COP gets underway

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WHAT WE’RE TRACKING TODAY

COP28 is officially underway at Expo City + Happy National Day weekend

Good morning, ladies and gentlemen. In case you’ve been living under a rock for the past several months or otherwise needed reminding, COP28 is finally getting underway today at Expo City. We will be hosting the summit in Dubai from today through to Tuesday, 12 December.

We have a quick primer below on what to expect in the coming days, and will be bringing you comprehensive coverage of the event — whether that’s on policy movements, financing agreements, or climate-related project agreements — starting from our next issue on Monday.

ALSO- COP28 President-designate and Adnoc CEO Sultan al Jaber has denied allegations regarding using the climate conference to leverage financial and commercial interests. “These allegations are false, not true, incorrect and not accurate,” Al Jaber told journalists. The story got widespread attention: Bloomberg | AP | Reuters | France 24 | BBC

MEANWHILE- The big non-COP story of the day: Retail appetite for Dubai Taxi’s IPO is booming, pushing global coordinators to bump up the size of the retail tranche of the offering. We have chapter and verse in Privatization Watch, below.

AND- Happy 52nd National Day. The country will be celebrating our national day this Saturday, 2 December, which will be a holiday for federal government employees.

Prisoners freed ahead of celebrations: UAE President Sheikh Mohammed bin Zayed Al Nahyan pardoned 1,018 prisoners, with the Ruler of Ajman pardoning 143 prisoners. Sharjah’s ruler pardoned 475 prisoners, with 113 prisoners pardoned by the Ruler of Fujairah. The UAE’s leaders pardon thousands of prisoners every year ahead of public holidays and events such as Ramadan and Eid Al Fitr, reports The National.

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IT’S KICKOFF TIME- Here’s a handy guide (pdf) for the main thematic days and what to expect. Head to the official events schedule for a full rundown of all the panels, workshops, discussions, debates, and keynote speeches.

DAYS TO LOOK OUT FOR-

4 December: Finance and Trade

5 December: Energy and Industry + Just Transition

6 December: Transport

10 December: Food, Agriculture, and Water

10-11 December: Final Negotiations

HAPPENING TOMORROW-The World Climate Action Summit is kicking off tomorrow and carrying on into Saturday. The event will gather heads of state and government along with leaders from various sectors of civil society and business to discuss concrete actions and plans aimed at scaling climate action. The summit will serve a vehicle for major announcements, providing momentum and guidance to the remainder of the COP.

HERE’S FIVE TOPICS WE EXPECT TO HEAR A LOT ABOUT-

#1- The Loss and Damage fund: After months of contention and debate, the recommendations due to be presented to governments at COP28 on how the loss and damage fund will be operationalized was finally approved earlier this month despite reservations by developing nations and the US. The transitional committee — which represents a geographically diverse group of countries — agreed to recommend the World Bank serve as trustee and host of the fund for a four-year period, a point that has caused divisions between the global north and south. COP28 President-designate Sultan Al Jaber emphasized the importance of ensuring the loss and damage fund is operationalized at COP as no country yet announced a specific financial pledge to the fund, though some have signaled their intent or interest.

#2- Reform, reform, reform: While not on the official agenda, Al Jaber called on multilateral development banks (MDBs) to work through country platforms, revise climate finance targets for coming years, and lower the risk for the private sector. The International Monetary Fund (IMF) will also play a role in deploying climate finance. The IMF’s board of directors is currently reviewing using SDRs on-lent to them as hybrid capital that could then be leveraged to expand their lending capacity. Al Jaber also invited the IMF to a high-level event on Finance Day at COP28 on international financial institution reform. More world leaders are also expected to endorse the debt pause clauses and debt-for-nature swaps. The World Bank is also expected to engage in talks under its updated mission to include climate change.

#3- More funds pledged for the Green Climate Fund (GCF): Countries are expected to replenish the fund at the conference, with Gulf states being pressured to contribute. Some companies like the UK and US already made pledges, yet many more are expected to put an amount to their contribution.

#4- The Global Stocktake: Assessing article 2.1(c) of the Paris Agreement, The Global Stocktake will measure progress towards the goals of the agreement for the first time. Al Jaber called on South Africa's Minister of Environment, Forestry and Fisheries Barbara Creecy, and Danish Minister for Development Cooperation and Global Climate Policy Dan Jørgensen to conduct consultations with Parties, Groups, and constituencies, on critical elements regarding the outcome of the first global stocktake at COP28. Look out for discussions on the 1, 2, 12, and 14 December according to the COP28 schedule.

#5- Carbon markets: We expect to see more details to establish international trading for carbon offset credits at COP28. Several countries are expected to announce financial pledges that were agreed on at COP26 to regulate the trading of carbon credits. The COP28 presidency will host carbon market discussions at the Compliance Carbon Market meeting on Monday, 4 December. The Dubai Financial Market (DFM) plans to launch its maiden voluntary carbon market (VCM) during COP28 as well.

THE GUEST LIST-

Harris to attend COP28: US Vice President Kamala Harris will attend COP28 along with Secretary of State Antony Blinken and other high-ranking American officials, Bloomberg reports. As we noted earlier this week, US President Joe Biden will not be attending COP28.

But the Pope won't be there: Pope Francis will follow doctors’ orders and cancel his trip to COP28, according to a press release. The pontiff is still willing to partake in discussions over the next few days, but the means of his participation is yet to be announced.

THE BIG STORIES ABROAD-

#1- TRUCE EXTENDED- With just minutes to spare, Israel and Hamas agreed this morning to extend for one more day their temporary truce. Egypt and Qatar mediated the discussions. See more in the New York Times and the Saudi Gazette.

AND- Are we using economic muscle to keep Iran on the sidelines? That’s the claim in Bloomberg, which cites unnamed Arab and Western officials “close to the matter” as saying that we’re proposing a deepening of ties and possibly investment if Iran keeps its regional proxies, including armed groups in Lebanon, Palestine, Iraq, Syria, and Yemen, from turning Israel’s war in Gaza into a regional conflict.

#2- Kissinger dead at 100: Henry Kissinger, one of the most influential diplomats of the 20th century, has passed away at the age of 100, his consultancy said early this morning. A polarizing figure, the former US secretary of state is praised by his supporters for negotiating an end to the Vietnam War, ushering in warmer relations with the Soviet Union and China, and holding the Middle East together in the wake of the 1973 war. Among his critics, the Harvard University professor will be remembered for the brutal bombing of Cambodia and Laos, alleged complicity in Indonesia’s genocidal campaign in East Timor, and backing of General Augusto Pinochet’s seizure of power in Chile. (Associated Press | Reuters | Bloomberg | Washington Post | Wall Street Journal)

#3- Kuwait’s emir hospitalized: Kuwait’s ruling emir Sheikh Nawaf Al Ahmad Al Sabah was hospitalized yesterday due to an unspecified “emergency health problem.” The emir is now in stable condition. Sheikh Nawaf is 86 years old. (Associated Press | Reuters)

[wwtt6] DATA POINT #1- Fujairah oil stocks slump to two-week low: Stockpiles of oil products at the Port of Fujairah inched down 7.7% to a two-week low over the week ending 27 November, according to S&P Global data. The total oil inventory has fallen 16% since the beginning of the year, with stockpiles now down to 17.406 mn barrels a day.

DATA POINT #2- UAE retail investors could pour up to USD 40 bn in climate investments across Asia, Africa, and the Middle East by 2030, according to Standard Chartered’s Sustainable Banking Report 2023. This figure includes USD 23 mn for mitigation and another USD 17 for adaptation efforts, the report suggests. The forecasted Emirati investments are part of USD 8.2 tn-worth of retail investor capital Standard Chartered expects to see deployed in sustainable investments in these markets by the end of the decade. The report is based on a survey of 1.k retail investors in 10 markets across Asia, Africa and the Middle East.

PSA- Sharjah police department launches tourist security initiative: The Sharjah Police Department launched the “Safety and Security Tourism” program ahead of winter to ensure the safety and security of residents and tourists, Gulf news reported yesterday. The tourist areas covered include: Khor Fakkan Beach, Khor Fakkan Amphitheater, Sharq Market, Al Rafisa Dam Rest House, Kalba Beach, and Dibba Al Hisn Corniche.

CIRCLE YOUR CALENDAR-

Sole DXB is coming back to Dubai from 8-10 December. The culture festival will bring rap artists from all over the world to the Dubai Design District stage.

The Iran-UAE Joint Economic Cooperation Commission meeting will be held in the coming weeks in a bid to develop bilateral cooperation, deepen commercial ties, and boost trade. The location has yet to be announced.

Check out our full calendar on the web for a comprehensive listing of upcoming news events, national holidays and news triggers.

Dubai Taxi bumps retail tranche of its IPO on strong demand

Dubai Taxi’s USD 315 mn IPO got USD 41 bn in orders: Dubai Taxi received AED 150 bn (USD 41 bn) in orders for its AED 1.2 bn (USD 315 mn) initial public offering, with orders from investors covering the transaction 130x, according to a statement (pdf) from the company. The appetite came from both institutional and individual investors, it said.

More retail shares will be on offer after global coordinators boosted the retail tranche to 12% of the offering from 10% originally. The institutional tranche has been nudged down two percentage points to 88% of the offering.

REMEMBER- The company garnered enough orders to fully cover the retail tranche within only an hour of opening on 21 November.

The transaction: The Dubai government is selling a 25% stake at AED 1.85 per share and has priced the offering at the top of the range it had initially offered on the back of strong demand, valuing the company at AED 4.6 bn (c. USD 1.26 bn).

Last call: The subscription period for UAE retail investors will close today, with the curtains closing for qualified investors shortly after on Thursday. DTC’s IPO completion and admission is expected for 7 December, subject to UAE market conditions and regulatory approvals.

ADVISORS- Rothschild & Co. Middle East is serving as the financial advisor. CitiGroup, Merrill Lynch and Emirates NBD are global coordinators and joint bookrunners. Our friends at EFG Hermes and FAB are also bookrunners on the transaction.

The healthy appetite for DTC’s offering comes as IPOs in the UAE have been booming, leading the GCC’s IPO market in terms of value in 9M 2023, Zawya reported previously, citing Kuwait Financial Center (Markaz). In the first nine months of the year, we saw four IPOs worth a combined USD 3.9 bn going to market here in the UAE, according to Markaz. DTC’s listing on the DFM comes months after Adnoc listed the largest-ever IPO on ADX, raising USD 769.5 mn.

Fajr Capital-led consortium acquires stake in hospital operator

Fajr Capital and Alpha Holdings to acquire 65% of healthcare operator: A consortium led by state-backed Fajr Capital has inked an agreement with hospital chain Aster DM Healthcare to acquire a 65% stake in its GCC business for about USD 1.1 bn, Fajr Capital said in a statement. The acquisition will see Aster split its GCC firms from its Indian parent company.

The details: Aster is offloading 65% of its UAE business to a consortium comprising private equity firm Fajr Capital and Alpha Holdings for more than USD 1.1 bn. Aster’s approval to the stake sale is the culmination of almost a year of talks to sell its UAE businesses. Since the acquisition is subject to shareholder and regulatory approval in India, Aster expects to close the stake sale by March 2024.

Who will own what? Alpha GCC Holdings will own a 35% stake, while the Fajr Capital-led consortium will hold the remaining 30% of the 65% stake. The consortium also includes the UAE’s sovereign wealth fund, Emirates Investment Authority, Al Dhow Holding Co, Wafra International Investment Co and Saudi Arabian Hana Investment. The rest of the shares will be retained by Aster India.

What was said: “The strategic decision to segregate the India and GCC operations was based on the rationale to establish fair value for both entities, creating two pure-play geographically focused entities that are able to leverage the growth opportunities in their respective markets,” Dr. Azad Moopen, Founder and Chairman of Aster DM Healthcare said.

About Fajr Capital: Founded in 2008, Dubai-based Fajr Capital operates as an investment company. The firm focuses on investing in high-growth markets across the Middle East and Southeast Asia.

About Aster DM Healthcare: Founded in India in 1987 as a single clinic, Aster DM’s portfolio of healthcare businesses has since expanded in India and the Gulf. The healthcare giant’s operations in the Gulf include 15 hospitals, 118 clinics and 276 pharmacies across the UAE, Saudi Arabia, Qatar, Oman, Bahrain and Jordan.

Abu Dhabi launches its low-carbon hydrogen strategy

Abu Dhabi released its low-carbon hydrogen production policy, setting out a framework enabling cooperation across the full green fuels value chain, Wam reports.

Details are scant: The new policy aims to link up the low-carbon hydrogen, natural gas, and electricity sectors in a bid to boost clean power production and build “hydrogen oases” in Abu Dhabi, Wam notes. The Supreme Council for Financial and Economic Affairs and the Energy Department will set the technical standards for the green hydrogen generation hubs across the Emirate.

Not the same as the national green hydrogen strategy: Back in July, the government set a target to produce 1.4 mn tons of hydrogen annually by 2031 before increasing its production capacity tenfold to between 14 and 22 mn tons by 2050. State-owned Masdar is seperately eyeing an annual 1 mn ton green hydrogen production volume by the end of the decade.

Phoenix Group reports USD 144 mn 9M earnings + postpones listing

Phoenix Group has had a strong year so far: The soon to be ADX-listed crypto mining firm Phoenix Group reported net income of USD 144.4 mn in 9M 2023 compared to USD 138.9 mn in net income for 2022, Phoenix said in its maiden financials (pdf) filed to the ADX. The financials did not provide figures for comparable periods. On the flip side, the company’s revenues came in at USD 229 mn during the first nine months of the year, compared to USD 755.5 mn in 2022.

The crypto miner has delayed its debut on the bourse: Phoenix Group was expected to commence trading its shares on the ADX next Monday, 4 December. However, the firm has pushed its IPO date to 5 December to avoid a clash with the UAE’s National Day, according to a statement.

Remember: Phoenix’s IPO closed on 18 November with a 33x oversubscription rate. The retail portion of the offering was 180x oversubscribed, while the institutional portion was 22x oversubscribed.

Investcorp Capital’s earnings jump 44%

Investcorp Capital saw its bottom line rise 44% y-o-y to reach USD 13 mn in 1Q 2023-24, the newly ADX-listed lender said in its latest earnings release. The company — the investment vehicle of Investcorp Holdings — has a fiscal year that runs from July-June. Investcorp did not disclose its revenues.

What they spent on during the quarter: In 1Q 2023-24, Investcorp invested USD 217 mn in global credit, corporate investments and real estate, as well as USD 87 mn in capital financing services on investments and real estate. The company also put some USD 45 into capital markets and real estate.

What they said: “The results for Investcorp Capital have demonstrated a strong year on year growth of 44% and a 10% return on equity on the last twelve months basis. The strong performance was anchored by strong deployment and realization activities across all asset classes, cashyield generation as per targets and a promising start to placement activity. We believe the balance sheet will deliver on the rest of the year's objectives,” Investcorp Capital CFO Abbas Rizvi said.

Investcorp Capital is a fresh listing on the ADX: The company successfully listed on the ADX on 17 November, raising some AED 1.66 bn (USD 450 mn) with a market cap of AED 5.04 bn (USD 1.37 bn), according to a press release.

REMEMBER- Investcorp Holding was initially aiming to raise USD 600 mn from the IPO. Despite being at the top of the IPO price range and being upsized by 12%, Bloomberg described the IPO’s performance as “flat” and “lackluster” following its debut.

About Investcorp: The Bahrain-based firm, 20% owned by Abu Dhabi state fund Mubadala, has some USD 50 bn in assets.

Nabeel Albloushi named HSBC Markets & Securities head

Nabeel Albloushi (LinkedIn) has been tapped as HSBC head of Markets & Securities Services in the MENAT region, according to a press release. Albloushi had led HSBC’s regional corporate sales platform since 2015. “Nabeel’s long experience, deep market knowledge and strong client relationships that have been built with distinction over 27 years with HSBC, are qualities that will help drive a new phase of growth in our Markets and Securities Services business,” said Stephen Moss, HSBC’s Regional Chief Executive for MENAT.

UAE in the News on 30 November 2023

All eyes are on COP28, with the climate conference kicking off today. COP President Sultan Ahmed Al Jaber has dismissed several “attempts to undermine” the event. (Sky News) (Reuters)

Also making headlines:

Tension between Emirates and Rolls Royce also got some ink, with the head of the airline calling for the engineering firm to “get your engines right.” (Reuters)
Dubai Taxi also got some coverage, after the firm increased the retail tranche on its IPO. (International Financing Review)

UK’s Hycap group comes to Abu Dhabi + Lots of sustainability initiatives. Plus: The UAE has 14 luxury hotels opening up next year

FINANCE-

UK hydrogen investment fund sets up shop in Abu Dhabi: UK-based hydrogen investment fund Hycap Group has launched its regional office in Abu Dhabi Global Market (ADGM), ADGM said in a statement. The investment fund announced the launch of the new office along with plans for establishing a GCC fund based in the UAE for net zero and clean hydrogen investments at a private event on the margins of the Abu Dhabi Finance Week, according to WAM.

Hycap Group? Hycap Group is a private equity fund that focuses on investing in green hydrogen businesses.

AVIATION-

Emirates Air still doesn’t like Rolls Royce: The airlines President Tim Clark said Rolls-Royce needs “to go back to basics” in engine production, designing motors “that meet what the client base wants,” reports Reuters. Clark faulted the performance of the British company’s largest engine, which showed face at the Dubai Airshow for its low reliability that will inevitably require high service costs later.

The dig came a day after Rolls-Royce laid out plans to quadruple its bottom line with higher margins and value-driven pricing, according to a press release. Emirates urged Rolls-Royce to focus on preventing unplanned repairs — at a far narrower margin — rather than buybacks and rates of return.

Not COP compatible? Emirates CEO Tufan Erginbilgic said engine developers must choose between investing in cutting-edge tech, motivated by a desire to cut emissions and save fuel, and engine durability. Clark also suggested the same trade-off, saying Rolls-Royce is labeled as the “gold standard” in engineering for all the wrong reasons.

Enoc and Finland’s Neste partner on SAF supply: The Emirates National Oil Company (Enoc) has signed an MoU with Finnish oil refining company Neste to explore avenues for the purchase and supply of sustainable aviation fuels (SAFs) both in the UAE and the wider MENA region, according to a statement. The agreement falls in line with Enoc’s target of securing blended SAF reserves by 2030 in a bid to supply its clients with green fuels and cut its aviation carbon footprint by an estimated 80%, the statement notes.

Not the first Enoc-Neste collaboration: Enoc and Neste both recently partnered with UAE national air carrier Emirates on its first SAF-powered demonstration campaign of the Airbus A380, with both sides providing the green fuels for the flight

Both companies have big regional SAF ambitions: Last month, Neste signed MENA’s largest SAF purchase agreement with Emirates, committing to supply the airline with 3 mn tons of SAF to fuel upcoming flights from Amsterdam’s Schiphol and Singapore’s Changi airports. Enoc similarly plans to supply SAF to Dubai Airports starting 2024 and is currently exploring SAF production both domestically and abroad.

REAL ESTATE-

Fourteen luxury hotels to open in the UAE in 2024, The National writes in a piece outlining the amenities and offerings of each resort. In January, One&Only One Za’abeel will open its doors in Dubai, followed by Anantara Mina Al Arab Ras Al Khaimah on 15 January. In February Lana and Siro One Za’abeel will launch in Dubai and Anantara Santorini in Abu Dhabi.

The coming quarters:Lux* Al Jabal will hit Sharjah in 2Q, and Ciel Tower, Dubai's new giant, opens in 1Q. Mama Shelter Dubai will also join the scene in October, Lux* Al Bridi in Sharjah Safari Park in 3Q, and Five Luxe in JBR, Dubai, in 4Q.

Looking ahead to 2024, Jumeirah Marsa Al Arab, Rove Al Marjan Island, Fairmont Dubai Skyline, and Saij, A Mantis Collection Mountain Lodge are set to open throughout the year in Dubai and Ras Al Khaimah.

Dubai developer Wasl awarded a contract worth an estimated AED 4.4 bn (USD 1.2 bn) to China State Construction Engineering Corporation for the Island project in Dubai on Monday, reports Zawya. The agreement marks the largest construction agreement since One Zabeel landed a contract worth USD 1.36 bn in 2017.

More on the 5-star island: The beachfront development will sit on a 10.5-hectare island beside the Jumeirah Beach Hotel and Marsa Al-Arab. It will feature over 1.4k hotel rooms, apartments, retail spaces, food and beverage outlets, and entertainment facilities under the MGM, Bellagio, and Aira hotel brands. There are rumors that casinos could also be built on the island, cashing in on MGM’s Las Vegas connections, but only if gambling is legalized in Dubai.

HUMAN CAPITAL-

Dubai launches upskilling initiative: The Dubai Centre for Family Businesses has partnered with PwC to roll out a skills development program tailored for family business members to advance their skills and knowledge, WAM reports. The program consists of four modules to be given to participants over eight days. The participants will be lectured on essential business skills and topics such as board leadership, entrepreneurship, and communication skills.

About the center: The Dubai Centre for Family Businesses was established this year in May under the umbrella of Dubai Chambers. The center was established with an eye toward developing and supporting the Emirati family business community.

TRANSPORT-

ADNOC X Etihad Rail: The distribution arm of the Abu Dhabi National Oil Company (ADNOC) and Etihad Rail have joined forces to establish railway services connecting Abu Dhabi and Al Dhannah, WAM reports. ADNOC employees will make ample use of the railway line between Abu Dhabi and Dhanna in the future, the statement says.

FINTECH-

CredibleX bags license from ADGM’s regulator: Embedded finance platform CredibleX is set to commence operations in the UAE after being awarded with a regulatory license by Abu Dhabi’s Financial Services Regulatory Authority (FSRA), according to a press release.

…and joins forces with ADGM: The finance platform also revealed that it will be the first fintech partner of Numou, ADGM’s SME funding platform.

What they said: “According to official UAE government figures, over 60% of non-oil GDP comes from the SME economy and yet SMEs often find it hard to access credit to grow their businesses. Embedded finance, which is the integration of financial services into non-financial businesses, is an innovative way to serve SMEs through a wide network of business partners,” CredibleX Co-Founder Ahmad Malik said.

Wahed launches first UAE Islamic digital investment platform: Wahed Invest introduced the first digital management platform providing Shariah-compliant investment services to UAE residents on Wednesday after it received FSP permission from the FSRA of ADGM, according to a press release. The platform will provide access to a selective Shariah-compliant portfolio at low minimums of USD 500, low fees, and no lock-in period.

Wahed for Muslim participation in finance: Wahed Invest is a Shariah-compliant subsidiary of fintech that has gathered a global consumer base of over 300k and raised over USD 75 mn since its 2015 launch. The company’s move to make Shariah-compliant investments digital piggybacks off a rising Islamic banking sector in the UAE, which outperforms conventional banks, drawing from growing investor demand for Islamic products and distribution networks.

CRYPTO-

Global tech firm IOTA launches USD 100 mn entity in Abu Dhabi: Global technology network IOTA launched IOTA Ecosystem DLT Foundation yesterday, according to a statement. The Foundation, which will be seeded with over USD 100 mn in IOTA tokens, is the first foundation to be established under the Abu Dhabi Global Market (ADGM’s) DLT foundations regulations, which were introduced earlier this month.

What is DLT? Distributed ledger technology (DLT) is a technology akin to blockchain.

MANUFACTURING-

Emirates Steel Arkan, A³&Co to decarbonize cement: State-backed steel manufacturer Emirates Steel Arkan (ESA) collaborated with climate consulting firm A³&Co in decarbonizing Al Ain Cement Factory, according to a press release.

The decarbonization process is in multiple stages to achieve cost-effective targets: “This multi-phase initiative includes Decarbonization Baselining, Decarbonization Scenario Building & Roadmap, CBAM Compliance, and advisory support for SBTi Carbon Footprint Certification,” the statement reads.

More on Al Ain Cement Factory: The factory is dedicated to producing cement and clinker, boasting an annual output surpassing 3.1 mn metric tons of clinker and 4.6 mn metric tons of cement since 2014.

SUSTAINABILITY-

Spinneys gets green ahead of COP: Spinneys partnered with packaging manufacturer Al Bayader International to introduce recycled plastic packaging (rPET) across its 61 UAE stores, the first food retailer in the country to do so. The rPET packaging, which uses less water, energy, and fossil fuels than standard PET packaging, is expected to reduce Spinneys’ annual CO2 emissions by 20%, the equivalent of six metric tons.

Croissants and muffins are first up: The rPET roll out will start at Spinneys’ bakery, where the packaging will be 30% rPET. The switch to rPET is expected to divert two tons of virgin PET (brand new, non-recycled plastic) from UAE landfills each year.

Wisdom Motor pledged its support for the Abu Dhabi Integrated Transport Center’s (ITC) “Green Buses Capacity Building Program” in a press release. The zero-emission commercial vehicle technology company will collaborate with the ITC to provide green mobility solutions, including the development of the region's first 12-meter-long hydrogen public bus, through distributor Emirates Global Electric Motor Company (EGME). Wisdom Motors is one of the latest global suppliers to join the ITC program.

Global Private Capital Association and Middle East Venture Capital Association partner up

Central banks could keep rates higher than expected in 2024: The OECD reckons that central banks will maintain a hawkish monetary policy despite a historic rally in financial markets, according to its most recent Economic Outlook.

What gives? Continuing cost pressures for businesses alongside rising food and energy prices for consumers could drive a tighter monetary policy than is currently projected for 2024, according to the report. Rising geopolitical tensions if the war in Gaza were to persist or become a wider conflict are also a concern, the OECD said.

Bullish market behavior is saying something else: The Bloomberg US Aggregate bond index has risen to 4.3% so far this month, putting bonds on track for their best monthly performance since 1985, as traders hedge their calls that the Federal Reserve has finally stopped raising interest rates. Markets picked up further speed this week after a Fed official hinted at the possibility of rate cuts in the coming months, sending the USD to its lowest level in three months.

GPCA to set up shop in Abu Dhabi: The Global Private Capital Association (GPCA) will collaborate with the Middle East Venture Capital Association (MEVCA), according to a press release. Under the partnership, New York and Singapore-based GPCA will set up its first Middle East headquarters in Abu Dhabi.

Abu Dhabi is becoming an investment hub for global asset and fund management firms, according to an ADGM statement. The news of this latest partnership came during Abu Dhabi Finance Week’s (ADFW) 2023 edition of Asset Abu Dhabi conference.

ADX	9,553	+0.1% (YTD: -6.4%)
DFM	4,000	-0.2% (YTD: +19.9%)
Nasdaq Dubai UAE20	3809.86	+0.4% (YTD: -5.0%)
USD : AED CBUAE	Buy 3.67	Sell 3.67
EIBOR	5% o/n	5.6% 1 yr
Tadawul	11,103	0.0% (YTD: +6.0%)
EGX30	24,759.16	-1.4% (YTD: 69.6%)
S&P 500	4,551	-0.1% (YTD: +18.5%)
FTSE 100	7,423	-0.4% (YTD: -0.4%)
Euro Stoxx 50	4,371	+0.5% (YTD: +15.2%)
Brent crude	USD 82.90	+1.5%
Natural gas (Nymex)	USD 2.80	-1.2%
Gold	USD 2,067	+0.3%
BTC	USD 37,717	-0.7% (YTD: +128.0%)

THE CLOSING BELL-

The ADX rose 0.1% yesterday on turnover of AED 127.82 mn. The index is down 6.4% YTD.

In the green: Ghitha Holding (+5.2%), Umm Al Qaiwain General Investment (+3.9%) and Al Khaleej Investment (+3.5%).

In the red: Sharjah Ins. Company (-9.4%), Presight AI Holding (-4.6%) and Hayah Ins. Company (-3.7%).

CALENDAR

27-30 November (Monday-Thursday): Abu Dhabi Finance Week (ADFW), Abu Dhabi.

30 November (Thursday): Commemoration day, national holiday.

30 November-12 December: COP28, Expo City Dubai.

Signposted to happen some time in November:

Annual cabinet meeting.

DECEMBER

1-3 December (Friday-Sunday): Dubai Rugby 7s Tournament.

2-3 December (Saturday-Sunday): UAE national holiday.

4 December (Monday): Abu Dhabi Sustainability Week (ADSW) summit, Dubai, UAE.

4-7 December (Monday-Thursday): Big 5 Global, Dubai World Trade Centre.

4-7 December (Monday-Thursday): The Big 5 Heavy, Dubai World Trade Centre.

4-7 December (Monday-Thursday): Middle East Concrete, Dubai World Trade Centre.

4-7 December (Monday-Thursday): HAVAC R Expo, Dubai World Trade Centre.

4-7 December (Monday-Thursday): International Conference on Global Warming: The Critical Role of Oceans, Ras Al-Khaimah.

4-7 December (Monday-Thursday): Windows Door & Facades event, Dubai World Trade Centre.

4-7 December (Monday-Thursday): Gulf Glass, Dubai World Trade Centre.

4-7 December (Monday-Thursday): Middle East Stone, Dubai World Trade Centre.

4-7 December (Monday-Thursday): FM EXPO, Dubai World Trade Centre.

7 December (Thursday): Everything Architecture, Dubai World Trade Centre.

3-10 December (Monday-Sunday): Al Dhafra Book Festival, near Madinat Zayed.

8-9 December (Friday-Saturday): Global EV Show 2023, TBA.

8 December-14 January: Dubai Shopping Festival, City wide.

8-10 December (Friday-Sunday): Dubai EarthSoul Festival, Dubai Media City Amphitheatre.

8-10 December (Friday-Sunday): Sole DXB 2023, Dubai Design District.

12-14 December (Tuesday-Thursday): Organic & Natural Expo Dubai 2023, Dubai World Trade Centre.

13-15 December (Wednesday-Friday): ArabPlast 2023, Dubai World Trade Centre.

15-16 December (Friday-Saturday): Super Angels Summit, Abu Dhabi National Exhibition Centre.

Signposted to happen sometime in December:

2024

JANUARY

1 January (Monday): New years day, national holiday.

9-11 January (Tuesday-Thursday): Dubai International Pharmaceuticals and Technologies Conference and Exhibition, Dubai World Trade Centre.

9-11 January (Tuesday-Thursday): Gulf Print and Pack, Dubai World Trade Centre.

21-23 January: World of Coffee Dubai, Dubai World Trade Centre.

29 January- 1 February: Arab Health, Dubai World Trade Centre.

FEBRUARY

12-13 February (Monday-Tuesday): Breakbulk Middle East conference, Dubai Trade Centre.

12-14 February (Monday-Wednesday): Sustainable Aviation Futures MENA Congress, Hotel Dubai Mall.

7-8 February (Wednesday-Thursday): Sharjah Investment Forum, Al Jawaher Reception and Convention Centre.

26-28 February (Monday-Wednesday): Management and Sustainability of Water Resources, Marriott Hotel Al Jaddaf.

27-28 February (Tuesday-Wednesday): Dubai Association Centre Conference, Dubai World Trade Centre.

28-29 February (Wednesday-Thursday): Ras Al Khaimah Investment and Trade Summit, Rak Exhibition Centre.

28 February-1 March (Wednesday-Friday): MENA Transport Congress and Exhibition 2024, Dubai.

Signposted to happen sometime in February:

World Trade Organization Ministerial Conference, Abu Dhabi, UAE.

MARCH

5-6 March (Tuesday-Wednesday): MRO Middle East, Dubai Trade Centre.

5-7 March (Tuesday-Thursday): World Police Summit, Dubai World Trade Centre.

12 March (Tuesday): Start of Ramadan, public holiday.

APRIL

11 April (Thursday): End of Ramadan, public holiday.

12 April (Friday): Eid Al-Fitr, public holiday.

16-18 April (Tuesday-Thursday): World Future Energy Summit, Abu Dhabi National Exhibition Centre.

16-18 April (Tuesday-Thursday): Middle East Coatings Show, Dubai World Trade Centre.

23-25 April (Tuesday-Thursday): Connecting Green Hydrogen MENA, Madinat Jumeirah Conference Centre.

MAY

8-9 May (Wednesday-Thursday): Innovative Finance Expo, Jumeirah Emirates Towers.

14-15 May (Tuesday-Wednesday): Seamless Middle East, Dubai World Trade Centre.

JUNE

4-6 June (Tuesday-Thursday): The Hotel Show, Dubai World Trade Centre.

4-6 June (Tuesday-Thursday): INDEX, Dubai World Trade Centre.

4-6 June (Tuesday-Thursday): WORKSPACE, Dubai World Trade Centre.

4-6 June (Tuesday-Thursday): Leisure Show, Dubai World Trade Centre.

15 June (Saturday): Arafat day, national holiday.

16-18 June (Sunday-Tuesday): Eid Al-Adha, national holiday.

JULY

7 July (Sunday): Islamic new year, national holiday.

SEPTEMBER

9-11 September (Monday-Wednesday): World Utilities Congress, Abu Dhabi.

OCTOBER

30-1 November (Wednesday-Friday): World Cities Cultural Summit, Dubai.

NOVEMBER

11-14 November (Monday-Thursday): ADIPEC, Abu Dhabi.

11-14 November (Monday-Thursday): ADIPEC Maritime and Logistics Exhibition and Conference, Abu Dhabi.

11-14 November (Monday-Thursday): ADIPEC Decarbonisation Accelerator, Abu Dhabi.

DECEMBER

2-3 December (Monday-Tuesday): National Day, public holiday.

10-12 December (Tuesday-Thursday): Middle East Business Aviation, Dubai World Central.

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