UAE Weekly Market Summary - March 4, 2024

Read time: 3.5 minutes

Good Morning, ☀️

IPOs planned for Etihad Airways and Parkin, while Emirates Insurance, IHC, and Dubai Taxi report significant profit increases, Morgan Stanley and Microsoft expand UAE operations, ADNOC and Agthia Group make strategic acquisitions, and Emaar Properties launches AED 96b in projects.

Let’s dive in.

Markets 📈 

Money Brief 💰

A roundup of the biggest deals in the UAE this week.

IPOs

• Dubai to sell a 25% stake in Parkin through an IPO, with subscriptions from March 5 to 12 and trading expected on the DFM by March 21 (RTR)

• ADQ is considering a listing for Etihad Airways, potentially making it the first Gulf hub carrier to go public (BBG)

Earnings

• Emirates Insurance reported a 2023 net profit of AED 126.3m, up from AED 55.8m in 2022 (ADX)

• International Holding Company (IHC) posted a 2023 net profit of AED 27.5b, up from AED 12.7b in 2022 (ADX)

• Dubai Taxi reported a 2023 net profit of AED 345.3m, up from AED 224.4m in 2022, and will pay a Q4 dividend of AED 71m (DFM)

• Al Ramz Corporation Investment and Development posted a 2023 net profit of AED 39.7m, up from AED 32.5m in 2022 (DFM)

• Unikai Foods posted a 2023 net profit of AED 20.4m, up from AED 7.1m in 2022 (DFM)

• Naeem Holding for Investments reported a 2023 net loss of AED 1.93m, compared to a profit of AED 2.19m in 2022 (DFM)

• Earnings we're watching this week:

  • Yahsat

Headline Roundup

• Morgan Stanley opens Abu Dhabi office (RT)

• UAE economy predicted to grow by up to 5% in 2024 (WAM)

• Mubadala Capital to launch stock exchange in Brazil by 2025 to rival B3 bourse (BBG)

• Abu Dhabi sovereign fund plans to invest in space tech, AI this year (RTR)

M&A / Investments

• Multiply Group fully acquires BackLite Media, an outdoor advertising company in Dubai, with 2023 revenue of AED 232m (WAM)

• Agthia Group consolidates additional 10% stake in Auf Group, an Egyptian health-food company, raising its stake to 70% (AGT)

• Al Mazaya Holding and First Dubai Real Estate Development Company merger approved by Kuwait’s Capital Markets Authority (ZWY)

• ADNOC acquires 24.9% stake in Austria's OMV to accelerate global chemicals growth strategy (RT)

• Mashreq Bank closed an AED 322.96m syndicated loan for an Uzbek state-owned bank, exceeding an initial AED 183.5m target (MEF)

VC

• Backpack, a Dubai-based crypto startup founded by ex-FTX and Alameda Research staff, raised $17M in Series A funding at a $120M valuation led by Placeholder VC (BI)

• Hayi, a UAE-based social networking app, concludes seed funding round from Plus VC (WMD)

• UAE pledges AED 18.35m to an AED 183.5m WTO fund for female entrepreneurs in developing countries (WTO)

Partnerships / Projects

• Microsoft partners with Etisalat (e&) to build a 5G standalone network across the UAE (BNZ)

• ADNOC Drilling to expand operations across GCC, plans to add 15 rigs this year (ZWY)

• RTA signs MoA with Terminus Group to develop AI-smart robot to patrol Dubai beaches (247)

• Mubadala Capital signs MoU with South Korean bank holding firm, Woori Venture Partners, for global investment opportunities (KRH)

• Burjeel Holdings and Abu Dhabi Airports announce MoU to streamline healthcare at Zayed International Airport (WAM)

• Ajman Bank partners with KPMG to create its first ESG framework (ZWY)

• Du partners with Microsoft to adopt Generative AI in UAE (ZWY)

• e& joins new AI venture focusing on telecom-specific Large Language Models (TLK)

• Hubpay to launch digital global currency account in the UAE (MBR)

• Borouge expands into South Korea, Kenya (HCP)

Fundraising

• Takaful Emarat shareholders approve capital increase by AED 125m to AED 150.65m through a rights issue (DFM)

• COTU Ventures launches AED 198.18m inaugural fund for Middle East startups (TC)

Debt

• Abu Dhabi plans Eurobond sale, its first bond since 2021 (BBG)

• Q Holding approves AED 17.09b and AED 8.5b convertible bonds for ADQ and IHC, to be renamed to Modon Holding (GFN)

• Dubai Islamic Bank launched a AED 3.67b 5-year sustainable sukuk at 95bps over U.S. Treasuries (DIB)

Crypto / FX

• MetaTrace, a GameFi project, acquires RAK DAO license, opens third round of investment aiming to raise $25m for global expansion (IBT)

Real Estate

• Emaar Properties launches two projects with AED 96b in development value, The Heights Country Club and Grand Club Resort (EMR)

• Deyaar Development launches AED 700m project in Dubai, plans first scheme in Abu Dhabi in Q2 (TNN)

• Aldar Properties and Dubai South enter JV to develop Grade A assets in Dubai (ALD)

• Union Properties sells over AED 500m worth of land as part of turnaround strategy (DFM)

• Q Holding acquires control over 100% of ADNEC, Modon Properties, Miza Investments, among other assets (GFN)

• Deyaar Development launches ELEVE, a new residential project in Downtown Jebel Ali (DYR)

• AD Ports Group’ KEZAD Group and Sam Force sign agreements for community retail centres in KEZAD (ADP)

• Palm Jebel Ali gains interest from long-term investors as a top-performing area in Dubai (ZWY)

Personnel

• IHC adds an AI-powered observer to its board, to help human board members make better strategic decisions (BBG)

• Jumeirah Group CEO Katerina Giannouka resigns, marking the third CEO departure in eight years (SKT)

• Shuaa Capital sees resignations of head of private markets and a board member amid share price fall (ZWY)

• Ithmaar Holding appoints Mr. Juma Hasan Ali Abul as a Board Director (DFM)

Money Souk Picks

• Robin Wigglesworth of Financial Times explains why “factor investing” in crypto is deeply silly

Meme Freshener

DISCLAIMER: This information is prepared by Money Souk and uses public and reliable sources. Money Souk nor any of its directors, isn't liable for its content or use. It's not intended as investment advice or a solicitation to trade financial products.