UAE Markets: Weekly Summary

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Good Morning, ☀️

Dubai achieves its AED 2t non-oil foreign trade target a year early, IHC announces a AED 32.75b net profit, Emaar Properties' net profits jump 70%, Multiply Group's profits drop 98%, Abu Dhabi eyes AED 80.66b Egyptian land deal, and an AED 9b Chinese private equity firm launches in the UAE.

Let’s dive in.

Markets 📈 

Money Brief 💰

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

Markets:

• Dubai’s non-oil foreign trade reached AED 2t target one year before deadline  (GTY)

• CMC Capital Partners, a Chinese private equity firm overseeing over AED 9.18b, opened an Abu Dhabi office (BBG)

• Mubadala's Abu Dhabi Catalyst Partners is bringing fund managers to Abu Dhabi's international financial centre (BBG)

Earnings:

• Multiply Group's 2023 net profit dramatically fell by -98.18% to AED 337.8m from AED 18.56b in 2022 attributed to 'unrealized fair value changes due to market volatility' (ADX)

• International Holding Company reported consolidated net profit of AED 32.75b in 2023 compared to AED 32.57b in 2022 (ADX)

• Emaar Properties 2023 net profit surged 70%, reaching AED 11.63b, an increase from AED 6.83b in 2022 (DFM)

• Dubai Electricity & Water Authority reported 2023 net profit of AED 7.93b versus AED 8.05b in 2022 and a cash dividend of 6.2 fils per share (DFM)

• Aldar Properties net profit for 2023 surged 40% to AED 4.4b driven by full-year sales of AED 27.9b and a push on international expansion last year  (ADX)

• Emaar Development's net profit surged by 74.02%, reaching AED 6.63bn in 2023, up from AED 3.81b in 2022 (DFM)

• Salik net profit decreased by -18.05%, dropping to AED 1.09b in 2023 from AED 1.33b in 2022 (ADX)

• ADNOC Distribution's net profit slightly declined by -3.70%, totaling AED 2.6b in 2023 compared to AED 2.7b in 2022 (ADX)

• Dana Gas reported 2023 net profit fell 12.1% year on year to AED 586m as a result of lower natural gas prices (ADX)

• Presight reported a 5.1% year on year net profit increase to AED 570.1m versus AED 543m in 2022 (ADX)

• Abu Dhabi Aviation's net profit grew by 19.09%, rising to AED 407.39m in 2023 from AED 342.1m in 2022 (ADX)

• Yahsat's attributable profit increased by 68.05%, amounting to AED 405m in 2023, up from AED 241m in 2022 (ADX)

• Dubai Taxi Company's net profit surged 53.88%, reaching AED 345.3m in 2023, up from AED 224.4m the year before (DFM)

• RAK Ceramics's attributable profit decreased -3.93%, settling at AED 290.9m in 2023 compared to AED 302.8m in 2022 (ADX)

• United Arab Bank's net profit grew 64.71%, reaching AED 255.3m in 2023, up from AED 155m in 2022 (ADX)

• BHM Capital's net profits soared 101% to AED 31.54m in 2023, up from AED 15.68m in 2022 (DFM)

• Bayanat's net profit increased 14.86% to AED 232.37m in 2023 from AED 202.3m in 2022 (ADX)

• Al Wathba National Insurance reported an impressive 534% increase in net profit to AED 179.98m in 2023 from AED 28.4m in 2022 (ADX)

• Aramex reported a 22% decline in year on year 2023 net profit of AED 128.4m versus AED 165.4m in 2022 (DFM)

• Emirates Insurance's net profit climbed 128.14% to AED 127.3m in 2023 from AED 55.8m in 2022 (ADX)

• Fujairah Building Industries reported a modest 3.87% net profit increase to AED 17.97m in 2023 from AED 17.3m in 2022 (ADX)

• Al Khaleej Investments saw its net profit decrease -64.15% to AED 1.9m in 2023, down from AED 5.3m in 2022 (ADX)

• Palms Sports to distribute total cash dividend of AED 100m (ADX)

• Earnings we’re watching this week: 

  • Emirate Integrated

  • Burjeel Holdings

  • Air Arabia

  • Ajman Bank

  • Rak Properties

  • Shuaa Capital

M&A / Investments:

• Abu Dhabi is negotiating a AED 80.66b purchase of premium Mediterranean coast land in Egypt that could alleviate its foreign exchange crisis (BBG)

• AD Ports Group’s digital arm, Maqta Gateway, has acquired a 60% equity stake in Dubai Technologies (ADP)

• G42, an Abu Dhabi artificial intelligence group with an investment arm worth AED 36.73b, sold its stakes in Chinese companies to reassure US partners (FT)

• Ghitha Holding invests over AED 807.8m in Turkish cargo airline MNG (ZWY)

• Aldar will invest AED 5.14b to build commercial and hospitality properties in Abu Dhabi by 2027 (RTR)

• Lunate and Blue Owl partnered to acquire stakes in mid-size asset managers, contributing AED 1.84b and raising AED 9.18b, respectively (BBG)

• Invictus Investment Company to acquire majority stake in Moroccan grain trader Graderco for AED 1b (ADX)

• Mubadala's Abu Dhabi Catalyst Partners invests in Ardian’s Secondaries Fund IX (ZWY)

• Aldar Properties co-invests AED 407.7m with Carlyle Group in European logistics and storage assets (ALD)

• Palms Sports acquired Learn Education (ADX)

VC:

• Dubai's AI dubbing platform CAMB.AI raised AED 14.6m in a seed funding round led by Courtside Ventures (WMD)

• IQEQ invests AED 550.5k pre-seed funding in Iraq-based e-commerce platform Wayl (ICA)

Partnerships / Projects:

• ADNOC Drilling to add 142 operational rigs in 2024 to support a 5m barrels per day capacity target (ZWY)

• AD Ports Group signed a AED 550.5m concession agreement for Bulk and General Cargo operations with Karachi Port Trust (STD)

• Joby Aviation and Dubai's Road and Transport Authority to launch flying taxi services in Dubai by 2025 (ZWY)

• Mubadala, 2 other funds acquire 8% stake in India’s Manipal Health Enterprises (BST)

• e& to anchor the 2Africa subsea cable, creating the UAE's largest subsea cable system landing (ETS)

• Primera Group, a UAE-Congo joint venture, to boost hand-dug gold shipments from Congo, targeting 12-24 tons annually (BBG)

• Abu Dhabi Department of Economic Development and HYCAP Middle East to develop a hydrogen-based industrial complex (ZWY)

• MAG appoints CECEP Techand Middle East for AED 2.8b Ritz-Carlton Residences, Dubai Creekside, construction by 2027 (ZWY)

Debt: 

• Union Properties settled with Dubailand and Emirates NBD to pay AED 400m over 3 years to repurpose Motor City land for residential development (ZWY)

SPAC: 

• Blufire Capital, an Abu Dhabi based firm, announced a share transfer and liability assumption agreement with EVe Mobility Acquisition (SEC)

Crypto / FX: 

• Abu Dhabi Global Market signed an MoU with the Solana Foundation to develop distributed ledger technology (CTG)

Real Estate: 

• Indian and Chinese buyers in Dubai demand Vastu and Feng Shui-compliant homes (KJT)

• Alphabeta Properties launched a rental auction for M77, booking all units within two weeks, with 70% choosing rent now at 60% above market value (GFN)

• Emaar finalised designs for Dubai Square, a shopping mall in Dubai Creek Harbour (GFN)

• Aldar awards AED 22b contracts for Abu Dhabi projects (WAM)

• Trussardi Residences by Mira Developments sells out on launch day (E24)

• Emirati Family Group selling AED 250m property on Palm Jumeirah, considering AED 985m in other Dubai deals (UAE)

• A London mansion linked to bankrupt Emirati tycoon Khalifa Al Muhairi is on sale for AED 124.92m in Kensington (BBG)

• Jumeirah Lake Towers' distressed Al Saqran tower auction sees bids increase by AED 100m in 4 hours (GFN)

Meme Freshener

That’s all for now! 

See you in your inbox with more updates next week 👋🏾

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.