Good morning, friends. From the launch of Lunate’s latest ETF to an AED 500 mn program to take Dubai SMEs global, and US alt investment giant HIG Capital opening in Dubai, it’s a reasonably brisk morning for news here in the UAE.

^^ We have the details on this story and more in this morning’s news well, below.

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WATCH THIS SPACE-

#1- You’ll soon be able to use a digital wallet to pay for public transport tickets in Dubai: Dubai’s RTA has awarded an AED 350 mn contract to upgrade the Nol ticketing system to a centralized digital wallet system, the Dubai Media Office reports. The goal is to streamline the ticketing process through features including smart channel pre-payments, family / group tickets, and facial recognition.

#2-UAE, New Zealand to boost trade: Minister of State Ahmed Al Sayegh met on Friday with New Zealand’s Trade Minister Todd McClay to explore deepening economic and trade ties, according to a Foreign Affairs Ministry statement.

DATA POINT-

Abu Dhabi was ranked the world’s safest city for the eighth consecutive year in online database Numbeo ’s crime and safety indices. The emirate reeled in the highest safety score (86.9), paired with the lowest crime levels (13.1). Ajman, Dubai, and Ras Al Khaimah were also featured on the list, with Ajman leading in the fourth place, Dubai in sixth, and Ras Al Khaimah in the sixth spot.

HAPPENING TODAY-

#1- The Arab Health Exhibition 2024 also kicks off today and runs until Thursday, 1 Februaryin Dubai. Over 3k companies are set to attend. Arab Health is one of the two largest regional healthcare conferences to take place every year. It takes place at Dubai World Trade Center.

Emirati real estate developers are in Sao Paulo, Brazil, for the UAE Property Forum, hosted by the Emirati embassy in Brazil and the consulate general in Sao Paulo. The exhibition starts today and wraps on Tuesday at the Tivoli Mofarrej São Paulo Hotel, according to a press release.

HAPPENING THIS WEEK-

#1- It’s Fed week: The Federal Reserve kicks off its two-day policy meeting on Tuesday. Economists are expecting the Fed to keep rates unchanged and wait until the summer before it cuts rates, according to a Reuters poll. Majority of economists polled see the Fed leaving rates at their current 22-year high at 5.25-5.5% when it meets later this week to ensure that “recent progress in inflation is sustainable.”

Setting the stage: The European Central Bank kept rates unchanged — at a record-high 4% — when it met on Thursday. The bank reaffirmed its position to keep rates high for a “sufficiently long duration” to bring inflation down to its target 2% from its current level of 2.9%.

#2- And World Economic Outlook week: The IMF will be out with its January 2024 World Economic Outlook update tomorrow.

#3- The UAE Organ Donation and Transplantation Congress 2024 wraps tomorrow in Dubai. The four-day event, organized by the Health and Prevention Ministry, Abu Dhabi’s Department of Health, and the Dubai Health Authority, kicked off on Saturday. Over 8k people have attended sessions on developments in the field, reports state news agency Wam.

MARKET WATCH-

Dana Gas resumes production at Kurdish facility: ADX-listed energy company Dana Gas resumed operations at its production plant at the Khor Mor gas field in the Kurdistan Region of Iraq following a drone attack, the gas provider said in an ADX disclosure(pdf).

Operations were suspended on Thursday after a suspected drone struck one of Dana Gas’ liquid storage tanks, causing a fire, the energy firm said (pdf).

THE BIG STORY ABROAD-

One story dominates on an otherwise slow morning in the global press: The White House says Iran-backed fighters killed three members of the US military and wounded 25 in a drone attack on an American outpost in Jordan.

Why it matters: They’re the first US casualties since tensions started ramping up following Israel’s invasion of Gaza. Pundits on both sides of the ocean are calling the attack a “significant escalation that is likely to draw the US further into conflict even as Washington seeks to avoid a broader regional conflagration.”

“We shall respond,” said US President Joe Biden.

Oil prices climbed overnight following news of the attack and an earlier incident in which Houthi rebels struck a Trafigura-chartered tanker in the Red Sea.

It’s leading front pages from the business press onward: Financial Times | Wall StreetJournal | New York Times | Politico | The Guardian.

From the business pages:

  • Banker bonuses are down: Wall Street’s Masters of the Universe thought their bonuses would be super-sized this year. They’re not. (Wall Street Journal)
  • Sales of climate-focused mutual funds crashed 75% in the past two years. Blame poor performance, competition from rising interest rates, and the backlash against all things “woke.” (Financial Times)
  • China is moving to curb short selling as the market downturn deepens. Beijing failed to deliver last week on an anticipated USD 100 bn stock bailout. (Bloomberg)

CIRCLE YOUR CALENDAR-

Conference season is heating up:

Dubai will host the Family Office Roundtable (FORT) Global this Friday, 2 February at the Museum of the Future, according to a press release. The invite-only event will center discussions on the international finance and investment communities, influential family offices, government members and dignitaries, with nearly 10k guests, hailing from over 35 countries.

The Mubadala Abu Dhabi Tennis Open will take place from Saturday, 3 February to Sunday, 11 February at Zayed Sports City's International Tennis Centre. The tournament will see participation from four-time Grand Slam champion Naomi Osaka, plus Elena Rybakina, Ons Jabeur, Maria Sakkari, and Barbora Krejčíková, reports The National.

Young entrepreneurs can pitch early-education startup ideas at the AbuDhabi Youth Challenge: Techstars Startup Weekend, running for three days from Friday, 2 February, to Sunday, 4 February at Cloud Spaces ADGM in Abu Dhabi. The top three teams will get AED 30k.

The Middle East Bunkering Convention will take place from Monday, 5 February through to Wednesday, 7 February at the Hilton Dubai Jumeirah. The event will bring together industry players to discuss issues in the global marine fuel sector, including supply chains, decarbonization, and new fuels.

The UAE Tour Women will take place from 8-11 February starting in Dubai and ending in Abu Dhabi. The event will feature three sprint stages and a mountain climb up Jebel Hafeet, spanning 468 km from Dubai to Abu Dhabi.

The Sustainable Aviation Futures MENA will kick off on Monday, 12 February through to Wednesday, 14 February at Kempinski Central Avenue. The event will see 80 speakers and upwards of 200 attendees discuss regulation, financing, and investments in sustainable aviation fuels in MENA.

Dubai will host the World Government Summit from Monday, 12 February, to Wednesday, 14 February. The summit, with a central theme on the daily implications of AI, will include 15 AI-centered conferences, and an annual gathering for the Time 100 AI list. OpenAI CEO Sam Altman will be among the speakers headlining the event, Gulf News reports. Over 4k participants from 150 countries are expected to be attend.

Dubai will host the Future Warehouse & Logistics 2024 Conference from Monday, 12 February to Wednesday, 14 February in Dubai. On the agenda: How to boost resilience and overcome challenges, with discussions on disruptions, sustainability, internet of things, automation, workplace management and other topics.

Breakbulk Middle East 2024 will take place from Monday, 12 February, to Tuesday,13 January, in Dubai. The event is being hosted by the Ministry of Energy and Infrastructure to address industry challenges and identify prospects for growth in the UAE, KSA, and East Africa.

The FIFA Beach Soccer World Cup 2024 will take place from Thursday, 15 February, to Sunday, 25 February, in Dubai. The competition will see 16 national teams, including Brazil, Iran, Italy, Japan, Egypt, UAE and Portugal, battle on the sand. You can purchase tickets here.

The Ras Al Khaimah Half Marathon is returning on Saturday, 24 February, on Al Marjan Island. The World Athletics Gold Label event will welcome athletes, running enthusiasts and amateurs alike. You can register here.

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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