Good morning, lovely people. We have a brisk issue for you as we start the week, with an update from the IMF on our growth prospects this year, a new ballpark figure for real estate sales in 2024, and reports that Etihad Airways is kicking off a roadshow for its highly anticipated IPO.

☀️WEATHER– 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 winds. Temperatures in Dubai are expected to hit 26°C during the day, with an overnight low of 20°C, while Abu Dhabi is expected to see temperatures hitting 22°C, and an overnight low of 19°C.

WATCH THIS SPACE-

#1- ADQ’s Etihad Airways is set to kick off a roadshow next week to market its IPO to both local and international investors, Reuters reports, citing people it says have knowledge of the matter. The airline is reportedly looking to gauge investor appetite for the potential offering of a 20% stake on ADX which could see it raise up to USD 1 bn in proceeds before the end of this quarter, the people said. If the plan moves forward, it would mark the first IPO by a GCC-born carrier since Kuwait’s Jazeera went public in 2008.

ADVISORS- ADQ reportedly tapped Abu Dhabi Commercial Bank, Bank of America, BNP Paribas, and Morgan Stanley as joint bookrunners for the IPO, with HSBC Holdings, First Abu Dhabi Bank (FAB) and Citigroup said to be acting as financial advisors.

#2- Jared Kushner’s Affinity Partners could work with Abu Dhabi-based developer Eagle Hills on the Grand Budapest project, a EUR 12 bn sustainable, smart district planned to be developed in the Hungarian capital, VSquare reports. Kushner, US President Donald Trump’s son-in-law, is reportedly expected to work on the skyscraper planned as part of the project — which is controversially expected to obstruct views in the capital — though it’s not clear in what capacity.

Remember- Eagle Hills revealed the mini-Dubai-dubbed project last week — which will feature the tallest towers in the EU at heights of up to 500 m — after sealing an agreement with the governments of UAE and Hungary. Budapest has however said it plans to use its preemptive right to purchase the land spot, arguing that the land is worth much more than the HUF 51 bn (USD 128 mn) sale price and that the capital is in need of more affordable housing as opposed to luxury real estate projects.

Kushner already has another project in the works with Eagle Hills: Kushner is also developing a USD 1.4 bn Trump-branded luxury hotel and apartment complex in Belgrade, Serbia with Emirati b’naire and Head of Eagle Hills Mohamed Alabbar.

#3- State-owned Emirates Nuclear Energy Corporation (Enec) is eyeing global expansion as it seeks to capitalize on the growing demand for nuclear projects, especially in the US, the company’s CEO Mohamed Al Hammadi told the Financial Times. The company is scouting potential opportunities at home and abroad, anticipating that the energy-intensive rise of AI products will boost demand across data centers, Al Hammadi said.

In the UK, Enec’spotential investment in the Sizewell C nuclear project remains uncertain. Al Hammadi declined to confirm future plans, as the UK delayed its final investment decision until after a government spending review, citing the project’s rising costs.

#4- Mubadala Investment Company is among the investors eyeing Vertelo, Macquarie Asset Management’s Indian fleet electrification platform, Indian outlet The Local Report reports, citing sources familiar with the matter. The sovereign wealth fund joins other potential backers, including Dutch pension fund APG, Japan’s Marubeni Corp, and Canada Pension Plan Investment Board, as Macquarie seeks to raise USD 200 mn in equity funding for the platform.

In context: Macquarie — one of India’s largest foreign infrastructure investors — tapped Ernst & Young to help raise the funds for Vertelo as the company gears up to invest USD 1.5 bn in sustainability projects. The platform focuses on lowering upfront costs for green mobility in India, offering services such as EV fleet management, charging infrastructure, leasing and financing, and vehicle end-of-life management.

DATA POINTS-

#1- The UAE’s high-speed train project linking Abu Dhabi and Dubai is expected to pump AED 145 bn into the country’s GDP over the next 50 years, state news agency Wam quotes Mohammed Al Shehhi, chief projects officer at Etihad Rail, as saying. Trains will hit speeds of up to 350 km/h, cutting travel time between the two emirates to just 30 minutes.

#2- Ras Al Khaimah Economic Zone (Rakez) saw 13.1k new companies register in 2024, marking a 66% y-o-y increase, Wam reports. The total number of companies in Rakez now stands at nearly 30k, with general trading and e-commerce accounting for 53% of registrations, and consultancy contributing 24%. Other key sectors included media, marketing, wholesale trading, and manufacturing.

India was the top source of new businesses, followed by Pakistan, the UK, Egypt, and the Philippines.

#3- The UAE aims to attract AED 1.3 tn in FDI from 2025 to 2031, the country’s Investment Ministry Undersecretary Mohammad Alhawi said at Davos, citing a whitepaper published by the ministry, Wam reports.

Has the target changed? The UAE’s new national investment strategy had aimed to triple FDI to AED 2.2 tn by 2031, Dubai Ruler Sheikh Mohammed bin Rashid Al Maktoum said last November. This is up from around USD 30.7 bn (AED 112.6 bn) of FDI inflows for greenfield projects in 2023.

PSAs-

#1- Emirates will restart daily services to Beirut and Baghdad on 1 February, according to a statement. The airline will add a second daily flight to Beirut starting 1 April.

#2- Late tax payments just got pricier: The Federal Tax Authority said businesses failing to pay their monthly taxes on time will face a 14% annual penalty, Wam reports. The charge applies to the unpaid amount, starting the day after the payment deadline — typically nine months after the taxed period ends.

#3- Sharjah Municipality introduced an AI-driven smart paid parking service, which automatically detects vehicle number plates on entry, according to a statement. Motorists can pay through the Mawqef app, offering options from hourly to yearly reservations, with payments made via e-wallet or credit card.

HAPPENING TODAY-

#1- Arab Health will take place between 27-30 January at the Dubai World Trade Center. The annual healthcare exhibit is gathering over 3.8k companies, with the goal of showcasing the latest tech solutions to challenges in the healthcare sector.

#2- A UAE delegation will join the Arab Charter on Human Rights Committee meeting today at the Arab League’s General Secretariat in Cairo, Wam reports. The two-day session will assess the UAE’s progress on fulfilling its human rights commitments, focusing on its second periodic report submitted in September 2024. This follows a December committee visit to the UAE to review human rights activities across government and non-government sectors.

HAPPENING THIS WEEK-

It’s interest rate week. The US Federal Reserve is set to meet for the first time this year for its two-day meeting tomorrow, with the GCC’s central banks awaiting its move before mirroring it (Remember: most GCC currencies are pegged to the USD). The Fed is widely expected to keep interest rates steady, despite calls from US President Donald Trump to drop interest rates “immediately.”

The Dubai Youth Forum will take place tomorrow at the Mohammed Bin Rashid Library, according to a Dubai Media Office statement. Organized by the Dubai Youth Council, the event will bring together senior officials, experts, and young talents from key sectors. The event aims to empower Emirati youth to contribute to Dubai’s future and strategic plans, as well as foster collaboration with decision-makers in the public and private sectors.

THE BIG STORY ABROAD-

US President Donald Trump continues to make headlines with a fresh set of tariffs slapped on Colombia and calls for Gazans to settle in Egypt and Jordan to make way for a “clean-out” of Gaza.

Trump slapped a 25% tariff on all imports from Colombia — set to be raised to 50% in a week — along with a travel ban on Colombian government officials and financial sanctions after Colombia sent back two US military aircraft carrying deported migrants from the country. The deportation came as part of Trump’s sweeping crackdown on illegal immigration, which included a broad ban on asylum, since taking office. Colombia responded with its own 25% tariff on US imports. (Reuters | Bloomberg | WSJ | BBC)

In separate news, Trump called for Palestinians displaced from Gaza to beresettled in Jordan and Egypt either temporarily or permanently. Trump noted to reporters following a call with Jordan’s King Abdullah Saturday that he wanted both Jordan and Egypt to take in more displaced Palestinians, saying in reference to Gaza that “we should just clear out the whole thing.” The idea was rejected by Jordan, Egypt, and the Palestinian authority, and Trump officials later on Sunday suggested that Gazans would receive guarantees that they would eventually be allowed to return in a bid to downplay the suggestion.

OVER IN LEBANON- Israeli forces opened fire on a group of protestors in Lebanon demanding their withdrawal in line with the agreed 60-day deadline as part of the ceasefire, killing at least 22 and injuring 124 people, AP reports. The White House later issued a statement that the deadline for Israeli troops’ withdrawal has been extended to 18 February, after Israel said it is waiting for the Lebanese army to deploy to all areas of South Lebanon to ensure that Hezbollah does not reestablish its presence there, despite statements from the army that it cannot deploy there unless Israeli troops withdraw.

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CIRCLE YOUR CALENDAR-

The UAE-Kuwait Week will take place between 3-4 February in Dubai, featuring investment conferences, panel discussions on economic development, and B2B meetings. Attendees will explore opportunities for collaboration in emerging industries, Wam reports.

The annual conference of the International Federation of Ait Traffic Controllers’Associations (IFATCA) will take place from 28 April to 2 May in Abu Dhabi. The conference will be hosted in cooperation with the General Civil Aviation Authority and Abu Dhabi’s Department of Culture Tourism. Global aviation experts will discuss air traffic control advancements, safety strategies, and infrastructure.

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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