IMF revises GDP growth forecast down to 4%

1

WHAT WE’RE TRACKING TODAY

THIS MORNING: Etihad Airways to market IPO next week + It’s interest rate week

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.

***

You’re reading EnterpriseAM UAE, your essential daily roundup of business, economics, and must-read news about the UAE, delivered straight to your inbox. We’re out Monday through Friday by 7am UAE time.

EnterpriseAM UAE is available without charge thanks to the generous support of our friends at Mashreq.

Were you forwarded this email? Tap or click here to get your own copy of EnterpriseAM UAE.

Want to send us a story idea, request coverage, ask for a correction, or otherwise get in touch? Reach out to us on UAE@enterpriseAM.com .

DID YOU KNOW that we also cover Egypt, Saudi Arabia, and the MENA climate and logistics industries?

***

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.

IMF revises UAE’s GDP growth forecast down to 4%

The International Monetary Fund has revised its forecasts for the UAE’s economy this year to 4%, down from its December forecast of 5.1% growth for the year, the IMF said in a press release following its most recent visit to the UAE.

The Fund also slashed its forecast for the hydrocarbon sector, with the Fund now seeing the sector growing above 2% in 2025, down from its previous forecast in December of 6.7% growth for the sector this year.

The revision comes on the back of Opec+’s decision to sustain production cuts, as well as the UAE’s implementation of a “a more gradual Opec+ quota increase,” the statement reads. “Volatile oil prices” are also set to impact revenues, the IMF said.

This brings the IMF’s forecast in line with that of the World Bank, which said in a report last week that it sees the economy growing at a 4% clip in 2025 — slightly down from its previous forecast of 4.1% growth for the year. Meanwhile, the Central Bank of the UAE (CBUAE) penciled in a higher growth estimate of 4.5% in 2025 in December.

Non-hydrocarbon activity will help offset the losses: Non-hydrocarbon revenue — namely coming from tourism, construction, public expenditure, and continued growth in financial services — is expected to see steady growth in the coming years, the IMF mission concluded. The IMF previously predicted non-hydrocarbon GDP growth to come in at 4.5% this year, down from 5.3% in 2024.

Capital inflows also remain strong on the back of “social and business-friendly reforms,” driving demand for real estate — and, in turn, driving further growth in real estate prices, the report reads.

Reforms are expected to bolster non-hydrocarbon revenue even further: The UAE’s recent reform efforts will “support medium-term growth and a smooth energy transition, with prioritization and sequencing key to ensure effective outcomes. Ongoing infrastructure

investments should enhance tourism and domestic activity, while ongoing trade liberalization,

underpinned by Comprehensive Economic Partnership Agreements, should further boost trade

and FDI,” the IMF mission said.

The Fund also slightly revised down its inflation forecast for the year, expecting it to remain contained at 2% — down from its December forecast of 2.1% inflation. This comes “despite higher housing and utilities-related costs.” The current account surplus is projected at around 7.5% of GDP, down from its December forecast of 8.2%.

NON-OIL ACTIVITY BOOSTS MIDDLE EAST GROWTH PROSPECTS-

Investors are confident about the region’s growth prospects this year: Growth in the Middle East is expected to be stronger in 2025 than it was in 2024 on the back of “continued solid expansions in the non-oil economies in key countries such as Saudi Arabia and the United Arab Emirates,” as well as “some likely increase in oil production,” according to the Association of Chartered Certified Accountants’ Global Economic Conditions report (pdf).

Confidence in the region among chief financial officers and accountants was among the highest in the world in 4Q 2024, despite falling sharply from 3Q, coming only second to South Asia in terms of overall economic confidence among the 1.8k surveyed. The study also showed that new orders in the region grew by 10 index points in 4Q 2024, outperforming all other markets surveyed — further signaling confidence in the region’s growth prospects for the year.

Dubai real estate transactions hit record AED 761 bn in 2024

Dubai’s real estate sector recorded AED 761 bn across 226k transactions in 2024 — an all-time high for a full year, marking a 36% y-o-y increase in volume and a 20% rise in value, Dubai Crown Prince Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum said, according to the Dubai Media Office. The sector also registered 2.78 mn procedures, including transactions and rental agreements, marking 17% y-o-y growth.

The emirate saw 217k investments worth AED 526 bn throughout the year, up 27% y-o-y, and attracted 110k new investors, achieving a 55% increase in new investor activity.

ICYMI: Earlier this month, a Springfield Properties report, showed that Dubai’s real estate market had a standout year in 2024, recording AED 423.4 bn in residential sales across 168k transactions, up 42.4% y-o-y. Off-plan units led the market, accounting for 68% of total sales, while properties priced between AED 1 mn and AED 2 mn saw a 71% surge in demand. Average apartment prices rose 65% since 2020, with villa and townhouse prices more than doubling, highlighting Dubai’s appeal to luxury and mid-income buyers alike.

Pluto secures USD 4.1 mn pre-Series A to fuel KSA expansion

Dubai-based AI-powered fintech Pluto has raised USD 4.1 mn in a pre-series A funding round, led by Rhino Ventures, Born Capital, Goanna Capital, Evolution VC, Freesearch VC, and Tiferes VC, the company said in a press release. The startup, which offers spend management solutions for corporates, also crossed AED 1 bn in spend under its management.

Where will the money go? The capital will accelerate Pluto’s plans to expand into Saudi Arabia and help solidify its flagship product Pluto Connect in the GCC area.

ICYMI- Pluto first announced its Saudi Arabia expansion plans last September through a partnership with Saudi fintech neoleap. The partnership aims to integrate Pluto’s corporate card and AI-powered expense management tools with neolap’s digital payment solutions, providing Saudi businesses with automated financial management for tasks like reimbursements, procurement, and accounts payable. The collaboration targets both SMEs and large corporations in Saudi Arabia.

OTHER STARTUP NEWS-

Homegrown retail solutions startup Retailhub raised an undisclosed investment from venture capital firm Angelspark, according to a press release. Retailhub will use the funding to expand its capabilities and scale up its operations within the UAE and beyond.

About Retailhub: Founded in 2022 by Daniel Alimov (LinkedIn) and Roman Tikhonov (LinkedIn), Retailhub offers inventory management solutions for retailers aimed at optimizing grocery operations. The platform connects retailers with aggregators to increase on-shelf availability and the average basket size while reducing out-of-stock rates and food waste.

Mashreq appoints new Director - Head of Debt Capital Markets and Syndicate

Our friends at Mashreq promoted Hassan Orooj (LinkedIn) to Director - Head of Debt Capital Markets (DCM) and Syndicate, according to a LinkedIn post. Orooj joined Mashreq in April 2022 as director of syndicate after a two-year stint at HSBC. He succeeds Aditya Kotibhaskar (LinkedIn), who now serves as Managing Director and CFO at UAE-based diversified investment holding company Al Khaleej Investment.

Agthia Group appointed Hala Hobeiche Katounas (LinkedIn) as acting CFO, replacing Sherif Elfaham (LinkedIn), who stepped down from the role, according to an ADX disclosure (pdf). Katounas currently serves as the company’s head of mergers and acquisitions.

Modon Holding acquires 50% stake in London office tower under new JV with Broadgate

M&A-

#1- Modon Holding buys into London office tower under new JV with Broadgate: ADQ-backed developer Modon Holding has acquired a 50% stake in London’s skyscraper project 2 Finsbury Avenue under a newly-formed 50-50 JV with Broadgate REIT, which is owned by British property company British Land and Singapore's GIC, according to a joint press release (pdf). While the financial terms of the transaction were not disclosed, the move marks Modon’s first venture into the UK real estate market. The story got ink from Bloomberg and the Financial Times.

Project profile: The commercial and office-led skyscraper — which is set to be completed by 2027 — comprises two high-rise towers of 36 and 21 floors. Notably, next-gen capital market firms Citadel and Citadel Securities have pre-leased at least a third of the space, with options to expand up to half, significantly mitigating leasing risk.

REMEMBER- The Abu Dhabi-based real estate developer has been making a global push, recently acquiring Spanish real estate company La Zagaleta and inking an agreement in October to become the master developer on the USD 35 bn Ras El Hekma megaproject in Egypt. Its subsidiary, Adnec’s Excel London, also recently acquired London’s BDCG Holdings, which owns the Business Design Center venue in north London.

#2- Americana acquires Pizza Hut Oman: Mena restaurant operator Americana Restaurants acquired the Pizza Hut brand in Oman from the Khimji Ramdas Group, it said in a statement (pdf). The transaction, whose value was not disclosed, added approximately USD 11 mn to Americana’s 2024 top line, ramping up its ability to “capitalize on advanced digital capabilities, such as online ordering and personalized marketing, to meet evolving customer preferences.” The transaction involves 46 Pizza Hut restaurants across the country.

The acquisition is part of Americana’s strategy to expand its regional footprint, particularly in the pizza segment, the statement reads. The company’s Pizza Hut network now spans 450 locations across the region.

REAL ESTATE-

Rak Properties launches the first project of 2025’s AED 5 bn pipeline: ADX-listed developer Rak Properties launched resort-style residential development Mirasol, the first in a AED 5 bn pipeline of projects the company plans to launch this year, it said in a press release (pdf). Mirasol, which is part of the Mina master plan, will feature two towers that will house 339 units. The project offers studios, apartments, and duplexes and is scheduled for handover in 1H 2028.

The project comes as part of the developer’s Mina master plan, a 4 mn sqm area set along Ras Al Khaimah’s coastline, which includes Raha Island, Hayat Island, and Lagoons. The development will feature 137 retail outlets spread across a 23k sqm of net leasable area, as well as luxury residences, a yacht club, a wharf, and a marina boulevard.

LOGISTICS-

DP World to launch cross-border payment with stablecoins: DP World is collaborating with global financial institutions and technology providers in the UAE, Singapore, India, and other key markets to introduce cross-border stablecoin transactions, according to a statement. The move aims to address prolonged settlement times, restricted access to finance, and a lack of transparency in emerging markets such as Asia and Africa.

BUSINESS-

Rakez to expand business support services: Businesses registered in the Ras Al Khaimah Economic Zone (Rakez) will now have access to additional value-added services — including corporate bank account opening, corporate tax filing, and accounting and bookkeeping services — under a new MoU signed between Rakez and the Department of Economic Development of Ras Al Khaimah, according to a statement.

MANUFACTURING-

Three new pharma factories coming to Sharjah: Sharjah will see the establishment of three new pharma factories worth over USD 84 mn, with construction scheduled to wrap up next year, Wam reports. The new factories — whose contracts were signed during the International Pharmacy and Medicine Conference at the Sharjah Research, Technology, and Innovation Park — will join an existing plant in the emirate.

Here’s the breakdown of the three factories:

A USD 44 mn factory will produce eye drops and respiratory products, with construction scheduled to be completed in late 2026;
A USD 35 mn factory will target antibiotic capsules and stomach medication, with an estimated production capacity of 600 mn capsules annually. Construction is expected to wrap up in mid-2026;
A USD 5 mn factory will specialize in packaging first aid products, with construction set to be completed early next year.

DIGITIZATION-

#1- MBME + Wavz partner to offer digital solutions for Mena businesses: Homegrown IT solutions provider MBME Group partnered with Egypt-based Wavz to work together on rolling out digital solutions for businesses and government entities throughout the Mena region, MBME said in a statement. The services offered under the partnership will focus on the banking sector, offering payment, digital banking, risk, and compliance solutions. The companies also plan to offer online learning platforms for employees.

Why it matters: MBME Group aims to expand its presence in Egypt under the partnership by supporting the country’s digital financial ecosystem.

#2- Lulu Group taps Mashreq, Kyriba to optimize financial operations: Our friends at Mashreq partnered with US cloud treasury and finance solutions firm Kyriba to optimize financial operations for LuLu Group by creating a finance management platform for the supermarket chain operator, according to a press release. Mashreq and Kyriba will design a unified platform that will allow LuLu to track its finances in real-time and manage payments and fund transfers to suppliers across the region.

The project's first phase will see the integration of over 35 banks within the platform, which will be scaled across the company’s markets in the coming months.

REGULATION-

The UAE signed an MoU with the World Economic Forum to form the Global Regulatory Innovation Platform in a bid to develop legislation that addresses rapid technological advancements, Wam reports.

The details: The platform will provide tools for stakeholders to evaluate legislative frameworks and promote international collaboration on governance models. Key objectives include creating a Future-Readiness Index for Legislation, publishing a Global Guide for Regulatory Innovation, and establishing a network of experts and policymakers.

Hedge fund assets rose to USD 4.5 tn in 2024 amid greater inflows

Hedge funds’ assets under management (AUM) hit USD 4.5 tn in 2024, rising 9.8% y-o-y, Reuters reports citing HFR. This USD 401.4 bn increase — the highest since 2021 — was largely driven by robust performance across various strategies, despite a challenging investment environment.

More money in: Hedge funds attracted USD 10.47 bn in net inflows in 2024, marking the first annual positive net flow since 2021, although 4Q saw USD 12.6 bn in outflows. AUM have grown by 56% since 2015, with the increase coming mostly on the back of fund performance rather than new inflows as the industry struggled to lure in new money from investors. Meanwhile, outflows exceeded inflows by USD 166.8 bn over the past decade.

How were the returns? Funds delivered a 9.83% average return in 2024, with positive outcomes across equity, macro, event-driven, and relative value strategies, according to data from the HFRI Fund Weighted Composite index, cited by Reuters. However, the average return dwarves that of the S&P 500 during the same period, standing at 23.3%

Investors are more interested now: A Bank of America survey of 256 firms managing over USD 1 tn in hedge fund assets showed that half of investors plan to increase allocations this year, up 2% from early 2024, while 37% will not make changes, Reuters reported separately. Investors withdrawing completely from hedge funds dropped to 7% in 2024, compared to 12% in 2023, with dissatisfaction mainly tied to underperformance (73%) and concerns over changes to investment strategies or portfolio simplification.

Looking ahead: “Total global hedge fund industry capital rose to a fifth consecutive quarterly record as managers, institutions and investors positioned for sweeping policy changes which are likely to have significant and far-reaching implications for US and global financial market structure, regulation and capital,” HFR president Kenneth J. Heinz told Reuters.

MARKETS THIS MORNING-

Asian markets were mostly in the green this morning after China published its PMI data. Hang Seng (Hong Kong) rose 0.8%, and Shanghai Composite rose 0.3%, while Japan’s Nikkei declined 0.6%. Meanwhile, Wall Street futures declined as investors anticipate earnings week.

ADX	9564	+0.2% (YTD: +1.5%)
DFM	5226	-0.4% (YTD: +1.3%)
Nasdaq Dubai UAE20	4351	-0.1% (YTD: +4.5%)
USD : AED CBUAE	Buy 3.67	Sell 3.67
EIBOR	4.1% o/n	4.4% 1 yr
TASI	12,386	+0.3% (YTD: +2.9%)
EGX30	30,035	+0.1% (YTD: +1.0%)
S&P 500	6101	-0.3% (YTD: +3.7%)
FTSE 100	8502	-0.7% (YTD: +4.0%)
Euro Stoxx 50	5219	+0.04% (YTD: +6.6%)
Brent crude	USD 78.50	+0.3%
Natural gas (Nymex)	USD 4.03	+2.1%
Gold	USD 2,806.60	+0.5%
BTC	USD 104,415.50	-0.7% (YTD: +11.7%)

THE CLOSING BELL-

The ADX rose 0.2% on Friday on turnover of AED 968.5 mn. The index is up 1.5% YTD.

In the green: Abu Dhabi National Takaful (+13.4%), Commercial Bank International (+7.1%) and The National Bank of Ras Al Khaimah (+7.1%).

In the red: E7 Group Warrants (-4.5%), Presight AI Holding (-2.5%) and Gulf Cement Co. (-2.3%).

Over on the DFM, the index fell 0.4% on turnover of AED 502.7 mn. Meanwhile, Nasdaq Dubai fell 0.1%.

UAE and New Zealand are discussing establishing a customs agreement

The UAE and New Zealand launched discussions to establish a customs mutual administrative agreement to enhance their cooperation on customs matters, Wam reports. Meanwhile, New Zealand is working to allow UAE citizens to use eGates in arriving and departing from the country starting this year to facilitate travel.

REMEMBER- The two countries inked an economic partnership for near-total dutyfree trade last week. The agreement will see UAE imports granted 100% duty-free access to the New Zealand market, while 98.5% of New Zealand’s exports to the UAE will be duty-free, rising to 99% within three years. They also signed a promotion and protection of investments agreement to strengthen investment ties across a number of industries. The agreement was finalized in September after launching discussions back in May.

More in the pipeline: The countries are also expected to benefit from the New Zealand-GCC trade agreement, which was finalized in October and is set to go into force soon. This extensive partnership will eliminate 99% of the tariffs placed on New Zealand’s exports to the GCC over ten years, removing charges on 50.8% of the Oceania country’s trade into the region from day one when combined with the UAE agreement, according to a statement.

CALENDAR

JANUARY

27-30 January (Monday-Thursday): Arab Health Exhibition, Dubai World Trade Centre, Dubai.

28-29 January (Tuesday-Wednesday): US Federal Reserve’s Federal Open Market Committee meeting.

FEBRUARY

1-6 February (Saturday-Thursday): Dubai Fashion Week, Dubai Design District.

1-8 February (Saturday-Saturday): The Mubadala Abu Dhabi Open, Zayed Sports City's International Tennis Centre.

2-3 February (Sunday-Monday): L’Etape Dubai cycling race, Dubai.

3-4 February (Monday-Tuesday): The UAE-Kuwait Week, Dubai.

3-6 February (Monday-Thursday): Medlab Middle East, Dubai World Trade Center.

7 February-29 April (Friday-Tuesday): The Abu Dhabi Festival, Abu Dhabi.

8-20 February (Saturday-Thursday): Dubai Games 2025, Dubai.

10-11 February (Monday-Tuesday) MRO Middle East and Aircraft Interiors Middle East, Dubai World Trade Center.

10-11 February (Monday-Tuesday): BreakBulk Middle East, the Dubai World Trade Center.

10-12 February (Monday-Wednesday): Japan Kyoto Trade Exhibition, Dubai Word Trade Center.

14 February (Friday): The deadline for the consultation period for the Securities and Commodities Authority's draft regulation on security tokens and commodity tokens.

16 February-1 March (Sunday-Saturday): Dubai Dutyfree Tennis Championships, Dubai Dutyfree Tennis Stadium in Al Garhoud.

16 February (Sunday): The International Defence Conference,The Emirates Palace, Abu Dhabi.

17-21 February (Monday-Friday): International Defence Exhibition (IDEX) in Abu Dhabi National Exhibition Center.

17-21 February (Monday-Friday): Naval Defence Exhibition (NAVDEX) in Abu Dhabi National Exhibition Center.

17-22 February (Monday-Saturday): Gulfood, Dubai World Trade Center.

19-21 February (Wednesday-Friday): International Dialogue of Civilizations & Tolerance Conference, Abu Dhabi Energy Centre.

24-25 February (Monday-Tuesday): World Passenger Experience Forum, Dubai.

24-26 February (Monday-Wednesday): Connecting Hydrogen MENA, Dubai.

28-29 February (Friday-Saturday): Investopia 2024, the St. Regis, Abu Dhabi.

28 February-29 March (Friday-Saturday): Ramadan.

Signposted to happen sometime in 1Q 2025:

The first eight fronds of the Palm Jebel Ali will be site-ready, allowing for the commencement of villa infrastructure and civil works.

MARCH

18-19 March (Tuesday-Wednesday): US Federal Reserve’s Federal Open Market Committee meeting.

31 March-2 April (Monday-Wednesday): Eid Al Fitr, national holiday.

APRIL

1 April (Tuesday): New ADGM employment regulations come into effect.

1 April (Tuesday): New personal status law comes into effect.

6-11 April (Sunday-Friday): Geo-Spatial Week, Dubai.

7-10 April (Monday-Thursday) : EFG Hermes One on One conference, Dubai.

7-9 April (Monday-Wednesday): AIM Investment Summit, Abu Dhabi National Exhibition Center

7-9 April (Monday-Wednesday): Middle East Energy, Dubai World Trade Center.

7-9 April (Monday-Wednesday): World Local Production Forum's 3rd edition, Abu Dhabi National Exhibition Center.

14-16 April (Monday-Wednesday): Dubai Woodshow’s 21st Edition, Dubai World Trade Center

14-16 April (Monday-Wednesday): IPS congress, Dubai World Trade Center.

15-17 April (Tuesday-Thursday): The Abu Dhabi Global Health Week, Adnec center, Abu Dhabi.

16-18 April (Wednesday-Friday): World Future Energy Summit,Abu Dhabi National Exhibition, Abu Dhabi.

21-25 April (Monday-Friday): The Dubai AI Week, Museum of the Future and Area 2071, Emirates Towers, Dubai.

22-24 April (Tuesday-Thursday): DOMOTEX Middle East, Dubai World Trade Center, Dubai.

25 April-11 May (Friday-Sunday): Dubai Esports and Games Festival, Dubai World Trade Center.

28 April-1 May (Monday-Thursday): The Arabian Travel Market, Dubai World Trade Center

28 April-2 May (Monday-Friday): The 64th Annual Conference of the International Federation of Ait Traffic Controllers’ Associations (IFATCA)

Signposted to happen sometime in April:

Abu Dhabi Autonomous Racing League, Yas Marina Circuit in Abu Dhabi

MAY

6-7 May (Tuesday-Wednesday): Global Ports Forum, Dubai.

6-7 May (Tuesday-Wednesday): US Federal Reserve’s Federal Open Market Committee meeting.

13-16 May (Tuesday-Friday): International Union for Health Promotion and Education Conference, Abu Dhabi.

13-15 May (Tuesday-Thursday): Cabsat Middle East and Satellite Middle East, Dubai World Trade Center.

15 May (Thursday): The Economy Middle East Summit, ADGM, Abu Dhabi.

16-18 May (Friday-Sunday): GISEC, Dubai World Trade Center.

19-22 May (Monday-Thursday): Make it in the Emirates, Adnec, Abu Dhabi.

20-22 May (Tuesday-Thursday): Seamless Middle East 2025, Dubai World Trade Center.

26-28 May (Monday-Wednesday): Arab Media Summit, World Trade Center, Dubai.

30 May (Friday): Arafat Day.

31 May-2 June (Saturday-Monday): Eid Al Adha.

Signposted to happen sometime in May:

Asean and GCC summit, Malaysia.

JUNE

17-18 June (Tuesday-Wednesday): US Federal Reserve’s Federal Open Market Committee meeting.

24-25 June (Tuesday-Wednesday): Middle East Rail, Dubai World Trade Center.

27 June (Friday): Islamic New Year.

Signposted to happen sometime in 2H 2025:

Closing of XRG's acquisition of Covestro

JULY

29-30 July (Tuesday-Wednesday): US Federal Reserve’s Federal Open Market Committee meeting.

SEPTEMBER

8-10 September (Monday-Wednesday): DigiHealth exhibition, World Trade Center, Dubai.

16-17 September (Tuesday-Wednesday): US Federal Reserve’s Federal Open Market Committee meeting.

24-25 September (Wednesday-Thursday): Mohammed Bin Rashid Leadership Forum, Mohammed Bin Rashid Center for Leadership Development, Dubai.

OCTOBER

3-16 October (Friday-Thursday): Dubai Home Festival.

9-15 October (Thursday-Wednesday): IUCN World Conservation Congress, Abu Dhabi.

17-19 October (Friday-Sunday): The International Real Estate and Investment Show, Abu Dhabi.

27-29 October (Monday-Wednesday): Asia Pacific Cities Summit, Dubai Exhibition Center.

28-29 October (Tuesday-Wednesday): US Federal Reserve’s Federal Open Market Committee meeting.

NOVEMBER

18-19 November (Tuesday-Wednesday): Dubai Future Forum, Museum of the Future, Dubai.

DECEMBER

1-3 December (Monday-Wednesday): Eid Al Etihad (UAE National Day).

1-5 December (Monday-Friday): The World Congress of Neurosurgery, Dubai World Trade Center.

9-10 December (Tuesday-Wednesday): US Federal Reserve’s Federal Open Market Committee meeting.

Signposted to happen sometime in 2025:

The Middle East Electric Vehicle Show, Expo Center Sharjah.
e& will complete Adnoc’s private 5G network.
Executive Committee Meeting (EXCOM 2025) conference of the World Smart Sustainable Cities Organisation (WeGO)
The International Civil Aviation Organization’s Global Implementation Support Symposium, Abu Dhabi.
Universal Postal Congress 2025, Dubai.

Signposted to happen sometime in the fall of 2025:

2025 Games of the Future, Dubai.
ICOM General Conference 2025, Dubai

Signposted to happen sometime in 2026:

The UAE to host the Arab Competition Forum
Dubai to host the Arab Actuarial Conference
United Nations Water Conference 2026, UAE
9-11 January (Friday-Sunday): 1 Bn Followers Summit’s fourth edition, UAE

Sections

About

Privacy & Support

Get EnterpriseAM daily