The healthcare M&A spree shows no signs of letting up

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WHAT WE’RE TRACKING TODAY

THIS MORNING: It’s day 2 of the Fed’s Open Market Committee meeting + Fuel Price Committee will announce new prices today

Good morning, ladies and gentlemen, and welcome to a jam-packed hump day issue.Today’s news cycle is led predominantly by updates from the healthcare sector, with three separate M&As as well as expectations that public and private sector spending on healthcare will rise this year.

PUBLIC SERVICE ANNOUNCEMENTS-

Trucks weighing over 65 tonnes will be subject to fines of up to AED 15k if they operate on federal roads as of tomorrow. That’s when the four-month grace period on the amended federal law on heavy vehicles elapses. The amendments, which came into effect on 1 October, granted a four-month window for vehicle owners and companies to adjust before penalties came into force. All heavy vehicles operating on the roads fall under the law’s purview, with only security, military, police, and civil defense vehicles exempt.

WATCH THIS SPACE-

Dubai’s non-oil economy is set to get a boost with high-growth industrial economic zones thanks to the Dubai Integrated Economic Zones Authority’s (DIEZ) 2024-2026 strategy, which DIEZ Chairman Sheikh Ahmed bin Saeed Al Maktoum approved, according to the Dubai Media Office. The strategy aims to make freezones “a major contributor to the local and national economy” as well as see DIEZ investing in high-value businesses and introduce new products and services to DIEZ. DIEZ encompasses the Dubai Airport Freezone, Dubai Silicon Oasis, and Dubai CommerCity.

DATA POINTS-

#1- Robots are cutting down on 39k human labor hours by executing 1.8 mn automated tasks for Dubai’s Finance Ministry with a 98% accuracy rate, including financial procedures, web services, and hardware monitoring, reports state news agency Wam. The new robotic process automation (RPA) reduced average handling times by 65% in 2022. RPA will be rolled out over 100 processes in an upcoming third phase, cutting handling time by an additional 10%.

#2- Activity in Abu Dhabi’s business sector picked up last year, with new economic licenses for businesses worth more than AED 210.7 bn issued in 2023, according to an Abu Dhabi Media Office statement. Some 25.6k new economic licenses were issued during the year, along with a 3.5% y-o-y increase in license renewals to 75.8k. The lion’s share (94.1%) of new licenses were in the commercial sector.

Breakdown: The number of new licenses in agriculture, fishery, and livestock jumped 288.5% y-o-y, according to Abu Dhabi’s Business Activity Report for 2023. A total of 363 new industrial licenses were issued in 2023, rising 51.3% y-o-y, while new tourism licenses rose 22.4% y-o-y to 219 in total.

#3- The UAE is expected to see a 95% increase in wealth per capita by 2033, according to the Brics Wealth Report. The country’s m’naire population rose 77% since 2013 to 116.5k m’naires. Brics countries hold a combined investable wealth of USD 45 tn, the report says. Across these countries, there are currently 1.6 mn m’naires, with that figure set to rise 85% over the next decade.

REMEMBER- The original BRICS group, consisting of Brazil, Russia, India, China, and South Africa, recently incorporated new MENA members including the UAE, Egypt, Ethiopia, Iran, and Saudi Arabia.

#4- The number of real estate transactions in Ajman rose 43% y-o-y to 11.5k in 2023, totaling AED 16.9 bn, Wam reports, citing the annual report issued by the Ajman Department of Land and Real Estate Regulation.

The most expensive sale of the year? An AED 136 mn transaction in Al Nakheel 2 neighborhood.

HAPPENING TODAY-

#1- You’ll know today how much to pay at the pump in February, with the Fuel PriceCommittee set to disclose petrol and diesel prices for the month after convening to review global rates, reports Khaleej Times. The committee has cut petrol prices for the past three months, bringing Special 95 to AED 2.71 / liter. That’s below the global average of AED 4.72 / liter, Khaleej Times notes.

IN CONTEXT- Oil prices are rising amid geopolitical tensions: Brent crude is currently trading at USD 82.87 / bbl and WTI is at USD 78.09 this morning, with indications that prices will continue to inch higher on the back of the situation in the Red Sea and its knock-on effect on global shipping, reports Bloomberg. This comes as Saudi national oil company Aramco decided yesterday to abandon its plans to raise production to 13 mn barrels per day (bbl / d) by 2027, moving instead to hold capacity at 12 mn bbl / d.

#2- The Federal Reserve will kick off the second day of its two-day policy meeting later today. Economists expect the Fed to leave rates unchanged and wait until the summer before loosening up, according to a Reuters poll and the Financial Times.

REMEMBER- The Central Bank of the UAE — along with most central banks in the GCC — usually follows the Fed’s policy rate moves as part of the peg of the AED to the USD.

#3- The Emirates Airline Festival of Literature (LitFest) begins today at the Intercontinental Dubai Festival City, and runs through until 6 February. The event’s speaker lineup includes Booker Prizewinner Paul Lynch and UAE astronauts Hazza AlMansoori and Sultan AlNeyadi.

HAPPENING THIS WEEK

Abu Dhabi Arbitration Center goes live tomorrow: The Abu Dhabi International Arbitration Centre (arbitrateAD) will launch on Thursday, Wam reports. The center's team includes Arnold & Porter Global Chair of International Arbitration Practice Maria Chedid (bio), who will serve as the first woman president of an arbitral court in the region.

THE BIG STORY ABROAD-

It’s nearly as busy a morning for global business news as it is here at home. Among the headlines you’ll want to know about today:

Elon is everywhere after a judge struck down his USD 55.8 bn Tesla pay package — and as he is said to be closing in on USD 6 bn in fresh cash for his AI startup, possibly including capital raised from Arab investors.
Tech reviewers are trying to get their heads around Apple’s Vision Pro, with full reviews hitting the interwebs yesterday. The three most worth watching / reading: Nilay Patel on The Verge, Joanna Stern at the Wall Street Journal, and Marquess Brownlee over at MKBHD.
Earnings watch: Google parent Alphabet’s shares fell after missing estimates and Microsoft is under scrutiny despite beating expectations.

CIRCLE YOUR CALENDAR-

Conference season is heating up:

Dubai will host the Family Office Roundtable (FORT) Global this Friday, 2 February at the Museum of the Future, according to a press release. The invite-only event will center discussions on the international finance and investment communities, influential family offices, government members and dignitaries, with nearly 10k guests, hailing from over 35 countries.

The Mubadala Abu Dhabi Tennis Open will take place from Saturday, 3 February to Sunday, 11 February at Zayed Sports City's International Tennis Centre. The tournament will feature big names including four-time Grand Slam champion Naomi Osaka, plus Elena Rybakina, Ons Jabeur, Maria Sakkari, and Barbora Krejčíková, reports The National.

Young entrepreneurs can pitch early-education startup ideas at the AbuDhabi Youth Challenge: Techstars Startup Weekend, running for three days from Friday, 2 February, to Sunday, 4 February at Cloud Spaces ADGM in Abu Dhabi. The top three teams will get AED 30k.

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

PureHealth buys out Mayo Clinic’s stake in Abu Dhabi’s Sheikh Shakhbout Medical + Abdul Latif Jameel Health buys 70% stake in Genpharm and Dubai Investments snaps up stake in Global Fertility Partners

The growing trend of healthcare M&A at home has not abated, with three separate acquisitions of healthcare facilities and companies announced this week as one of the region’s largest healthcare conferences — Arab Health — gathers regional and global healthcare players in Dubai.

TLDR: Saudi-backed Abdul Latif Jameel Health acquired a majority stake in Genpharm; PureHealth bought out Mayo Clinic’s stake in a major Abu Dhabi hospital; and Dubai Investments has snapped up a stake in a fertility chain.

#1-Abdul Latif Jameel Health buys 70% of Dubai-based Genpharm: Saudi Arabia’s Abdul Latif Jameel ’s Dubai-based health solutions company Abdul Latif Jameel Health acquired a 70% stake in rare disease market access company Genpharm, CEO of Abdul Latif Jameel Health Akram Bouchenaki told Asharq Business (watch: runtime, 11:32) at Arab Health 2024, without disclosing the value of the acquisition.

The healthcare firm is eyeing more acquisitions in the Gulf and the Middle East, as well as Africa and Southeast Asia, with a targeted approach towards identifying potential high-growth companies, according to Bouchenaki.

Genpharm’s leadership remains broadly unchanged post-acquisition, with Karim Smaira as CEO, Kamel Ghammachi as chairman, and Bouchenaki in a new role on the board, the company said in a press release.

#2- PureHealth’s Seha acquires remaining 25% stake in Sheikh Shakhbout Medical City: Recently-listed PureHealth subsidiary Abu Dhabi Health Services Company (Seha) purchased Minnesota-based Mayo Clinic’s 25% stake (25 mn shares) in Abu Dhabi hospital Sheikh Shakhbout Medical City for USD 150 mn (c. AED 551 mn), according to an ADX disclosure (pdf).

Background: Mayo Clinic became a shareholder in the hospital after establishing a JV with Seha in 2019 to launch and operate the 741-bed hospital, which is one of the UAE’s largest for serious and complex medical conditions.

This is PureHealth’s second acquisition in 2024,coming on the heels of its USD 1.2 bn acquisition of UK-based Circle Health Group as part of its global expansion program.

ICYMI- PureHealth went public on the ADX in December in what was the second-largest IPO in the UAE in 2023, valued at AED 36.2 bn.

#3- Dubai Investments buys into Global Fertility: DFM-listed Dubai Investments acquired a 34.3% stake in fertility and reproductive genetics clinic chain Global Fertility Partners (GFP), according to a DFM disclosure (pdf). Saudi and Emirati institutional investors also participated with equity financing, the statement said, without clarifying how much they invested. Dubai Investments declined to comment when Enterprise UAE reached out yesterday.

What we don’t know: The value and timing of the equity financing round are unclear, though we know that Global Fertility Network had raised USD 60 mn in funding in 2022, Forbes Middle East reported earlier.

The funds will help GFP expand in Saudi Arabia and the UAE, with its flagship facility in Riyadh currently under construction and slated to open later this year, according to the statement. The fertility healthcare chain will also kick off construction on fertility and women’s health centers and satellite clinics in the UAE and Saudi Arabia in the coming months, the statement added.

Dubai Investments is ramping up healthcare investments: The latest addition to Dubai Investments’ portfolio marks its fourth acquisition in the healthcare sector, the firm said in its statement. The firm’s healthcare portfolio includes stakes in Dubai’s Clemenceau Medical Centre (CMC) and Kings College Hospital London. Dubai Investments also acquired pharma manufacturer Globalpharma in 2019.

Advisors: King & Spalding acted as legal advisor to GFP, while Dubai-based financial advisor CH Stirling acted as equity advisor.

REMEMBER- Dubai Investments is planning to raise USD 100 mn for its Shariah-compliant Real Estate Investment Trust to fund acquisitions of a hospital and school, we reported earlier. The investment firm will divest its stakes in four companies through private sales, with two transactions set to take place in four to six months, to raise the funds.

Kezad to deliver AED 621 mn worth of new warehouse space by 2025

AD Ports’ Khalifa Economic Zones Abu Dhabi (Kezad) Group is investing AED 621 mn to develop 250k square meters of warehousing capacity in its zones, according to a statement. The move will expand Kezad’s pre-built industrial and logistics warehousing capacity by 43% by the end of 2025, when the new capacity is expected to go online.

The details: Kezad has begun developing new warehouse phases, including over 97.5k sqm of leasable area in Kezad Al Ma’mourah and 153k sqm in Kezad Musaffah, to supply a growing demand for warehousing space. The project seeks to expand pre-built facilities, including logistics and distribution warehouses, light industrial units, showrooms, and cold stores.

Background: More than 270k sqm of additional warehouse space has been delivered in the zone since 3Q 2022, accounting for 66% of leased area. The zone had around 587k sqm of prebuilt industrial and logistics facilities — including 93k sqm of cold storage facilities — in 3Q 2023.

Kezad is seeing a lot of developments over the next few years: The group also broke ground on its AED 330 mn Abu Dhabi Food Hub and Global Auto Hub, along with other projects located within Kezad Al Mamourah. The projects, which will both cover 3.3 square kilometers each, are part of AD Ports’ five-year capex program to invest AED 15 bn between 2023-2027. Kezad also inked a non-binding term sheet earlier this month with Hong Kong-based aerospace enterprise USPACE Technology Group to explore the development of a space eco-city hub in Kezad, with construction expected to kick off in mid-2024.

Adnoc Gas signs 10-year LNG supply agreement with Indian company Gail

Adnoc Gas will supply India’s state-owned natural gas company Gail with 500k tonnes of liquefied natural gas (LNG) per year under a 10-year agreement, according to an ADX disclosure (pdf). Adnoc Gas will kick start deliveries in 2026, Gail said in its statement. Neither company disclosed the value of the contract.

Background: Adnoc and Gail inked an MoU in 2022 to explore joint investments and potential LNG sale transactions between the two companies.

Adnoc inked LNG export agreements valued between USD 9.4-12 bn (AED 34.5-44 bn) in 2023, including a 14-year LNG supply agreement with the Indian Oil Corporation, a three-year agreement with TotalEnergies in May and a five-year agreement with Japan Petroleum Exploration in July.

ICYMI- Adnoc Gas exported nearly 5 mn tonnes of LNG in 2023, according to the Organization of Arab Petroleum Exporting Countries’ annual report. Most of the LNG went to buyers in Asia, including India, South Korea, Japan, and China.

REMEMBER- The government is planning to invest up to USD 50 bn in India, its second-largest trading partner, on the basis of provisional investment pledges, expected to be inked this year.

Healthcare spending to hit AED 126 bn by 2027

The healthcare sector in the UAE is expected to see an uptick in public and private expenditure, along with fresh developments in integrating artificial intelligence into healthcare services, as per several announcements made at Arab Health 2024.

MORE SPENDING-

Healthcare spending in the UAE is expected to reach AED 126 bn by 2027, the majority of which (AED 104 bn) will be committed by the public sector, growing at a compound annual rate of 7.5%, the Dubai Healthcare City Authority (DHCA) said in a report, according to a press release. Private sector expenditure, meanwhile, is forecasted to reach a CAGR of 8.8% by 2027, DHCA said. The press release does not provide further details on the anticipated expenditure trends.

REFRESHER- DHCA is the governing body of the Dubai Healthcare City (DHCC) freezone, which Vice President Sheikh Mohammed bin Rashid Al Maktoum established in 2002. Today, DHCC is home to 481 registered medical facilities, including 195 clinical facilities and 130 regional headquarters of global medical companies. The second phase of the freezone — which focuses on preventive care and wellness — has attracted AED 1.03 bn in investments since 2019, according to DHCA.

AI + NEW RESEARCH-

#1- Abu Dhabi launches healthcare research funding initiative: The Department of Health Abu Dhabi (DoH) and the Authority of Social Contribution (Ma’an) inked an MoU during the event that aims to secure funding for healthcare research and development in the Emirate, Wam reports. The initiative will rely on private sector and community contributions, focusing on key research and innovation efforts including cancer, rare diseases, infectious diseases, nervous system diseases, and drug discoveries.

#2- The Emirates Health Services (EHS) launched the Immersive Reality Laboratory for Mental Health, currently in a pilot phase at Al Amal Psychiatric Hospital in Dubai. Operating without a VR headset, the lab replicates real-life scenarios to aid therapists in evaluating anxiety and phobias, while offering patients immediate access to a personalized “safe space” if they get too stressed, Gulf News writes.

Who might benefit from it: The technology can help improve social skills for individuals with autism and also holds promise for the development of treatment in seniors, children, and those facing challenges like anxiety, internet addiction, and other behavioral issues.

#3- EHS is also bringing an AI-powered virtual nurse into the fold, whose database covers 10k diagnoses and symptoms, Wam reports. The virtual nurse can be accessed across platforms like the EHS app, website, and interactive kiosks at healthcare facilities and offers medical advice, responds to patient queries, and aids in assessments.

Patients could also have an easier time identifying their symptoms and getting appointments with the correct health specialists with the help of EHS’ new generative AI-based symptom diagnosis system, which EHS hopes will improve efficiency, according to Wam.

#4- Abu Dhabi-based M42 will establish a global life sciences platform using Microsoft’s Azure and biomedical platform Terra, in a bid to advance data science capabilities for genomic data integration, Wam reported separately. The collaboration will also see the International Center for Genetic Disease and Broad Institute of MIT contribute to the platform’s launch.

L&T wins contract for 1.8 GW sixth phase of UAE’s Al Maktoum solar park

Al Maktoum solar park has found its contractor: Indian multinational Larsen & Toubro’s (L&T) construction arm has secured the turnkey engineering, procurement and construction contract for the 1.8 GW sixth phase of the Mohammed bin Rashid Al Maktoum solar park in Dubai, according to a press release. Masdar is building and operating the sixth phase, which is expected to cut 2.4 mn tons of CO2 emissions a year.

More details: The full investment ticket for the upcoming phase is AED 5.5 bn (c. USD 1.5 bn), and it is scheduled to become operational in stages between 4Q 2024 and 2026. Once the sixth phase is completed, the park’s total production capacity will go from the current 2.4 GW — reached in June after the inauguration of the fifth phase — to 4.2 GW. This leaves 800 MW remaining to complete the world’s largest single-site solar park using the IPP model.

L&T Construction has secured other projects in the region: The company was also chosen as the Engineering, Procurement, and Construction contractor to develop renewable energy generation, power utilities, and water systems for the Amaala project in Saudi Arabia’s Red Sea region earlier this month.

Dubai Schools to build a new school in Khawaneej as part of AED 530 mn expansion

The Dubai Schools Project will grow capacity, integrate new technology, and support innovation across its schools with a new AED 530 mn expansion budget greenlit by Dubai Crown Prince Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum. The project expansion will include setting up a new school in Al Khawaneej and expanding the Dubai Schools Al Barsha branch, adding a combined 6,400 seats, 295 classrooms, and 123 specialized facilities. The project looks to offer a total of 15k seats by 2033.

More on Dubai Schools: Founded in 2021, the Dubai government-backed project aims to build a number of schools “run by distinguished operators in the private education sector in accordance with the best international standards” in the emirate, according to the project’s website.

National Bank of Ras Al Khaimah reports higher net income in 2023

The National Bank of Ras Al Khaimah (Rakbank) saw its net income rise 53.4% y-o-y to AED 1.8 bn during 2023, driven by a 34% rise in net interest income to AED 3.3 bn, according to the bank’s earnings release (pdf). Non-interest income rose 17.8% y-o-y to AED 906 bn.

The bank’s total assets grew 11.5% y-o-y to AED 74 bn in 2023, driven by a 10.1% increase in loans and advances to AED 42 bn, according to the statement. Customer deposits grew 12.3% y-o-y to AED 50.4 bn during the same period.

On a 4Q basis: The bank’s net income rose 51.6% y-o-y to AED 430.9 mn, while operating income rose 14.9% y-o-y to AED 1.1 bn, according to the earnings release.

Strong digital growth: “We witnessed a 68% digital share of new account opening. While we continue to evolve our awardwinning family app, Skiply, we are also seeing a 27% y-o-y growth in the registered merchants,” Rakbank CEO Raheel Ahmed said.

The Dubai Financial Market Company (DFM) reported a 124% y-o-y rise in net income in 2023 to AED 329.4 mn, according to an earnings release (pdf). DFM wrapped up 2023 on a positive note on account of an increase in trading activities and capital inflow, and a noteworthy surge in new investors, the statement said.

Breakdown: The DFM General Index, ranked among top global exchanges, witnessed 21.7% y-o-y growth, while DFM PJSC reported a 54% y-o-y increase in total revenues for 2023, reaching AED 541.6 mn. Operating income stood at AED 346.2 mn, with AED 195.4 mn from investment returns and other income. Overall expenses were AED 212.2 mn, up from AED 204.1 mn in FY 2022.

Foreign investors played a significant role in DFM's performance, contributing 47% to the overall trading value, with AED 5.1 bn in net purchases and a market capitalization share of 20%. The company welcomed 62.7k new investors during the year, 73% of which were foreign investors from over 200 countries.

Dividends: The DFM’s board has proposed distributing a total of AED 280 mn in dividends, according to the statement.

Dubai Schools investment + Imran Khan sentencing on X

AED 530mn investment into Dubai schools + Pakistani politics

It’s all about education on UAE X, with the hashtag مدارس دبي (Dubai Schools) trending after Sheikh Hamdan bin Mohammed Al Maktoum announced the AED 530 mn expansion of Dubai Schools (more details in this morning’s Education section, above).

Yesterday also saw Pakistani political news trending on UAE X, with #CipherCase trending after ex-President Iman Khan was sentenced to 10 years in prison.

CMA CGM is getting green fuels from Masdar + Emirates signs on for more SAF. Plus: Infrastructure, food and beverage, real estate, and trade updates

GREEN ENERGY-

#1- Masdar to supply CMA GGM with green fuels: Renewables company Masdar signed a long-term green maritime fuels supply agreement with French shipping and logistics company CMA GGM to produce clean power for the latter’s dual-fuel vessels in Abu Dhabi, starting next year, according to a company statement.

Masdar is readying the supply: Masdar signed a strategic joint development and investment framework agreement with France’s Hy24-managed Clean Hydrogen Infrastructure Fund back in December to set up an all-encompassing clean energy production value chain. During COP28, the company also inked an MoU with Dubai Municipality to establish a carbon capture plant at the latter’s Al Warsan waste-to-energy plant, with plans to use the captured emissions to produce renewable fuels.

ICYMI: Masdar recently inked similar agreements with other European shipping and transport players, including the Port of Amsterdam and Daimler Truck.

#2- Emirates is looking to secure more sustainable aviation fuel (SAF) by signing onto The Solent Cluster, a UK-based initiative aiming to attract low-carbon initiatives and slash emissions in industry, transport, and households, according to a company statement. The Cluster could develop a SAF plant with a 200k tonne annual capacity in 2032, which would be able to slash 563 kilotonnes of annual emissions. Emirates is the first international airline to join the initiative.

INS.-

CBUAE fines ins. firm AED 1.2 mn: An unnamed ins. company that operates in the Emirates was slapped with an AED 1.2 mn fine by the central bank (CBUAE) for breaching the federal law on anti-money laundering and counter-terrorism financing, the CBUAE said yesterday in a statement (pdf). The central bank imposed the fine after revealing during a regular regulatory inspection that the unnamed firm “had deficiencies” in its anti-money laundering policies.

Background: The CBUAE issued updated guidelines (pdf) in May 2023 on anti-money laundering for licensed financial institutions, including banks, exchange houses and ins. firms.

INFRASTRUCTURE-

More EV infrastructure: French energy management company Schneider Electric and Charge&Go by e& have signed an agreement to advance EV charging infrastructure in the UAE, according to a press release to respond to growing demand for green transportation. The partnership includes implementing EV charging solutions and growing the EV charging network across the UAE.

FOOD & BEVERAGE-

Epik Foods expands into Saudi Arabia: UAE-based food and beverage group Epik Foods has kicked off operations in Riyadh and plans further expansion to Jeddah in 2Q 2024 and Khobar in 3Q 2024, according to a press release. The expansion is part of the company’s strategy to boost brand visibility in key regional markets. Epik Foods plans to make all 100 of its brands operational in Riyadh within the next six months.

REAL ESTATE-

#1- India-based real estate developer Skyline Builders has launched Avant Garde Residences in Dubai, marking their entry into the emirate’s real estate market, according to a press release. The project, which comprises 172 apartments, is located in JVC and is anticipated to be complete by 2026.

#2- Portugal-based Swank Developmentis debuting in the Dubai property market with AED 300 mn investments this year in a new project in Meydan in Mohammed Bin Rashid City, according to a press release.

Saudi oil cuts to undermine MENA growth, IMF says

The IMF sees slower MENA growth in the short term on the back of Saudi oil cuts: The International Monetary Fund downgraded its economic growth for the regional economy to 2.9% in FY 2023-24, marking a downward revision of 0.5% from its previous outlook in October, according to its latest update (pdf). This would be down from c. 2.0% economic growth in 2022,

Temporary oil cuts in Saudi Arabia, including those made as per OPEC+ decisions, were cited as the main factor behind the slashed outlook, while growth across non-oil sectors is expected to hold steady.

THE GLOBAL OUTLOOK-

On a global level, there’s slightly more optimism for 2024: The Fund’s global growth outlook for 2024 nudged higher to 3.1%, representing a 0.2% increase from its last prediction in October on the back of stronger-than-expected bounceback from the US and certain emerging markets, alongside fiscal support in China.

Next year’s projections are less rosy: Growth projections for 2025, however, dipped below the historical 3.8% average, to hit 3.2% as the Fund expects central banks to stick to monetary tightening. The Fund also cited high debt as a factor cutting into countries’ ability to provide fiscal support.

Global inflation is cooling faster than expected: Global headline inflation is thought to fall to 5.8% in 2024 and 4.4% in 2025, presenting a soft landing as a more achievable prospect. “On the downside, new commodity price spikes from geopolitical shocks––including continued attacks in the Red Sea––and supply disruptions or more persistent underlying inflation could prolong tight monetary conditions,” IMF chief economist Pierre-Olivier Gourinchas cautioned in the foreword.

ALSO WORTH NOTING- World’s largest sovereign fund had a bumper year: Norway's USD 1.6 tn sovereign wealth fund — the world’s largest — reported record gains of NOK 2.22 tn (USD 213 bn) over 2023, driven by strong returns on investments. This is a stark contrast to the record losses the fund saw in 2022. (Statement | CNBC)

ADX	9,518	-0.3% (YTD: -0.6%)
DFM	4,168	-0.1% (YTD: +2.7%)
Nasdaq Dubai UAE20	3,812	-0.7% (YTD: -0.8%)
USD : AED CBUAE	Buy 3.67	Sell 3.67
EIBOR	5.3% o/n	5.1% 1 yr
TASI	11,985	-2.1% (YTD: +1.2%)
EGX30	28,050	+1.2% (YTD: +12.7%)
S&P 500	4,923	-0.1% (YTD: +3.2%)
FTSE 100	7,669	+0.5% (YTD: -0.7%)
Euro Stoxx 50	4,658	+0.4% (YTD: +3.0%)
Brent crude	USD 82.87	+0.6%
Natural gas (Nymex)	USD 2.09	+1.6%
Gold	USD 2,055	+0.5%
BTC	USD 43,534	+0.5% (YTD: +3.2%)

THE CLOSING BELL-

The DFM fell 0.1% yesterday on turnover of AED 346.8 mn. The index is up 2.7% YTD.

In the green: Takaful Emarat (+14.9%), Mashreq Bank (+13.2%) and Orascom Construction (+5.3%).

In the red: Al Firdous Holdings (-8.6%), Commercial Bank of Dubai (-6.4%) and National Central Cooling (Tabreed) (-3.6%).

Over on the DFM, the index closed down 0.3% on turnover of AED 1.5 bn, while the Nasdaq Dubai index fell 0.7%.

CORPORATE ACTIONS-

Tamween sells 3% stake in Apex Investment: Ghitha Holding subsidiary TamweenCompanies Management divested a 3% stake (106.6 mn shares) in Apex Investment, according to an ADX disclosure. The shares are worth AED 213.2 mn, Mubasher reports.

First UAE ambassador in Damascus in 13 years presents his credentials

First UAE ambassador to Syria since 2011 takes up his post: Emirati ambassador Hassan Al-Shehi presented his credentials to Syrian Foreign Minister Faysal Al-Meqdad in Damascus yesterday, reported Syrian state media outlet SANA, making him the first ambassador of the UAE to take the post since civil war broke out in Syria in 2011. The story was covered by Reuters, ABC News, the Washington Post, and other global outlets.

ALSO-

UAE, UK want more economic ties: Economy Minister Abdulla bin Touq Al Marri met with British Minister of State Greg Hands and Economic Secretary to the Treasury Bim Afolami to talk increasing economic cooperation between the UAE and UK, supporting SMEs, and working together in sectors such as fintech and renewable energy. The meeting came during an Emirati delegation’s visit to the UK. (Wam)
President Sheikh Mohamed bin Zayed Al Nahyan and Turkish Grand National Assembly Speaker Numan Kurtulmus met in Abu Dhabi to discuss improving bilateral relations, as well as mutually relevant issues. (Wam)

CALENDAR

JANUARY

29 January-1 February (Monday-Thursday): Arab Health Exhibition 2024, Dubai World Trade Centre.

31 January-6 February (Wednesday-Tuesday): Emirates LitFest, InterContinental Hotel Festival City.

FEBRUARY

1 February (Thursday): New amendments banning trucks weighing over 65 tonnes to take effect.

1 February (Thursday): Dhow Sailing Race, Abu Dhabi Corniche

1-15 February (Thursday-Thursday): InClassica Dubai International Music Festival 2024, Dubai Opera.

2-29 February (Friday-Thursday): Ras Al Khaimah Art 2024 Festival, Al Jazeera Al Hamra.

2-4 February (Friday-Sunday): Sharjah Classic Cars Festival.

2-4 February (Friday-Sunday): All Africa Festival Abu Dhabi.

2-4 February (Friday-Sunday): Abu Dhabi Youth Challenge Techstars Startup Weekend, ADGM, Abu Dhabi.

3-11 February (Saturday-Sunday): Mubadala Abu Dhabi Opening, Zayed Sports City’s International Tennis Centre.

5-7 February (Monday-Wednesday): Middle East Bunkering Convention, Dubai, UAE.

5-8 February (Monday-Thursday): Medlab Middle East, Dubai.

6-7 February (Tuesday-Wednesday): The Middle East ProcureTech Summit, Dubai, UAE.

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

8-9 February (Thursday-Friday): International Crop-Science Conference & Exhibition 2024, JW Marriott, Marquis Dubai.

8-11 February (Thursday- Sunday): The UAE Tour Women.

9 February (Friday): Abu Dhabi International Airport to be renamed to Zayed International Airport.

9-11 February (Friday-Sunday): HERO Abu Dhabi, Al Hudayriat Island.

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

12-14 February (Monday-Wednesday): World Government Summit, Dubai.

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

12-15 February (Monday-Thursday): Future Warehouse & Logistics, Dubai, UAE.

15-25 February (Thursday-Sunday): FIFA Beach Soccer World Cup 2024, Dubai.

18 February (Sunday): Abu Dhabi Run and Ride, Abu Dhabi Corniche.

19-23 February (Monday-Friday): Gulfood 2024, Dubai World Trade Centre.

20-21 February (Tuesday- Wednesday): International Dialogue of Civilizations and Tolerance Conference, Abu Dhabi National Exhibition Centre.

22-24 February (Thursday-Saturday): International Freight Forwarders Conference 2024 Dubai, Hyatt Hotel.

23-25 February (Friday-Sunday): Taste of Dubai Festival, Skydive Dubai.

23 February - 3 March (Friday-Sunday): Maritime Heritage Festival Abu Dhabi.

24 February (Saturday): Ras Al Khaimah Half Marathon, Al Marjan Island.

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.

26-29 February (Monday-Thursday): World Trade Organization Ministerial Conference, Abu Dhabi, UAE.

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

28-29 February (Wednesday-Thursday): UAE delegation attends ‘Invest in Austria’ conference, Vienna.

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

29 February-3 March (Thursday-Sunday): Gov Games, Dubai Festival City, Dubai.

MARCH

1-3 March (Friday-Sunday): Art Dubai, Madinat Jumeirah.

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

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

5-7 March (Tuesday-Thursday): Dubai Entertainment Amusement & Leisure Exhibition, Dubai World Trade Center.

5-8 March (Tuesday-Friday): Forbes’ Third Annual 30/50 Summit In Abu Dhabi During International Women’s Day

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.

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

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

24-26 April (Wednesday-Friday): Global Education & Training Exhibition.

MAY

6-7 May (Monday-Tuesday): Dubai Fintech Summit 2024, Madinat Jumeirah.

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

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

JUNE

2-4 June (Sunday-Tuesday): The World Air Transport Summit and International Air Transport Association (IATA)’s annual general meeting, Dubai.

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.

28-30 September (Saturday-Monday): World Association of Nuclear Operators (WANO) Biennial General Meeting, 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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