Page 106 - ALEF EDUCATION PR REPORT - JUNE 2024

ICYMI- The European Commission said on Monday that it had launched an
investigation into e&’s bid to acquire PPF’s assets in its first anti-subsidy probe into
foreign buyers. The commission claims the telecoms giant received state support — in
the form of a guarantee and a loan from state banks — that impacted its position to
acquire the company and hampers market competition. It will make a final decision on
the takeover by 15 October.
Background: e& had agreed to acquire a 50% stake plus one share in PPF Group’s
telecoms units in Bulgaria, Hungary, Serbia, and Slovakia for EUR 2.5 bn (AED 9.9 bn)
last August. Bulgaria’s Competition Protection Commission greenlit e&’s acquisition of
Bulgarian mobile operator Yettel Bulgaria and telecoms infrastructure provider Cetin
Bulgaria from PPF Group in February as part of the transaction, with CEO Hatem
Dowidar saying he expected to close the acquisition a few weeks later, following the
receipt of final regulatory approvals.
#2- Germany’s Covestro is holding a supervisory board meeting today to discuss
granting Adnoc due diligence, following a year of stalled
negotiations, Bloomberg reports, citing people familiar with the matter. Adnoc could
potentially raise its bid from the current EUR 60 per share, with Covestro angling for a
EUR 1-2 bump. Due diligence would likely take place this month, with the revised bid
expected to be made in July.

#3- The General Budget Committee discussed the draft general budget for
2025 within the 2022-2026 budget plan, instructing the preparation and submission of
next year’s federal budget to the cabinet, Wam reports. The committee also reviewed

this year’s current cashflow, financial position, and progress on the development
projects completed over the past months.

DATA POINTS-
#1- The UAE ranked among the top 10 countries in sustainable
construction, holding a total of 641 Leadership in Energy and Environmental Design
(Leed) certified projects, according to the latest report (pdf) by project management
services firm Stonehaven. Dubai took the lead in the Emirates’ sustainable construction
efforts with 348 Leed-certified projects, followed by Ras Al Khaimah with 120 projects.
#2- Dubai International Airport expects to see over 3.7 mn guests pass through
between 12 and 25 June, averaging daily traffic of 264k on the back of schools letting
out for vacation, Wam reports. Some 287k guests are expected to flood the airport on
22 June alone.
#3- The World Bank reaffirmed its forecast for economic growth in the UAE for
the next two years in its Global Economic Prospects report (pdf) that it sees the
economy growing at a 3.9% clip in 2024 and 4.1% in 2025.
HAPPENING TODAY-
#1- The UAE and Azerbaijan’s Ministerial Experience Exchange Forum is on its
final day today in Baku, Azerbaijan, as part of a strategic partnership inked in

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year