Good morning, wonderful people. The Ramadan slowdown is in full swing as we hit the midpoint of the first full workweek of the holy month — but we’re not complaining.

So, when do we eat? Maghrib is at 6:30pm in Dubai, and 6:33pm in Abu Dhabi. Fajr prayers are at 5:13am in Dubai and 5:17am in Abu Dhabi.

Leading this morning’s news well: Abu Dhabi Investment Authority’s latest investment in private credit and an update on Adnoc’s Ruwais LNG project. Plus: Air taxis between Dubai and Abu Dhabi could be coming next year.

HAPPENING TODAY-

The institutional subscription period for car parking space manager Parkin’s IPO wraps today. The retail portion of the IPO closed yesterday after the company upped the retail portion of the offering to 12%, up from 10%, on the back of an “exceptional level of oversubscription and demand” from retail investors, it said in a statement (pdf).The final share price will be disclosed tomorrow, after which Parkin’s shares will start trading next Thursday, 21 March under the ticker PARKN.

Refresher: The Dubai Investment Fund is selling a 25% stake in Parkin, with books covered within minutes after the book building process kicked off last week, setting it up to raise up to AED 1.57 bn from the listing.

HAPPENING THIS WEEK–

Sharjah’s proposed new real estate law will be on the agenda for the Sharjah Consultative Council when it meets tomorrow, Sharjah24 reports. The bill, which was proposed last month, would introduce rental regulations and streamline government procedures for rentals in the emirate, as well as establish a center for resolving rental disputes.

WATCH THIS SPACE-

#1- Dubai-based messaging app Telegram is mulling an initial public offering as it expects to hit profitability this year or next, founder Pavel Durov told the Financial Times. Although Durov declined to comment on a timeline or the exchange on which he plans to take the company public, saying that only that it has “studied various options,” two sources with knowledge of the matter say the IPO could happen in the US.

Following in Reddit’s footsteps? Telegram could offer a portion of the IPO to some of the most loyal among its 900 mn users — a move Reddit is planning when it goes public this month.

Path to profitability: Over the past two years, the messaging app has amassed “hundreds of mns of USD” in revenue through ads and premium subscription services, Durov said. The company is planning to expand several revenue streams, including ads and introducing business accounts and a “social discovery” feature. Telegram secured USD 2 bn in debt financing, including a USD 1 bn bond offering in 2021. Those bondholders could be able to convert their debt to equity at a 10-20% reduction to Telegram’s IPO price if the company goes public before March 2026, incentivizing an earlier listing.

Trouble ahead? The Financial Times explored Telegram’s struggles in a feature, highlighting some of the challenges it faces to keep alleged criminal activity and disinformation off the app as it navigates towards profitability and the potential IPO.

#2- Fujairah’s agriculture sector could be in line for more support:The Fujairah Chamber of Commerce and Industry is looking at potentially setting up “a market to support local agricultural and animal products,” Wam reports, without providing further details.

WAR WATCH-

Aid ship to Gaza sets sail from Cyprus under new UAE-funded initiative: A ship carrying aid for Gaza — with funding primarily from the UAE — departed from Cyprus carrying nearly 200 tons of food, including flour, rice, and protein, in a voyage that could take up to two days across the eastern Mediterranean, Reuters reports. The journey is part of a pilot mission to possibly open a new aid sea route to Gaza, with support from World Central Kitchen.

DATA POINTS-

#1- D&B Properties forecasts a 5-7% surge in Dubai property prices this year, on the back of “government initiatives, economic resilience, and robust investor interest,” Arabian Business reports. The forecast echoes S&P’s Global’s forecasts for price growth in the emirate’s property market.

#2- The value of the local construction market hit USD 94 bn in 2023, with residential construction taking up the biggest market share, state news agency Wam reports, citing a report by London-based data analytics and consulting company GlobalData. The report forecasts the market will continue to grow at an average annual growth rate of 3% between 2025 and 2028 on the back of increased investments in transport and renewable energy infrastructure, and improvements in the electric vehicle market.

#3- Occupancy rates at Dubai hotels grew 3.4% y-o-y in February, reaching 90.8%occupancy, Wam reports, citing CoStar data. Revenue per available room also increased 13.1% y-o-y to AED 805.21.

MARKET WATCH-

OPEC still sees strong demand for oil this year and next, saying its its latest monthly report (pdf) that it still sees demand rising 2.25 mn barrels per day this year and 1.85 mn bpd in 2025. It sees some room for global growth to pick up and, if it does, drive even more demand.

AND- There are zero indications that Russia will break ranks with OPEC. President Vladimir Putin said yesterday that OPEC+ and the production cuts it has enacted to put a floor under oil “has his full support.”

Watch this space: The International Energy Agency will release its forecast on Thursday. OPEC is bullish on oil and sees demand growing for at least the next two decades, but the IAE (focused as it is on industrialized nations) sees demand peaking in 2030.

THE BIG STORY ABROAD-

It’s a big morning in Washington, DC, where the House of Representatives will vote this afternoon on a bill that could ban Tiktok. Meanwhile, Joe Biden has just lined up enough delegates to clinch the Democratic nomination to seek another term.

The Biden administration is (kind of) applying more pressure on Israel, saying there is “no credible plan” to protect civilians and warning the IDF against “smashing into Rafah.” Plans are now afoot that could see the US and its allies send commercial vessels to deliver aid to Gaza before the US Navy can act.

MUST READ- Shipbuilding is the latest front in the global economic competition between the United States and China, the Financial Times writes in its Big Read this morning. The US has become a virtual non-factor in global shipbuilding, eclipsed by the rise of China, South Korea and Japan.

CIRCLE YOUR CALENDAR-

The EcoWaste Exhibition and Forum is set to take place between 16 and 18April at the Abu Dhabi National Exhibition Centre as one of the six specialized verticals within the program of the World Future Energy Summit, according to a press release. The event is organized by RX Middle East in partnership with Tadweer Group to showcase the latest technologies in the field of waste management.

The Hamdan bin Mohammed bin Rashid Al Maktoum International Photography Award has unveiled new categories — sports photography and short videos — open for submissions until 30 June 2024, according to the Dubai Media Office. You can submit applications here.

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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