest oil and gas forum in the world — brings together over 40 ministers and over 200 C-suite executives and technology leaders from the Middle East, Asia, Africa, Europe, and the Americas, focusing on innovation and partnerships to advance the energy transition.

#2- Gulfood Manufacturing is on its final day 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.

#3- GulfHost is also on its final day at the Dubai World Trade Center. The event will feature over 350 exhibitors showcasing innovations in hospitality and foodservice equipment, along with networking opportunities for more than 25k industry professionals.

#4- Design Next exhibition is underway at the Dubai Design District as part of Dubai Design Week and wraps up Sunday, 10 November. The event showcases sustainable design solutions and features discussions by industry leaders.

#5- The WHO’s latest Emergency Medical Teams (EMT) Global Meeting is on its final day at Conrad Abu Dhabi Etihad Towers, marking the first time the event is hosted in the Middle East. Organized in partnership with Abu Dhabi’s Department of Health, the meeting aims to advance global emergency response and rapid deployment capabilities. It will wrap this Thursday, 7 November.

THE BIG STORY ABROAD-

With Trump elected for another term, it’s a very politics-heavy morning in the international press. After the US presidential election results were called earlier than initially expected yesterday, Kamala Harris conceded the race to Donald Trump The current vice president’s concession is getting ink in the New York Times, Politico, CNBC, and the Wall Street Journal, among many others. The race to form the 47th US president’s cabinet is now on, with Trump vetting candidates to form his administration. The Financial Times and Politico have more.

What does a second Trump administration look like? Critically, the Republican Party looks set to secure the Congress in addition to landing the White House and the Senate, the Wall Street Journal notes. Meanwhile, the Financial Times looks at what Trump’s foreign policy will look like, as Reuters notes that the next few years is looking uncertain for some countries like Ukraine — which is unlikely to receive much support from Washington once Joe Biden’s current term in office comes to a close. The Wall Street Journal, Bloomberg, and the New York Times also get into what the second Trump presidency will likely mean for the economy and the US Federal Reserve.

***

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?

***

Leave a comment

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