Good morning, friends. We’re nearing the end of the week and the news cycle is still quiet by UAE standards, but we have two big stories worth your attention this morning: Adnoc is launching a low-carbon energy and chemicals investment firm, and Talabat just increased the size of its IPO to make it the biggest so far this year.

⛈️WEATHER- Expect partly cloudy and dusty conditions across the country, along with a significant drop in temperatures, according to the National Center of Meteorology (pdf). There’s a chance of showers and thunderstorms in Dubai, according to our favorite weather app. The mercury in Dubai will hit 28°C, with an overnight low of 25°C, while temperatures will hit 28°C in Abu Dhabi, with an overnight low of 24°C.

WATCH THIS SPACE-

#1- No word yet on the Covestro takeover: Shareholders’ acceptance period for Adnoc’s voluntary public takeover offer bid for Covestro should have wrapped yesterday, though an extension of two weeks — to 16 December — was also on the table. Covestro’s management already gave the offer a nod earlier this month, with closing not expected before 2H 2025.

Refresher: Adnoc has been in ongoing negotiations for the takeover, which is set to be the biggest acquisition from a Middle Eastern buyer in Europe in 16 years, for more than a year. The oil giant will acquire Covestro for EUR 14.7 bn (c. USD 16.3 bn), which includes EUR 3 bn in debt. It plans to purchase EUR 1.17 bn worth of new shares from Covestro as part of a 10% capital increase

#2- Adnoc, Emirates NBD among companies signing onto pledge to hire more women in management: Several key private sector players signed the UAE Gender Balance Council’s Gender Equality Acceleration Pledge to have 30% of middle and senior management roles occupied by women by 2028 at the Global Women’s Forum in Dubai, Wam reports. Key signatories include: Adnoc, Al Futtaim Ikea, CSO Network, Emirates NBD, Tristar Group, International Advisory Group, and Mediclinic Middle East.

The details: The pledge also outlines actionable steps such as equal pay initiatives, equitable recruitment practices, and mentorship programs, with a requirement to report progress to the council every year.

REMEMBER- Private companies are required to reserve at least one seat for women on their boards of directors starting January 2025 under a recent decision from the Economy Ministry. The Securities and Commodities Authority made it mandatory for listed companies to have at least one woman on their board in 2021.

#3- Amanat Holdings has tapped SNB Capital to run its IPO of a 30% stake in its education unit in Riyadh in 1H 2025, Reuters reports, citing two sources familiar with the matter. The IPO could raise some USD 300 mn.

We knew this was coming: The company said in May that it plans to carve out its education platform into its own holding company and tap advisors to list it on a GCC stock exchange, without identifying where it would list it or the size or value of the potential stake sale. Amanat had also reportedly tapped EFG Hermes and First Abu Dhabi Bank for a listing of its healthcare unit as soon as this year that could potentially raise some USD 200 mn.

ALSO- Another retail firm is set to debut on the ADX before mid-December, Zawya reports, citing an anonymous source. More information on offering and pricing will be revealed next week, the source said.

We already knew another listing was coming, after ADX’s CEO Abdullah Salem Al Nuaimi said earlier this month that the Abu Dhabi bourse is set to see another listing this year.

#4- Commercial gaming operator The Game launched the UAE’s first regulated lottery featuring a AED 100 mn Lucky Day jackpot, Khaleej Times reports. The company was awarded the UAE’s first lottery license from the General Commercial Gaming Regulatory Authority in July. The inaugural draw of the lottery will take place on 14 December.

The UAE has been working on regulating the gaming sector: The authority awarded the country’s first commercial gaming operator’s license to casino operator Wynn Resorts in October. AstraTech’s subsidiary PayBy also secured a license from the General Commercial Gaming Regulatory Authority last week to offer financial services to licensed commercial gaming operators in the UAE.

PSAs-

#1- President Sheikh Mohamed bin Zayed Al Nahyan pardoned 2.3k inmates across the UAE and pledged to cover their fines in conjunction with Eid Al Etihad, Wam reports.

#2- Pakistani nationals are now required to submit a police character certificate to obtain employment visas, a new requirement from the UAE Bureau of Emigration, Pakistani newswire The Express Tribune reports.

HAPPENING TODAY-

#1- Livable Cities X is on its third and final day at the Dubai World Trade Center. The event will feature discussions with key players driving efforts to enhance sustainability, resilience, and livability in urban environments. Participants will engage with experts to discuss innovative solutions for urban challenges.

#2- Future FM Exhibition is on its final day at the Dubai World Trade Center. The event will gather facility management experts and will discuss digital solutions within the industry to boost efficiency and sustainability.

#3- GeoWorld Summit is also on its final day at the Dubai World Trade Center. The forum will focus on exploring the latest trends in geospatial technologies and providing solutions based on data analysis and visualization to business leaders and governments.

#4- The RAK Energy Summit 2024 is on its final day at the Al Hamra International Exhibition and Convention Center. The summit will bring together renewable energy experts and decision-makers to discuss energy transition and decarbonization efforts in the GCC region. It will also explore topics such as AI, future energy transport, and energy storage.

#5- The Global Media Congress 2024 wraps today at Abu Dhabi’s Adnec Center. The event will bring together leaders and notable figures in the media industry to discuss the latest trends and technologies in the sector.

#6- The Big 5 Global Exhibition wraps tomorrow at the Dubai World Trade Center. The exhibition will feature key players and experts in the construction industry to discuss recent innovations and showcase available investment prospects.

#7- The Conference of Arab Ministers of Higher Education and Scientific Research wraps up today at the Saadiyat Rotana Resort and Villas. The conference gathers delegations from Arab countries’ higher education and scientific research ministries and education organizations. It features discussions on policy strategies for enhancing human resource efficiency through higher education.

THE BIG STORY ABROAD-

The newly-minted ceasefire agreement between Israel and Hezbollah in Lebanon is still making the rounds in the international press this morning. Reuters and the New York Times are focusing more on how the past year of warring with Israel left Hezbollah with many of its top brass — and hundreds or thousands of its soldiers — dead, giving the group a “long road to recovery.” Bloomberg also has the story.

MEANWHILE- The French government will not abide by the International Criminal Court’s arrest warrant for Israeli Prime Minister Benjamin Netanyahu, with Paris justifying its position by saying that Israel is not a member of the court. The statement from France came on the back of Netanyahu accepting the ceasefire agreement with Hezbollah, which France and the US brokered. (Financial Times | Wall Street Journal | Guardian)

***

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.

Were you forwarded this email? 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-

The International Desalination and Water Reuse World Congress will take place between 8-12 December at the Adnec Center in Abu Dhabi. The event will feature discussions on innovations in water desalination and reuse technologies, decarbonization efforts, integrated water resources management, and best practices for rationalizing water consumption.

The WORLDEF Dubai 2024 forum will take place on 4-5 December at Dubai CommerCity. The event will gather over 5k representatives from leading organizations in digital commerce.

The European Arab Medical Congress will take place on 11-12 December at the headquarters of Zayed Higher Organisation for People of Determination in Abu Dhabi. Hosted by the Emirates Scholar Center for Research and Studies, the event will host 50 speakers and feature 40 scientific sessions covering the latest innovations in medicine and medical technology.

Sharjah Real Estate Exhibition Acres will take place between 22-25 January at the Expo Center in Sharjah. The event will feature a variety of developers and stakeholders to probe potential investments and discuss recent developments in the sector.

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 *