????? UAE’s Alpha Data Ready For IPO

Hala,

???? Spotted: A whale shark near Abu Dhabi Corniche!(1) Despite their size, these gentle, endangered giants are harmless, munching on plankton. So, if you see one, keep a safe distance and let this oceanic marvel thrive in peace! ????

amana’s Take:

Bitcoin has recently experienced significant declines, dropping to $53,600, its lowest since February. Several key factors are contributing to this downward trend:

• Mt. Gox Repayments: The collapsed Japanese cryptocurrency exchange Mt. Gox has transferred 47,229 Bitcoin, valued at $2.71 billion, to a new wallet as part of its plan to repay creditors in July. A total of $8.5 billion worth of Bitcoin is set to be reimbursed, with the Mt. Gox trustee, Nobuaki Kobayashi, confirming that all necessary steps for repayments were completed.
• German Government Bitcoin Movements: The German government has moved over 3,000 BTC, worth $172 million, to various exchanges and an unknown wallet. On July 4, blockchain investigator PeckShieldAlert reported a transfer of 1,300 Bitcoin from a German government-labeled wallet to Coinbase, Kraken, and Bitstamp, with an additional 1,700 BTC moved to another wallet. Since February 2024, the German government wallet, initially holding 50,000 BTC, has been actively transferring its holdings, linked to confiscated assets.
• Market Sentiment and Predictions: The fear and greed index is currently at 29, indicating high panic among crypto investors. Major cryptocurrencies have declined, with BTC, ETH, BNB, SOL, XRP, and ADA down by 6.85%, 9.32%, 12.16%, 5.96%, 11.34%, and 15.05%, respectively. The combined impact of Mt. Gox repayments and German government movements has increased fears of selling pressure on Bitcoin. Analysts predict further declines but see potential for a longer-term recovery, potentially spurred by factors like the approval of an Ethereum ETF.

Stock Market Update

???? While US stocks took a holiday nap for Independence Day, European stocks lit up on Thursday, gaining momentum as the U.K.’s general election took center stage. The FTSE 100 sparkled up 0.86% to 8,241.26, the DAX gained 0.41% to 18,450.48, and the Stoxx 600 added a 0.56% glow to 517.54.(2) Seems like Europe had some fun on its own! ????

↗?↘? Meanwhile, Mideast stocks played seesaw as soft U.S. labor market data sparked rate cut hopes. Abu Dhabi rose 0.4% to 9,126 and Dubai fell 0.3% to 4,066.(3) ????

???? Alpha Data's Market Acceleration!

Alpha Data, UAE's powerhouse of IT services, is revving up to raise nearly $200 million from its initial public offering (IPO) on the Abu Dhabi exchange.(4) As the engine of digital transformation, Alpha Data's portfolio fuels businesses with cutting-edge technologies like AI, IoT, and cloud computing. Set against a backdrop of a thriving UAE market, this IPO could propel Alpha Data to the forefront of the local tech race, making it a key player in the digital economy's fast lane. ????

???? Key Metrics in the Engine Room:

• IPO Ambition: Targeting a hefty $200 million.
• Tech Torque: Offering AI, IoT, Mobility, Security, Big Data, and Cloud services.
• Financial Fuel: Part of a broader market boost with $5.8 billion added in new market cap this year, thanks to three new IPOs.
• Lead Advisors: Collaborating with EFG Hermes and Emirates NBD Capital.
• Timeline Tuning: Expected launch by year-end. ?????

???? Gearing Up for Growth

With a robust foundation in tech solutions and a strategic position in a blossoming market, Alpha Data is not just participating—it’s aiming to lead the digital charge. As we zoom into the second half of the year, all eyes are on Alpha Data, wondering not only how swiftly they'll hit the market, but how their innovation will drive them forward. The stage is set, and Alpha Data is all fueled up for an impressive debut. ????

?Closer to Home?

• ?? The Gulf's IPO boom continues, with Saudi, Oman, and UAE gearing up for a busy second half of 2024. EFG Hermes' Ali Khalphey predicts healthcare and consumer finance firms are likely to go public, with private sector deals reaching up to $500 million.(5) ??
• ?? ADNOC and Japan Bank for International Cooperation (JBIC) inked a $3 billion green financing deal, fueling ADNOC's decarbonization drive and sparking a new chapter in UAE-Japan energy synergy.(6) Let the green revolution begin! ??
• ?? Meanwhile, the UAE's crypto industry is projected to grow 7.89% YoY to $395.80 million by 2028, up from $292.10 million in 2024, driven by Europe's crypto titan Bitpanda's regional debut.(7) Get ready for the UAE's crypto wave! ??

What Else Is Trending

• ?? Bitcoin dipped to $57,000, hitting a two-month low on Thursday post-Fed minutes hinting at no rate cuts. Bitcoin further fell 5% to $56,837 in 24 hours, while Ethereum stumbled 5% to $3,120 in the crypto shuffle.(8) ??
• ??? Meanwhile, oil prices closed mixed on Thursday: Brent held above $87 to $87.55 per barrel, its highest since April, driven by U.S. inventory drops, while WTI was up 18 cents at $84 a barrel amidst a holiday lull.(9) ?
• ?? Lastly, gold prices lingered near a two-week high as all eyes shifted to non-farm payrolls data. Spot gold was almost unchanged at $2,357.37 per ounce.(10) ?

??Quote of the Day

"The knowledge you have in this generation and the technology you are learning have to be the best in the world." - ?H.H. Sheikh Mohamed bin Zayed Al Nahyan?

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Sources:-?(1) Gulf News, (2) (8) CNBC, (3) (9) Reuters, (4) (5) (6) (7) (10) Zawya