Good morning, wonderful people, and happy FRIDAY to you all. Thank you, one and all, for starting your morning with us — and forgive us, please, our being late this morning, but we’ve had to do battle with gremlins.

WATCH THIS SPACE-

#1- The UAE is set to become the world’s “hub for pragmatic [AI] regulation,” AI Minister Omar Al Olama told Bloomberg, stressing that it is “an opportunity I personally want to see happen, it is something we are going to push for.” Al Olama echoed OpenAI CEO Sam Altman’s comments from earlier this week at the World Government Summit that the Emirates could act as a “ regulatory sandbox ” for AI, adding that Altman’s comments prove the UAE is a “serious player” in that space.

AND- The UAE is keeping the door open for partnerships with China: While recognizing that the UAE’ relationship with the US as a “very strong partner” is foundational to the Emirates’ tech infrastructure and will not change, the minister stated that the UAE could potentially strike partnerships with Chinese companies. “I don’t think you can say you need one and don’t need the other,” Al Olama said.

Speaking of AI: The Financial Times’ big read this morning wonders Can OpenAI createsuperintelligence before it runs out of cash? Consider it a morning must-read if you, like us, are a tech nerd with more questions than answers about what’s next. The piece offers no sweeping framework, but consider it another (necessary) brick in the wall.

#2- The UAE and Saudi Arabia would support new Palestinian leadership post-war on the condition that Israel agrees to the establishment of an independent Palestinian state, the New York Times reports. The two governments would fund reconstruction of Gaza, while other Arab nations would provide peacekeeping troops.

BACKGROUND- Israel withdrew from negotiations this week and will not return to the negotiation table without “a change in Hamas’ positions,” after Prime Minister Benjamin Netanyahu dismissed Hamas’ ceasefire proposal as “delusional,” Bloomberg reported.

DATA POINTS-

!_Anchor05-! #1- The DFM rose to its highest level in a decade yesterday, continuing its upward trajectory for the fifth consecutive session, Al Bayan reports. The market index climbed 0.37%, its highest level since 30 November, 2014, bolstered by a run of upbeat 2023 earnings from companies and banks. The market saw turnover of over AED 785 mn.

#2- Dubai International Airport (DXB) is on track to be the world’s busiest in February, with 4.7 mn booked seats for the month, OAG said in a monthly report.

#3-The Middle East’s space economy could hit USD 75 bn by 2032, up 200% from the current USD 25 bn market valuation, Gulf News reports, citing figures circulated by several space industry players during a panel discussion entitled “Potential of the Space Sector in the Middle East” at the World Governments Summit.

#4- The Middle East is expected to take the lead in global AI investments in 2024, with 93% of C-suite executives intending to boost spending on AI and generative AI (GenAI) this year, according to a recent Boston Consulting Group (BCG) survey picked up by Zawya. The survey reports that 54% of Middle Eastern executives are directing their AI and GenAI efforts towards practical applications, moving beyond experimentation.

The region is also ahead in GenAI education, although only 11% of executives noted that more than 25% of their workforce had received GenAI training. The survey involved 1,406 C-level executives across 50 markets and 14 industries.

THE BIG STORY ABROAD-

Continuing this week’s theme: It’s all politics, not business, in the global business press, with Gaza at the top of the page and Europe’s collective freakout about Donald Trump’s would-be defense policy still not far behind.

On Gaza: Joe Biden has again told Israel not to attack Rafah unless there is a plan in place to “protect civilians,” Bloomberg writes. Egypt, meanwhile, is reportedly making contingency plans in case Benjamin Netanyahu forces thousands of Palestinian refugees across the border, according to an exclusive in the Wall Street Journal.

On defense policy: The Financial Times leads with an exclusive interview in which European Commission President Ursula von der Leyen calling for the EU to subsidize defense production to prepare for a “rougher world.”

PUBLIC SERVICE ANNOUNCEMENT-

You can now access Ajman Chamber of Commerce’s services through an app, according to a post on X. The Ajman Chamber application will allow customers to pay for the chamber’s services through digital channels. It will also serve as a communication platform, informing the chamber’s customers about its latest news and upcoming events. Check out the app on iOS or Android.

HAPPENING THIS WEEKEND-
#1- Global champs are coming to the Dubai Dutyfreee Championships: World No.1 Iga Swatiek, former World No. 1 Tennis champion Naomi Osaka, and two-time Australian Open champion Aryna Sabalenka will compete in the Dubai Dutyfree Tennis Championships, which kicks off next Sunday, Khaleej Times reports. The World Tennis Association tour event will run until 2 March. You can buy tickets for both the women’s WTA tournament and the men’s ATP here.

#2- The FIFA Beach Soccer World Cup 2024is underway at Dubai International Stadium, wrapping on Sunday, 25 February. The tournament sees 16 beach soccer teams, including the United Arab Emirates, battling it out for this year’s cup.

#3-The Shams Creative Fest is underway at the Shams Business Center in Sharjah, and will wrap Sunday, Sharjah24 reports. The festival — which includes arts and musical events, cultural and entertainment workshops, and competitions — aims to support small and medium-sized projects and entrepreneurs and help them access local and regional markets.

#4- Dubai International Marine Sports Club (DIMC) will host the Dubai race for 60 ft sail ships on Saturday, 17 February. The race comes months before DIMC’s Al Gaffal 60 ft traditional dhow sailing race, which sees sail ships sail from Sir Bu Nair Island to the shores of Dubai in April.
#5- The Bassam Freiha Art Foundation will open its doors to the public on Monday, 4 March in Abu Dhabi’s Saadiyat Cultural District, according to the Abu Dhabi Media Office. The private art foundation will kick off an inaugural exhibition featuring pieces from both Western and Arab artists.

#6- UAE President Cup for Purebred Arabian Horses takes place this Saturday at the Abu Dhabi Equestrian Club. The event will see seven races, and marks one of the largest gatherings of purebred Arabian horses in the world.

#7- UAE Innovates 2024 resumes in Sharjah, Fujairah and Ras Al Khaimah, before its final stop in Dubai next Thursday, reports state news agency Wam.

HAPPENING NEXT WEEK-

CIRCLE YOUR CALENDAR-

The world’s largest F&B event, Gulfood 2024, returns to Dubai World Trade Centre. Running from Monday to Friday, 23 February, the event will bring together suppliers, distributors, and chefs, to discuss the future of F&B.

The International Dialogue of Civilizations and Tolerance Conference takes place on Tuesday, 20 February, and will last until Wednesday at the Abu Dhabi National Exhibition Centre.

The Investopia Summit will take place from Wednesday, 28 February, to Thursday, 29 February, in Abu Dhabi. The two-day event will run under the theme “Emerging Economic Frontiers: Investing in Fast-Growing Sectors in the New Economy,” gathering investors, government officials, and entrepreneurs to explore investments in strategic markets.

Beyond Global Trade opens its doors on Thursday, March 7 at the Edition Hotel in Dubai, according to a LinkedIn statement. The event — held in collaboration between the Economy Ministry, LexisNexis and law firm Al Tamimi — will see speakers from the UAE government, the United Nations Commission on International Trade Law, and Emirati businesses discuss trade and tech, including digital trade, e-commerce, data protection, and consumer rights.

MIT-backed family business course coming to DIFC in June:Dubai InternationalFinancialCentre (DIFC) ’s Family Wealth Centre and Massachusetts-based university MIT Sloan Executive Education will hold a three-day family business-focused higher education training program in Dubai between 24 and 26 June, according to a DIFC statement. Participants will obtain an MIT Sloan School of Management Certificate of Completion after completing the program. You can register for the course here.

Adnec Group has launched its Tanfeeth Innovation Accelerator Program, aiming to foster innovative solutions for operational challenges within the group, Wam reports. Employees from all seven clusters can participate, proposing solutions to enhance commercial performance. The closing session in March 2024, led by CEO Humaid Al Dhaheri, will feature presentations judged by executives.

Mobility startups can pitch their ideas for sustainable transportation solutions at Dubai’s Roads and Transport Authority’s Startups Challenge, held concurrently with UAE Innovates, starting February 26. You can register for the challenge by sending a nomination request here.

The MENA Transport Congress and Exhibition 2024 is set to take place from 28 February to 1 March at the Dubai World Trade Centre. Look for 2k attendees and 65 speakers, including industry leaders, researchers, and government officials to be in attendance.

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

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