Good morning, ladies and gents, and welcome to the penultimate week of the month. It’s a relatively calm Monday morning (particularly now that earnings season has taken its last breaths).

THE BIG STORY here at home is the UAE seeing record non-oil trade in 2023, buoyed by a strong 4Q and rising exports of services and non-oil goods.

^^ We have chapter and verse in this morning’s news well, below.

IN MEMORIAM- Former Dubai Chamber of Commerce President Hassan Mohammed Bin Al Shaikh has passed away, Gulf News reports. Al Shaikh chaired the chamber from 1997-2000 and was the second vice chairman from 1983-1997. He founded the Hassan Bin Al Shaikh Group of Industries in 1959, which expanded into sectors including paper, plastic, and real estate.

Several officials, business figures, and individuals have offered their condolences: Vice President and Dubai Ruler Sheikh Mohammed bin Rashid offered condolences, praising Bin Al Shaikh's dedication and pioneering role in industry and commerce in a statement. Diplomatic advisor to the president Anwar Garash also offered his condolences on X.

HAPPENING TODAY-

#1- Global champs are here for the Dubai Dutyfreee Championships: World No.1 Iga Swatiek, former World No. 1 Tennis champion Naomi Osaka, and two-time Australian Open champion Aryna Sabalenka will compete in the Dubai Dutyfree Tennis Championships, which kicked off yesterday, Khaleej Times reports. The World Tennis Association tour event will run until 2 March. You can buy tickets for both the women’s WTA tournament and the men’s ATP here.

#2- UAE Innovates 2024 resumes in Sharjah, Fujairah and Ras Al Khaimah, before its final stop in Dubai this Thursday, reports state news agency Wam.

#3- The world's largest F&B event, Gulfood 2024, returns to Dubai World Trade Centretoday. The event, which runs until this Friday, will bring together suppliers, distributors, and chefs, to discuss the future of F&B.

#4-Let Web3 Happen in Dubai is taking place at the Bybit HQ today at the Dubai World Trade Center. The event focuses on the concept of SocialFi, bringing together the ideas of social media, and decentralized finance.

HAPPENING THIS WEEK-

#1-The International Dialogue of Civilizations and Tolerance Conference will take placetomorrowand Wednesday at the Abu Dhabi National Exhibition Centre.

#2-Dubai’s Ramadan Souq kicked off on Saturday and will run until9 March at Old Municipality Street in Bur Deira, Dubai Media Office said in a statement. The annual market offers Ramadan items and gadgets at competitive prices, alongside live entertainment. It opens everyday from 10am to 10pm.

#3-It’s that time of year: Dubai’s Dar Al Ber Society has kicked off its Ramadan campaign,which intends to raise AED 160 mn for fasting individuals both inside and outside of the Emirates, reports state news agency Wam. The campaign — comprising 16 charitable projects — will run through the end of Ramadan and Eid Al Fitr.

#4- The International Freight Forwarders Conference 2024 gets underway this Thursdayand wraps next Sunday, 24 February. The logistics event brings global freight forwarders to the Hyatt Hotel in Dubai.

#5- Taste of Dubai opens its doors this Friday. The four-day food festival will bring together 16 of the emirates' best restaurants at Dubai Marina’s Skydive Dubai.

PUBLIC SERVICE ANNOUNCEMENTS-

#1- We now have an emergency and crisis management platform: The National Emergency Crisis and Disasters Management Authority launched a risk management platform, Makhatar, to manage incident reports, state news agency Wam reports.

… and a crisis management training platform: The authority also launched Tamkeen to engage in training on crisis and disaster management, the news agency added.

ALSO-Rabdan Academy to provide crisis management training: State-owned training agency Rabdan Academy is cooperating with the National Emergency Crisis and Disaster Management Authority on training programs in the fields of emergency and crisis management, Wam reports.

#2- Sharjah City for Humanitarian Services (SCHS) is getting a new home, with the hub set to move to new headquarters on Sheikh Mohamed bin Zayed Road amid rising demand for services in the emirate, The National reports. Construction of the new headquarters, which cost some AED 500 mn, is set to be complete within weeks after beginning in November 2019. The move comes as part of a plan to expand services and respond to increased registrations, particularly among individuals with autism. SCHS operates more than 10 schools, centers, nurseries, and departments. Financial support is provided to families facing challenges, with a focus on inclusivity and accessibility.

#3- Stop idling at traffic lights: The city of Ajman is calling on drivers to switch off their vehicles at timed traffic signals throughout the city, Khaleej Times reports.

#4-Trucks weighing over 65 tonnes are getting a reprieve from facing an AED 15k fine if they operate on federal roads, as cabinet decided to push back the implementation of the amended federal law on heavy vehicles, Wam reports. The Energy and Infrastructure Ministry will re-examine the decision’s rationale, Wam says, without providing further details on how long the law’s entry into force could be postponed.

REFRESHER- Following a four-month grace period, the decision banning trucks weighing over 65 tonnes from operating on federal roads was due to come into force on 1 February. All heavy vehicles operating on the roads fall under the law’s purview, with only security, military, police, and civil defense vehicles exempt.

WATCH THIS SPACE-

#1- We might find out who was awarded a stake in Egyptian fuel retailer Wataniya this week, Al Masry Al Youm reported on Wednesday, citing what it said are senior government sources. There are three final offers on the table for a 30% stake in the company.

REMEMBER- Taqa Arabia is the only firm to have publicly declared interest in the filling station operator, which has been on the market for the last four years, but Abu Dhabi National Oil Company (Adnoc), Shell, and several other companies have reportedly been lodging bids.

Has Adnoc exited stage left? Adnoc has reportedly withdrawn its bid for a stake in the fuel retailer, local Egyptian outlet Al Borsa reported earlier, citing sources it says are familiar with the agreement.

#2- Emirates Global Aluminum to launch alumina refinery in Guinea: Emirates GlobalAluminum (EGA) subsidiary Guinea Alumina Company (GAC) plans to open a refinery in Guinea with an annual capacity of 1 mn tonnes, Zawya cites GAC Director-General Youssef Sylla as saying on the sidelines of a roundtable organized by the Government of Guinea in Dubai to raise funds for development projects.

#3- RTA to kick off construction of Dubai Metro blue line this year: Dubai’s Road and Transport Authority is set to break ground on the USD 4.9 bn Dubai Metro Blue Line in 2024, the authority said in a statement. The authority brought the kick-off date forward by a year, with the previously revealed plan to commence construction in 2025. The authority issued tender documents for consortiums bidding for the contract to design and develop the line in January.

Refresher: The 30-km-long metro line will see 28 trains serve 14 elevated and underground stations as part of Dubai’s 20-minute city urban policy plan. The line will be integrated with the Red and Green lines, linking between Dubai International Airport and nine areas situated along its route to accommodate some 320k passengers daily in Dubai Creek Harbour, Dubai Festival City, International City, and more.

#4- Buna to begin integrating international payment systems by the end of the year: The Arab Monetary Fund’s cross-payment system, Buna, is expected to begin linking African, Chinese, Indian, Pakistani and Latin American payment systems by 4Q 2024, Buna CEO Mehdi Manaa told Albayan. The progress of linking their systems will depend on the readiness of each country’s payment systems, Manaa said.

ICYMI- The Finance Ministry launched Buna last week during the World Governments Summit, where it also agreed to link its instant payment platform AANI with India’s UPI. The platform is set to expand its clearing and settlement services by adding currencies from Asia, Africa, and Europe over the next two years, including the INR, the PKR, and the CNY.

DATA POINTS-

#1-Abu Dhabi Judicial Department’s Auction App facilitated over AED 3.4 bn in sales since launching in June 2022,reports Wam. The app — which offers remote bidding options for UAE-based assets — has so far seen 333 properties sold, in addition to over 1k vehicles worth some AED 78.3 mn, jewelry worth AED 232k, and nearly 2k movable properties totaling AED 129.4 mn.

#2- Emirati climate tech angel investors prefer African and MENA markets for growth over traditional ones,according to a report by Abu-Dhabi based startup accelerator startAD and VentureSouq. Some 23% of UAE investors prioritize climate investments in Africa (23%), while 19% pick the MENA region, and 15% would go for Asia over their western counterparts, the report found. This bucks the global pattern, where the majority of climate tech venture capital is directed towards the US (40%), China (22%), and Europe (20%), while MENA attracts between 1.5-3% and Africa secures 1-2%.

Investor demographics: The gender ratio of angel investors in the UAE is 57% male to 43% female, surpassing international averages such as the US, where women account for 22% of angel investors, and the UK, whose ratio of women angel investors is 14%. The average age of angel investors in the UAE (42) is also notably younger than those in the US (57.6 years) and the UK (55 years).

OIL WATCH-

Global oil demand growth is losing steam, IEA says: The International Energy Agency (IEA) slashed its 2024 projection for global oil demand growth in its latest monthly report, It sees the pace of expansion decelerating further to 1.2 mn bpd this year from 2.3 mn bpd in 2023 on the back of a decline in consumption in China. It has previously forecast a global oil demand growth of 1.24 for 2024. “The expansive post-pandemic growth phase in global oil demand has largely run its course,” it said.

And we’ll see supply grow: The IEA raised its forecasts for global oil supply in 2024, expecting it to grow by 1.7 mn bpd on the back of increased supply from non-OPEC+ countries — think shale producers in North America.

THE BIG STORY ABROAD-

It’s a mixed bag this morning in the global business press. The Financial Times leads with news that Apple has been hit with it’s first-ever fine in the European Union — a EUR 500 mn hit after an antitrust probe urged on by Spotify.

The Wall Street Journal, meanwhile, notes that a USD 355 mn “New York fraud ruling against Donald Trump stands to put a serious dent in his bank account.” The Donald is barred from being an exec at any New York company for three years and has blocked him from applying for loans from any financial institution chartered in New York state.

And Deutsche Bank is having a moment in the global business press: The Wall Street Journal has a long take out that notes Christian Sewing may have shored up the fate of the storied institution, but investors have yet to (fully) buy into his turnaround story. And everybody and her brother is taking note of the fact that Deutsche has (a) ordered managers back to work four days a week — and (b) banned the practice of working from home on Fridays and Mondays. (Fortune | Bloomberg | Still more Bloomberg | Financial News)

CIRCLE YOUR CALENDAR-

The World Trade Organization’sMinisterial Conference is scheduled from Monday, 26 February, to Thursday, 29 February, in Abu Dhabi. Trade ministers are meeting “at a difficult conjuncture” this year, with factors like regional and eastern European geopolitical tensions and upcoming election threatening to hamper negotiations for global trade agreements, Reuters cites WTO Director-General Ngozi Okonjo-Iweala as telling reporters in Geneva.

The Investopia Summit will take place from Wednesday, 28 February, to Thursday, 29 February, in Abu Dhabi. The two-day event will run under the theme “Emerging Economic Frontiers: Investing in Fast-Growing Sectors in the New Economy,” gathering investors, government officials, and entrepreneurs to explore investments in strategic markets.

The Xposure International Photography Festival will run from Wednesday, 28 February, to Tuesday, 5 March, at the Sharjah Expo Centre. The festival, organized by the Sharjah Government Media Bureau features a “Conservation Summit” on its second day, featuring environmental activist and Amazonian tribe leader, Junior Hekurari, reports Sharjah 24.

The Bassam Freiha Art Foundation will open its doors to the public on Monday, 4 March in Abu Dhabi’s Saadiyat Cultural District, according to the Abu Dhabi Media Office. The private art foundation will kick off an inaugural exhibition featuring pieces from both Western and Arab artists.

Beyond Global Trade opens its doors on Thursday, March 7 at the Edition Hotel in Dubai, according to a LinkedIn statement. The event — held in collaboration between the Economy Ministry, LexisNexis and law firm Al Tamimi — will see speakers from the UAE government, the United Nations Commission on International Trade Law, and Emirati businesses discuss trade and tech, including digital trade, e-commerce, data protection, and consumer rights.

MIT-backed family business course coming to DIFC in June:Dubai InternationalFinancialCentre (DIFC) ’s Family Wealth Centre and Massachusetts-based university MIT Sloan Executive Education will hold a three-day family business-focused higher education training program in Dubai between 24 and 26 June, according to a DIFC statement. Participants will obtain an MIT Sloan School of Management Certificate of Completion after completing the program. You can register for the course here.

Adnec Group has launched its Tanfeeth Innovation Accelerator Program, aiming to foster innovative solutions for operational challenges within the group, Wam reports. Employees from all seven clusters can participate, proposing solutions to enhance commercial performance. The closing session in March 2024, led by CEO Humaid Al Dhaheri, will feature presentations judged by executives.

Mobility startups can pitch their ideas for sustainable transportation solutions at Dubai’s Roads and Transport Authority’s Startups Challenge, held concurrently with UAE Innovates, starting February 26. You can register for the challenge by sending a nomination request here.

The MENA Transport Congress and Exhibition 2024 is set to take place from 28 February to 1 March at the Dubai World Trade Centre. Look for 2k attendees and 65 speakers, including industry leaders, researchers, and government officials to be in attendance.

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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