Hala,
📺 Disney’s D23 fan convention dazzled with sneak peeks galore! Highlights? Moana 2, Toy Story 5, Mufasa: The Lion King, and Incredibles 3 are all on the way! Plus, Freaky Friday and Avatar updates had fans buzzing. 🤩 Seems like Disney’s gonna be really busy!(1) ✨
All Eyes On
- Tuesday, August 13 — US Producer Price Index (PPI) for July at 08:30 UAE, forecasted at 3% YoY, highlighting inflation trends in the production sector. Reserve Bank of New Zealand’s rate decision at 22:00 UAE, expected to hold steady at 5.5%.
- Wednesday, August 14 — US Consumer Price Index (CPI) for July at 08:30 UAE, anticipated to rise 2.9% YoY. Watch for Eurozone and Japan GDP figures, along with UK inflation data, for global economic insights.
- Thursday, August 15 and Friday, August 16 — US retail sales data on Thursday, expected to show a 0.3% MoM increase, and the Michigan Consumer Sentiment Index on Friday, forecasted at 66.7, reflecting consumer confidence trends.
Stock Market Update
📈↗️ US stocks ended the week with a bang on Friday, bouncing back from Monday’s mayhem and closing out the most volatile stretch of 2024. The S&P 500 advanced 0.47% to 5,344.16, the Nasdaq 100 climbed 0.54% to 18,513.10, and the Dow added 0.13% to 39,497.54.(2) Quite the week to remember! 🎉🤔
🆙⬆️ Similarly, Mideast stocks soared, fueled by upbeat data and Fed whispers of a September rate cut. Saudi Arabia rose 0.9% to 11,772, and Qatar gained 0.2% to 10,077.(3) ⏫🔼
💡🔆Dewa’s H1 2024 Surge
Dubai Electricity and Water Authority (Dewa) powered through H1 2024 with electrifying results, generating a record breaking 7.3% revenue increase to AED 13.7 billion ($3.72 billion) — like a high-voltage power line humming at full capacity.(4) The surge was driven by strong demand for electricity, water, and cooling services. However, net profit flickered slightly, dipping 6.7% to AED 2.6 billion ($708 million) due to higher depreciation and a new corporate tax hit. 📈📉
🔢📃Dewa’s Key Metrics
- Revenue Soars: AED 13.7 billion, up 7.3% year-on-year
- Net Profit Dips: AED 2.6 billion, down 6.7%
- EBITDA Boost: AED 6.6 billion in H1 2024
- Operating Profit Rises: AED 3.3 billion in H1 2024
- Power Generation Up: 25.5 TWh, up 6.7%, with 12.9% from green energy
- Customer Growth: 1.24 million accounts, up 4.4% — connecting more homes to the grid 🏡💡
💥💃Dewa Keeps Dubai Buzzing
Even in Q2 2024, Dewa kept the energy flowing and the water gushing, with a 7.8% revenue surge to AED 7.9 billion, an 8.8% boost in EBITDA to AED 4 billion, and a 5.9% rise in profit before tax to AED 2.1 billion. Their waterworks didn’t miss a beat, pumping out 71.3 billion imperial gallons of desalinated water — a 4.3% increase from last year. By the end of H1 2024, Dewa’s power grid was humming at 16.779 GW, including 2.86 GW of renewable energy, while desalination capacity held steady at 495 million imperial gallons per day. Looks like Dewa’s got the power — and the splash — to keep Dubai buzzing! 🎉🚀
Closer to Home
- 📈 ADNOC Gas, a subsidiary of state oil giant ADNOC, posted a $1.19B Q2 2024 profit, up 21% YoY, fueled by the booming UAE industry, while revenue hit $6.08B, up 13%. With a $1.7B dividend lined up, ADNOC Gas is on a roll!(5) 💸
- 💰 Dubai’s Union Coop’s H1 2024 profit surged 32.3% to AED 200M, with revenue up 5%. Key drivers? Strong sales, a growing customer base, and strategic growth. Union Coop’s making waves!(6) 🤑
- 🏙️ In other news, Abu Dhabi and Dubai have once again topped the MENA livability rankings, excelling in healthcare, education, and safety, according to the 2024 Global Liveability Index.(7) Gulf cities are setting the standard! 💪
What Else Is Trending
- 🏦 Bank of America’s CEO Brian Moynihan warns: The Fed better cut rates soon, or US consumers could get cranky. Rates are steady for now, but a September cut might ease the tension. And Trump’s take? Fed Chair Jerome Powell’s got the final say.(8) 🤔
- 🛢️ Meanwhile, oil prices rallied on Friday as recession fears eased and Middle East tensions threatened supply. WTI rose 0.85% to $76.84, with Brent up 0.63% to $79.66.(9) ⛽
- 🪙 Lastly, gold prices held steady after a previous jump as US yields fell and Fed cut buzz grew. Spot gold took a tiny 0.1% dip to $2,422.99 per ounce.(10) ✨
💬Quote of the Day
“Adversity causes some men to break; others to break records.” — William Arthur Ward, American writer.
Start trading now: rebate (amana.app)
Sources: (1) She The People, (2) (9) (10) CNBC, (3) Reuters, (4) (5) (6) (7) (8) Zawya
