COMMODITIES-

Sugar prices to slide as India approves export resumption: We’re expecting to see a fall in sugar prices in the UAE as India (the world’s second largest sugar exporter), is set to resume trade under a new agreement with the Indian National Cooperative for Exports, Khaleej Times reports. With the return of Indian sugar, pressure on Brazilian imports will likely ease up.

The end of the sugar rush? Sugar prices have been at an all-time high,rising 8% in the UAE over the past few months amid a 55% surge in prices globally. The soaring prices come on the back of a global supply shortage due to damaged crops in India and Thailand.

Refresher: India suspended its global sugar exports in October in a bid to control domestic prices, with the exception of the EU and US.

CAPITAL MARKETS-

DFM + Nasdaq Dubai + Shanghai Stock Exchange agree on knowledge exchange: The Dubai Financial Market (DFM), Nasdaq Dubai, and Shanghai Stock Exchange (SSE) inked an MoU to streamline knowledge exchange and focus on developing products such as indices, ETFs, and ESG, according to a DFM filing on Monday. DFM and Shanghai Stock Exchange are hoping to expand their services and their outreach, the filing said.

TRADE-

DP World Trade Finance + UAE Trade Connect (UTC) partner up to boost trade finance and combat fraud in the UAE, Gulf News reports. DP World Trade Finance, a fintech platform owned by DP World, will leverage UTC ’s platform to reduce lending-related risk by identifying suspicious invoices.

About UTC + DP World Trade Finance: DP World Trade Finance establishes a direct link between businesses and financial institutions. It is a non-bank financial institution with direct lending capabilities and embedded fintech value proposition, enabling it to join UTC.

WASTE MANAGEMENT-

Emirates Global Aluminum (EGA) has begun construction on what will be the UAE’s largest aluminum recycling plant near EGA’s existing smelter in Al Taweelah, according to a statement. Construction is expected to be completed within three years, with the facility set to process pre and post-consumer aluminum scrap into high-quality premium aluminum billets.

Exporting recyclables: With an annual production capacity of 170,000 tons, EGA aims to supply the low-carbon metals to local and global markets based on a forecast that global demand for recycled aluminum will grow to 57 mn tons in 2024 from 27 mn tons in 2022.

RENEWABLES-

Solar panels with 9.96 MW of power production capacity are being installed at Dubai Metro Depots at Jebel Ali, Al Qusais and the Al Safouh Tram Depot, according to a statement by the Road and Transport Authority (RTA). The installation is expected to cut the RTA’s annual CO2 footprint by 3,962 tons, with the panels set to begin producing energy by 1Q 2024.

REAL ESTATE-

Dubai golf compound land plot sold for AED 300 mn: UAE-based real estate developers AveNew, Pride and Property, and Landsmith Real Estate closed the sale of a land plot in Dubai’s Jumeirah Golf Estates for over AED 300 mn (USD 81 mn), Gulf News reported.

Reflecting investors’ taste for Dubai’s luxury properties: The sale is a testament to the growing demand for Dubai’s luxury real estate market. The price of luxury residential properties surged 44% in 2022 alone, according to a report by real estate consultant Knight Frank.

Missoni to set up residential project in RAK: Italian luxury brand Missoni is set to launch a luxury residential project on Al Marjan Island in Ras Al Khaimah, Zawya reports. The project will be developed by Dubai-based real estate developer Durar, in partnership with Fortune 5 Developments. The project is expected to be completed by 4Q 2026.

STARTUPS-

UAE-based Wamda Capital participated in Turkey-based mental health startup Salus’ USD 4.7 mn seed round, according to a press release. The round, which was led by Northzone with participation from 500 Emerging Europe, Pitchdrive, the CVC arm of Iş Bank, and angel investors. The fresh funding will be used to broaden Salus’ clinical network, enhance user experience, and grow its B2B business.

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