Good morning, ladies and gentlemen. We have a bit of a slow morning (by UAE standards, at least) on our hands — although that’s likely the calm before the storm as we hurtle towards COP28 later this week.

THE BIG STORY here at home? There’s no single story or theme that is dominating the news cycle today, although the UAE’s investment interest in Egypt continues to make the rounds.

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COUNTDOWN TO COP-

COP28 is right around the corner: The annual climate event kicks off in Dubai this Thursday, 30 November and will run through 12 December. During this year’s event, governments will, for the first time, undertake a Global Stocktake (GST) to assess their advancements in meeting the nationally determined contributions (NDCs) pledged at the 2015 Paris Climate Accords.

Biden is skipping out: US President Joe Biden will give COP28 a pass, sending instead climate envoy John Kerry. The New York Times suggests that Biden is preoccupied with Gaza and his upcoming presidential campaign. Biden attended the last two COPs — in Egypt and the UK — with climate issues being on top of his international and local agenda. (Financial Times | The Guardian | France 24 | The New York Times | Reuters)

Methane curbs will be a main focus at COP28: Although 150 nations have signed up for the EU-backed Global Methane Pledge aimed at slashing generation volumes of the greenhouse gas (GHG) by at least 30% by 2030, more action is needed to turn emission reduction commitments into action, Reuters reports, citing comments made by the COP28 Presidency.

Why it’s important: Methane emissions still totaled 135 mn metric tons last year and is the second most abundant anthropogenic GHG after CO2, the newswire writes. A legally binding agreement to phase it out needs to be hammered out during COP28 to meet global climate targets, the World Bank’s former Climate Envoy Rachel Kyte told Reuters. The US and China will partner with the UAE on holding a Methane and Non-CO2 Greenhouse Gases Summit at COP28 to help realize that target.

There’s been progress ahead of COP: The US Methane Finance Sprint — which aimed to mobilize at least USD 200 mn during COP28 to help developing countries curb greenhouse gas emissions — will reportedly exceed its targets. The US and China — the world’s largest carbon emitters — have agreed to count all non-carbon greenhouse gasses including methane in the update of their national climate strategies. And over in the EU, lawmakers reached a provisional agreement setting methane emission restrictions for future oil and gas imports into the bloc earlier this month.

HAPPENING TODAY-

A handful of events around town:

  • Abu Dhabi Finance Week features MENA’s biggest fintech festival. The event kicked off yesterday and wraps this Thursday.
  • Dubai Future Forum is on its second and final day at the Museum of the Future, welcoming futurists to anticipate challenges and solutions in climate and technology.
  • Fortune Global Forum is bringing the world’s biggest multinational companies to engage in discussion and address global issues. The event continues today and tomorrow in Abu Dhabi.
  • The World Green Economy Summit, focusing on investments in the global green economy, continues today and tomorrow at Dubai’s Madinat Jumeirah Conference Center.

FROM THE RUMOR MILL-

UK tapping Abu Dhabi for stake in nuclear power plant? The UK government has reportedly approached Emirati sovereign fund Mubadala to buy a stake in the UK’s Sizewell C nuclear power plant, The Times reported. The news comes as the UK government is assessing possible investors to back the project, following the removal of Chinese state-owned power group China General Power from the USD 25.2-55.5 bn (GBP 20-44 bn) nuclear power project.

DATA POINT- International investors have poured over AED 4 bn into the Dubai Financial Market (DFM) year-to-date, Al Bayan reports, citing Dubai Financial Market data. Market capitalization of listed shares in the Dubai and Abu Dhabi markets reached AED 3.555 tn at the end of last week.

PSA- Ras Al Khaimah residents will get a 50% markdown on public fines through the end of this year in celebration of National Day celebrations, Gulf Today reports, citing RAK’s Public Service Department.

THE BIG STORY ABROAD- Aside from Biden skipping out on COP28 (above), the foreign media can’t seem to shift its attention from the war on Gaza, where Israel and Hamas have agreed a two-day extension after a concerted diplomatic effort by Egypt, the United States and Qatar.

The business pages are all about one of (ultra) fast-fashion’s biggest players, Shein, inching closer towards its IPO.

The Chinese-founded brand has filed for a US IPO in what some pundits say could be New York’s largest IPO of the decade. The company tapped Goldman Sachs, JPMorgan Chase, and Morgan Stanley to advise on the listing, which could happen as soon as 2024. The company, which was last valued at USD 66 bn in May, reportedly entered talks with the New York Stock Exchange and Nasdaq back in July. (CNBC | Financial Times | Bloomberg | Wall Street Journal)

AND- It’s not a good morning for: Mark Zuckerberg. The Facebook chief is facing fresh questions this morning about Instagram’s algorithm after a Wall Street Journal investigation found that the social network showed “salacious content … including risqué footage of children as well as overtly [redacted] adult videos — and ads for some of the biggest US brands” in test accounts it set up to follow just kids and young teens. Read: Instagram’s algorithm delivers toxic video mix to adults who follow children.

MARKET WATCH-

Oil prices keep tumbling ahead of postponed OPEC+ meeting:Brent crude oil prices fell for the fourth consecutive week, slipping to USD 80 a barrel, Reuters and Asharq Business report.

To curb or not to curb? At the meeting, pushed back from 26 to 30 November, oil producers are expected to reach a decision on next year’s production targets and whether they will cut global oil exports or not. The event, which will take place virtually, was delayed because OPEC members had failed to reach a consensus on the output targets for African members.

Oil drags GCC stocks down: Early trade on major GCC stock markets inched down yesterday on the back of falling oil prices, according to Reuters. The limited performances come at a time of caution for investors, with uncertainty as to whether the oil producers will iron out their differences.

CIRCLE YOUR CALENDAR-

Sole DXB is coming back to Dubai from 8-10 December. The culture festival will bring rap artists from all over the world to the Dubai Design District stage.

Check out our full calendar on the web for a comprehensive listing of upcoming news events, national holidays and news triggers.

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