Good morning, ladies and gentlemen, and welcome to a busy hump day.

The news cycle here at home continues to be led primarily by COP28, but is punctuated this morning with key economic and capital markets stories. Our PMI showed sustained growth in the non-oil private sector economy in November, buoyed by an uptick in demad. Meanwhile, Phoenix Group had a good first day of trading on the EGX, with its shares jumping 50% on its debut. We have the full rundown on these stories and more in this morning’s news well, below.

A HANDFUL OF GLOBAL + DOMESTIC POLICY MEASURES FROM COP YESTERDAY-

COP presidency spearheads efforts to avert wildfire emissions: Over 56 international organizations and institutions signed the World Fire Emission Reduction Alliance (WFERA) initiative which targets the reduction of carbon emissions resulting from wildfires, according to a statement. The international coalition targets slashing emissions from wildfires worldwide by 80% by 2050 under the umbrella of the International Initiative of Law Enforcement for Climate (I2LEC) by collaborating to enhance firefighting and civil defense systems worldwide. The alliance comes as part of the push to galvanize efforts aimed at tackling the impacts of climate change on wildfire season.

Here at home, the government is partnering with Apolitical to boost government employees’ green skills. The Green Capabilities Global Alliance for Government platform offers climate-related training for government employees, with a special “Jahiz” sustainability track focusing on climate change, net zero, and the circular economy, reports Wam.

Fujairah Environment Authority rolls out sustainability initiative: The Fujairah Environment Authority (FEA) launched the Green Fujairah Initiative, which looks to establish new sustainability approaches across the Emirate’s energy, industry, food systems, and agriculture sectors, relying on modern technologies, innovative policy development, and community participation, according to a statement. The statement does not provide further details on the initiative.

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HAPPENING TODAY-

Russian President Vladimir Putin touches down in the UAE today before heading to KSA later in the day, the Kremlin said in a statement yesterday. The one-day “working visit” to the two countries will see Putin discuss cooperation, trade, and regional political issues with President Mohammed bin Zayed Al Nahyan and Saudi Crown Prince and Prime Minister Mohammed bin Salman, the statement says.

ALSO- The Yas Winter Festival returns to Abu Dhabi today, where visitors can enjoy a snow park, carnival, and Santa Land. Admission for children below the age of three is without charge, while those aged 4-12 will be charged AED 15 for tickets bought in advance or AED 20 at the door. All those above the age of 13 will pay AED 25 for advance tickets or AED 30 at the door.

KUDOS- Dubai was crowned the World’s Leading Exhibition Destination at the World TravelAwardslast Friday. The ceremony underscored over 40 airlines and hotels across the UAE, with Emirates Airlines taking home five accolades, including the World’s Leading Airline to the Middle East.

THE BIG STORY ABROAD–No single story has captured the interest of the global business press:

  • xAI: The plan by Elon Musk’s AI startup to raise USD 1 bn in equity is the big story in the business press — Reuters | Financial Times | CNBC | WSJ.
  • Gaza:Reuters on why the US is unlikely to stop supplying arms for Israel’s war effort, despite the devastating impact on civilians.
  • The Donald: The Associated Press and the Washington Post have the latest on the legal woes of the ex-president and frontrunner for the Republican nomination.

CIRCLE YOUR CALENDAR-

Dubai’s Sole DXB is back from Friday-Sunday, 8-10 December, with rap artists from around the world taking to the Dubai Design District stage at the three day culture festival.

Also on this weekend: The Global EV Show in Dubai is on this Friday and Saturday, 8-9 December, with the Dubai EarthSoul Festival running from Friday to Sunday.

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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