Good morning, friends. We’ve got a brisk issue to kick off the week. Here are a few highlights for you:

The World Bank has slightly downgraded its growth forecast for the UAE in 2025, while KKR is looking at a stake in Dubai’s Gulf Data Hub. Plus, new environmental regulations are coming to Abu Dhabi. Catch up on these stories and more below.

☀️ We’re in for a sunny start to the week: The National Center of Meteorology forecasts (pdf) crisp conditions across the country today, with fair to partly cloudy skies and light-blowing winds. Temperatures in Dubai are expected to hit 23°C during the day, with an overnight low of 19°C, while Abu Dhabi is expected to see temperatures hitting 20°C, and an overnight low of 19°C.

WATCH THIS SPACE-

#1- Abu Dhabi sovereign wealth fund Mubadala is set to restructure Turkish startup Getir, after it received the green light from the company’s shareholders at an extraordinary general meeting (EGM) on Sunday, Bloomberg reports, citing a statement from Mubadala. The wealth fund applied for sole ownership of Getir’s grocery and food delivery businesses with Turkish antitrust authorities in September, after acquiring a controlling stake in the company back in June, leading a USD 250 mn funding round tied to the company’s restructuring.

Under Mubadala’s restructuring plan, Getir’s profitable local grocery delivery operations would be separated from the company’s noncore businesses. The Abu Dhabi fund says the move is necessary to stabilize the company, whose valuation fell to USD 2.5 bn in 2023 from USD 11.8 bn in 2022 amid cashburn and exits from key markets, including the UK, Germany, the Netherlands, and the US.

REFRESHER- Last week, Getir founder Nazim Salur initiated legal action to challenge Mubadala’s move to seek full control of Getir, which he described as an “illegal coup” aimed at reducing the founders’ stake to zero, urging Mubadala to uphold the June agreement to split Getir into two entities. Though the company’s other co-founders, Serkan Borancili and Tuncay Tutek, have not commented publicly, a source with direct knowledge of the planned lawsuit told Reuters that the founders claimed Mubadala “intentionally delayed” transferring units to them and reneged on the agreement at the end of last year.

Salur is not backing down: In an X post, the company’s founder labeled the EGM as “unlawful,” pointing out that only two out of nine board members participated in the resolution to call the meeting. Sulur plans to challenge the decision in courts in the Netherlands, Turkey, and England, with a hearing on the matter scheduled for 24 January at the Enterprise Chamber of the Amsterdam Court of Appeal.

#2- Redbird might fly away from IMI with The Telegraph acquisition : US fund manager RedBird Capital might attempt to acquire a stake in The Telegraph separate from its partnership with the Abu Dhabi-owned media investment company IMI, the Financial Times reports, citing sources it says are familiar with the matter. Meanwhile, the UK is considering doubling its proposed higher cap of foreign state ownership of the country’s news outlets to 10% to encourage investments, other sources told the newswire.

Bidders are already lined up: Leon Black, Apollo Global Management’s co-founder, is reportedly in discussions to become an anchor investor in a EUR 550 mn bid to acquire the newspaper from the UAE’s RedBird IMI, led by New York Sun owner Dovid Efune. Moreover, Efune is in talks with Ben Black, Leon Black’s son, who will be channeling the investment if it goes through. Meanwhile, Todd Boehly, co-owner of Chelsea Football Club, is also considering backing Efune or possibly launching a competing offer.

REMEMBER- Abu Dhabi-backed RedBird IMI formally withdrew its bid to acquire The Telegraph and Spectator earlier in May, following months of opposition from the UK government.

#3- Beirut-born retailer Azadea Group is reportedly looking to go public, Bloomberg reports citing people it says are familiar with the matter. Dubai Holding — owned by the Emirate’s ruler — owns 25% in the Makhzoumi family-owned retailer. The Middle-East’s operator of Zara and Virgin Megastores has reportedly invited banks to pitch for roles on the potential IPO. There’s no publicly available information about the potential stake size, or listing venue.

Background: Dubai Holding acquired a minority stake in Azadea Group back in 2018 in a transaction that valued the retailer at USD 1 bn. The state-owned investment vehicle had weighed the sale of its stake in Azadea in September 2023 which saw Dubai Holding tap JPMorgan and Rothschild as advisors.

#4- Gulf investors, including the UAE and Saudi Arabia, are expected to play a pivotal role in Zambia’s push to increase its copper output to some 1 mn tons this year, up from the estimated 720k tons it produced in 2024, Jito Kayumba, special assistant for finance and investment to Zambia’s president, was quoted as saying by Bloomberg. “The UAE is aggressively pursuing new investments,” he added. This comes as Zambia aims to quadruple its copper output by the early 2030s.

UAE firms are already making strides in Zambia: Abu Dhabi-based International Resources Holding — which acquired a 51% stake in the Zambian Mopani Copper Mines company in March — has already raised production at its Zambian mining site by 32% and is targeting 150k tons in output this year, Kayumba said.

#5- Kenya could triple its meat and horticultural exports to the UAE on the back of the recently-signed economic partnership agreement, Kenyan Principal Secretary for Trade Alfred K’Ombudo told Bloomberg (watch, runtime 8:00). “Because we’ve agreed to sanitary and phytosanitary procedures, this should be able to more than triple, because we also see the UAE as a transshipment hub for these products to the rest of the Gulf,” he said.

ALSO- This partnership will support oil trade between the two nations by streamlining export procedures and creating a framework for investment and dispute resolution, K’Ombudo said.

REMEMBER- The UAE-Kenya economic partnership agreement aims to deepen trade and investment ties, strengthen supply chains, and improve market access across the Middle East and Africa. The agreement focuses on certain sectors including agriculture, retail, healthcare, financial services, technology, and tourism sectors, as well as accelerating investment in ICT, banking, tourism, infrastructure, and renewable energy.

This isn’t their first cooperation as the Abu Dhabi sovereign wealth fund ADQ and Kenya’s National Treasury and Economic Planning Ministry inked a USD 500 mn investment framework back in April 2024. Both parties also finalized a trade and economic agreement in February to cooperate on investments and developing several industrial sectors. In addition, Kenya is currently in discussions with the UAE to help the country extend its Standard Gauge Railway to connect it with Uganda and South Sudan.

Meanwhile, the African country’s discussions with Abu Dhabi regarding its USD 1.5 bn loan are still ongoing, K’Ombudo said. The African country is expected to receive USD 700 mn at the start of 2025, with the remaining funds to be distributed later.

#6- UAE + Russia move closer to signing double taxation avoidance agreement: The UAE’s Finance Ministry wrapped up the final negotiations round with Russia for a dual taxation avoidance agreement on income and capital, with the two sides signing a draft agreement, Wam reports. The agreement aims to protect taxpayers’ rights, prevent double taxation, and promote investment and trade.

ICYMI- A mutual taxation agreement between the UAE and Bahrain received unanimousapproval from the Bahraini Shura Council last week, with the aim of protecting individuals and companies from double taxation. The Finance Ministry also signed agreements with Bahrain, Egypt, and Kuwait at the World Government Summit last year to eliminate dual taxation in a bid to crack down on tax evasion.

#7- Abu Dhabi Customs greenlit the establishment of a new customs center, Al Faya Dry Port Customs Center, according to the Abu Dhabi Media Office. The Customer Service Office of Abu Dhabi Customs will oversee the new center, which will offer 24-hour service throughout the week.

ICYMI- Abu Dhabi Customs introduced the Integrated Customs Operations System earlier this month, a tech solution that uses artificial intelligence and predictive analytics to streamline customs and trade processes.

#8- Private property owners in Sheikh Zayed Road and Al Jaddaf areas can now convert their ownership status to freehold, the Dubai Land Department said according to Wam. A total of 457 plots are eligible under the initiative, including 128 plots in Sheikh Zayed Road and 329 in Al Jaddaf.

Eligible owners can file applications to the Dubai Land Department for land assessment and valuation. Eligibility can be confirmed via the Dubai REST smart app (available on the App Store and Google Play).

DATA POINTS-

#1- Wizz Air Abu Dhabi saw 20% y-o-y growth in seat capacity and passenger numbers in 2024, offering over 4.4 mn seats and flying over 3.5 mn passengers, according to the Abu Dhabi Media Office. The budget airline also optimized its network by increasing capacity by 40% on popular routes, bringing over 1.2 mn international visitors to Abu Dhabi.

#2- The UAE topped the Arab world as the most attractive destination for auto sales’ investment and business in 2024, the Kuwait-based Arab Investment and Export Credit Guarantee Corporation (Dhaman) said in a report, Wam reports.

The details: The UAE accounted for 38% of the region’s auto parts imports last year. In addition, the country is among five Arab nations that captured 145 out of 184 foreign projects carried out in the industry, along with Saudi Arabia, Morocco, Algeria, and Egypt.

PSAs-

#1- Salik announces the road toll pricing schedule for the month of Ramadan in a disclosure to the DFM (pdf).

Here’s the breakdown:

  • Peak hours (weekdays, 9am-5pm): AED 6;
  • Off-peak hours (weekdays, 7am-9am, 5pm–2am): AED 4;
  • No toll fees between 2-7am daily, and all day Sunday except during public holidays or major events.

For Salik’s road toll pricing schedule which will go live at the end of January, click here.

#2- Public employees will be able to access Emirates NBD’s banking services without the need for salary certificates under a new partnership between the bank and the Federal Authority for Government Human Resources, Wam reports. The initiative will expand to add more national banks, benefiting over 45k federal employees working in more than 50 government entities.

HAPPENING TODAY-

#1- World Economic Forum 2025 kicks off today in Davos, Switzerland under the theme “Collaboration for the Intelligent Age,” Wam reports. The forum will gather 3k high-profile figures from over 130 countries, with 350 government leaders, including US President Donald Trump — joining via video — European Commission President Ursula von der Leyen, and Chinese Vice Premier Ding Xuexiang. The participants will discuss global challenges, including geopolitical shocks, economic growth, and advancing an inclusive energy transition.

#2- The closed meeting of the World Bank Group’s Cloud Computing Working Group kicked off yesterday and will wrap up on Tuesday at the Museum of the Future in Dubai, on the sidelines of the Global Government Cloud Forum which will take place on 21 January, Wam reports.

THE BIG STORY ABROAD-

It’s a busy day around the world as international media outlets focus on day 1 of the Gaza ceasefire and Donald Trump’s inauguration this evening — two events that observers believe are not coincidental. The first day of Gaza ceasefire saw the exchange of three Israelis held by Hamas for 90 Palestinians in Israeli prisons. This came amid joyous celebrations by Gazans and a remarkable reappearance of Qassam Brigades militants on the ground. (Reuters | Bloomberg | Financial Times | New York Times)

Trump’s immediate impact was also felt on TikTok, which returned to life in the United States hours after it was shut down. The Chinese app had stopped operating in the US early yesterday in compliance with a US Supreme Court ruling, before Trump announced that he would issue an executive order on Monday giving TikTok a “period of time” to reach an agreement with the new administration that would address US concerns about national security. The app restored the service in the US a few hours later and thanked the incoming president by name, adding that it will work with Trump “on a long-term solution that keeps TikTok in the United States.” TikTok CEO Shou Chew will reportedly attend Trump’s inauguration, which is scheduled to begin at 8:30pm UAE time today. (Bloomberg | BBC | CBS)

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CIRCLE YOUR CALENDAR-

The Global Government Cloud Forum will take place tomorrow in the Museum of the Future in Dubai. The forum will see participation from government representatives, private sector organizations, think tanks, and international organizations, including the World Bank’s Cloud Computing Working Group. It includes keynotes, panel discussions, and workshops to facilitate collaboration and knowledge exchange pertaining to cloud-enabled public administration.

The International Conference on Pharma and Medicine will take place between 21-23 January at the Sharjah Research, Technology, and Innovation Park. The event offers a platform for potential collaboration in the pharma manufacturing and healthcare sectors.

The Sharjah Real Estate Exhibition (Acres) will take place between 22-25 January at the Expo Center in Sharjah. The event features networking and business prospects in the property sector, face-to-face discussions with developers and industry experts, and exploration of the latest trends in real estate.

Nvidia RTX AI GameCraft will take place on 23 January at Emirates Towers Boulevard in Dubai. Hosted by the Dubai Future Foundation in collaboration with Nvidia GeForce Middle East, the event will gather game developers, students, and industry professionals to create innovative games using Nvidia’s RTX AI technology. Some 15 developers will make it to the finals to compete for the top three spots.

BreakBulk Middle East will take place between 10-11 February at the Dubai World Trade Center. The event will gather over 7.5k professionals from the manufacturing, EPCs, project ownership, and transport sectors, providing ample networking prospects and driving potential customer leads.

The World Local Production Forum will take place between 7-9 April at the Abu Dhabi National Exhibition Center. The World Health Organization event will bring together global leaders to discuss sustainable local production and strategies to enhance access to quality health products.

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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