Good morning, nice people. It’s the final day of the first Ramadan workweek and we’re thankful for a brisk newsflow.

So, when do we eat? Maghrib prayers are at 6:31pm in Dubai and 6:34pm in Abu Dhabi, while Fajr prayers are at 5:11am in Dubai and 5:15am in Abu Dhabi.

THE BIG STORY here at home is Parkin’s blockbuster IPO, which saw it raise AED 1.57 after raking in AED 259 bn in orders.

IN MEMORIAM-

Emirati businessman Saeed Juma Al Naboodah, chairman of the Saeed and Mohammed Al Naboodah Group, passed away on Wednesday, Gulf News reports. Al Naboodah served in the Federal National Council from 1972 to 1978 and led the Dubai Chamber of Commerce and Industry from 1982 to 1997.

Vice President and Ruler of Dubai Sheikh Mohammed bin Rashid paid tribute to the late businessman, describing him in a statement on X as a “business pioneer” in the UAE, and noting the close relationship between Al Naboodah and his father, Sheikh Rashid bin Saeed, the former Ruler of Dubai.

PUBLIC SERVICE ANNOUNCEMENTS-

#1- ☀️We finally have a sunny weekend: The National Center of Meteorology forecasts warm conditions across the country from today until Monday. Temperatures in Abu Dhabi are expected to hit 34°C during the day, with an overnight low of 18°C, while Dubai is expected to see temperatures hitting 33°C, and an overnight low of 15°C.

Those in Ras Al Khaimah aren’t so lucky: The center forecasts a chance of rainfall over the emirate today and tomorrow.

#2- Road closure in Abu Dhabi: Abu Dhabi’s Al Taf Road (E16) leading to Al Ain will be partially closed from today until 30 April, Abu Dhabi’s Integrated Transport Center said.

#3- Amended truck ban hours in Dubai during Ramadan: Trucks will be banned from turning onto Dubai’s E11 corridor from 7:30pm to 9:30am and 2-4pm, as well as 12-3pm on Fridays, Khaleej Times reports, citing the Roads and Transport Authority. The ban covers the Sharjah border to Interchange No. 7 on Sheikh Zayed Road — including Al Ittihad Street, Sheikh Rashid Street, and Sheikh Zayed Road — plus central areas of Deira and Bur Dubai.

WATCH THIS SPACE-

#1- Gulf Capital will invest USD 25-70 mn per ticket into Saudi startups as part of its new pledge to invest USD 100 mn over the next five years, Gulf Capital Managing Director Alvaro Abella told Enterprise UAE. The PE firm plans to invest in Saudi tech startups in the healthcare, healthtech, technology, fintech, energy, renewables, sustainability, and future economies sectors, to help them expand across the Kingdom and further their regional and global expansion.

#2- Redbird IMI is considering selling the Telegraph after the UK said it is working on legislation to block foreign state ownership of media platforms in the country, Blomberg reports, citing a person familiar with the matter. The Abu Dhabi-backed investment vehicle had effectively secured ownership of the newspaper and its sister magazine, the Spectator, when it offered the owners a loan package in November. RedBird IMI will wait for more clarity on the legislation amendments before taking action, the source reportedly said.

#3- One step closer to IMEC: India’s cabinet has approved an Inter-Governmental Framework Agreement (IGFA) inked with the UAE in February to enable the India-Middle East Europe Economic Corridor (IMEC), Wam reported on Wednesday. “The IGFA includes areas of cooperation between the two countries with the objective of exploring further potential of future joint investment and collaboration in respect of development of the IMEC,” India’s cabinet said in a statement following its approval.

ICYMI- The US-led IMEC initiative was unveiled at the G20 talks in New Delhi in September. The project will consist of an eastern corridor connecting India to the GCC, and a northern corridor linking GCC states with Europe, with the participating countries also laying cables for power and data lines along the railway route, as well as pipelines for moving clean hydrogen.

DATA POINTS-

#1- The Dubai Financial Market (DFM) saw its market cap reach AED 688 bn in 2023, up 18.2% y-o-y from the AED 582 bn recorded in 2022, according to figures reviewed by the Dubai Securities and Exchange Higher Committee and picked up by the Dubai Media Office. The exchange also saw an influx of 62k new investors over the year, based on the data.

The DFM saw some AED 34.5 bn in IPO proceeds since 2021, with demand crossing AED 1 tn, according to the data. Moreover, both of Dubai’s stock markets, the DFM and Nasdaq Dubai, saw the listing of 155 bonds and sukuk over the past two years, with a total value of AED 484 bn.

#2- Listed national banks’ dividend payouts grew 75% y-o-y, with 11 national lenders distributing AED 32 bn in dividends for their 2023 earnings, compared to AED 18.35 bn distributed by 12 banks in 2022, Wam reports.

ADX-listed banks accounted for the lion’s share of dividends, with seven lenders distributing AED 15.95 bn, representing 50.1% of the total payouts, while four banks listed on the Dubai Financial Market distributed AED 14.86 bn, constituting 49.8% of the total dividends.

#3- Some 2.47 mn people visited the Dubai World Trade Centre (DWTC) in 2023, a 25% y-o-y increase, Wam reports. This growth was driven primarily by a 23% y-o-y increase in the number of meetings, incentives, conferences, and exhibitions, as well as business and consumer events at DWTC.

THE BIG STORY ABROAD-

There’s no single big story abroad capturing the foreign press’ imagination, but we have a couple of headlines worth noting:

  • China’s home prices fell for an eighth straight month in February despite the government’s efforts to prop up the sector. (WSJ)
  • At least 29 Palestinians were killed in two Israeli attacks while waiting for aid on Thursday. (Reuters)

CIRCLE YOUR CALENDAR-

Ramadan Nights 2024 will kick off next Thursday, 21 March, and run until 10 April inExpo Center Sharjah, reports Sharjah 24. The exhibition will welcome over 150k visitors over its 21-day run during the evenings, featuring over 200 retailers and 500 brands, raffle draws and competitions, entertainment shows, and local and international cuisines.

The Blockchain Life Forum 2024 is scheduled to run from Monday, 15 April to Tuesday, 16 April,at Festival Arena in Dubai. The two-day event will gather web3 and crypto professionals from over 120 countries to discuss how to read and invest in the crypto market.

The Sharjah Animation Conference by the Sharjah Book Authority is set to run from 1-5 May at Expo Centre Sharjah, gathering global animation leaders and artists.

Dubai is launching the Middle East’s first Baby Expo: Scheduled to run on 24 and 25 May at Dubai World Trade Center, the expo will feature over 150 global brands, offering products and educational sessions on parenting led by industry experts. The expo will also include celebrity appearances and charitable initiatives.

The BTC Mena Conference 2024 is set to take place from 9-10 December at the Adnec Center Abu Dhabi. Co-organized with BTC Inc., it is set to be the region’s first BTC conference, Trade Arabia reports. The event, part of the globally recognized BTC Conference series, targets industry leaders, investors, and enthusiasts.

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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