UAE leaders say country ‘ready to host Cop28’ if selected — www.thenationalnews.com
Highlights:
– “The UAE has submitted a request to host the Cop28 conference in 2023, the largest global conference of heads of state and government on climate and environmental issues,” Sheikh Mohammed posted on Twitter.
– “Many countries have supported our request, and we are looking forward to announcing the selection of the host country within the next two days,” said Sheikh Mohammed.
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Dubai to list utility Dewa under bourse expansion plan | Reuters — www.reuters.com
Highlights:
– The listing plans are aimed at making Dubai a more competitive market against bigger bourses in the region, such those in as Saudi Arabia and neighbouring Abu Dhabi, that are seeing larger listings and strong liquidity.
– The Dewa listing plan comes a day after the emirate’s deputy ruler Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum said Dubai is aiming to list 10 state-backed companies, state news agency WAM reported.
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Ray Dalio Comments on Inflation: Rising Portfolios Don’t Mean Increasing Wealth – Bloomberg — www.bloomberg.com
Highlights:
– Some people make the mistake of thinking that they are getting richer because they are seeing their assets go up in price without seeing how their buying power is being eroded,” Dalio wrote in a post on LinkedIn. “The ones most hurt are those who have their money in cash.”
– In periods of rising prices, he says it’s actually more important to look at what you can buy with that money.
– Printing money and giving it away won’t make us wealthier if the money isn’t directed to raise productivity.
– History shows that when an individual, organization, country, or empire spends more than what they earn, misery and turbulence are ahead.
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26-Year-Old CEO Takes His Autonomous Truck Company Public in $5 Billion Deal — www.bloomberg.com
Highlights:
– Self-driving technology is an unproven business that’s suddenly ready to test its mettle. Embark Trucks is the second major company in the industry to go public this month after Aurora Innovation Inc. completed its own SPAC merger at a valuation of $13 billion.
– Embark makes self-driving software for trucks that carry freight.
– The SPAC deal brings Embark’s total funding to $317 million. Its investors include Sequoia Capital, Tiger Global and Y Combinator. The company has more than 200 employees and has worked with Anheuser-Busch InBev and Werner Enterprises to test its software.
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Saudi Arabia Chases Star-Studded $64 Billion Hollywood Dream – Bloomberg — www.bloomberg.com
Highlights:
– The action flick ‘Desert Warrior’, starring Anthony Mackie (Marvel’s new Captain America), is being filmed entirely in Saudi Arabia, and Gerard Butler’s latest thriller ‘Kandahar’ is starting principal photography in the Al-Ula region this month — a first for the UNESCO World Heritage Site opened last year as part of Saudi Arabia’s related push to introduce tourism.
– We’ve started from the beginning, no one was here before, and we have high ambitions to build up Al-Ula as an international film destination,“ said Stephen Strachan, film commissioner for the unspoilt region that boasts majestic pre-Islamic ruins neglected under decades of religious rule.
– As part of the push, the kingdom is launching its first international film festival.
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Living at AlJurf
Find Out More About Living at AlJurf
AlJurf Gardens harnesses nature’s raw beauty and combines it with refined heritage-inspired architecture and contemporary design to present a sanctuary of wellness and calm.
Throughout the villa spaces, the refined and controlled raw beauty of nature is repeated in different scales, to showcase its exquisiteness across every typology of homes, gardens and courtyards.
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Dubai to List 10 State Firms in Bid to Reverse Falling Trade – Bloomberg — www.bloomberg.com
Highlights:
– Though the announcement didn’t specify which state firms may be listed, officials at companies such as Dubai Electricity & Water Authority and Emirates Airline have said in the past that any decisions about IPOs rest with the government.
– Dubai plans to offer stakes in 10 state-owned companies in what may prove to be a test of confidence in a stock market dogged by falling volumes at a time when regional rivals are stepping up sales.
– Dubai has staged just one IPO since 2017, and its only prospect of a listing this year fell through when logistics firm Tristar Transport pulled its offering in April. At the same time, flagship names such as port operator DP World have delisted while others like Emaar Malls and Damac Properties are in the process of doing so.
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Turkey’s Rich Cash In as Erdogan’s War on Interest Rates Punishes Supporters – Bloomberg — www.bloomberg.com
Highlights:
– While governments elsewhere look to curb surging prices as the global economy recovers from the pandemic, Erdogan’s betting that lower rates will turbo-boost growth.
– Driving credit-fueled growth the year before an election has worked for Erdogan in the past but the accumulating impact of that policy over the years, plus the damage wrought by Covid, means the potential social costs are much bigger this time.
– Nowhere is the divergence clearer than in Istanbul’s property market, where investors are taking advantage of cheap lending to snap up real estate as a hedge against lira volatility.
– By some counts, the policy is a roaring success.
– Manufacturers and exporters are thriving as the currency’s slide has sharply reduced labor costs at home and made Turkish products more competitive abroad, while cheaper borrowing has allowed companies to rapidly ramp up output since the pandemic
– All that has come at the expense of workers, however, as income distribution becomes more unequal.
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