Marhaba folks! 🌟

Today we will discuss,

• 🚧 Dubai to Award First Package of $6.8 Billion Sewerage Tunnels Mega Project by 2025 🌆

• 🇸🇦💹 Saudi Arabia Open to Accepting Chinese Yuan for Oil Payments 🇨🇳

• 🛒📈 LuLu Group Plans IPO by November, Dual Listing on ADX and Tadawul 🏦🇦🇪🇸🇦

Let’s dive in!

🚧 Dubai to Award First Package of $6.8 Billion Sewerage Tunnels Mega Project by 2025 🌆

📰 What is it about?

• Dubai Municipality is set to award the first package of its 25 billion AED ($6.8 billion) Strategic Sewerage Tunnel (DSST) Project by the end of 2025.

• The project will overhaul Dubai's sewage system into a gravity-fed, low-energy solution designed to last 100 years.

• Implemented over three phases through Public-Private Partnerships (PPP), it will involve the design, build, finance, and operation of the new sewer system.

💡 Why it matters?

• The project aims to reduce costs, lower carbon emissions, and decrease power consumption by replacing over 100 pump stations with gravity systems.

• It aligns with Dubai’s goals to support sustainable growth and prepare for an expanding population.

• The use of PPP allows for private sector investment and international expertise, with firms from 12 countries already bidding.

🔜 What’s next?

• Pre-qualification and contract bidding for four of the six project packages are already underway.

• The first contract is expected to be signed by the end of 2025, with completion expected over a period exceeding seven years.

• The project will be managed in partnership with US-based Parsons as the technical advisor, Tribe Infrastructure as the financial advisor, and Ashurst as the legal advisor.

📈 Markets

🇸🇦💹 Saudi Arabia Open to Accepting Chinese Yuan for Oil Payments 🇨🇳

📰 What is it about?

• Saudi Arabia has expressed willingness to accept the Chinese yuan for crude oil payments, signaling a potential shift in global oil trade dynamics.

• The statement came ahead of Premier Li Qiang’s visit to Saudi Arabia on September 9, highlighting growing ties between the two nations.

• The decision is part of Saudi Arabia’s broader goal to diversify its economy away from oil while China pushes to internationalize the yuan.

💡 Why it matters?

• This move could challenge the dominance of the US dollar in global oil transactions, especially as the yuan gains traction in international trade.

• Strengthening ties with China allows Saudi Arabia to balance relations between its traditional ally, the US, and China's growing influence.

• China’s investment in renewable energy and green infrastructure aligns with Saudi Arabia’s goals to diversify its economy beyond fossil fuels, supporting its Vision 2030.

🔜 What’s next?

• The acceptance of yuan in oil trade could accelerate the global shift towards the yuan and other currencies, potentially reducing the reliance on the US dollar.

• Premier Li Qiang’s expectedly will deepen cooperation between Saudi Arabia and China, especially in sectors like renewable energy, infrastructure, and technology.

• The development could spark broader economic and geopolitical shifts, particularly in the energy market and global currency dynamics.

Quote of the day
“I love deadlines. I like the whooshing sound they make as they fly by.” -Douglas Adams, Writer, screenwriter and humorist

🛒📈 LuLu Group Plans IPO by November, Dual Listing on ADX and Tadawul 🏦🇦🇪🇸🇦

📰 What is it about?

• LuLu Group, a UAE-based retail giant, is set to launch its IPO by late October or early November with an expected valuation between $1.5 billion and $1.85 billion.

• The stock will be dual-listed on the Abu Dhabi Securities Exchange (ADX) and Saudi Arabia's Tadawul.

• Major banks like Emirates NBD, HSBC, Abu Dhabi Commercial Bank, and Citigroup are managing the IPO, which is expected to be four to five times bigger than recent retail IPOs in the region.

💡 Why it matters?

• This IPO marks a significant move for LuLu Group, enhancing its visibility in two of the GCC's largest stock markets.

• It comes after ADQ’s investment in 2020 and follows LuLu's expansion strategy, aiming to grow its presence across the GCC, Egypt, and beyond.

• The success of LuLu’s IPO could attract more regional and global institutional investors, given the recent success of Spinneys' IPO in the UAE.

🔜 What’s next?

• The IPO proceeds will help LuLu Group in debt refinancing and funding its ambitious plan to open 80 new hypermarkets while strengthening its supply chain and e-commerce capabilities.

• Investors will be watching closely as IPO demand could reflect broader confidence in the retail sector and the regional stock exchanges.

In other news…

1. Delivery Hero publishes ‘Talabat Company Presentation’.

2. UAE Media Council gave out 230 new licences to content creators.

3. Dubai-based digital content hub Blinx celebrates one year anniversary.

4. Can you teach entrepreneurship in schools? This man thinks yes!

5. Should Dubai’s viral FIX chocolate expand production and distribution?

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